Project management Essay Example | Topics and Well Written Essays - 2500 words - 2

Project management - Essay Example Besides, there is also a requirement for effective risk and problem management in every phase of project life cycle (Richardson and Butler 1-97). Based on this aspect, paper discusses a distinguished project namely RMS Titanic project. THESIS STATEMENT The objective of the paper is to analyse the life cycle of the project. Furthermore, the paper also describes the procedure of resource management, risk management and management of problems throughout the project. ABOUT RMS TITANIC PROJECT Titanic was regarded as the biggest passenger ship around the world. RMS Titanic was a legendary project and was the first ship to use SOS. The RMS Titanic project was initiated by White Star Line organisation in collaboration with Harland and Wolff dockyard. The project started in the year 1910 and finished in the year 1912. Nevertheless, on 15th April in 1912, the RMS Titanic sank in the Atlantic sea. The incident resulted in death of about 1517 people and loss of valuable resources, time and effo rt. At that time, the managing director of the organisation, i.e. White Star was Bruce Ismay. The model of Titanic was designed by Thomas Andrew and the captain of the ship was Edward Smith. These people are the key stakeholders of the project RMS Titanic and were liable for ensuring that every operation is done according to plan (Jones 59-80). PROJECT LIFE CYCLE OF RMS TITANIC The lifecycle of any project consists of five typical phases. The first phase is idea generation phase. In this phase, the project is planned according to expected business requirements and outcomes. The second phase is designing phase, where the architecture and design of a project is decided according to the business requirements. The third phase is construction phase, where the project is implemented according to agreed requirements and prior decisions regarding design. The fourth phase is testing phase where the project is tested to recognise predicted risks as well as procedures for mitigating them. Fina lly, the fifth phase is launch phase, where the project is launched for real time performance (Seacord and Nwosu, â€Å"Life Cycle Activity Areas for Component-Based Software Engineering Processes†). Idea Generation of Titanic Project. During 1908s, White Star was confronting tremendous business pressures due to increased competition in the area of technology and also due to emergence of new entrants in the business segment of the organisation. Furthermore, White Star also faced considerable challenges because of aging technological structure and substandard customer services. As a result, it lost considerable amount of market share and customers. In order to deal with these business issues, White Star developed a business strategy which can leverage emerging technology and can enhance the number of customers. White Star concentrated on improving the quality of journey and passenger experience as a part of its reaction to the competition. This business strategy necessitated h igh investment in new technology. Hence, in order to enhance the business performance, White Star invested in new super liners and attempted to exploit the travelling market in the Atlantic route. The outcome of this investment was initiation of RMS Titanic project which was mostly intended to address the requirements of three passenger classes with topmost priority on upper class customer segment. Therefore, in RMS Titanic project, the emphasis was on the comfort of passengers, rather than the speed