ACCTG 1 Lecture Notes - Lecture 26: Product Lifecycle, Project Charter, Program Evaluation
Document Summary
Project = a temporary endeavour undertaken to create a unique product, service, or result; unlike more typical business activities, projects have clear starting and ending points, after which the people and resources dedicated to the project are reassigned. Project management = the application of knowledge, skills, tools and techniques to project activities to meet project requirements. Until recently, project management was often treated more as an art than an actual management discipline; when projects were completed on time and on budget, it was primarily attributed to good luck. But this is no longer the case: industry trends have pushed project management to the forefront. Because of the unique characteristics of projects, a whole set of tools has been developed to plan and control projects. Before we get to those tools, let"s look at the five phases of a generic project: concept phase. Here, project planners develop a broad description of what the project is and what its scope will be.
