CH1 Introduction: Why Project Management ? 1. A project is a endeavor undertaken to create a product, service, or result. 2. A refers to ongoing, day-to-day activities in which an organization engages while producing goods or services. 3. Organizations perform work to achieve a set of objectives. Generally, work can be categorized as either projects or although the two sometimes overlap. 4. Project managers can divide projects into phases to provide better management control with appropriate links to the ongoing operations of the performing organization. Collectively, these phases are known as the project 5. The completion and approval of one or more characterizes a project phase. 6. Project are individuals and organizations that are actively involved in the project, or whose interests may be affected as a result of project execution or project completion. 7. Project management models are used to allow organizations to benchmark the best practices of successful project management firms. 8. means that every project has a definite beginning and a definite end 9. a project cycle includes initiation, planning, implementing(execution), closing(termination) phase