ASSIGNMENT 1 FRONT SHEET
Qualification BTEC HND in Business
Unit number and title Unit 6: Management a Successful Business Project (5039)
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I. INTRODUCTION
II. EXPlAIN AND EVALUATE THE STAGES OF THE PROJECT LIFE CYCLE ( PLC ) AND
THEIR IMPROTANCE TO THE SUCCESS OF A PROJECT.
1. Defining project management.
1.1. What is a project?
A project is a unique, transient endeavour, undertaken to achieve planned objectives, which could be
defined in terms of outputs, outcomes or benefits. A project is usually deemed to be a success if it
achieves the objectives according to their acceptance criteria, within an agreed timescale and budget.
Time, cost and quality are the building blocks of every project.
Time: scheduling is a collection of techniques used to develop and present schedules that show when
work will be performed.
Cost: how are necessary funds acquired and finances managed?
Quality: how will fitness for purpose of the deliverables and management processes be assured?
1.2. What is a project management?
Project management is the application of processes, methods, skills, knowledge and experience to achieve
specific project objectives according to the project acceptance criteria within agreed parameters. Project
management has final deliverables that are constrained to a finite timescale and budget.
https://www.apm.org.uk/resources/what-is-project-management/
2. Project life cycle.
The project life cycle is a framework project managers use to help them plan and execute projects
strategically and effectively to meet project goals.
The project life cycle consists of a series of steps, phases, or stages a project goes through from beginning
to finish—sometimes linearly and sometimes not.
https://resourceguruapp.com/blog/project-management/project-life-cycle
2.1. The phases of a project life cycle
2.1.1. Initiating phase
The project life cycle process starts with initiating the project. In this phase, you clearly outline all the
basic goals and rules. As a team, you must be aware of the final goal behind executing a project in the first
place. This goal can be a product, a service, or a problem you must tackle and resolve.
First, you’ll come up with different ways to fulfill these needs. You’ll look for proven rules to help solve
all the potential problems while inching toward project completion.
So, as a project manager, it will be up to you to brainstorm and ‘sell’ these ideas by presenting them to
your superiors or investors. This requires thorough research and studies, identifying the project’s scope,
and developing a business case, among other things.
Here are the steps you need to take during the project initiation phase:
Undertake a feasibility study: Zero in on the central problem, and analyze whether your project
will be able to deliver the desired result.
Identify project scope: Lay out the project’s tasks, goals, and objectives so that work boundaries
are clear right at the beginning.
Identify project deliverables: Define what project deliverables you need to deliver to ensure your
project is a success.
Identify project stakeholders: Identify the stakeholders that will be involved in the project.
Stakeholders are the people concerned about project progress and outcomes.
Develop a business case: Develop a business case to compare potential costs and benefits if you
move orward with the project.
Develop a statement of work: Jot down the project’s objectives, scope, and deliverables you need
to accomplish during the development process.
2.1.2. Planning phase.
