71298299-07DA-43FA-A2D6-3E62B2B75B55 - 1 Briefly describe...

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1. Briefly describe what happens in each of the five project management process groups (initiating, planning, executing, monitoring and controlling, and closing). What types of activities occur before initiating a project? Initiating. Every project manager needs to get started. In the initial phase of project management, obtaining the necessary permissions and approvals to begin is the main goal. Often, a document stating the need for the project is created in order to explain to the sponsor how the needs will be met, and approximately how much it will cost. Everything at the initiating stage should be stated in broad terms. Planning. Developing objects and defining goals mark this phase of the project. Portions of the project should be broken down and deadlines scheduled. Additionally, this is the phase in which the project manager puts together a staff and begins to assign tasks and roles. Estimated costs provide the foundation for a project budget. Executing. With everything in place and goals clearly defined and being worked on by members of the project team, it is time to begin creating the end product of the work. Contracts are administered as needed, and team members should make periodic reports on their status. Everything that goes into making the plan a reality takes place during execution. Monitoring and controlling. When the execution stage is well under way the project manager should begin making sure everything is going according to plan. As products and stages of the executed planning are completed, they are submitted to the sponsor for approval. If adjustments need to be made, they are handled during this stage. Closing. This project management group marks the end of the project. The project manager arranges for final delivery of the product, and the sponsor accepts. Everything should be carefully documented in writing, and records of contracts, transactions, and other agreements should be updated. Debriefing on the project, as well as plans for any necessary follow up, should be made at this time. 2. Approximately how much time do good project managers spend on each process group, and why? Andy Crowe’s that research found that alpha project manager spend about 2% of their time initiating, 21% planning, 69% executing, 5% monitoring and controlling, and 3% close projects. The most time should be spent on executing, followed by planning.
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3. Why do organizations need to tailor project management concepts, such as those found in the PMBOK® Guide, to create their own methodologies?
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