The marketing concept entails the belief that firms must assess their consumers’ needs first and foremost

Synopsis

The marketing concept entails the belief that firms must assess their consumers’ needs first and foremost. Companies can, therefore, make resolutions based on those needs to satisfy their clients’ needs better than their competitors.

Chapter 2

Project Management Overview 11

The term project refers to a temporary venture which is usually undertaken in the creation of a unique service or a product (Watts, 2014). When a vice president of marketing approaches a person with a fabulous idea, one should be real quick to note that a good project must possess various characteristics. These characteristics include; temporary, unique, must have a definite beginning and an ending date, and lastly, good projects are completed when all the project goals are achieved.

The Process of Project Management

This process entails the execution of skills, knowledge, techniques, and tools applied to all tasks to meet all the requirements of the project. Consequently, managing a project involves identifying all the project needs and listing down what every person requires from the project. Comprehending and addressing all the needs of every person affected by the project indicates that the results of that particular project are far more likely to satisfy all the stakeholders. There are various project constraints that one is a project manager who has to compete for your attention (Watts, 2014). They include; risk, quality, scope, time, and resources. As a result, the overall manager needs to balance all the requirements against those of the stakeholders and those of project goals. Also, for the project manager to be in a position to compete against all those constraints, he or she should bring with him some expertise to the project team. These include interpersonal skills, comprehending the working environment, overall management skills and knowledge, and lastly, knowledge of the application area as well as the standards in the industry. Other projects require specific skills that should be employed in certain application areas. They include motivation, leadership, negotiation, problem-solving skills, and communication.

Chapter 3

The Project Life Cycle (Phases)

A common goal is shared by both the project manager and the project team.

The goal entails carrying out activities in a given project to meet all the set objectives. Each project has a beginning, a middle, and an end (Watts, 2014). Phases involved in the project life cycle include initiation, planning, implementation, and closure. The four stages represent the path that is typically taken from the start to the end.

Initiation Phase

In this phase, the need for the project is identified. A relevant response is then documented in a business case, together with the recommended business alternatives (Watts, 2014). A study is then carried out to assess if each choice discusses the critical objective of the project; assessment of the final recommended solution is then carried out. Both the matters of feasibility, as well as those of justification, are also discussed.

Planning Phase

The planning phase entails further development of the project solution. Consequently, all the tasks to be performed are then identified. Both the resource pieces of equipment and the strategies employed in producing them are addressed (Watts, 2014). What follows is the creation of the project plan outlining all the activities, timeframes, and dependencies. Lastly, the manager in charge of the project coordinates all the tasks necessary in preparing the project budget, which is employed in controlling and monitoring the cost expenditures during the implementation of the project.

Implementation Phase

The primary purpose of this phase is to put the project plan into motion, and all the tasks of the project are carried out. Maintaining control and communications is essential in this phase. Appropriate adjustments and progress are continuously monitored. Most of the time is spent in this phase. Besides, activities are performed, and progress information continually reported to assist the project manager in coming up with solutions in case of any challenges (Watts, 2014). The manager also employs this data in maintaining control over what happens throughout the project through comparisons of the progress reports to assess the outcomes of the project as well as take corrective action where appropriate.

Closing Phase

This phase mainly deals with the release of the final deliverables to the clients, handing over the project documentation to the business. Besides, it also focuses on ending supplier contracts as well as the release of project resources. Moreover, it emphasizes communicating the closure of the project to all the business stakeholders (Watts, 2014). Finally, all the lessons-learned studies are carried out to asses the successes and the failures. It is through this type of assessment that the wisdom of experience is transferred to the project organization, which will assist future project teams.