A project is an assignment or task taken up to achieve a specific goal. The development and introduction of new services or of a management information system are instances of a project. A project is different from the continuous or day-to-day processes of a company. It is confined within cost, time, and quality constraints. As a consequence to it a special team of expertise is appointed to manage a project.
Project management as the name suggests is all about nurturing or handling a project. This is done with the aid of requisite knowledge about the project, skills and techniques to complete the project within fixed tenure and resources. Project management involves step-by-step procedure along with a prudent approach towards the project.
At first the concerned organization prepares an outline of the project. This includes knowing and writing down what the project is all about, the cost involved in the project, the amount of resources needed. A thought is also given to the tentatively earliest possible time within which the project can be completed. Once the budget and other nitty-grittys about the project are known the organization looks for sponsors and a...
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