a Describe the basic elements of the project life cycle Why

a. Describe the basic elements of the project life cycle. Why is an understanding of the project life cycle relevant for understanding project management? (250 words)

b. Compare and contrast the three organizational structures discussed in the text: functional, project, and matrix. Provide examples that show the difference between the three, including some of the advantages and disadvantages of each. (250 words)

Please do not give incomplete answers. I need at least 250 words each. Thanks for your help!

Solution

Describe the basic elements of the project life cycle. Why is an understanding of the project life cycle relevant for understanding project management?

There are four phases in the project life cycles as follows-

Phase I) The Conceptualization and Initiation Phase

In this phase managers are needed to prepare business case.

To prepare business case he has to think of the problem statement. What are the project objectives and strategies to solve the problem? Specific, time-bound and measurable project goals need to be in place.

Manager should prepare statement of work, business contract and business case.

Phase II) The Planning Phase

Once it is decided that project will be launched planning need to be prepared.

Project purpose, vision and mission should be defined. Success criteria of the project should be clear and conveyed to the stakeholders. Project milestone, requirements and budget should be planned. Risk should be identified, and adequate measures should be provisioned for the same.

Phase III) The Execution Phase

During this phase performance is continually measured and success is evaluated on each milestone. Required material, tool and resources are transferred to achieve the project goals.

Budget and time variance is tracked during this phase. All resources are tracked. Resources planning is checked for any further optimization. To address major roadblock change management is put in place.

Phase IV) The Termination Phase

It involves abandonment of project teams. Project is transferred to the intended users. Resources are released to the parent organization. Personnel and tools used in the project are now assigned to new duties and responsibilities.

Project closure reports are prepared in this phase. All project artifacts are collected and archived at this phase.

Project management is roam around these four phase of project life cycle. Managing for the risk, resources, budget, change management, resource optimization and continuous tracking of milestone needs understanding of current phase of the project.

b. Compare and contrast the three organizational structures discussed in the text: functional, project, and matrix. Provide examples that show the difference between the three, including some of the advantages and disadvantages of each

Functional Structure

Organization is divided into various function under which organization operates such as IT, Marketing, Sells, Operations, HR, etc. Organization is divided into smaller groups of functions.

Advantages

Disadvantages

Example

Most of the telecommunication companies have functional structure

Idea Cellular, Bharti Airtel

Project Structure

Dedicated teams are put together to work on project task. The project manger has the ultimate authority over his team and reporting directly to the project sponsors. Individuals under the team work directly for the project manager.

Advantages

Disadvantages

Example

Most of the IT service base organizations have project-based structure.

IBM, Accenture, Cognizant, etc.

Matrix Structure

In this structure individuals are group via two different operational frames or reporting structure is different for different divisions.

Advantages

Disadvantages

Example

Most of the downstream petroleum organizations have matrix structure

Hindustan Petroleum Corp Ltd, British Petroleum