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MBA206 Sem 2 assignments answer for Q1. Explain Phases of Project Management Life Cycle in detail. What are Project Management Principles?

Answer: A project lasts for a definite period of time and then finishes. Projects are usually made up of different diverse elements or mini-tasks that are completed separately and finally combined together to make the completed project. Project management is a rationally planned and organised effort to attain a specific goal. It comprises of organising, coordinating and managing different
tasks and resources for successful completion of project.

1. Project initiation: starting up the project. A project is initiated by defining its reason, business goals, and scope. The cause for initiation and the suggested solution to be implemented must be defined.
2. Project planning: This includes developing the “PMP” (Project Management Plan), for guiding the team throughout the project development stage.
3. Project development: On the basis of inputs received in the shape of project feasibility study, preliminary project evaluation, project proposal and customer interviews.
4. Project implementation: The product is presented for client acceptance and full implementation after the quality assurance analysis. If the client has accepted the final product, the project is finished and closed down.
5. Project closure: It includes giving the final output to the customer, handing the project documentation, manuals, source code, and network layouts. At last a Post Implementation Review is to be carried out to identify the extent of project success and document review outcomes.    

Project Management Principles
Every project takes place in its own specific context. It brings together a group of people as a project team and gives responsibilities and roles to people.

Objectives
The main point of any project is to achieve specified goals and objectives. Once these objectives have been fulfilled, the project is said to be complete. It is, therefore, essential that the goals and objectives should be clearly defined, measurable, and achievable. In the absence of a focused approach, chances of project failure will increase.
Constraints
A constraint is any factor which can limit or have an impact on a project. Some typical constraints are funding, the scope of the project, available resources, and time. In order to clearly define the boundaries, it is important to understand what the constraints of any project are.
Lifecycle

Projects have a definite start and finish point within which their objectives need to be fulfilled. This is known as the project life cycle.

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