By following Project Management Processes, the Quest for Erebor resulted in a paradigm shift for Middle Earth.

Initiation Phase
Thorin, King of the Dwarves, authorizes the launch of the project — in this case, the Quest for Erebor.

Definition and Planning Phase
They review the scope, staffing, risks, and schedule of the project.

Scope: Reclaim the Lonely Mountain using the key to the secret door.

Resources: Dwarves, a wizard, and a burglar.

Activity and Risk Identification and Review

Schedule: The last light of Durin’s Day.

Launch and Execution
The team is able to develop and together address the challenges that relate to their project completion.

Monitor and Control
The project team was careful not to try to claim anything more than their initial goal, and they fought tirelessly to maintain the new paradigm their project established.

And then they deal with the subsequent repercussions of their actions.

Closing
With all of the risks mitigated to closure, and the control in place, the project team was able to bring the project to a formal and orderly close.

The Quest for Erebor was completed, with the Dwarves having regained control of their kingdom.

And their lessons were documented. So the knowledge could be used in case of another project like this were to arise…

* For a really GREAT analysis of the contract that Bilbo signs, I’d highly recommend you review this great piece of work by James Daily.