Project Management Diskussion 1

Question	Answer
What are the advantages and disadvantages to using project management? 3 Advantages:	•Innovative, produce new ideas and new products •Geared toward accomplishing a specific goal •Aimed at customer satisfaction
3 Disadvantages:	•Inaccurate cost estimates during initial stages may cause project to fail due to lack of resources •Low success rate in some industries •Requires heavy commitment by staff
What are the key characteristics all projects possess?	operations with a defined lifespan develop and execute organizational strategies and goals limited by resource and time constraints
Describe the basic elements of the project life cycle. Why is an understanding of the life cycle relevant for our understanding of projects?	concept planning execution termination
Life cycles:	Life cycles provide a guiding point for determining the scope and resource requirements of specific projects. By outlining a project’s life cycle, many challenges and potential pitfalls can be pinpointed. More generally, an understanding of life cycles lends itself to a better understanding of how projects function within an organization and how they differ from conventional forms of corporate process.

Resource summary

	Created by Lukas Berger about 7 years ago