Project Management Research Paper Example | Topics and Well Written Essays - 750 words - 1

Project Management - Research Paper Example In this, they prepare the initial timeline of the project and determine the preliminary costs of the project. Either in the conception phase, the management can establish the project user participation and the possible sources of funds. Finally, the management may decide if to continue with the project or alter (Lewis, 2007). Therefore, the initiation phase forms the most crucial stage of the project than all the other stages. It is the foundation stone laying stage that without it the progress of the project is futile. The second phase is the project-planning phase. Here, the management commences setting out the project plan. This involves reviewing of objectives and goals of the project. Besides, the management considers the strategies needed to achieve these goals and objectives (Lewis, 2007). In this, they think each activity is leading to the sequencing of activities that will open up to be the required project. In the planning phase, the management allocates time to sequencing activities and develop a risk management plan (Lewis, 2007). Either, they evaluate on the resources needed and their cost. Finally, in planning, they allocate budget to individual resources to ensure that the project will run efficiently. The third phase is the project launch or execution phase. This stage involves Performance of activities and tasks as planned. Management evaluates the overall performance to ensure that the project meets the set quality standards (Lewis, 2007). Besides, there is development individual and team skills aimed to enhance project performance. In addition, the information about the project is distributed to the stakeholders to attract the needed investors (Lewis, 2007). In this phase, also the management may select potential partners and outsource vendors. Then there is the project performance control. This is responsible for coordination of the change control across the entire project. It involves verification of the scope of the