Mastering Principles and Practices in PMBOK, Prince 2, and Scrum: What's a Project?

Feb 5, 2015

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Project Definition
Five Characteristics of a Project
What's Project Management?
What's a Project Phase?
What's a Project Life Cycle?
What Are the Project Management Approaches?
Who Are Project Managers?

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Mastering Principles and Practices in PMBOK, Prince 2, and Scrum: Using Essential Project Management Methods to Deliver Effective and Efficient Projects

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What’s a Project Life Cycle?

The project life cycle can be mapped according to PMBOK in the following structure, whatever its size or complexity (see Figure 1.2).

Figure 1.2 Project life cycle.

The characteristics related to the project life cycle are important to remember when managing a project:

Cost and staffing levels are low at the beginning, peak as the work is implemented, and drop rapidly as the project draws to a close.
Stakeholders’ influences and risks are greatest at the beginning of the project. Those factors decrease afterward.
The ability to influence the final characteristics of the project’s product or output, without significantly affecting cost, is highest at the start of the project and decreases afterward.

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