Project Management Approach and Philosophy
A philosophy is an outlook or a way of thinking about the field of application. A project management philosophy reflects the way an organisation performs its work methodically. It is valuable to develop a project management philosophy.
Let us first understand what constitutes a project
A project is a combination of organisational resources put together to develop a product or service which enhances the performance capability in the design and execution of organisational strategies. Let us now discuss some of the characteristic of a project.
Every organisation performs work. Work generally involves operations or projects. Operations and projects share the following characteristics:
Operations are ongoing and repetitive process, where as projects are unique and temporary processes.
The body of knowledge namely the PMBoK (Project management Book of Knowledge) defines a project as a temporary endeavour undertaken to create a unique product or service. It is temporary because every project has a definite start and end date. The term "unique" refers to the outcome of a project which is different in some particular way from similar products or services.