Project management knowledge and practices are best described in terms of their component processes. These processes can be placed into five process groups (initiating, planning, executing, controlling and closing) and nine knowledge areas (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 and project procurement management).

A Project Management Rule: Embrace uncertainty. Expect the unexpected. There is far more that we dont know and cant know than what we can anticipate. Be resilient to what life throws at you. Anticipate that your team will learn something along the way that can and should change what you have promised and how you can deliver on your promises.

The core variables of the project management process, namely: product scope, quality grade, time-to-produce and total cost-at-completion must all be mutually consistent and attainable.

Tracking progress on a project management should be a regular part of you daily routine, even if you have other duties that require your attention.

Formal methods of Project Management offer a framework to manage this process, providing a series of elements templates and procedures to manage the Project Management through its life cycle. Balancing limited labor, materials, and other resources is a difficult task that earns a good Project Management top dollar.

The genesis of the project management life cycle process, in its most basic form, is to be found in the very term "project management" itself. A project has, by definition, a start and a finish.

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