Project management is the application of knowledge

A project is a temporary endeavor undertaken to produce a unique product or service

Project management is the application of knowledge, skills, tools & technique to the project activities to meet the project requirement. Project management enables the organization to execute the projects effectively & efficiently.

The characteristics of projects are

Specific start and end dateHas a defined objectiveSeries of tasks to achieve a defined outcome or objectiveThe temporary nature of project indicate that it have a definite start & end date. Temporary doesnt means that the project have to be short duration like months, projects can span for years duration.

Fulfillment of project objectives may produce one or more deliverables like

Unique product ( a complete product or enhancement of a existing product or correction of product etc.)Unique service ( a support function)Unique result ( new process, documents etc.)

Effective project management helps organization toMeet business objectivesMeet stakeholders expectationsIncrease chance of successful projectManage constraintsManage risks in timely mannerControl changes

The core component of project management areBusiness case for why a project is necessaryCapturing project requirements, specifying quality of the deliverable, estimating resources and timescalesDeveloping and implementing a management plan for the projectLeading and motivating the project delivery teamManaging the risks, issues and changes on the projectMonitoring Project progress against planManaging the project budgetMaintaining communications with stakeholders and the project organisationProcurement managementclosing the project in a controlled fashion when appropriate.

Poorly managed project with out project management will fail & result in

Missed deliverablesHigh costPoor qualityReworkLost of reputation for organizationUnsatisfied stakeholders

A Project Charter is a document that describes the purpose of a project and its scope, it legally authorizes the beginning of the project.It provides a preliminary delineation of roles and responsibilities, outlines the project objectives, identifies the main stakeholders, and defines the authority of the project manager. It serves as a reference of authority for the future of the project.

A project charter includes:The essence of the project.Provide a shared understanding of the project.Act as a legal agreement between the project sponsor, key stakeholders and the project team to start the project.The project charter is to documents:Reasons for undertaking the projectObjectives and constraints of the projectDirections concerning the solutionIdentifies the main stakeholdersIn-scope and out-of-scope itemsHigh level Risks identifiedTarget project benefitsHigh level budget and spending authorityUnderstand about organizational structure here

The project charter is a document that officially starts a project or a phase. It formally authorizes the existence of the project and provides a reference source for the future.It explain the business need that lead to the project being taken up.The project charter is signed by the sponsor.

A project charter should:Contain the essence of the project.Provide a shared understanding of the project.Act as a contract between the project sponsor, key stakeholders and the project team.

Develop project charter is the process of developing the project charter document that formally authorize the existence of the project and the project manager is given the authority to use organizational resources to project activities. Develop project charter is part of initiating process groups.

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