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1 - INTRODUCTION

Managing a project typically includes, but is not limited to:

• Identifying requirements;
• Addressing the various needs, concerns, and expectations of the stakeholders in planning and executing
the project;
• Setting up, maintaining, and carrying out communications among stakeholders that are active, effective,
and collaborative in nature;

• Managing stakeholders towards meeting project requirements and creating project deliverables;
• Balancing the competing project constraints, which include, but are not limited to:

○ Scope,
○ Quality,
○ Schedule,

○ Budget,
○ Resources, and

○ Risks.
The specific project characteristics and circumstances can influence the constraints on which the project
management team needs to focus.

The relationship among these factors is such that if any one factor changes, at least one other factor is likely
to be affected. For example, if the schedule is shortened, often the budget needs to be increased to add additional
resources to complete the same amount of work in less time. If a budget increase is not possible, the scope or
targeted quality may be reduced to deliver the project’s end result in less time within the same budget amount.
Project stakeholders may have differing ideas as to which factors are the most important, creating an even greater
challenge. Changing the project requirements or objectives may create additional risks. The project team needs to
be able to assess the situation, balance the demands, and maintain proactive communication with stakeholders in
order to deliver a successful project.

Due to the potential for change, the development of the project management plan is an iterative activity and is
progressively elaborated throughout the project’s life cycle. Progressive elaboration involves continuously improving
and detailing a plan as more detailed and specific information and more accurate estimates become available.
Progressive elaboration allows a project management team to define work and manage it to a greater level of detail
as the project evolves.

6 ©2013 Project Management Institute. A Guide to the Project Management Body of Knowledge (PMBOK Guide) – Fifth Edition
®

Licensed To: Jorge Diego Fuentes Sanchez PMI MemberID: 2399412
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