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Project Management is a set of Principles, Practices and Techniques applied to
lead project teams and control Project Schedule, Cost and Performance Risks to
result in delighted customers.
Project management involves balancing the competing demands among scope,
time, cost, risk and quality.

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A project:
•Is temporary undertaking, with defined beginning and an end.
•Is unique, for example, the location, the product, or the customer.
•Has pre-defined objectives.

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Every Project is undertaken with some known constraints. Typically these are:
•Time
•Scope and
•Cost
In modern times Quality and Performance are also considered as fourth
constraint.

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However as per traditional approach to Project Management, project phases are:
•Project initiation stage;
•Project Planning stage;
•Project Execution stage;
•Project Monitoring and controlling systems;
•Project Completion.

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Menu Path 

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Project Budgeting and Forecasting is a supporting process for Project Planning
and Execution and provides a flexible solution for advanced project budgeting
requirements

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Project Closure Phase is the last phase of the Project Life Cycle. The
commencement of the Project Closure Phase is determined by the completion of
all Project Objectives and acceptance of the end product by the customer.

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Many Project based industries and Project consulting firms during this phase,
float a Project Initiation document containing the following details:
-Project Mission & Business Case
-Communication Plan
-Tolerance Plan
-Risk Plan
-Quality Plan etc. and all these are updated throughout the project lifecycle for
better tracking and management.

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Every project has a governing body which approves the next phases of the project
based on the project milestones achieved. Usually such body is called Steering
committee or Project/Program Board.

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Project ID
If User transferred projects from the Overview - Project window, User can select the
transferred projects in this field. Projects are created and can be modified in the Overview
- Project, Project Details or Project Details/General windows.

Status
When a project is created, the status will automatically be set to Initialized. The status
field is updated automatically when the project changes status and cannot be updated
manually.

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