management (PM) is the application of knowledge, talents,
tools, and techniques to project activities to meet a particular project’s
The processes when integrating PM into a project are as
project charter – this supports the presence of a project.
project management plan – which defines,
prepares, and coordinates all supplementary plans into a more complete project
and manage project tasks.
and control project work.
integrated change control, which just means that
we must review (and approve or disprove) any changes to the original plan
or any assets of the project.
and close the phase and move on or close the
A project’s processes are performed by a team, and they usually
fall into one of two major categories:
1) Project management processes – these ensure
that the project effectively flows through its life cycle. It uses the project
management definition above.
2) A product-oriented process – These will
identify and produce a project’s product. They’re typically defined by the
project life cycle.
A project is a
temporary effort with the goal of creating a distinctive product or service. There
is a definite start date and a planned end date, which means that a project
does not go on for an infinite amount of time. Projects are introduced by an outside
entity, which could be described as a project sponsor. That person should be
high enough in the organization that they have the authority to secure the
funding or resources for the funding, or they can obtain the correct
permissions to do so. A project can be initiated for internal or external business
There are different phases
in a project life cycle, and these are as follows: initiation of a project,
planning/organizing/preparing that project, execution of the project, and
closure of the project.
A product is a specific
artifact that is produced by or from a project. It is a distinctive endeavor
that is commenced in order to accomplish a specific plan or objectives. A
project is taken on to create an end product.
The different stages
of a product life cycle are as follows – development of the idea of the
product, introduction of that product, growth of the product sales or
utilization, maturity, then retirement of the product so that you can move on
to the next product.
life cycle vs. project life cycle –
A project life cycle (phases are stated above) clearly maps
out the steps needed to complete a project and targets the intended results of
Since a product is an artifact that comes from a
project, it has a different life cycle. A product life cycle is just a map of
where the product is in production and where it is headed. It is less defined
as a project life cycle.