Project Management Paper Essay Example | Topics and Well Written Essays - 750 words - 1

Project Management Paper - Essay Example Project management possesses great importance in the business world because it is widely believed that the successful operations of every scale and type of business organization depend upon the successful accomplishment of its defined targets that can be met through proper project management (Means and Adams, 2005). The following discussion aims to provide a complete understanding of different phases of project management. Moreover, the essay also explains the importance of project management to attain the business tasks and the significance and contribution of proper project management for the success of an organization. The complexity and scope of each project depends upon the nature of the business and the industry and sector in which the business operates, however the management of a project is equally important for the businesses operating in each sector and scale. In order to ensure the proper management of project, it has been divided in different stages that are referred as the phases of project life cycle. These four phases are the logical sequence of the activities associated with the commencement of a project (Means and Adams, 2005). These phases are â€Å"initiation, planning, execution and closure†. Following is a brief description of each of these phases of project life cycle. The first phase of the project life cycle is called â€Å"Initiation† that is also known as the birth phase of the project. As the name tells itself, in the first phase, the management decides the scope of the project and makes the key decisions about the selection of the appropriate approaches that can help in attaining the desired output. The role of the project managers plays a crucial role because keeping in view the human resource requirements of the firms; he has to manage a team that possesses the skills and qualification required