Companies have been progressively integrating project management practices into their operations; executive and managerial meetings have also been increasingly incorporating specialist project management language. The trend will persist and managers have to familiarize themselves with the terminology, systems and functions of project management. This paper will attempt to acquire an understanding of the constituents of each process group, and processes required to be carried out in individual groups in the course of a project. Process groups are as follows: initiating process group (2 processes); planning process group (24 processes); executing process group (8 processes); monitoring & controlling process group (11 processes); and closing process group (2 processes). Initiating process group

PMBOK (Project Management Body of Knowledge) defines initiating processes as those conducted for outlining any new phase in a project or new project itself, through procurement of sanctions for beginning with the phase/project (Snijders, Wuttke & Zandhuis, 2013). These processes define the phase/project's initial scope; finances needed for starting the project/phase are also allotted here. This straightforward initiation stage also identifies external and internal stakeholders who work together and shape the project's ultimate result. The key aim is verifying business needs, outlining the project's scope and clarifying that all possible options have been taken into account before finalizing the project (the reason for project choice should also be stated). The initiating process group only comprises two processes: preparation of the project charter and identification of stakeholders (Team, 2013).

These processes culminate in the creation of a formal document authorizing the phase/project and recording initial requirements that satisfy the expectations and demands of stakeholders. Numerous inputs are needed in this process group, which:

• Involves processes required for defining a new project phase/project • Entails acquiring sanction(s) for a phase/project • Outlines goals, results, and criteria for success

• Often assigns a manager to oversee project operations

• Sets aside requisite material, human and financial resources (Team, 2013).

Listed below are the many key...

All ten knowledge fields the PMBOK outlines include planning processes (Snijders, Wuttke & Zandhuis, 2013). Planning should be repetitively carried out; this is crucial, as projects go along unfamiliar paths; novel facts are continually discovered during the course of the project. A part of project management skills is being able to assess the right amount of effort and time to be devoted to individual planning stages (Team, 2013). This process group entails:
• Project scope outlining

• Devising a strategy for achieving project aims

• Deciding upon end-result of the project and work needed

• Task systematization and development of work schedule

• Estimation of effort and resources required

• Cost estimation and budget development (Team, 2013)

Listed below are the main outputs resulting from these processes:

• Project Management Blueprint

• Work Breakdown Structure (WBS)

• Budget

• Schedule

• Other secondary plans (Team, 2013)

Executing Process Group

PMBOK's project management guide lists project execution as the third process group, defined as the processes carried out for completion of the work outlined by the blueprint in the planning process stage, for fulfilling the goals of the project (Snijders, Wuttke & Zandhuis, 2013; Project Management Institute Global Standard, 2008). The Executing process group entails coordination of human and material resources, as well as integration and carrying out of project tasks according to the project management blueprint. This group's ultimate aim is organizing teams for accomplishing project tasks effectively and efficiently, in order to ensure that the phase/project does not veer off target, in terms of its preset goals and scope. At this stage, the major portion of work is…