Business Management

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The response addresses the queries posted in 1797 words with references.

//Managing the scope of the project holds significant importance as it ensures the success of the project. Project manger and his team focus strongly on the scope of the project as it outlines the complete project. We should discuss the important factors related with the scope of management after giving a short introduction like this: //

Project management is an important concept that has gained significant importance over the years. It is true that how you operate and complete the project holds a vital importance but more important is how you plan and manage the scope of the project. Planning and managing the scope of the project is the initial stage towards ensuring the success of the project. Five major factors that ensure the success of a project in the scope of a project are project initiation, scope planning, scope definition, scope verification, scope change control (Khan, 2006). All these factors have a significant role to play in making certain the success of a project.

//As we have viewed the different factors related with the scope of the project, we should now discuss them in detail as to get a better understanding of them. First of all, we will discuss the Project initiation and then follow up with the other factors//

Project initiation: This is the first and the most important factor that marks the start of a project. It is also referred as Project need identification which implies reason behind the undertaking of the project and its feasibility from the point of view of various factors. Each project can have a different need and must be identified; like a project can be initiated after looking at the need and demand of the market for a particular type of project. Various other needs that open the gateway of a project are adopting or updating of a new technology by the company, starting up of a new venture, making more improvements in the existing products and services. Evaluating and analyzing the feasibility and viability of the project is the focus of project initiation. Feasibility analysis is done from different perspectives like technical, economic, and financial. Skills of the management, availability of the technology along with various resources that will be needed for completing the project comes under technical feasibility. When a project is analyzed from the perspective of gains and returns besides the cost, they are said to be analyzed for the economic viability. A project is called financial feasible after considering the availability and cost of the funds that are required for the project.

Scope Planning: As the project is approved, to move forward the next factor that is to be considered is ...