ABSTRACT
This chapter begins with a summary explanation of the primary Project Management Bodies of Knowledge typically used in business. The Project Initiation Phase is the most crucial phase in the Project Management Life Cycle. There are several project management tools that may be applied in this phase. Basic project management and Lean are in alignment with how a project should be deployed. The Monitoring and Controlling process oversees all the tasks and metrics necessary to ensure that the approved and authorized project is within scope, on time and on budget so that the project proceeds with minimal risk. Lean project closure concentrates on keeping improvements on-going, documenting best practices and encouraging lessons learned meetings. The methods and algorithms from Theory of Constraints went on to form the basis of Critical Chain Project Management. Often the management of projects is informal and there may not be a specific process in place.
