A project is defined set of rules or functions that meet the Assignment

A project is defined set of rules or functions that meet the pre-defined set of objectives - Assignment Example Management refers to control the over all activities or to manage the system with respect to technical skills and philosophy. Management also refers to manage the whole team and get them together and take work from them in timely and friendly manner. Project management means set of rules that are created to manage resources (e.g. people, money) and over all organization. There are different activities that need to manage the project so that one can achieve the goal in time with the feasible money and cost requirement. PMBOK (Project Management Body of Knowledge as defined by the Project Management Institute - PMI):"Project management is the application of knowledge, skills, tools and techniques to project activities to meet project requirements." PRINCE2 project management methodology: "The planning, monitoring and control of all aspects of the project and the motivation of all those involved in it to achieve the project objectives on time and to the specified cost, quality and performance." There is a project for developing the computerize system for a National Bank. The bank has many branches all over the country and wants that one branch can communicate to other branch through the created computerized system. Basically whenever a project is going to be created it is necessary to cover its all features like used requirements, his desire outcomes, they way he wants to see the project, his thinking about project, his cost about creating the system and quality about the project. Then there should be a breakdown process which means to break the large project into sub modules. These sub modules are individual to each other and perform a specific task. This is called work break down (WBS). It also helpful for doing the task, Moreover it help to check the error and bugs into the program. There can be future enhancements or updates also done very well. If the Bank (National Bank) project is divided into sub modules then there will be: Figure: Work break down (WBS) for national Bank After these entire modules division there are some basic procedures that project team needs to create the algorithm about developing the project. Algorithm means step by step procedure to solve any problem. This means how to project can be develop. After creation of algorithm, there must be a pictorial representation of all