Effective Project Management: Traditional Agile
The definition of a project can be interpreted by different people in various ways.
• One such definition of a project is “a temporary endeavour undertaken to create a unique product, service or result.” (Kloppenburg, T. J.(2012), Contemporary Project Management, 3rd Edition, Stamford, CT, USA.) This can be elaborated to say that a project requires an organised set of planned work efforts but is also subject to limitations regarding time, resources, and people. There should be a defined beginning and ending where the project has followed a planned and organized approach.
• A project can also be defined as “a unique endeavour to produce a set of deliverables within clearly specified time, cost and quality constraints.”
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time scale, resources) in my opinion, the best definition is the second one, from ‘Project Management Guidebook’. I feel that unlike the other definitions, it is easy to understand and concise. It uses simple language and then goes on to explain the key areas of a project. From a beginners perspective this definition would be the most …show more content…
An important model of a financial objective would be the Net Present Value (NPV). NPV is essentially the difference between present value of cash inflows and the present value of cash outflows. It is used to analyse the profitability of an investment or in this case a project. The company should do this before making a decision on which project to select. NPV helps to differentiate between each project. Each individual projects NPV is used
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