Thus, the project goes through the initiation, planning, execution, monitoring straight to its closure in consecutive stages. Traditional Project Management Methodologiesīased on the above-described classic framework, traditional methodologies take a step-by-step approach to the project execution. In attempts to find a universal approach to managing any project, humanity has developed a significant number of PM techniques and methodologies. They can vary greatly depending on the scope of work, the team, the industry, and the project itself. A project usually has a number of internal stages within each phase. Used as a roadmap to accomplish specific tasks, these phases define the project management lifecycle.
According to the Project Management Institute (PMI), a typical project management process includes the following phases: Regardless of the scope, any project should follow a sequence of actions to be controlled and managed. Project management professionals define a successful project as not only the one that is completed on time and within budget but also as the one that delivers expected benefits. In fact, the organizations using proven project management practices waste 28 less money and implement projects that are 2.5 times more successful.
Whatever the industry, project management is project management is a crucial element of a company’s efficiency and its eventual success. Even today, when project management practices are becoming more mature, only about half of the organizations (53 percent) are fully aware of the importance of these practices.
It has been a topic of considerable debate for years. Project management is an integral part of software engineering processes along with business analysis, requirement specification, design, programming, and testing.
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