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Project Management: Define Critical Phases of a Project

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Analyze the role of project management in creating and maintaining facility assets. I only have to address the following topic. Define critical phases of a project.

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The solution defines the critical phases of a project.

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PROJECT MANAGEMENT

Project management deals with the management (and overseeing) of critical elements of a project that includes resources, time, money, and scope. Resources include people, machineries and equipment, materials, and other forms of assets that are needed for the achievement of project goals and objectives. Time has something to do with the duration of every task and the interrelations among the tasks as to the time element. Time is also related to the critical path or the path or sequencing of activities that would require the longest period of time to be accomplished. Money has something to do with financial resources - as to amount needed, possible sources, and how it would be allocated among various project needs. The element of money will include costs, revenues, profits, savings, and other related concerns. The scope has something to do with the size of the project, the goals to be attained, the targets and requirements ...

Solution provided by:
Elisa Valdez, PhD
Education
  • Bachelor of Science in Business Administration, University of the Philippines
  • Master in Business Administration, Saint Mary's University
  • Doctor of Philosophy in Education, University of the Philippines
  • Doctor in Business Adminstration (IP), Polytechnic University of the Philippines
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