A Guide to the Project management Body of Knowledge: (PMBOK Guide) 4th edition An Introduction to Project Management A project is a specific assignment that needs to be completed with a fixed amount of time and resources and has a specific end result (Heemst)…
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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
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Jesus is believed to be an entity that God sent in this world to restore peace and order and the story of the life of Jesus is reiterated in New Testament which includes Gospels, Epistles and letters. Jesus taught his followers forgiveness and conveyed God’s message to the people and it appeared as if God was acting and speaking through Jesus although Jesus himself referred to God as ‘Abba’/ Father.
This book happens to be one of them. Most of the books are rich in the content related to practices in project management, functions of project management, criteria for success in a project, and potential sources of risks and opportunities in a typical project, though, a vast majority of the books commonly available in the market are too difficult to understand for an individual for whom, English is a second language.
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Yet, there is a focus on culture only rather than culture along with various other assumptions regarding knowledge management. It is important to study these as there is a need to learn how various elements of knowledge management affect the cultural setting within the organization.
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emand, 3) Estimating costs, 4) Analyzing competitors’ costs, prices and offers, 5) Selecting a pricing method, 6) Selecting the final price of the service.
Although pricing can be one of the most difficult marketing decisions, the basic process is to set a price of service is
In most cases, particularly the conventional way, the cost of nursing is included in the charge of the hospital accommodation. Some of the overhead costs attributed to the nursing expenditure. An example of the labor
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