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Project Management Terms

Helps to keep control of costs: Depending on the scope of the project, some projects can incur organisations significant costs. It is important therefore to keep on budget and to control spending. Project management greatly reduces the risk of budget overruns.

Project management is comprised of a number of essential and basic functions that add to its importance and which are enhanced by technology and project management software such as Sinnaps:

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Knowledge: The more projects a business undertakes, the more knowledge it will acquire over time. This will serve as an asset to any business and project management helps to capture and retain knowledge.Creates an opportunity for learning: Sometimes, projects work out perfectly and other times, project fail miserably. Either way, much can be learned from previous experience and past mistakes can be avoided in the future. Project management ensures that these lessons are learned and applied in the future.

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Document Business Case - Evaluate all Candidate Project Information that has been provided by the requesting organization or that has been gathered by a technical analyst. If additional information is needed, issue an Information Request to the requester. Format this information into a Business Case. Assign the Candidate Project a new Project Code.

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This process should be reviewed on a regular basis by Resource Managers within the organization and can be used for staff career counciling.Select Project: Based on the information provided by the ranking process, the Core Process Owners of the business will authorize a specific project for initiation. This project should now be removed as a Candidate Project.

Assign Resources: Even though a project has been selected, it does not become an "active" project until resources are approved and deployed against it. It is critical to remember that when resources are assigned from the Skills Inventory, this deployment has a proportionate impact on the resource's availability. The organization must be very careful to not over-commit limited resources in an attempt to "look" more productive.

Because priorities, finances and resources may change at any time, it is critical that this process be well-defined and easy to follow. It is also important that its value is understood and supported by corporate leaders and the business organization.

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