A formal project management process is crucial to the overall success of any project. The objective of a formal project management process is to provide a detailed plan and set of deliverables that can be easily tracked, controlled, measured, and reported on to assure the proposed solution is delivered on time and within budget while meeting the strictest quality standards. To achieve this, consulting firms and project managers invest significantly in standard project management methodologies and shared project management knowledge databases. Various tools enable them to embed in each project plan management standards aimed at providing consistency and quality in the deliverables to the customer/client of the services provided by the project.
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