This document discusses project management and its key components. It defines a project as a temporary group activity with a defined beginning and end, aimed at creating a unique product or service. Project management involves carefully planning and leading a team to define, plan, execute, and close a project on time and on budget. The four main stages of the project life cycle are the defining, planning, executing, and closing stages. Planning is important for guiding the team, scheduling work, and anticipating risks. Executing plans precisely is important to avoid issues with the triple constraints of cost, time, and scope. Strong leadership is needed to motivate the team and ensure successful project delivery and closure.

1. Running head: PROJECT MANAGEMENT
1
Project Management and It's Components
Kelvin Crenshaw
INF410 Project Management
May 26, 2014
Professor Aaron Hensley

2. PROJECT MANAGEMENT 2
What is Project Management? First let us define what a project is. “A project is a temporary
group activity designed to produce a unique product, service or result” (Project Management
Institute, para. 1). We label projects temporary because they all have a beginning and an end time
frame. Projects must be expertly managed to deliver them on time and within each projects
allocated budget. Knowing this,project management can be defined as the application of
knowledge, skills and techniques to execute projects effectively and efficiently. It takes careful
planning and superb leadership skills to successfully lead a team of individuals to start and finish a
project. Project management is comprised of many other variables and components.
One of the most prominent ways to the unique nature of working on projects are terms of
the project life cycle (Larson & Gray,2014). The project life cycle consist of four important
stages, these stages can act has a sought of 'road map' from the beginning to the end of a project.
These four stages are sequentially performed; the stages consist of the defining stage, planning
stage, executing stage and finally the closing stage. The defining stage of the life cycle (or the
initiation phase, as it is sometimes referred to) (Method 123, 2014), is where objectives are
defined as well as scope and project expectations are conveyed to the project team. It the defining
stage is where the project starts and also can be a time whereby team members get to develop and
intimacy for meeting deadlines and understanding the theory of the entire project.
Once the project as been defined understanding the project helps to determine the specifics
of the project and what it will entail and why. This all part of the second stage of the project life
cycle which is planning. The planning phase helps to guide the team through the execution and
closure phases of the project. Planning also can include the accurate scheduling of the project and

3. PROJECT MANAGEMENT 3
who it may benefit. These are all important components to the field of project management.
Planning provokes what quality of work is expected and what deadlines need to be met as well as
budget amounts. They will also help you manage staff and external suppliers, to ensure that you
deliver the project on time and within budget. According to Project Management Institute “they
will also help you manage staff and external suppliers, to ensure that you deliver the project on
time and within budget” (2014, para. 1). One other important aspect of t6he planning stage is the
anticipation of risk and staffing. Anticipating risk is essential, as it is better to be prepared than to
be caught off guard and lose a project because your team was not prepared.
Not being prepared to deal with setbacks can easily take a project to the triple constraint
syndrome. All projects are carried out under constraints these constraints consist of cost, time
and scope. These are three important factors relative to project management, as when one is
compromised or mismanaged it will certainly affect another or the other two constraints. For
example if a record producer records a song that does not include the musical elements that a
record label had anticipated, the project as to literally be recorded again to build the specific
tracks that were supposed to be delivered. Here we have a situation wherein cost will be affected
because studio time needs to be re-booked. The time allocated for the delivery of the project
obviously as to be pushed up to a later time, which then affects the whole scope of the project.
Record company executives frown upon this type dilemma, as do other corporate heads that
disperse huge budgets to get projects delivered in a timely manner. Executing plans with the
utmost precision is a prerequisite in project management.
The Execution stage is third in project life cycle; you will build the physical project
deliverables and present your customer to sign off on. The execution stage is usually the longest
stage in the cycle, as typically consumes the most energy and the most resources. Critical
thinking and research is extremely important in all stages of the the life cycle, especially in the

4. PROJECT MANAGEMENT 4
planning stage. This is because any situation that may hinder or compromise the execution stage
can be met with a prepared resolution. This is also important for all stakeholders and persons
sponsoring the project (Akron, 2014). Every aspect of project management should be organized
carefully and with the utmost accuracy.
The Project Organization defines the human infrastructure of the the project. This is
designed to define the project organization chart, the roles, and the relationships of the project
team. The organizational structure lucidly identifies roles and responsibilities of each position.
The Project Organization technique that is used in this step provides a standard set of roles and
responsibilities which can be customized for a particular project. This should cover all personnel
resources that are required, full and part-time.
This is when it is time to recruit the members of the Project Board. The Project Board
members are drawn from those in management who are senior enough to be able to commit to all
necessary resources of the project ( University of Akron, 2014, para. 2) Project organization
also helps to identify the clients/users/business partners (stakeholders) to be associated with the
project and determine the level of participation required and available . Identify any stakeholders
who are to be consulted and informed of any status and organizational change regarding the
project Identify any additional technical or business specialists required to support the project.
This may include such areas as training, human resources, help desk, learning center, and quality
assurance. The roles and responsibilities of these resources should be clearly defined along with
the level of commitment over the duration of the project ( Project Management Institute, 2014
para. 2)
Great leadership is needed for Projects, as there are many stressful and wearing situations
and duties. When great leadership is present, it makes for a great team. Hard work and focus can

5. PROJECT MANAGEMENT 5
be very contagious as relates to motivation staff. If leadership is weak or overly sensitive
problems are bound to develop. Sponsorship loves and embraces great project management
leaders. When sponsors and the like are comfortable with project managers, it makes for peaceful
and restful nights. They are also assured the delivery and closing of the project.
The project Closure is the last stage of the cycle, it consist of formally closing the project.
Closure involves handing over the deliverables to your customer and/or its sponsors. According
to Larson & Gray “ Project Closure involves handing over the deliverables to your customer,
passing the documentation to the business, canceling supplier contracts, releasing staff and
equipment, and informing stakeholders of the closure of the project” ( 2014, p. 9, para. 3).
These components and intricate steps is why it is important to recruit and find the most
skilled and talented people to work on a project management team. Outsourcing is a great way to
find project talent. Also creating incentives can attract the best people as well. You want to have
a team that feed off each others enthusiasms and work ethics. Sponsors may sometimes create a
small marketing campaign to recruit as well. Project managers can feel presenting breakdown
structures when he/she knows that they have skilled staff members. A work breakdown structure
is a chart in which the critical work elements, of a project are illustrated to portray their
relationships to each other . The graphical nature of the WBS can help a project manager predict
the final outcome of a project different scenarios. To help accomplish this the project may require
computer software, especially when dealing with a large project and a large project staff.
Implementing software acts as a user friendly type of situation for developing and producing
accuracy and delivery the project in a timely fashion.

6. PROJECT MANAGEMENT 6
Project management is not an easy profession, but it is rewarding. Almost every single job
that is available today will have some sought of project involved. It is very important and
conducive to understand the importance of defining,planning, executing and then closing your
project. It is also helpful for anyone who plans to work for a living to at least know what the
principle and concept of Project management.
References
Larson, E., & Gray, C.(2014). Project management: The managerial process with MS
project (6th ed.). Boston: McGraw-Hill Irwin. ISBN: 9781259186400.
Method 123. (2014, May). Project management life cycle.Retrieved from
http://http://www.method123.com/project-lifecycle.php.
Project Management Institute. (2014, May). What is project management .Retrieved from
http://http://www.pmi.org/About-Us/About-Us-What-is-Project-Management.aspx.
University of Akron. (2014, April). Project life cycle defined.Retrieved from
http://http://www.uakron.edu/pmo/plc/.

7. PROJECT MANAGEMENT 7
T

8. PROJECT MANAGEMENT 8
References
This is a hanging indent. To keep the hanging indent format, simply delete this line of text
using the backspace key, and replace the information with your reference entry.