Project Management

Project Management:

Project management is the fact of initiating,planning, executing, controlling and closing a project in order to achieve pre-determined goals. It is a systematic concept using various tools to measure accomplishments and track project tasks and to be able to reduce risks and to optimize the chance of success it needs frequent appropriate resources. The project management includes developing a project plan and managing its implementation.

Project management process includes 5 stages which are:-

• Project Initiation

• Project planning

• Project execution

• Project control and validation

• Project closeout and evaluation

Why project management needed for compliance projects:

Scope of Work, the Risk factors in any project, and the way People are engaged.

• Scope of Work: totality of work to complete a project (quality, time, cost). Change in various project parameters typically occurs, but these changes must be carefully managed and must not be so great that the project is covertly redefined. Agreement on scope between sponsor and project manager establishes a boundary within which resources and budget are allocated. Scope can be precisely defined in terms of the work breakdown structure and task analysis. An unknown or changing scope is a moving boundary that constantly redefines the project and the assumptions guiding allocation of resources. When scope cannot be precisely defined, it cannot be managed, and thereby becomes a significant project risk factor.

• Risk