Project Definition

(Projectinsight.net 2013)

“ A project is a task with a defined start, finish and aim. Also defined are the cost, scope and schedule which are also known as the triple constraint of project management. It is different from a person’s day to day jobs in that it has a set of guidelines for every aspect of the project including cost, scope and schedule. These are all set before the task is even undertaken. ”

5 Basic Phases of Project Management

“ Project Management Institute, Inc. (PMI) defines project management as "the application of knowledge, skills, tools and techniques to a broad range of activities in order to meet the requirements of a particular project."

The process of directing and controlling a project from start to finish may be further divided into 5 basic phases:1. Project conception and initiation

An idea for a project will be carefully examined to determine whether or not it benefits the organization. During this phase, a decision making team will identify if the project can realistically be completed.

2. Project definition and planningA project plan, project charter and/or project scope may be put in writing, outlining the work to be performed. During this phase, a team should prioritize the project, calculate a budget and schedule, and determine what resources are needed.

3. Project launch or executionResources' tasks are distributed and teams are informed of responsibilities. This is a good time to bring up important project related information.

4. Project performance and controlProject managers will compare project status and progress to the actual plan, as resources perform the scheduled work. During this phase, project managers may need to adjust schedules or do what is necessary to keep the project on track.

5. Project closeAfter project tasks are completed and the client has approved the outcome, an evaluation is necessary to highlight project success and/or learn from project history. ”

“ Projects and project management processes vary from industry to industry; however, these are more traditional elements of a project. The overarching goal is typically to offer a product, change a process or to solve a problem in order to benefit the organization. ”

Projectinsight.net. 2013. 5 Basic Phases of Project Management. [online] Available at: http://www.projectinsight.net/project-management-basics/basic-project-management-phases.aspx [Accessed: 24 Jul 2013].

Priorities

(Msdn.microsoft.com 2005)

“ If you have priorities in place, you can always ask questions in any discussion that reframe the argument around a more useful primary consideration. This refreshes everyone's sense of what success is, visibly dividing the universe into two piles: things that are important and things that are nice, but not important. Here are some sample questions:

•What problem are we trying to solve?

•If there are multiple problems, which one is most important?

•How does this problem relate to or impact our goals?

•What is the simplest way to fix this that will allow us to meet our goals? “

Msdn.microsoft.com. 2005. The Art of Project Management: How to Make Things Happen. [online] Available at: http://msdn.microsoft.com/en-us/library/aa480154.aspx [Accessed: 24 Jul 2013].

Triple Constraint

(Personal.psu.edu 2001)

“ When undertaking a large project, it is extremely important to understand and take into account the triple constraint. The triple constraint involves three primary constraints that most projects will have: Time, cost, and scope.

Time refers to the schedule or time constraints related to the project. Cost involves the budget and all other monetary issues related to the project. There is no single minimum or maximum amount of hours or dollars that defines projects overall. Each has its own requirements. Scope deals with the goals of the project, and the work involved in reaching those goals. ”

Personal.psu.edu. 2001. Lesson 1: Project Management Overview. [online] Available at: http://www.personal.psu.edu/glh10/ist110/topic/topic81/topic81_02.html [Accessed: 24 Jul 2013].

Why Projects Fail

(Cobalt Project Manager 2012)

“ Poor Scope Definition, Overly Ambitious, Badly Written Plan, Lack of Resources, Unidentified Risks. ”http://cobaltpm.com/reasons-why-some-projects-fail/

Cobalt Project Manager. 2012. Reasons Why Some Projects Fail. [online] Available at: http://cobaltpm.com/reasons-why-some-projects-fail/ [Accessed: 26 Jul 2013].

Example of project failure: Taurus

(apollo n.d.)

“ The London Stock Exchange Taurus project is an ambition undertaken to turn the stock trading into a paperless transaction system. The system will support 280 financial institutions and promised to reduce cost significantly. ”

“ Taurus was 11 years late and 13,200 percent (yes, 132 times) over budget without any viable solution in sight . ”

apollo. n.d.. Lesson Learned from the UK Taurus project. [online] Available at: http://www.apollo-training.com/case-studies/hollywood-movies/236-lesson-learned-from-the-uk-taurus-project.html [Accessed: 26 Jul 2013].

(Strat. In 2009)

“ The development of Taurus became inflicted with many follies. Various committees formed failed to realize the full scope of the project. Communication between parties was poor, and there was no control linked to a project-wide process of evaluation. In addition, accountability was often unclear. The TAURUS project and its shortcomings became well documented, to the extent that Computer Weekly even published an extensive expose, adding to the onslaught which helped kill TAURUS off. The project was scrapped in 1993 at a cost of £800 million to the City of London. ”

Strat. In. 2009. Why did the Taurus project of LSE fail?. [online] Available at: http://strat.in/2009/09/why-did-the-taurus-project-of-lse-fai/ [Accessed: 26 Jul 2013].