Fundaments of Project Management - MIT School of Distance Education

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MIT School of Distance Education

• Fundaments of Project Management

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• Project Management refers to the art of applying
  tools, skills, knowledge and techniques to meet
  the requirements of a project. An endeavour that
  is made for the innovation of a new product or
  service with a defined start finish and within
  a fixed budget is termed as a project. The
  management of the scope, budget, risk and
  schedule of a project to satisfy the objectives
  of the stakeholders is called Project Management.

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Project Life Cycle

• It doesnt matter whether your project scope is
  limited or vast, undergoing the project cycle
  phase is obligatory. Starting from the initiation
  to the completion of project, every phase is
  significant which facilitates the project to keep
  on track. Basically, the project life cycle is
  divided into five phases.

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• Initiation The basic step of initiation of the
  project includes identification of needs,
  opportunities and risks associated with the
  project. It also aims at looking for different
  ways through which problems can be solved. While
  creating strategies for the project, the project
  manager must act more as a leader as he has to
  direct the team and exhibit effective
  decision-making skills.

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• Planning Planning refers to creating a
  blueprint and roadmap of the project. Under this
  phase, the project is divided into smaller
  tasks/activities.  A budget is established and
  timeline for each project is determined.

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• Different teams are assigned with different
  activities according to their capabilities. Every
  team needs to complete its activity within time
  and budget which ensures that project end goals
  are achieved after combining all the activities.

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• Execution Once the project has been approved
  and the plan is created, its time to put it into
  action. In this phase, activities are executed in
  accordance to the plan. Project manager manages
  the time framework, monitors the given budget and
  directs the team members regularly so that they
  do not go off the track. Moreover, the manager
  has to be in constant touch with the clients or
  stakeholders to provide them with project details
  at every level.

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• Monitoring and Controlling At times, certain
  factors may limit the effectiveness of the
  project. Furthermore, there might be bottlenecks
  in the project. In the phase of monitoring and
  controlling, project manager ensures project
  activities take place without any hindrance.   

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• Closure This is the end phase of the project
  life cycle which takes place once the project has
  been completed successfully and the deliveries
  are made. In this phase, the project manager
  examines project performance as well as team
  performance.

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Project management verticals

• Project management is a wide concept that is
  applicable at every step of the project from its
  initiation to its completion. It essentially
  looks into different areas including stakeholder
  management, risk management, communications,
  people management, integration, scope, time,
  cost, quality and procurement.

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• So, these were the fundamentals of project
  management. Project management professionals are
  paid well and they enjoy a lucrative career as
  they play a significant role in project
  completion. We offer PGDM and PGDBA courses in
  Project Management in order to train the
  aspirants to hold this crucial position. 

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• Our courses are equivalent to distance MBA but
  better than it as the syllabus is updated
  regularly to match with the industrial trends.
  So, if you want to enhance your employability,
  then pursue PGDM and PGDBA courses from MIT-SDE.

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• THANK YOU