There is certain project life cycle for every project, program or product in which there are particular phases of development. The managers & executives should have clear understanding of these phases in order to better control total corporate resources in the accomplishment of desired objectives. The phases of development are referred as life-cycle phases. In recent years companies of different industries or even same industries are not agreed on the universally accepted phases of project life cycle.
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Mostly projects are complex & multi-faceted and therefore certain project management skills are required for effective management of these projects. A challenge is faced for managing these complicated projects which require skills in leadership, team building, technical expertise, conflict resolution, planning, organization, administration, management support, entrepreneurship and allocation of resources.
When it comes to the introduction to project management, here it is important to understand the project management first. Project management is the field of organizing & managing resources in an effective manner, so that these resources provide all the needed work to complete a project within specified scope, cost & time limitations. In fact the project is one-time and temporary effort to develop unique product or service that results in the addition of value or beneficial change. This one time & temporary undertaking make the project different from operations or processes which are semi-permanent or permanent continuous functional work to develop same product or service repeatedly. All these facts are included in the introduction to project management.
A problem scheduled for solution is called project. The gap between the current position and the desired position is referred to as problem and there may present some hindrance that precludes the convenient movement to fill the gap.
Partnership Definition | Types of Partnership | Dissolution of Partnership: Before moving towards the types of partnership, it is s important to know the partnership definition. In partnership, probably two or more persons comes together, bring some capital and skills, works together and share the profit and loss in business as per the agreement. As compare to Sole Proprietorship, partnership has more capitals, thus it is big form of business. You need to have a legal contract for starting your business in partnership, which will show you and yours partner rights and duties. Whenever any partner left the business with mutual agreement or not or even died partnership goes ended.