1. What is project Management?

Project Management is the application of knowledge, skills, tools and techniques to project activities to meet project requirements.

Project management is accomplished through the use of the processes such as:

•Initiation

•Planning

•Execution

•Controlling

•Closing

Project managers or the organization can divide projects into above phases to provide better management control with appropriate links to the ongoing operations of the performing organization. Collectively, these phases are known as the project life cycle.

Project managers deliver projects while balancing the following constraints:

•Scope

•Schedule

•Quality

•Resources

•Customer Satisfaction

•Risk

These all are so intertwined that a change in one will most often cause a change in at least one of the others

For example:

If time is extended, the cost of the project will increase.

If time extended with the same cost then quality of the product will reduce.

If scope is extended then cost and time will also extend.

Changes to any of these legs sets off a series of activities that are needed to integrate the change across the project.