Hello, Project management is the process of planning, organizing, monitoring, and controlling all aspects of a project and motivating all involved to achieve project objectives of safety and completion within a defined time, cost, and performance. Harson has defined project management as,
“The achievement of a project’s objectives through people, and involves organizing, planning, and control of the resources assigned to the project together with the development of constructive human relations with all those involved, both in the company and with the other companies involved”.
Table of Contents
What are the six phases of project management?
Let us take a look at what the following six steps are of project management.
1. Project Follow Up and Evaluation:
This is the process of assessing the performance of the project after it started functioning. Project evaluation simply means assessing the progress of the project.
2. Project Implementation:
This is the stage of the birth of an enterprise. At the end of this stage, the idea becomes a reality.
3. Project Selection:
This is the process of choosing a project rationally in the light of objectives and inherent constraints on the basis of appraisal.
4. Project Appraisal:
This involves searching, scrutiny, analysis and evaluation of the market, technical, financial, and economic variables. It examines the viability of the project.
5. Project Formulation:
This is the translation of the idea into concrete project with the scrutiny of its important preliminary aspects.
6. Project Identification:
This refers to the identification of business/investment opportunities. It involves scanning the environment to find out investment opportunities.
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