Project Management Reflection- Now that you understand the fundamentals of project management, apply the lessons you learned from this topic to a project in your life (current or in the past) by drawing a causal diagram of the situation (see causal diagram in slides as an example). This could be career, family, or friend oriented and what I am looking for is that you understand the levers through which you have direct controland how they influence things you can only indirectly control. Drawing the diagram on paper and pasting a picture is probably the easiest way, but that is up to you.
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
Project Management Reflection- Now that you understand the fundamentals of project management, apply the lessons you learned from this topic to a project in your life (current or in the past) by drawing a causal diagram of the situation (see causal diagram in slides as an example). This could be career, family, or friend oriented and what I am looking for is that you understand the levers through which you have direct controland how they influence things you can only indirectly control. Drawing the diagram on paper and pasting a picture is probably the easiest way, but that is up to you.
According to the project management institute, “project management is the application of knowledge, skills, tools, and techniques to project activities in order to meet or exceed stakeholder needs and expectations.
The key levers of project management are:
- Planning - Setting up of objective of the project and cause an inference on which the project is based are the main activities of this phase. it also contains minute details about the project
- scheduling - this phase involves schedule development and schedule management it also helps in managing the programs systematically
- Controlling- this phase includes monitoring, review progress, analyze the status, managing decisions, and also makes timely corrective measures.
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