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Assignment: Chapter 1 Summary
Date: May 02, 2020.

Summary

It has been indicated in Chapter 1 that a project is an attempt to achieve a particular goal

all the way through a complex collection of interrelated activities and successful resource

utilization. It has a specific target that sets out what is to be done in terms of the deliverable,

timeline, as well as budget. A project often has interdependent tasks, utilizes multiple tools, has a

limited period, is a particular one-time undertaking, has a sponsor or client, and entails some

degree of ambiguity. Many aspects, involving scope, efficiency, timetable, budget, capital, risks,

customer satisfaction, and stakeholder support, may constrain the achievement of the project

target. The project management is essentially planning, arranging, managing, directing, and

regulating resources to achieve the purpose of the project. The project management process

includes two main functions: first of all, drawing up a strategy and then implementing the plan to

achieve the goal of the project.

The project life cycle has four phases: initiating, planning, performing, and closing the

project. Projects are identified and chosen during the initiating phase. They are then allowed to

use a document known as a charter of a project. The planning process involves identifying the

scope of the project, defining resources, creating a timetable and budget, and assessing risks, all

of which form the basis plan for carrying out the work of the project. The project plan is

performed in the performing process, and operations are undertaken to generate all the project

deliverables and to achieve the project target. In this process, the progress of the project is

tracked and managed to ensure that the work stays on track and that the project is delivered in

compliance with requirements and that all deliverables meet acceptance criteria. Project

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assessments are performed in the closing process, the knowledge gained are defined and

recorded to help enhance success on potential projects.

This chapter also addresses project stakeholders, who are individuals or organizations

involved in a project, or who may impact a project or be influenced by it. They may be

organizations or groups of people who may be supportive or adversarial, or because of possible

effects, may want to be kept updated about the project. It is necessary to recognize the

stakeholders of a project as early as possible in the life cycle of the project. The project manager

and team need to develop a partnership with each stakeholder, tailored to the unique needs of

each stakeholder in the project. The participation and encouragement of stakeholders are vital for

a project's successful performance and the achievement of the objective of project.

Other than that, this chapter also explains globalization which influences the nature of a

project and introduces an uncertainty layer that can unpleasantly influence the project outcome if

the project stakeholders are unaware of what they may face concerning cultural differences and

international economic businesses. Global ventures may be international and multilingual, with

participants who speak different languages and who are based in different countries. Global

project management requires more skillset. Technology, cultural awareness, and responsiveness

are essential to effective global project management as well as imperative.

Finally, the greatest advantage of applying project management strategies is to have a

satisfied client — whether you're the client with your own project or a company (contractor) that

a customer pays to execute a project. Completing the full scope of the project in a standard, on

time and under budget gives everyone involved in the project a great feeling of satisfaction.