Project Management

Project management is the application of knowledge,

skills, tools and techniques to a broad range of

activities in order to meet the requirements of the

particular project, which is a temporary endeavor

undertaken to achieve a particular aim.

Typically, all projects go through definite and

describable phases. Each phase is brought to some

sense of closure as the next phase begins and is

made to result in discrete products or

accomplishments (e.g., test results) to provide the

starting point for the next phase; Phase transitions

are ideal times to update planning baselines, to

conduct high level management reviews, and to

evaluate project costs and prospects.

The different phases in project management are as

follows: initiation, planning, execution and closure.

Cost and schedule estimates, plans, requirements,

specifications, and so forth, are updated and

evaluated at the end of each phase, sometimes

before deciding whether to continue with the project.

Large projects are usually structured to have major

program reviews at the conclusion of significant

project phases. These decision-points in the life of a

project are called Major Milestones.