Introduction to Project Management

 

Definition of Project and Project Management

Project

- A project is an one time only set activities designed to attain specific objectives with the constraints of time, cost and quality through planned use of available resources so as to create a unique service.
- It is a planned set of interrelated tasks to be executed over a fixed period to provide some specific product as an output to the user.

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Project Management

- Project management is the utilization of knowledge, skills, tools and techniques to power the planned project activities so as to meet the project requirements.
- The growth of project management focuses on goals, resources and schedule of each project.

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Characteristics of a Project / Project Attributes

1. A project must specify its objectives clearly.
2. Each project has definite life cycle.
3. Projects are performed with the constraints of time, cost and quality.
4. Each project is unique.
5. A project operates in dynamic environment with flexibility to response changing environment.
6. All the projects must have some beneficiaries.

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Triple Constraints of a Project

- The project is carried out under certain constraints - they are cost, time and scope.
- These three factors are called triple constraints.
- They can be explained as:
1. Projects must be delivered within cost.
2. Projects must be delivered on time.
3. Projects must meet the agreed scope or objectives.
- The goal of the constraints is to meet customer quality requirements.

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Inter relationships between the constraints

- If you reduce cost of project, you will either reduce its scope or increase its time.
- If you reduce time of project, you will either increase its cost or reduce its scope.
- If you increase scope of project, you will either increase its cost or time.

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Project Objectives

- Project objectives is defined as the general statement of desired output or end result of the project.
- The objectives of any project must be:
1. Specific
2. Measurable
3. Attainable
4. Realistic
5. Time Bounded

Note : It is aggregated as SMART

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Project Life Cycle

- Each project has its own life i.e. beginning and end.
- Generally life cycle of a project has four phases.
- The phases are:
1. Project Formulation Phase
2. Project Development Phase
3. Implementation Phase
4. Termination Phase

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Project Formulation Phase

- This is the first phase of the project.
- It includes project identification and formulation.

Project Identification:
- In this stage, the project is developed.
- A project is born with creative ideas based on the environment, internal and external resources.

Project Evaluation:
- It involves formulation of the project to determine the constraints of the project.
- Statement of work and project proposal are developed.
- Scope of project, schedule, cost and quality of project are incorporated in statement of work.
- Project proposal is a initial document formed after conducting pre feasibility study and preliminary design of the project.

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Project Development Phase

- It involves preparation of detailed plan with time, cost and quality.

Feasibility Study:
- It is the process of determining the implementability of the project.
- It involves technical, economic, market, management and environmental analysis.
- The schematic diagram of feasibility study is shown in given figure:

Appraisal:
- It is the evaluation of ability of project to succeed which is based on findings of feasibility study.
- It evaluates ability of project to achieve its objectives.
- It also involves comparison of the project with other projects.

Design:
- It involves preparation of project specification and implementation plan.

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Implementation Phase

- It involves implementation and control of project activities.
- A project team is formed which is responsible to implement the project.
- Project manager is selected, who is responsible to mobilize project activities.
- Time to time evaluation and review of the project's progress is done.

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Termination Phase

- The project is evaluated and finally handovered to the actual beneficiaries of the project.

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Q) What are the key elements of project proposal?

1. Project objectives
2. Project activities
3. Execution process
4. Project schedule
5. Budget estimation
6. Evaluation and monitoring process