Project Management Institute, which was founded in 1969, is a professional organization for project management specialists. Its services include the development of standards, research, education, publication, networkingopportunities in local chapters, hosting conferences and training seminars, and providing accreditation in project management.

Many researchers and organizations have described the project in different ways. The most comprehensive definition is provided by Project Management Institute as follows: “A project is a temporary endeavor undertaken to create a unique product, service, or result”. As stated in the definition, a project can be a product, service or result. Thus, it can be found within a rich diversity of projects in our society.

As stated in the definition of project, projects are temporary activities. They have a definite beginning and ending point, and they can last minutes, hours, days, weeks, months, or years.

A major part of the project occurs in the performing phase. It includes the stages of design, production and implementation. It can be referred as progression through which a system moves from being an idea to an end item. This phase results in the accomplishment of project objective in a quality manner within budget and on time.

Project management is the implementation of knowledge, skills, tools, and techniques to project activities to accomplish project goals. The aim of project management is to integrate the components to accomplish the project goal.

Some of the reasons why importance of project management is increasing according to Gray and Larson (2000) are: compression of the product life cycle, increase in global competition, knowledge explosion, corporate downsizing, increased consumer focus, rapid development of third world and closed economies.

The project integration management has a set of control access points that are undertaken by the Project Manager. According to Project Management Institute (2008), project management consists of five sets of process groups. These groups are: initiating process group, planning process group, executing process group, monitoring and controlling process group, closing process group.

Work Breakdown Structure (WBS) is a method for dividing the overall project into smaller elements that is called work packages. The WBS usually defines the organization or individual responsible for each work package. It also makes it easier to prepare schedules and budgets.

Executing process group is performed to accomplish the work defined in the project management plan to meet customer’s satisfaction. It includes managing the project team such as giving and explaining tasks to all team members, defining how the team will perform, managing stakeholders’ expectations, and so on.

The monitoring and controlling process group includes the following project management processes: monitor and control project work, perform integrated change control, verify scope, control scope, control schedule, control costs, perform quality control, report performance, monitor and control risks, administer procurement.

Although Tower of Babel or Egyptian pyramids are called some of the first “projects”, it is probable that cavemen ancestors built first projects around 150,000 years ago. It is definitely true that the construction of Boulder Dam and Edison’s invention of the light bulb were also projects. However, it is assumed that modern project management began with the Manhattan Project.

1. A project states certain specific objectives that can be defined in terms of schedule and cost. For example, the objective of a project might be to plan a wedding in six months and within a budget of $8,000. It is expected that the wedding will meet the performance predefined by the bride and groom. 2. As stated in the definition of project, projects are temporary activities. They have a definite beginning and ending point, and they can last minutes, hours, days, weeks, months, or years. For example, a raw food workshop might be organized between January 25 and February 3. However, a bridge project for Bosphorus can take four years. 3. A project may be unique or may have some unique elements. Especially, megaprojects like Panama Canal are unique since they have never been done before. Other projects like building a shopping mall or an apartment building include established set of routines. On the other hand, these projects are also unique because of the customization. 4. A project uses various resources to conduct project activities. Such resources can involve people, equipment, material, machines and facilities. For example, a bridge project may include resources such as machines, concrete, labor and so on.

Project life cycle consists of four distinct phases: initiation, planning, performing and closure.

Closure Phase: This phase can be referred as the “termination” phase. It includes certain close-out activities to be carried out such as completing all payments, releasing project equipment/materials, and transferring all related documents. In addition to these activities, this phase involves customer training and obtaining feedback from customers about whether their expectations are satisfied.

For today, products in high-tech industries have an average life cycle between 1-3 years. Just 30 years ago, the average life cycle was 10 to 15 years, which was considered normal.

The project manager and project team carry out the project work in phases according to a “project management methodology.” When a project continues from one phase to the next, the project management methodology helps the project manager to (1) identify the required project tasks, (2) identify the required resources and costs, (3) establish priorities, (4) plan and update schedules, (5) monitor and control end-item quality and performance, and (6) measure project performance.

Work Breakdown Structure (WBS) is a method for dividing the overall project into smaller elements that is called work packages. The WBS usually defines the organization or individual responsible for each work package. It also makes it easier to prepare schedules and budgets.

The monitoring and controlling process group includes the following project management processes: • Monitor and control project work • Perform integrated change control • Verify scope • Control scope • Control schedule • Control costs • Perform quality control • Report performance • Monitor and control risks • Administer procurement

Performing Phase: A major part of the project occurs in this stage. The performing phase includes the stages of design, production and implementation. It can be referred as progression through which a system moves from being an idea to an end item. This phase results in the accomplishment of project objective in a quality manner within budget and on time.

Outcomes of a project are generally evaluated by three factors: cost, schedule, and performance. The cost of a project is the budget which represents financial limits that are needed for the project implementation. It might include labor costs, material procurement costs, and operating costs. For example, if the project is the organization of a conference, the cost might cover rental of facility and equipment, food, salaries of personnel, and so on. The project schedule is the timetable that shows in detail when each activity should begin and end. For example, if you are planning a wedding, invitations are sent out six weeks before the wedding. Finally, the last one is required performance. It is expected that the outcomes of the project meet the requirements of the customers. For example, in a new race car project, the drivers expect high quality engine performance, safety, ergonomic driver’s seat and so on. Otherwise, it will cause unsatisfied drivers.

“A project is a temporary endeavor undertaken to create a unique product, service, or result”. The correct answer is "A".

I. A project states certain specific objectives (schedule and cost).
II. Projects are temporary activities.
III. A project may be unique.
IV. A project uses various resources to conduct project activities.
All the above are attributes of a project. The correct answer is "A".

Outcomes of a project are generally evaluated by three factors: cost, schedule, and performance. The cost of a project is the budget which represents financial limits that are needed for the project implementation. The project schedule is the timetable. The last one is required performance. The correct answer is "D".

Initiation Phase: This first phase of project life cycle involves identification and specification of the project. Project objectives and requirements are determined. The project team members are formed and their tasks are assigned. The correct answer is "A".

Project management is the implementation of knowledge, skills, tools, and techniques to project activities to accomplish project goals. The correct answer is "B".

"Decreased Customer Focus" is wrong. It must be "increased". The correct answer is "E".

Three main attributes of project management distinguish it from traditional forms of management: project manager, project team, and project methodology. The correct answer is "C".

The project management methodology helps the project manager to (1) identify the required project tasks, (2) identify the required resources and costs, (3) establish priorities, (4) plan and update schedules, (5) monitor and control end-item quality and performance, and (6) measure project performance.The correct answer is "E".

Planning process involves detailing the project scope, time frames, resources, and risks.The correct answer is "B".

The closing process group includes two project management processes: closing project or phase and closing procurements. The correct answer is "D".

Project Management Institute's services include the development of standards, research, education, publication, networking opportunities in local chapters, hosting conferences and training seminars, and providing accreditation in project management.
The development of accounting

It is definitely true that the construction of Boulder Dam and Edison’s invention of the light bulb were also projects. However, it is assumed that modern project management began with the Manhattan Project.

As stated in the definition of project, projects are temporary activities. They have a definite beginning and ending point, and they can last minutes, hours, days, weeks, months, or years. For example, a raw food workshop might be organized between January 25 and February 3. However, a bridge project for Bosphorus can take four years.
A project, is a temporary activity, having a definite beginning and ending point.

As illustrated in Figure 1.2, the outcomes of a project are generally evaluated by three factors: cost, schedule, and performance.

Performing Phase: A major part of the project occurs in this stage. The performing phase includes the stages of design, production and implementation.

Global Competition: Today’s market expects better products for lower prices. This makes the ISO 9000 -international standards for quality and guarantee managements- mandatory for production all over the world. These standards are applicable for every possible business in terms of quality assurance, design and delivery processes.

Three main attributes of project management distinguish it from traditional forms of management: project manager, project team, and project methodology.

When a project continues from one phase to the next, the project management methodology helps the project manager to (1) identify the required project tasks, (2) identify the required resources and costs, (3) establish priorities, (4) plan and update schedules, (5) monitor and control end-item quality and performance, and (6) measure project performance.
Meet the requirements of the customers

An efficient planning process includes creating Work Breakdown Structure.

The executing process group includes conduct procurements: obtaining seller responses, selecting a seller and so on.

“A project is a temporary endeavor undertaken to create a unique product, service, or result”. As stated in the definition, a project can be a product, service or result. Thus, it can be found within a rich diversity of projects in our society.Although Tower of Babel or Egyptian pyramids are called some of the first “projects”, it is probable that cavemen ancestors built first projects around 150,000 years ago. It is definitely true that the construction of Boulder Dam and Edison’s invention of the light bulb were also projects. However, it is assumed that modern project management began with the Manhattan Project so the option "C" is not true.

The followings can be given as examples of recent projects: the English
Channel tunnel (Chunnel), the International Space Station, and SpaceShipOne. However, the Manhattan Project is considered to be the first modern project but not a recent one.

Outcomes of a project are generally evaluated by three factors: cost, schedule,
and performance. Personnel is not one of them.

Initiation Phase: This first phase of project life cycle involves identification and specification of the project. Project objectives and requirements are determined. The project team members are formed and their tasks are assigned.

All of the options are the reasons why the importance of a project management increasing.

According to the Project Management Institute (PMI®), the term project stakeholder refers to “an individual, group, or organization, who may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome
of a project”.

All projects start with an idea. Within the initiating process group, this idea turns into a project and is described. The initial scope and estimated budget are clearly defined and financial resources are committed. The correct option is B.

It is created in Planning Process Group.

The completion of each project procurement is done in Closing Process Group.

The monitoring and controlling process group includes the following project management processes:
• Monitor and control project work
• Perform integrated change control
• Verify scope
• Control scope
• Control schedule
• Control costs
• Perform quality control
• Report performance
• Monitor and control risks
• Administer procurement

Project management is an efficient tool that improves an organization’s ability to plan, implement, monitor, and control its activities and more productive use of people and resources. The essential benefit of implementing project management techniques is to meet customer’s satisfaction. Accomplishing the project scope in a quality manner, on time, and within budget provides great satisfaction.

Many researchers and organizations have described the project in different ways. The most comprehensive definition is provided by the Project Management Institute as follows: “A project is a temporary endeavor undertaken to create a unique product, service, or result”.

A project is usually a one-time activity with a well-defined set of expectations and objectives.

A project is usually a one-time activity with a well-defined set of expectations and objectives. The fundamental attributes of a project are given as follows:
1. A project states certain specific objectives that can be defined in terms of schedule and cost.
2. As stated in the definition of the project, projects are temporary activities
3. A project may be unique or may have some unique elements. Especially, megaprojects like the Panama Canal are unique since they have never been done before
4. A project uses various resources to conduct project activities. Such resources can involve people, equipment, material, machines and facilities.

The program is alternatively used with the project due to their similarities. The objective of them is to accomplish within budget in a quality manner and customer satisfaction at a given time. However, the main distinction lies in the life span and objective. A program covers a longer time period and includes several parallel or sequential projects that share common goals and resources. Although projects are unique and highly unpredictable, most projects pass through similar phases on the way from origin to completion. These stages are called the project life cycle. The life cycle indicates that projects have a specific time frame and that there are changes in the level of effort over the life of the project. In the project management literature, there are a large number of life cycle models. Project life cycle consists of four distinct phases: initiation, planning, performing, and closure.

Project life cycle consists of four distinct phases: initiation, planning, performing and closure.
1. Initiation Phase: This first phase of the project life cycle involves the identification and specification of the project. Project objectives and requirements are determined. The project team members are formed and their tasks are assigned.
2. Planning Phase: In this phase, the level of effort rises. More formal set of plans are established to determine when the project will be scheduled, what the budget will be, and what quality level should be maintained. Then, individual tasks and requirements of the project are defined.
3. Performing Phase: A major part of the project occurs in this stage. The performing phase includes the stages of design, production, and implementation. It can be referred as the progression through which a system moves from being an idea to an end item. This phase results in the accomplishment of the project objective in a quality manner within budget and on time.
4. Closure Phase: This phase can be referred as the “termination” phase. It includes certain close-out activities to be carried out such as completing all payments, releasing project equipment/materials, and transferring all related documents. In addition to these activities, this phase involves customer training and obtaining feedback from customers about whether their expectations are satisfied.

Project management is a system approach to management. A project is a system of interrelated components such as tasks, resources, stakeholders, schedules, budgets, and plans. The aim of project management is to integrate the components to accomplish the project goal.

Some of the reasons why the importance of project management is
increasing according are described below:
• Compression of the Product Life Cycle
• Global Competition
• Knowledge Explosion
• Corporate Downsizing
• Increased Customer Focus
• Rapid Development of Third World and Closed Economies

When a project continues from one phase to the next, the project management methodology helps the project manager to (1) identify the required project tasks, (2) identify the required resources and costs, (3) establish priorities, (4) plan and update schedules, (5) monitor and control end-item quality and performance, and (6) measure project performance.

An efficient planning process includes the following:
• Developing Project Management Plan
• Requirement of stakeholders
• Definition of scope of the reasons for your project
• Creating Work Breakdown Structure
• A list of all activities and their sequence
• A detailed project schedule
• Estimation of cost and determination of budget
• A description of how you plan to manage any significant risks and uncertainties
• Plans for project communications
• Plans for ensuring project quality

Project Management Institute, which was founded in 1969, is a professional organization for project management specialists. Its services include the development of standards, research, education, publication, networking opportunities in local chapters, hosting conferences and training seminars, and providing accreditation in project management.

Outcomes of a project are generally evaluated by three factors: cost, schedule, and performance.

The initiation phase is the first phase of a project. The planning phase is the second.

Global competition, knowledge explosion, corporate downsizing, and increased customer focus can be considered as reasons why the importance of project management is increasing?

With the fall of Soviet Union and Communist Asian countries’ opening to the world, people in these countries exploded the demand for customer goods and infrastructure development. Western companies had a very big chance of introducing their products to new markets. Within all these processes, project management helped a lot in finding new distribution channels and global
operations. These big changes in the world created a huge market for construction and
telecommunications, especially in eastern Europe and Asian countries who were trying to reconstruct their industry.

There are two outputs of the initiating process group: developing a project charter and identifying stakeholders.

Monitoring and Controlling Process consists of tracking and reviewing the performance of the projects. It also includes controlling changes and monitoring present project activities in accordance with the project management plan to help ensure project plans are successfully applied and the desired results are obtained.

Work Breakdown Structure (WBS) is a method for dividing the overall project into smaller elements that are called work packages. The WBS usually defines the organization or individual responsible for each work package. It also makes it easier to prepare schedules and budgets.

The project management methodology helps the project manager to (1) identify the required project tasks, (2) identify the required resources and costs, (3) establish priorities, (4) plan and update schedules, (5) monitor and control end-item quality and performance, and (6) measure project performance.

The level of effort is highest at the performing phase where a major part of the project occurs in this stage. The performing phase includes the stages of design, production, and implementation. It can be referred to as progression through which a system moves from being an idea to an end item. This phase results in the accomplishment of the project objective in a quality manner within budget and on time.

Although Tower of Babel or Egyptian pyramids
are called some of the first “projects”, it is probable
that cavemen ancestors built first projects around
150,000 years ago. It is definitely true that the
construction of Boulder Dam and Edison’s
invention of the light bulb were also projects.
However, it is assumed that modern project
management began with the Manhattan Project
(Meredith, & Mantel, 2000).

In this section, attributes of a project firstly are provided and then it is explained differences between program and project. Lastly, definition of product life cycle and its phases are described.

Attributes of a Project
A project is usually a one-time activity with a well-defined set of expectations and objectives. The
fundamental attributes of a project are given as follows:
1. A project states certain specific objectives that can be defined in terms of schedule and cost. For
example, the objective of a project might be to plan a wedding in six months and within a budget
of $8,000. It is expected that the wedding will meet the performance predefined by the bride and
groom.
2. As stated in the definition of project, projects are temporary activities. They have a definite
beginning and ending point, and they can last minutes, hours, days, weeks, months, or years. For
example, a raw food workshop might be organized between January 25 and February 3. However,
a bridge project for Bosphorus can take four years.
3. A project may be unique or may have some unique elements. Especially, megaprojects like Panama
Canal are unique since they have never been done before. Other projects like building a shopping
mall or an apartment building include established set of routines. On the other hand, these projects
are also unique because of the customization.
4. A project uses various resources to conduct project activities. Such resources can involve
people, equipment, material, machines and facilities. For example, a bridge project may
include resources such as machines, concrete, labor and so on.

As illustrated in Figure 1.2, outcomes of a project
are generally evaluated by three factors: cost, schedule,
and performance.

Project Versus Program
The program is alternatively used with project due to their similarities. The objective of them is to
accomplish within budget in quality manner and customer’s satisfaction at a given time. However, the
main distinction lies in life span and objective. A program covers a longer time period and includes several
parallel or sequential projects that share common goals and resources.

Project Life Cycle
Although projects are unique and highly unpredictable, most projects pass through similar phases on
the way from origin to completion. These stages are called as the project life cycle. The life cycle indicates
that projects have a specific time frame and that there are changes in the level of effort over the life of
the project. In the project management literature, there are a large number of life cycle models. A classic
project life cycle is set out in Figure 1.3. As can be seen from the figure, project life cycle consists of four
distinct phases: initiation, planning, performing and closure.

The Importance of Project
Management
Project Management Institute had more than 24,000 members in 1997 and current membership is now over 500,000 with members from different countries. It is the best indicator of the rapid growth and interest in project management. An increasing percentage of the organization’s effort is being devoted to projects. In below, some of the reasons why importance of project management is increasing according to Gray and Larson (2000)
are described:
• Compression of the Product Life Cycle:
One of the most important reasons for demanding a project management process is product life cycles. For today, products in high-tech industries have an average life cycle between 1-3 years. Just 30 years ago, the average life cycle was 10 to 15 years, which was considered normal. Because of the short life cycles, when the product will enter the market is important . This situation is so important that if a high-tech products development project delays six months, the revenue will decrease 33 percent. • Global Competition: Today’s market expects better products for lower prices. This makes the ISO 9000 -international standards for quality and guarantee managements- mandatory for production all over the world. These standards are applicable for every possible business in terms of quality assurance, design and delivery processes. Therefore, project
management is an efficient way to get work done under favor of its focus on time, cost and performance.
• Knowledge Explosion: Over the years, knowledge of new things has significantly increased, which leads to complexity in projects. In the beginning of 1900s, building a railroad was not that complex.
But today there are many variables like materials, equipment, codes, required specialists etc. This complexity needs different technologies to integrate with. Project management succeeded to making things possible.
• Corporate Downsizing: In the last years, organizational life has changed dramatically. With rising expenses, many companies tried to downsize and focusing core qualifications to survive. Also, today’s organizations are flatter and leaner, and they need a change. In this respect, project management does the work of middle management for improving things. Downsizing also lets companies approach their projects differently.
• Increased Customer Focus: Competition between companies have increased the value for customers. Customers want more specific products for their needs and enjoyment over the old generic products. This situation necessitates a closer relationship between the customer and the producer. Because of that, sales representatives evolve into project managers for answering their customers’ specific needs. With the increased customer needs, customized products became more common in the industry. For example, if you want to buy a golf club about 10 years ago, you only looked for price and feeling. But today, there are many golf clubs like long
or short handles, for power shots or more technical shots etc. Project management has become mandatory for producing that kind of customized products for customer satisfaction.
• Rapid Development of Third World and Closed Economies:
With the fall of Soviet
Union and Communist Asian countries’ opening to world, people in these countries exploded the demand of customer goods and infrastructure development. Western companies had a very big chance for introducing their products to new markets. Within all these processes, project management helped a lot for finding new istribution channels and global operations. These big changes in the world created a huge market for construction and
telecommunications, especially in eastern Europe and Asian countries who were trying to reconstruct their ndustry.

According to the Project Management Institute
(PMI®), the term project stakeholder refers to
“an individual, group, or organization, who
may affect, be affected by, or perceive itself to
be affected by a decision, activity, or outcome
of a project”. The primary stakeholders are
customers, end users, and builders.

Initiating Process Group
All projects start with an idea. Within the initiating process group, this idea turns into a project
and is described. The initial scope and estimated budget are clearly defined and financial resources are
committed. Project manager is also assigned. The official authorization of a project is handed over during
this process group stage. There are two outputs of the initiating process group: developing a project charter
and identifying stakeholders. Inputs of developing a project charter might be project statement of work,
contract, business case, enterprise environmental factors, and so on. The process of identifying stakeholders
includes defining all people or organizations affected by the project. Inputs of identifying stakeholders
might be the project charter, procurement documents, organizational process assets, and so on.

Executing Process Group
This process is performed to accomplish the
work defined in the project management plan to
meet customer’s satisfaction. It includes managing
the project team such as giving and explaining tasks
to all team members, defining how the team will
perform, and so on. A large portion of the budget
is expanded in this process group. It includes the
following project management processes:
• Direct and manage project execution:
Performing the activities in the project
management plan,
• Perform quality assurance: Controlling
the quality requirements to guarantee
appropriate quality standards,
• Acquire project team: Confirming human
resource availability,
• Develop project team: Improving the
team interaction to increase the project
performance,
• Manage project team: Tracking team
member performance and providing
feedback,
• Distribute information: Ensuring relevant
information to project stakeholders,
• Manage stakeholders’ expectations:
working with stakeholders to meet their
expectations,
• Conduct procurements: obtaining seller
responses, selecting a seller and so on

A project is a temporary endeavor undertaken to create a unique product, service, or result. A project is usually a one-time activity with a well-defined set of expectations and objectives. Projects are temporary activities. They have a definite beginning and ending point, and they can last minutes, hours, days, weeks, months, or years. The correct answer is C.

A project is a temporary endeavor undertaken to create a unique product, service, or result. The regular, usual activities such as manufacturing a mobile phone are not temporary, one-time actions. The correct answer is D.

Both a program and a project aim at accomplishing a task within budget in quality manner and maintaining customer’s satisfaction at a given time. However, the main distinction lies in life span and objective. A program covers a longer time period and includes several parallel or sequential projects that share common goals and resources. As an example, Climate Change Program may include several projects such as recycling of paper, plastic, newspaper, glass and aluminium cans, minimization of carbon emission, increasing planting density, and so on. Among the choices in this question, ‘providing clean energy’ is broadest in scope and may include the other choices as projects within it. The correct answer is A.

A project life cycle consists of four distinct phases: initiation, planning, performing and closure. Initiation Phase is the first phase of project life cycle, and it involves identification and specification of the project. Project objectives and requirements are determined. The project team members are formed and their tasks are assigned. The correct answer is C.

In the planning phase, more formal set of plans are established to determine when the project will be scheduled, what the budget will be and what quality level should be maintained. Then, individual tasks and requirements of the project are defined. The correct answer is D.

In the last years, organizational life has changed dramatically. With rising expenses, many companies tried to downsize and focusing core qualifications to survive. Also, today’s organizations are flatter and leaner, and they need a change. In this respect, project management does the work of middle management for improving things. Corporate downsizing also lets companies approach their projects differently. The correct answer is B.

Three main attributes of project management distinguish it from traditional forms of management: project manager, project team, and project methodology. The correct answer is D.

Planning Process Group involves detailing the project scope, time frames, resources costs, quality, communication and risks. An efficient planning process includes definition of scope of the reasons for the project, creating Work Breakdown Structure and description of how to manage any significant risks and uncertainties among others. The correct answer is B.

The Executing Process Group includes the following project management processes:

• Direct and manage project execution: Performing the activities in the project management plan,


• Perform quality assurance: Controlling the quality requirements to guarantee appropriate quality standards,


• Acquire project team: Confirming human resource availability,


• Develop project team: Improving the team interaction to increase the project performance,


• Manage project team: Tracking team member performance and providing feedback,


• Distribute information: Ensuring relevant information to project stakeholders,


• Manage stakeholders’ expectations: working with stakeholders to meet their expectations,


• Conduct procurements: obtaining seller responses, selecting a seller and so on.

Reporting performance belongs to the Monitoring and Controlling Process Group. The correct answer is E.

The outcomes of a project are generally evaluated by three factors: cost, schedule, and performance. The cost of a project is the budget which represents financial limits that are needed for the project implementation. It might include labor costs, material procurement costs, and operating costs. The project schedule is the timetable that shows in detail when each activity should begin and end. The last one is required performance. It is expected that the outcomes of the project meet the requirements of the customers. The correct answer is B.