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Project planning and control methods came to be in the 1980s with the introduction of microcomputer software. In the 1990s project management was accepted into the mainstream business as a means for developing new products and services. In the 20th century project management appears to be the solution to many of the challenges confronting global business enterprises (Gray, C. & Larson, E., 2003). Trends such as the globalization of business operations increase in mega mergers and acquisitions, increased focus on results, need for speed in delivery, and pressure for accountability have fueled a growth in project management activities across the organization. Traditional organizations are undergoing significant changes, which are being driven by the advances that information technology is bringing to the business world (Gray, C. & Larson, E., 2003). Project management must include management of product life cycle. Gray and Larson states that the shortening of the product life cycle...

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