Projects should be economically acceptable. It is an exceptional undertaking. It will never be accomplished in a similar manner, by similar individuals, and within the similar surrounding. It implies that during the beginning of a project one will hardly have the privilege to get hold of the past information. One will have to complete his project with restricted information and in the worse situation with misinformation. There is always a high chance of risk associated with the project. The risk may include an eternal threat to one’s capability of making accurate plans and analyze results with a high level of determination. Consumption of resources in the form of time, sources, finance and effort make a project. Here are some instances of projects- launching a new product into the market, constructing or installing a tool and leading a political campaign. On the other hand, the following are not included in projects like managing a manufacturing factory, monitoring a team of workers and administering a retail business (Heerkens, 2001).
Project Management is a cautiously planned and systematized attainment to achieve a specific erstwhile objective. For instance, erecting a building or implementing new technology. It includes cultivating a project plan which incorporates ascertaining and validating the project aims and objectives, realizing tasks, how the projects will be executed, appraising the resources required, deciding budget and time span for completion. It also includes administering the operation of the project plan accompanied by the management of accurate and fair information. Generally, projects go through the following stages- practicability, description, project outlining, implementation, analysis, and maintenance (Project Management, n.d.).
Project management is not new to everyone. monuments existing since the ancient civilizations imply unbelievable accomplishments to our ancestors and still stimulate wonder and adoration in our minds.