The project management function is faced with the traditional triple constraints pertaining to the scope of the project; the costs associated with the project and the time available which all affect the end product and the quality of the project. In business terms these three factors have morphed into time, human resource and finance, all of which directly effect quality and focus on one tends to take away or put stress on the other two constraints. The basic approach of Project Management pertains to the initiation of the project, the project planning and design stage, the project execution or the production stage, the project monitoring and controlling stage and the project completion stage. The most critical component of product management is strategic planning where the schedule and the procedure for the project is planned out with specific deadlines and the critical risks are identified while the imitation strategies for the risks are developed.
The benefits of the project management function as a subject include savings in terms of funds and time as the projects are specifically planned out [resulting in a much more successful outcome. Aside form this the project management also provides clarity in terms of objectives and the measures with which they can be attained, the proper and accurate identification of risks and the development of mitigation strategies for risks which increases the probability of success.
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