A Guide to the Project management Body of Knowledge - Book Report/Review Example

Download file to see previous pages... Therefore, projects have a specific time limit. The project schedule in broken down into different steps for execution. The entire project is divided into a number of stages, each of which has specific deliverables that contribute to the completion of the project. Careful planning and management is essential for the effective execution of each of the phases. This ensures that project deadlines are met and the end result is a success. Project management is a critical function of strategic business management. A number of theories and models on project management have been developed recently. In the past few years, the area of project management has become specialized and an increasing number of businesses are providing this service. There are a number of factors that influence the outcome of a project, such as time, budget and value addition. Inadequate planning and organization skills can hamper the efficient execution of projects. This leads to delays in delivery and increase in costs. The PMBOK Guide, 4th edition reflects the accepted standards, policies and practices in the area of project management. The paper highlights the key aspects of project management and outlines the different phases of project conceptualization, initiation and execution as defined and explained in the PMBOK guide. Project management framework and processes The PMBOK guide provides a detailed framework on project execution and management practices that help the project manager in sequencing tasks and defining specific roles to the team members for effective outcomes. The key knowledge areas defined for smooth execution of project includes project integration management, scope, time, cost, quality, human resource, communications, risk and procurement management. Project Integration Management Project integration management consists of all the processes that coordinate the different components of the project (Duncan). Projects are generally temporary in nature and there is an element of uncertainty in the dynamic business conditions during the project timeline. For project management to be successful, the project needs to be broken down into different stages in order to ensure proper planning, control and management (Duncan). Project integration management has an important role to play in situations where the processes within the scope of the project need to be coordinated with the existing operations of the organization or when the deliverables from different stages of the project need to be brought together for the final result. Project integration management consists of the different aspects of plan development, plan execution and overall change control. The project plan development phase brings together the various project planning processes to create a complete document that can be used as a guide throughout the project. It elaborates on the execution of the project at each stage, the deliverables at each stage, the constraints of the projects and back up plans for the project. In the project plan execution stage, the project manager and his team members work together on different elements of the project, including technical specifications and existing processes that could affect the project execution and outcome. The next stage is overall change control that takes into consideration any changes in the project management stages and deliverables. Project Scope management Project scope management mainly involves highlighting the scope and control of the project. It defines the work ...Download file to see next pagesRead More