A project is a sequence of tasks completed in a specific order with the goal of achieving a certain outcome. Projects are overseen by managers but are executed by project teams according to detailed plans, budgets, and timelines. The investment of an organization’s time, labor, materials, equipment, and capital require that each detail be monitored and managed carefully to ensure that the scope of the project doesn’t spiral out of control and that the project’s profitability is maximized rather than jeopardized. Effective project managers demonstrate well-developed technical and interpersonal skills, attention-to-detail, business acumen, and exceptional follow-through.
• Explain the four components of project management
• State the project management lifecycle
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