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At the most basic level the triangle of compromise says a balance has to be acheived between time (time available), cost (allocated funds) and quality (expected performance). If you reduce time, you can potentially increase cost and reduce quality. I have seen numerous examples where throwing addditional resources at projects can create even more problems and further delays. Shortcutting the requirements phase can lead to incomplete or unclear objectives which make it difficult to close down projects. Going from one project phase to another before you have completed the last one, can lead to some big problems in effective management and control. Running phases in parallel can also be a disaster and lead to huge financial over-runs and having to repeat unsatifactory completed work again. Not having an idea of what you should be buying when, can lead to your buying the wrong quantities and either not having enough or too much. It all leads to a breakdown of planning, control and management that causes huge stresses within the project and team, that can go on and have other undesirable consequences (e.g. people leave the team/company, people go off sick, stress levels go up and team morale and performance are affected, people get fired, risks just increasing, stakeholders loose trust, executives get involved to attempt to fix things, there is a huge increase in reporting frequencies and progress meetings, and Customers just walk away and don't come back). Plans are there to be followed, so short-cutting them without good valid reasons and understanding the consequences can significantly reduce the potential for successful project delivery and make it all harder for those involved to do their jobs.
What else can I help you with?
What is project management life cycle?
The Project Management Life Cycle represents the development phases that a project can go through. An example would be Assess - Code - Test - Release It should not be confused with the Project Life Cycle.
Which process-related components do you need to consider for the project management plan?
Procedures for carrying out work... Phases or life cycle stages of the project Tailored project management processes
Which process related components do you need to consider for project management plan?
Phases or life cycle stages of the project Tailored project management processes Procedures for carrying out work to meet project objectives
What are the stages of a project cycle in project management and what do you understand about their iterative nature?
The stages of the project cycle are:InitiatingPlanningExecutingClosingYou can have an extended version (described in the related link) I would say a more detailed version of a project life cycle would be: Before the Project has Started * 1. Business Case and Project Justification Key Project Management Phases * 2. Project Initiation * 3. Requirements Gathering * 4. Development * 5. Testing * 6. Deployment and Launch After the Project Has Been Delivered * 7. Support and Operations
What is project management and triple constraint?
According to the PMBOK, "Project management is the application of knowledge, skills, tools, and techniques to project activities to meet project requirements." In other words, project management is taking what you know and proactively applying that knowledge to effectively guide your project through its life cycle. Scope, Time & Cost together are termed as the Triple Constraints of a Project
What is project management life cycle?
The Project Management Life Cycle represents the development phases that a project can go through. An example would be Assess - Code - Test - Release It should not be confused with the Project Life Cycle.
Which phase of project management life cycle requires the project manger to monitor the project progress?
evaluation phase
Which process-related components do you need to consider for the project management plan?
Procedures for carrying out work... Phases or life cycle stages of the project Tailored project management processes
Which process related components do you need to consider for project management plan?
Phases or life cycle stages of the project Tailored project management processes Procedures for carrying out work to meet project objectives
What are the stages of a project cycle in project management and what do you understand about their iterative nature?
The stages of the project cycle are:InitiatingPlanningExecutingClosingYou can have an extended version (described in the related link) I would say a more detailed version of a project life cycle would be: Before the Project has Started * 1. Business Case and Project Justification Key Project Management Phases * 2. Project Initiation * 3. Requirements Gathering * 4. Development * 5. Testing * 6. Deployment and Launch After the Project Has Been Delivered * 7. Support and Operations
What is project management and triple constraint?
According to the PMBOK, "Project management is the application of knowledge, skills, tools, and techniques to project activities to meet project requirements." In other words, project management is taking what you know and proactively applying that knowledge to effectively guide your project through its life cycle. Scope, Time & Cost together are termed as the Triple Constraints of a Project
Describe the effect of the Business Cycle and how it affects the Real Estate Cycle including the effect it will have on Property Management as a Market Concern?
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Project management life cycle?
The Project Management Life Cycle is a structured framework that guides a project from start to finish, ensuring successful delivery. It includes five main phases: initiation, planning, execution, monitoring & controlling, and closure. In the initiation phase, the project's goals, scope, and feasibility are defined. The planning phase involves creating detailed timelines, budgets, resource allocations, and risk strategies. During execution, the project plan is put into action and deliverables are produced. Simultaneously, the monitoring and controlling phase ensures the project stays on track through performance measurement and necessary adjustments. Finally, the closure phase wraps up the project, delivering the final output and documenting key takeaways. This life cycle helps keep projects organized, efficient, and aligned with objectives.
How do you determine the frequency of the reporting cycle in project management?
It will depend on the project. An important project will need to be reported on more often than one that is just standard procedure.
Types of conflicts among project manager line manager and functional manager during project life cycle?
Please open the book "Project Management" by Harold Kerzner
When can you capitalize project management?
If you are referring to the possible capitalization of management effort in relation to a project, never. There is no established theoretical or practical basis for the capitalization of management coordination, or any other aspect of human resources. However, Management is not the same as Project Management, which you can capitalize PMing efforts of phases in the Project Life Cycle that are capitalizable. See the governments guide on policy from the OFM (Office of Financial management): http://www.ofm.wa.gov/policy/30.20.htm
What are the problems during a project life cycle?
There are several problems that can be encountered in a project life cycle such as but not limited to: lack of support from stakeholders and/or management, conservative timeline (unforeseen challenges), lack of resources among others.
