MGMT 4700 Lecture 7: 1. PROJECT MANAGEMENT – Midterm Chapters

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Chapter 1: modern project management: a project is a temporary endeavor undertaken to create a unique product, service, or result, major goal of a project is to satisfy a customer"s need. Each project within a program has a project manager. The major differences lie in scale and time span: program management is the process of managing a group of ongoing, inter- dependent, related projects in a coordinated way to achieve strategic objectives. The starting point begins the moment the project is given the go-ahead. Project effort starts slowly, builds to a peak, and then declines to delivery of the project to the customer: 1. Defining stage: specifications of the project are defined; project objectives are established; teams are formed; major responsibilities are assigned: 2. Executing stage: a major portion of the project work takes place both physical and mental. The physical product is produced (a bridge, a report, a software program). Time, cost, and specification measures are used for control.

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