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Project Management Concepts and Project Life Cycle Notes

Notes on project management covering the difference between projects and operations, the role of project managers, and phases from initiation to closure.

Category: Business

Uploaded by Jordan Blake on Apr 30, 2026

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1.1: The main difference between a project and a normal operation is its objectives and execution.

Projects are temporary efforts designed to achieve specific goals within time and resources;

Projects are ongoing activities that manage the day-to-day operations of an organization. Projects

involve specific deliverables, require highly coordinated efforts, and generally involve greater

uncertainty than business-based operations. Additionally, unlike routine work, projects often

require resources and management.

1.2: The significant growth of business managers can be attributed to many factors. First, globalization and advances in technology have made tasks more complex and require specialized

management to bring together multiple groups and stakeholders across geographic boundaries.

Second, the differences between mediation models reflect the need for leadership and decision-

making at all levels of the project. Additionally, there is a greater focus on innovation and

adaptability in the face of dynamic business conditions, thus project management is needed to

ensure good results. Finally, the project manager acts as a facilitator by assessing competing needs

and mitigating risks to deliver value to stakeholders.

1.3

a) Define the project scope and objectives (Phase: Initiation)

b) Design a project (Phase: Planning)

c) Developing WBS (Phase: Planning)

d) Developing the project network model (Phase: Planning)

e) Selecting the participating organizational unit (Phase: Planning)

f) Developing the time and cost estimation (Phase: Planning)

g) Developing the budget (Phase: Planning)

h) Identifying all possible alternatives for the project (Phase: Planning)

i) Identifying resource profiles for all activities (Phase: Planning)

j) Establishing milestones (Phase: Planning)

k) Developing the final schedule considering all constraints in resources and budget (Phase: Planning)

l) Executing the activities (Phase: Execution)

m) Getting the customer's approval for the project design (Phase: Execution)

n) Monitoring the project actual performance (Phase: Execution)

o) Writing project progress status report (Phase: Execution)

p) Recommending the project improvement steps (Phase: Execution)

q) Applying a selection method to select the best approach (Phase: Execution)

r) Writing project final report (Phase: Closure)

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