¶ … product or a service, and in general, a project would include all the risks and the constraints and the restrictions, as well as an idea about the costs involved for the particular problem or project that one is about to undertake. The schedule would be detailed, as well as the intended performance outcome of the project, and 'project management' as such is a set of principles and practices and code of ethics, and techniques that are generally used to lead the project team, and to exercise a form of control over the other related issues in a project such as the schedule, the costs, and the desired outcome of the project, all of which if handled well would bring one the satisfaction of a happy customer. (Project Management: What is it?) However, in the management of a project, one must keep in mind certain very important points, so that the manager is not simply faced with a lot of technical principles, of which he has no understanding. Some of them are that at the very outset, one must make sure that one's own business is viable, and then choose carefully the projects that would be applicable or suitable for the business. When one is very careful in applying the project management principles to one's project, then it would most definitely bring forth the desired results. In addition, one must also try to understand the consumer, and all his specific needs and requirements, and then progress on to the next step of making a plan that would define the scope and the cost and the approach for the project. A work breakdown structure must be used at this point to supply a sort of coherence and consistency to the plan, so that all minor problems that may arise later one can be tackled sufficiently well. If the team is a good one, with a clear idea of is ownership and its leadership, then most of the problem would be solved automatically, and if the environment is also conducive to open communication and to excellent team dynamics, then it would also be possible to track the project as it progresses, and therefore review the project and the way in which it is being handled, at every step of the way. (Project Management principles)

In general, the life cycle for a project management in an organizational would have to necessarily pass through five important and clear cut stages, which are: problem identification, planning the solution for the problem, executing the solution that has been planned, testing the solution and its impact, and finally, closing the project. As far as the first stage, that is, the identification of the problem in a project and selling it to whoever it has to be sold to is concerned, this stage of the project may involve the collection of information, like for example, from stakeholders, if the project was meant for them, and then the clear development of the problem statement. After this, the root causes for the affects that it may have on the organization may be analyzed and described, so that these may be fleshed out at the very outset. The stakeholders who work in close proximity to the production part of the business would generally be able to provide the relevant information that may redefine or confirm what the management of the project has perceived as being the problem. This problem identification and the later problem solving stage may take up a lot of time and resources, especially if the problem is large and it involves numerous stakeholders. (Cleland; Ireland, 2004)

It must be noted that one of the most important causes for the failure of a project is when the project itself is a solution in search of a problem, and another is when nobody other than the project team shows any interest in the final outcome and the result of the project. It can also fail when the team does...

If the basic plan of the project lacked in structure or in details and it were to be under budgeted, then there would be more chances for the project to fail. Therefore, in any project, it would be wise and an excellent idea to follow the first step of identifying the problem or the opportunity, and then to decide what exactly must be done about that problem. (5 Phase Project Management, what is a Project?)
A Project Management Team must have some ethical and moral considerations when they carry out their project, and there are certain important factors to be considered. One is that the individual must be able to exhibit integrity and competence when he is working in the team, while keeping in mind the interests of the stakeholders and of the consumers. He must also contribute to the profession by demonstrating professional behavior whenever he can, and thus show that he is aware of the moral and the ethical implications of the project for himself and for his team members, and for the stakeholders. Certain problematic situations do tend to develop when the team members of the project are expected to be aware of and make trade offs in the time and in the scope and cost of the project, while at the same time making sure that customer satisfaction remains their basic goal. What this means in other words is that the project professional must always have as his primary focus, the 'right thing to do'. (Rad; Levin, 2003)

It must be mentioned here that it is a fact that most project members are generally able to recognize and distinguish right from wrong, and keep this fact in mind when they are involved in any decision making process involving their projects. However, at the same time, identifying the right thing to do becomes more and more complicated as the project team goes beyond technical details to tackle such issues as social responsibility and environmental sustainability and other related issues. Therefore, if the project team wishes to protect the team's interests and those of their stakeholders, then they must make sure that they adhere to certain moral and ethical and legal considerations and maintain a strict professional standard in all their dealings. When this is done, then the stakeholders can rest assured that the project team has indeed demonstrated a firm commitment towards ensuring personal as well as professional integrity and a high standard of operation. (Rad; Levin, 2003)

One must keep in mind certain important details if one wished to optimize the results of a project plan. After building the project plan, one must review the planned costs for the project, and if one were to find that these costs were not in keeping within the budget, and then the plan can be optimized so that it stays within the planned budget. If the budget were to be changed, then it would mean that the scope of the project must also be changed. Then this would mean that the finishing date will change. This close relationship between the scope, the budget, and the time is referred to as the 'project triangle'. Several different strategies can be used to change the plan and to decrease costs so that it fits within the planned budget, which would include either adjusting the costs, or adjusting the resources, or adjusting the scope. After this has been achieved, then the plan can be adjusted so that it takes advantage of the changed budget, and accordingly, the project can be brought in under budget, or the scope and the quality goals for the project can be adjusted. (Goal: Optimize the Project Plan to meet the budget)

However, one must remember to constantly evaluate the results of cost…