A project is a planned set of interrelated tasks to be executed over a fixed period and within certain cost and other limitations. Project management is the application of knowledge, skill, and techniques to execute projects effectively and efficiently.
Project life cycle: Most projects go through similar stages on the path from origin to completion. We define these stages as the project life cycle. The project is completed by different stages. These are as follows:-
- Project identification:
The first stage of the project life cycle is projected identification. In this stage, the necessity requirement is selected and concept developed.
- Project preparation:
Project preparation means to design the project on the basis of technical, economic, social, and organizational dimensions.
It is a decision making process. By this process, the cost, profit, and acceptability of project have been justified.
- Project negotiation:
Project negotiation means communication with the different parties related to the project.
- Project implementation and supervision:
By taking effective measure the project make implementation and supervision are needed for effective implementation.
- Project evaluation:
It is the last step of the project life cycle. The activities of the project been evaluated against a standard and it lacks remedial actions is taken.