1. What is a project life cycle? Please describe each project phase with one example.
A standard project typically has the four major phases: Initiation, Planning, Execution, and Closure. Taken together, these phases represent the path a project takes from the beginning to its end and are generally referred to as the “project life cycle.”
Initiation: The initiation phase, which PMI calls “starting the project,” includes activities such as holding alignment and kickoff meetings, identifying the project team, developing the resources needed to develop the project plan, and identifying and acquiring the project management infrastructure.
Planning: The planning phase, which PMI calls “organizing and preparing,” includes developing detailed staffing, procurement, and project controls plans.
Execution: The execution phase, which PMI calls “carrying out the work,” includes the major activities needed to accomplish the work of the project.
Closure: The closeout phase, which PMI calls “closing of the project,” includes transferring staff, archiving documents, closing offices, completing punch list tasks, and turning over the results of the project to the client.
2. Have you experienced any project failure as a project manager? If so, what lessons have you learned? If not, what successful experiences would you like to share? If you haven’t had any project management experience, please answer this question based on the course content so far.
No. At the time of project kickoff meetings, we clearly discuss the project scope and action plan and in execution phase we forecast the risk.
3. According to subunit 2.6, what key project management processes and knowledge areas are covered in PMBOK (2008)? How do they represent your real-world project management experiences?
- Project Integration Management
- Project Scope Management
- Project Time Management
- Project Cost Management
- Project Quality Management
- Project Human Resource Management
- Project Communications Management
- Project Risk Management
- Project Procurement Management
- Project Stakeholder Management.
In the real time project, all the above need to establish and maintain.
4.As a project manager, what techniques, tools, or strategies can you use to effectively manage project risks?
I am having very little experience as a project manager. However I learn the knowledge by this course and I express my point from learning only.
There are four basic ways to handle a risk.
Avoid: The best thing you can do with a risk is avoid it. If you can prevent it from happening, it definitely won’t hurt your project. The easiest way to avoid this risk is to walk away from the cliff, but that may not be an option on this project.
Mitigate: If you can’t avoid the risk, you can mitigate it. This means taking some sort of action that will cause it to do as little damage to your project as possible.
Transfer: One effective way to deal with a risk is to pay someone else to accept it for you. The most common way to do this is to buy insurance.
Accept: When you can’t avoid, mitigate, or transfer a risk, then you have to accept it. But even when you accept a risk, at least you’ve looked at the alternatives and you know what will happen if it occurs. If you can’t avoid the risk, and there’s nothing you can do to reduce its impact, then accepting it is your only choice.