(Mt) – MGT 323 Saudi Electronic University Project Management Paper

Hey there, I have completed the assignment. Please find attached. It’s nice working with you. Feel free to contact me if you need anything. Goodbye😃Running head: PROJECT MANAGEMENT1Project ManagementInstitutional AffiliationDatePROJECT MANAGEMENT2Description of Project ManagementProject management describes the art of initiating, planning, executing, controlling,and closing the work of a group, accomplish a specific task, and following all the requiredguidelines within a specified period. Generally, the most challenging part of projectmanagement is to perform all the specified goals and objectives in a specified timeframewithin the given constraints such as budget, time, quality, and scope.Phases of project managementThe initiation or opening process defines the scope and nature of the project. Ideally, ifthis stage is poorly planned, there is a high possibility that the project will be unsuccessful inmeeting the demands of the organization. The initiation stage phase should have a plan withseveral areas, which are documented in project initiation documents. One area of projectinitiation is the project proposal, which encompasses the overall goal of the project and theideas behind it.The initiation phase also includes the work breakdown structure (WBS), whichcontains the hierarchy of daily tasks to be done. This opening stage also covers theresponsibility assignment matrix, where duties are aligned to the project’s deliverables (Rose,2017). Also, a project schedule should be developed in this stage and must include essentialdates and deadlines. More so, in the project opening period, managers are required to conducta financial analysis of the budget. Lastly, a project charter should also be composed. It willinclude the schedules, deliverables, and tasks of the project.The planning phase comes after the initiation stage. The main purpose of this projectmanagement phase is to plan resources such as cost, labor, and time. A well-formulatedproject plan helps the stakeholders in acquiring financing, obtaining resources, and securingall the needed materials (Rose, 2017). Furthermore, this second stage helps in handling riskand managing suppliers.PROJECT MANAGEMENT3Moreover, the planning phase prepar…

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