1.

List and explain the four stages of the project life cycle and explain the importance of

each.

The first stage is the initiating stage. At this stage, the project is defined. Ideally,

the goals of the project are stated and also its scope. The project leaders further define

what different stakeholders expect of the project. This phase is essential because it

clarifies the project, thus escaping the potential risk of failure.

The second stage is the planning stage. Steps on how to achieve the project are

outlined at this stage. Budgets, timelines, and necessary documents are established. At

this stage, the risk is predicted and calculated. Additionally, communication protocols are

outlined and explained to all participants. The importance of this stage is that it dictates

how the project will run and thus providing a pathway for the execution of the project.

The third phase is the execution stage. Ideally, this involves putting the plan into

action. Progress is measured and tracked, the risk is mitigated, and the budget is

managed. This stage is essential as it actualizes the project, consequently showing results.

The fourth stage is the closing stage. Here, the project is finalized and handed

over to its owners. Additionally, an analysis is made to see what went wrong and why.

The importance of this phase is that it helps in the future planning of other projects.

2. What is the scope of a project?

The scope of a project refers to the features and the functions of a project. Ideally,

it entails getting information on what the project requires and outlining the features

necessary for the project to meet the standards met by the stakeholders. Additionally, it

also involves outlining the project's budget and how the budget will be actualized,

whereby resources available will be agreed upon together with their quantity and quality.
3. What project life cycle would you use for your start-up project, and why is it important

compared to others.

For a start-up, I would use the iterative life cycle. Ideally, in this life cycle, the

project is divided into phases where at the beginning of each phase, the scope is

determined. This life cycle is better than the rest because before you begin planning the

scope for the next phase, I will have a chance to see what went wrong before and thus use

it as a benchmark for the next phase. This life cycle is important for a start-up since one

does not know what lies ahead. For a life cycle like predictive life cycle, one has to have

certainty for the future, which a start-up does not have. It makes the iterative cycle ideal.

4. Explain risk and risk management. Explain the five stages of risk management process.

A risk is an unexpected event that occurs in the execution of a project. Risk

management is the process of trying to mitigate the risk.

The stages of risk management include:

 Identify the risks- here; one determines which aspect of the project or plan

environment may change.

 Access the potential effects of those risks on the project- consider what can happen if

those aspects do not work out as envisioned before

 Develop plans for mitigating the effects of the risk – at this point, one decides how

they can protect the project from the consequences of the risk.

 Monitor the status of your project's risks throughout the performance – the project

executors determine whether existing risks are still present and whether new threats

are arising.
  Inform the audience of all risks involved with your project – explain the status and

potential effect of all project risks from the initial concept to the project’s completion.

5. a) List and explain quality audit in project management.

Process audit. This audit verifies that the project's processes meet a particular

standard for which the project is seeking certification.

Product audit. This audit looks into a particular tool or service that has been used

or is being used in the project to assess whether it is of specific standards.

System audit. It is a documented activity that examines and evaluates that the

elements of the system are appropriate per the set standards.

b) Why do we do project evaluation?

The reason why project evaluation is done to a project is to determine the level of

achievements of the project's objectives. Additionally, project evaluation helps determine

the project's effectiveness, efficiency, and sustainability. Consequently, this helps

determine the project's viability and determines whether the project should go on.

c) What is the significance of monitoring a project?

Monitoring a project helps ensure the proper utilization of inputs. It provides that

the workers are using the inputs in the correct manner and the right quantity.

Additionally, project monitoring also helps detect problems in the project and act on them

immediately and find solutions.

d) Explain what project control is. Give a relevant example.

Project control is the process of comparing actual performance against the plan to

identify deviations, evaluate courses of action and take appropriate corrective action. For
example, during a construction project, the project manager should regularly perform

project control to detect deviations from the original plan.