How Project Cycle Evolves in an Organization
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How Project Cycle Evolves in an Organization
Project management involves ways in which an action plan is developed, implemented, controlled and monitored. There must be a good program placed to ensure that an action plan is implemented (Cleland& Ireland, 2008). A project manager should understand the process that the project undergoes and requirements for a project to be successful (Young, 2013). Conducting background checks and determining the requirements of the project from the process to budget needs is acritical aspect of project management. A manager should have the capability of determining budget estimations effectively considering all the issues and the aspects involved.
Having a base in terms of budget estimates provides how a project manager understands the scope of the project and even predicts possible changes that may affect the schedule.The principal reasons as to why a manager must follow the project cycle are that possibility at each time to efficiently determine the project needs and effectively put them into a budget. Accurately determining such estimates will ensure project efficiency with proper availing and utilization of resources while reducing wastes. A manager must develop the fundamental metrics that help in the budget cycle from its conception to the actualization (Cleland& Ireland, 2008).
Every project has objectives to be achieved towards its final stage and completion. A manager needs to analyze ways and needs for achieving the set project goals, determining possible deviations and assessing any potential risk that maybe involved. Accessing information and data on the previous projects can help identify the project needs, any additional expenses and the potential risks in such projects. Including uncertainty as an accompanying value of project estimates can only be effective for analyzing the previous data on the budget needs of a project or similar project. An additional percentage of the estimates are included to cater for the unexpected expenses within the project cycle to avert abudget crisis in the course of the project.