Contextual PM-competences (Subject) / 3.06 Business (Lesson)

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• Summary Projects are enterprises with a limited life span. They share similarities with companies such as clear objectives, limited resources, and high degree of complexity but are different because of their temporal limitation. The project life cycle is part of the product life cycle. The project life cycle is the entire duration of a project that includes all phases from initialisation, definition, planning, control until close-out. The product life cycle includes all phases of development, manufacturing, production, introduction, growth, maturity and decline. Economic efficiency calculations are mainly conducted in the beginning. Here the economic profitability is checked and coordinated with the project or company's objectives. Economic efficiency calculations for projects look at the relation between invested means and their monetary benefit
• "Business" can be considered on different levels Strategic Level: The business and the legal context are responsible for creating a setting in which projects and programmes can be effective (organisation set-up, cost and revenue accounting, resource allocation, reporting) Tactical Level: Connection of the project or programme to the business plan Operational Level:Definfintion of the project or programme deliverables by the permanent organisation

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