The Project Management Body of Knowledge - Assignment Example

The Management Development and Productivity Institute (1989) has defined project management as the use of administrative techniques and the creation of a good working climate for the achievement of the set goal(s). Every project is conceived with a definite goal or set of goals in mind. This is often true, whether it was done in a formal or informal manner. For these goals to be achieved, resources in terms of capital, personnel, etc of the project must be optimally utilized. The application of management principles and thinking in the context of a project makes the attainment of the desired goal(s) possible.

Project success often emanates from the adoption of sound managerial practices. Various models and theories of project management have been developed for managing projects successfully (Streton, 1989.,   MDPI, 1998., PMI, 1994). Some of the models are generic in their application, whereas others are industry-specific. At its most basic form, a project management model encompasses four phases. These are (i) formulation of project goals or objectives (ii) project planning  (iii) project organization and (iv) project follow up.

Objectives or goals set for a project should be specific, measurable, achievable and also time-bound. Goals that meet these criteria are described as good and those that fail to satisfy these requirements are deemed bad. The latter may call for a revision in the course of project implementation. The planning phase determines the structure of the project and results in the production of a project plan. The structure of a project deals with its internal composition, while the plan outlines the resources needed, time limits to each given activity and the cost associated with getting them implemented.

The plan also sets out procedures for planning itself during project implementation. This is done either hierarchically or randomly.