A project is based on a unique set of interdependent tasks and estimates of how long each task should take, various resources and assumptions about the availability and capability of those resources, and estimates of the costs associated with the resources.
The successful accomplishment of the project objective could be constrained by many factors, including scope, quality, schedule, budget, resources, risks, and customer satisfaction.
Good planning and communication are essential to prevent problems from occurring or to minimize their impact on the achievement of the project objective when they do occur.
In the initiating phase, projects are identified and selected. They are then authorized, using a document referred to as a project charter, which might include the rationale or justification for the project objective and expected benefits; general requirements and conditions such as amount of funds authorized, required completion date, major deliverables, and required reviews and approvals; and key assumptions. If the organization deciders to use external resources ( a contractor) to perform the project, the organization will prepare a document called a request for proposal (RFP). Through RFP, the sponsor or customer asks contractors to submit proposals on how they might address the need and the associated costs and schedule to do so.
The planning involves determining what needs to be done (scope, deliverables), how it will take (durations, schedule), how much it will cost (budget), and what the risks are.
Participation builds commitment.
The full scope of the work and deliverables were completed according to the specifications, within budget, and on time.
The key to effective project control is measuring actual progress and comparing it to planned progress on a timely and regular basis throughout the performing phase and take any needed corrective action immediately.
A change control system needs to be established to define how changes will be documented, approved, and communicated. Agreement must be reached between the sponsor or customer and the project manager or contractor, as well as between the project manager and the project team, regarding to the way changes will be handled.
The later in the project that changes are identified, the greater their effect on accomplishing the project objective.
The performing phase of the project life cycle ends when he sponsor or customer is satisfied that the project objective has been accomplished and that the requirements have been met, and accepts the project deliverables.
The process of closing the project involves various actions, including collecting and making final payments, evaluating and recognizing staff, conducting a post-project evaluation, documenting lessons learned, and archiving project documents.
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