Compose a 1250 words assignment on importance of project management for organizations.

Compose a 1250 words assignment on importance of project management for organizations. Needs to be plagiarism free! A project is a process with different phases that are collectively referred to as the project life cycle. Different from business activities such as maintenance and operations, projects involve uncertainty and risk because of their unique nature, their complexity, cost and time constraints, as well as limited resources. This paper seeks to discuss the various phases of project management and its importance for organizations. Phases of Project Life Cycle The project life cycle can be defined as a logical sequence of events meant to achieve the goals and objectives of the project. Despite the complexity or scope of any project, it goes via a series of phases in its lifetime. The first phase is known as the initiation phase, followed by the planning phase, then the execution phase, and finally the closure phase. 1. Initiation Phase In this phase, the project’s phase is defined, as well as the approach that will be taken in order to deliver on the desired output (Keller & Field, 2012). The project manager is elected in this phase, after which he selects other team members taking into consideration their experience and skill. In this phase, the most common methodologies used are project charter, project framework, business plan, justification of the business case, and review of the milestones. The needs and objectives of the project are identified in this phase, and appropriate response to this is documented with recommended options as solutions in the business case (Keller & Field, 2012). A feasibility study is carried out in order to investigate if every option addresses the objectives of the project, with a final solution being recommended. Issues of justification and feasibility are addressed in this phase. On approval of the recommended solution, the project is initiated in order to deliver on the solutions that have been approved. The major deliverables, as well as the participating work teams, are identified. At this stage, the team begins to shape up, and the project manager then seeks approval to start on the planning phase. 2. Planning Phase Project management’s second phase is also the planning phase where the solution for the project is developed further while focusing on detail. The necessary steps needed to complete the objective set out by the project are then set out (Keller & Field, 2012). During this step, the team members identify all the activities, which should be executed. There is also an identification of tasks within the project and the strategy to be used in their fulfillment. This process is synonymously known as scope management. A plan for the project is drawn up including the timeframes, dependencies, tasks, and activities. A project manager is tasked with coordinating the budget via the provision of cost estimates for materials and labor. The budget that is drawn up is used to control and monitor cost expenditures during the execution phase. On identifying the work, preparing the schedule and making an estimate of the cost, then the fundamental components of this phase are complete.&nbsp.