According to John (2004), project management body of knowledge (PMBOK) can be referred to as the combination of processes and knowledge areas which are widely recognized and generally accepted as the best practice to be applied during project management process. It has a set of guidelines and practices written by project management institute which provide fundamental requirements that can be applied to a set of projects by project managers. Normally PMBOK recognize s five project groups which include: initiating, planning, controlling and monitoring and lastly closing (John 2004).
The first phase is initiation stage which entails recognition and definition that a project should start and the management is committed to make sure it starts. In this phase the management identifies a problem or an opportunity that a business or organization may need. The initiation of a project comes after the preliminary work is complete or feasibility study has been done. Managers normally use the preliminary information as selection criteria of determining which projects fit their strategic and financial goals after which the managers define the scope and product of the project (Jason 2007). The managers actively managers both types of scope to ensure that the specified is attained and delivered to customer as required. Once the scope statement is completed and approved the project qualifies to move to the next phase which is planning phase.
The process components entails analysis of the business needs to identify measurable goals, review of the current operations, conceptual design of the final product, Equipment and contract requirements, financial analysis of the costs and benefits including drawing up a budget for the project, stakeholders analysis including users and support personnel for the project and final project charter that includes; cost, tasks, deliverables and schedule (John 2008).
The second phase is planning which begins at the initiation stage and continues throughout until the project’s ends and it comes automatically once the project begins. This phase comes immediately after the initiation stage where the system occasionally builds up a small prototype that is a representation of the final product. The manager establishes a control that ensures the final product meets the specifications of the project. The components entails scope planning, scope definition, activity definition, activity sequence, activity duration estimation, schedule development, resource planning, cost estimation, cost budgeting, and project plan development (John 2004).
The third phase is execution which is dependent on the nature of the product. The project managers ensures that certain management activities are carried as required so that the project can be easily established according to project terms and structure. Normally this phase ensures that all the team members or individuals are assigned to the project and they are provided with proper training which enables them to perform the key goals and responsibilities as required. (Jason 2007).The managers normally in this phase plans for risks that may occur when carrying out a particular tasks and control measures of the risks. The main components here include risk identification and team readiness.
The fourth phase is control or monitoring phase where the manager implements the project and the team members starts to work on the project. Team members in this phase normally performs against the approved project scope and the project manager moves forward by identifying potential problems and hence put in place corrective measures in a timely manner. The main purpose of this phase is to observe the performance of the project to ensure the project’s performance is in line with management plan. John (2008), argues that the key components here are quality assurance, team development, information, distribution, solicitation source selection, and contact administration. This process requires the highest level of ongoing activity and it’s the determinant phase to the end product of the project (John 2008).
Finally the last phase is closing phase and here the project activities are completed and documented. The finished product is then transferred for storage or it is given to the owner. Jason indicates that in this phase there is formal acceptance of the project ending and all the administrative activities that include filing of the files are kept and documented for future reference (Jason 2007).This phase has two steps which are the project closure where all the project’s activities are officially closed and contract closure where all the contracts pertaining the project are settled all contracts summarized and closed too. The main components involved here include closure of the phase, administrative processes, and transition of the product (Jason 2007).
When the PMBOK life cycle phases is reviewed it is apparent that many managers tend to use these processes but they are unaware they are utilizing the principles as a means of achieving the project or task. The life cycle phase is of great importance to the upcoming project at LRH. After reviewing the above processes they will be of great importance as they will aid in the aspects of the project.
To begin with initiating where the contract will be made according to the prospected trade show, inquiry and expression of interest will be made regarding to the participation of LRH. The parties that will be involved in the project will be determined and contract signed. After the initiation of the project it will be followed by planning phase once all the contracts have been signed as required. The planning phase will involve a lot of aspects including the determination of how to restock the collaterals, what needs to be done so that the display can be updated, what will be used as giveaways, how the materials of the trade show will be transported and the determination of on how the travel expenses of the parties involved will be paid (John 2008).
The third process will be executing which will take place once the plans have been put in place, the mentioned plans are addressed and action taken on the plans. The executing process will include delegation and determination of all the responsibilities of the parties’ involved. The fourth process will be controlling and it works together with executing to make sure all the plans are executed correctively. In order to achieve this communication to various team members will be necessary. In addition it will be also necessary that we adhere to the defined budget of the project. The last process will be closing that will be done once the trade show project is complete. All the information will be gathered for the determination of the trade show success. The most complicated and very important process is controlling and monitoring which requires the evaluation of actual performance against expected and taking necessary action to ensure all the project activities are met (John 2004).
In conclusion, the five processes defined by PMBOK guide are applicable to many projects whether personal or organizational projects. This implies that the adaptation of these principles will be of a great help in the completion of the trade show project.
Reference
Jason Westland (2007), The project management life cycle: a complete step-by-step methodology for initiating, planning, executing & closing a project successfully; Published by Kogan Page Publishers.
John Rodney (2004), A Guide to the Project Management Body of Knowledge (PMBOK Guide); Published by Project Management Institute.
John.R.Turner, (2008) Gower handbook of project management; Published by Gower Publishing, Ltd.4th edition.