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Unit 1

1. Define project and project management.​

Project​

A project is a planned activity or task undertaken to achieve a specific economic objective within a fixed time and budget.

  • Example: setting up a factory, starting a business, building a road.

Project Management​

Project management is the process of planning, organizing, controlling, and completing a project efficiently by using available resources like money, labor, and materials.

2. Write about project cycle.​

A project cycle refers to the different stages through which a project passes from its beginning to its completion.

Stages of Project Cycle:​

  1. Initiation: The project idea is identified, its feasibility is evaluated, and the core objectives are defined.

  2. Planning: The team creates a detailed roadmap that outlines the schedule, budget, resource allocation, and risk management strategies.

  3. Execution: The project plan is put into active motion as tasks are assigned and the actual work is carried out.

  4. Monitoring: The project manager continuously tracks progress against the original plan to ensure everything stays on time and within budget.

  5. Closure: Once the project is completed, the results are handed over to the stakeholders, evaluated, and the project is formally closed.