Additional Notes

Question 1

Core components of Project Management

Answer 1

The core components of project management are:
defining the reason why a project is necessary;
capturing project requirements, specifying quality of the deliverables, estimating resources and timescales;
preparing a business case to justify the investment;
securing corporate agreement and funding;
developing and implementing a management plan for the project;
leading and motivating the project delivery team;

managing the risks, issues and changes on the project;
monitoring progress against plan;
managing the project budget;
maintaining communications with stakeholders and the project organisation;
provider management;
closing the project in a controlled fashion when appropriate.

Question 2

Definition and Description of Project Management

Answer 2

Project management is aimed at producing an end product that will effect some change for the benefit of the organisation that instigated the project. It is the initiation, planning and control of a range of tasks required to deliver this end product.

Question 3

Characteristics of Projects

Answer 3

Projects that require formal management are those that:

produce something new or altered, tangible or intangible;
have a finite timespan: a definite start and end;
are likely to be complex in terms of work or groups involved;
require the management of change;
require the management of risks.
Investment in effective project management will have a number of benefits, such as:

providing a greater likelihood of achieving the desired result;
ensuring efficient and best value use of resources;
satisfying the differing needs of the project’s stakeholders.