Definition and Phases of Project Management

Introduction

Project management is a establish approach in which we manage and controlling the new ideas. After that on later stage we will give shape to these ideas within the specific time and budget. Project management is not a small task or job. It is a whole process of managing the thing into right ways. Project Management uses lots of tools to measure and check the completed task. On the base of that tools Project Management decide whether it is feasible to continue or replace the resources or tools accordingly. Definition of project Management mention bellow that what project management it is:

• It is not a small task of job

• It is a whole process within the time limit and budget.

• It has definite beginning and end.

• Project management is reducing our project risk.

• Project Management increases the chance of success.

Project Management is normally describe in triangle shown in figure 1. There are three (3) most factors which are time , cost and scope of work.

Figure 1: Project Management Triangle

if our project is ongoing or need project management then We should keep in mind that ongoing or upcoming project should be complete within specific time limit. Project Must be complete within the giving budget. Project must be within the scope. Project must be according to the standard of the customer quality or as per customer demand.

Phases of project Life cycle

There are four types of phases in the project Life cycle all are mentioned bellow:

1. Initiation Phase

2. Planning Phase

3. Execution Phase

4. Closure Phase

Initiation Phase:

It describes the initial phase of your current project. In this phase you define scope of the project and the purpose of the project. You will def...

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...ad office will be in Muscat. Company Grade will be one. For Factory it will be in the industrial are like Rusayl or somewhere else. Company activities will be computer hardware and software. Two branch offices will be open.

II. Project Work Breakdown Structure

Conclusion

References

1. From the Book of Quran, Surah Al-Imran verses 130-2).

2. From the Book of Hadith Muslim

3. From the Book of Quran Surah Al-Mulk verses 2.

4. Article from website “different between Islamic banks and conventional ” by Ust Zahurudin, 2007

5. Book , M.Kabir Hassn and Mervyn K.lewis , 2007,” Handbook of Islamic Banking ”

6. Book , Mahmoud A.El- Gamal. , 2006,” Islamic Finance and Law ”

7. Website article , Jul-2013, ”Conventional Financing and Islamic financing ”

http://www.internationalfinancemagazine.com/article/Conventional-Financing-Vs-Islamic-Finance.html