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1. Managing Integration: Projects have all types of activities going on and there is a need to keep the “whole” thing moving collectively together – integrating all of the dynamics that take place. 2. Managing Scope: Projects need to have a defined parameter or scope and this must be broken down and managed through something called a Work Breakdown Structure or WBS. 3. Managing Time / Schedule: Projects have a definite beginning and a definite ending date. Therefore, there is a need to manage the budgeted time according to a project schedule. Project Management Body of Knowledge (PMBOK) “Projects are often viewed as being fundamentally rooted in technology. This is because most projects are technical. Unfortunately, this orientation toward technology has obscured the true purpose of projects. The truth is that projects are all about business – not technology. The fundamental objective for a project is to achieve a business result, such as improving effectiveness, increasing sales, or ...

Every new venture should have a business plan. A business plan is the formal written expression of the entrepreneurial vision, describing the strategy and operations of the proposed venture. The business plan also goes by other names, depending on its intended audience. Presented to a banker, it may be called a "loan proposal." A venture capital group might call it the "venture plan" or "investment prospectus." The advantages of writing a business plan far outweigh the costs. The purpose of the plan is to enable the top executives of the firm to think about their business in a comprehensive way, to communicate their objectives to individuals who may have a stake in the firm's future, to have a basis for making decisions, and to facilitate the planning process. Entrepreneurs should undertake the task of preparing the business plan personally. Although outsiders - consultants, accountants, and lawyers - should be tapped for their advice and expertise, th...