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International Journal of Business and Management August, 2008 Projects and Their Management: A Literature Review Guru Prakash Prabhakar Bristol Business School University of the West of England Coldharbour Lane, Frenchay Campus Bristol- BS16 1QY, UK Tel: 44-117-328-3461 E-mail: guru.prabhakar uwe.ac.uk Abstract Over the years and more importantly in the recent past projects have been used as a delivery mechanism to do business and accomplish objectives.. At a minimum, all projects need to have well defined objectives and sufficient resources to carry out all the required tasks.” In lines of the definition provided by Pinto Slevin (1988), and accepted for the purpose of this research, a project can be defined as possessing the following characteristics: (1) A defined beginning and end (specified time to completion) (2) A specific, preordained goal or set of goals (performance expectations) (3) A series of complex or interrelated activities (4) A limited budget Diallo Thuillier (2003) reviewed the project management literature outlined a set of evaluation dimensions which appear regularly although not with the same occurrence: (1) Respect to the three traditional constraints (2) Satisfaction of the client (3) Satisfaction of the objectives as outlined in the logical framework (4) Project impacts (5) Institutional or organizational capacity built in the organization by the project (6) Financial returns (in the case of productive projects) or the economic or social benefits (in the case of public sector projects), and (7) Project innovative features (outputs, management or design) 3 Vol.. Project life cycle generally defines: (1) The tasks to be accomplished in each phase or sub- phase (2) The team responsible of each of the phases defined As advocated Archibald Voropaev (2003), there is a general agreement that the four broad, generic project phases are (common alternative terms are shown in parentheses): (1) Concept (initiation, identification, selection.) (2) Defin
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