ITC505 | What is Project Management

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Project Management

What is Project Management?

When we use the established ideologies, processes, and guidelines to deal with a project is Project Management. It covers the whole procedure from scratch, i.e. from the concept taken into consideration to its completion. In the management of a project, we include the planning, organization, and execution of the project. Furthermore, a project is a task with some set of elements beginning and concluding at a specific point. The primary motive of a project is to create solutions for a particular problem. It is a combination of multiple processes.

The abbreviation for Project Management is PM. Almost all the business minds see project management as a crucial step to be followed for the proper functioning of the organization.

What is Project Charter?

Project Charter is a term used to state the objectives of a project. The report adds the roles and the goals of the project in detail. In addition to this, a project charter identifies the main stakeholders, the responsibilities, and the level of authority of a project supervisor.

Basically, the project charter is a set of guidelines, specifications and relevant content and data which any company or an individual keep for future references. It also comes under knowledge management system of a corporation.

 Role of a project charter

Diverse tasks of a project charter include the reasons for opting the topic of the project. Also, it makes the draft of the goals and the restraints which the individual or the company undertaking it has gone through while carrying out it. Additionally, the project charter is supposed to render the solutions discussed in the body of the project.

What is the proposed technical format of a project charter?

It is a combination of various parts. Read the description of every part in brief.

Part One-

In the first section of your charter, write the goal of the project. It is named MOV- Measurable Organizational Value. You can also utilize it to add value to the client for which your company and the project team is working. In the MOV part, include the following points-

  • Identification of the chosen area of impact
  • Taking the reference to the project, add less than three types of values from the set of values. Its elements are ‘better,’ ‘faster,’ ‘cheaper,’ ‘do more.’
  • Development of a suitable metric
  • Documentation of the time frame to accomplish the MOV
  • MOV summary in a succinct manner

Part Two-

It defines the scope and the production of a scope management plan. Also, you can outline the project scope and the details of the scope management. The list of the resources which have been used in the project is also included in the second part of the project charter.

Include people, their roles, the technology used such as hardware, software and the network for client and customer support. Moreover, do not forget to add the facilities and examples together with the identification and detailing of the resources.

Part Three-

Part three demands creation of a high-level Breakdown Structure (WBS) schedule using MS Project.

Add the following points to the part-

  • Achievements for every phase and deliverable.
  • Definition of all the tasks or activities used to produce each deliverable.
  • Allocation of resources and people to each task.
  • Development of a schedule.
  • Budget your project in this part. List and include the costs of Part two and an added amount of its 20%. Also, add the assumptions and limitations you faced while creating your budget file.

Part Four-

Analysis of project risk and plan

  • File the conventions of the project.
  • Identify all the risks of the project, one after the other using Risk Identification Framework.
  • Do risk analysis, allocate risk and summarize the strategy for management.

Part Five-

The Quality Management Plan should add-

  • A short declaration of the team’s objective and philosophy to ensure the delivery of the quality system to the client.
  • Set of verification and validation of activities

Part Six-

Research of closure and evaluation for the checklist is a part of the last step.

  • You need to annotate bibliography
  • Prepare closure checklist to use for ensuring the project correctly.
  • Grow a project evaluation. Plan and discourse how your assessment of the projects’ MOV will be done.

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