Project Management Prelim
Project Management Prelim
Project Management Prelim
What is a Project?
· Construction of a
It is a project critical to the
data center for an
mission of the firm. If not
application services
accomplished shall cause
3. Mission critical provider
immediate and unacceptable
negative impact to the
· A new facility to
business.
test products
Operational project is
considered necessary in order
to give full support to the
present operations like
4. Operational · Six sigma projects
delivery systems upgrading for
efficiency, product costs
cutback and performance
enhancement.
· New product
It is a project that is vital to
design
support the long-term mission
5. Strategic
of increasing revenue and
· Development
market share.
projects
Source: Project Management: Process, Technology and Practice, 2013 by
Ganesh Viadyanathan
The Project Life Cycle
A project life cycle is also referred to as project lifespan. A project life cycle
is a compilation of a commonly sequential project phases from the time it is
originally envisioned until the time it is either make use of as a success or
discarded as a failure. The life cycle of a project serves as a basis for
managing a project considering its limited life span. There are expected
changes in the degree of effort and focus for each stage in the cycle of the
project. There are a number of life cycle models based on the kind of
industry or type of project.
The project life cycle also provides a beneficial way of imagining the
challenges to be encountered at some point in the life of a project. There
are five components of a project that might vary over the course of its life
cycle that may pose as challenges:
Project Attributes
Within the specific time decided, the project must be completed. This
means that personnel responsible must do all feasible means to end the
project on time. Presumption and ineffectiveness during planning of the
scope has to be avoided. This avoidance will give realistic time schedule
with which to work.
Budgets are set in order to ensure that expenditures are well managed and
the money goes to where it is intended. Completion of the project within the
programmed budget makes obvious that personnel working on it has
manage the project responsibly.
More and more commercial organizations of all sizes are employing project
management as their standard way of doing business. Today it is no longer
a special need management, thus rising fraction of effort of a typical firm is
being committed to projects. The importance and role of projects i'
contributing to the strategic direction of organizations is now given more
emphasis.
More and more efforts of the organization are geared towards projects. The
role of projects in contributing to the strategic direction of the firm is now
really becoming so significant. Briefly, here are the few environmental
forces that contribute to the increase demand for good project management
encompassing all industries:
Advantages Disadvantages
1. A more resourceful handling of 1. Overhead
resources (both human and
monetary resources) as both the
schedule and the budget are clear
in the project plan. a. Cost overhead - all actions that can outlay a
sizeable sum of money must be kept aligned
2. Less cost and better quality of with the overall business strategy to make sound
the end product/service conveyed investments
by executing meticulous cost
management and quality
management processes.
b. Communication overhead - instead of having
the information stream directly from functional
managers down to the team members and back
3.A better, more firm affiliation with up, it's all channeled through the Project
the client and other stakeholders by Manager.
employing stakeholder
management:
Strategy is making a decision how the organization will compete its rivals
in the industry where it is participating. A project converts strategy into a
new product, service, and process.
1. Realism-- the model should mirror the reality of the manager's decision
situation together with the various objectives of both the firm and its
managers; it should take into consideration the realities of the firm's
limitations on facilities, capital, human resources, technology, and so forth;
it includes factors that reveal project risks, including the technical risks of
performance, cost, and time as well as the market risks of customer
rejection and other implementation risks.
5. Cost-- The data gathering and modeling costs should be low in relation to
the cost of the project and must certainly be less than the probable benefits
of the project.
COVER LETTER