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    Session-4-Unit-1 Introduction to Project Management

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    Aathirithika

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    Session-4-Unit-1 Introduction to Project Management

    Uploaded by

    Aathirithika
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    Copyright:

    © All Rights Reserved
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    Download as pdf or txt
    19 views5 pages

    Session-4-Unit-1 Introduction to Project Management

    Uploaded by

    Aathirithika

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    PROJECT PORTFOLIO PROCESS

    The Project Portfolio Management Process


     The project portfolio management process aims to identify the returns, strategy, risks and
    efficiency to organize and choose projects with better returns.
     It selects the projects that lead the organization to its goal, increase its worth and do not lead to
    risks or temporary results.
    The five basic project portfolio management steps are as follows:
    1. Define Business Objectives
     Understand the definite result or goal of the organization. You should know the objectives and
    strategy that will lead to the goal. To align your project portfolio with strategic planning, you must
    check whether its financial objectives and customer value suit your organization.
    2. Collect Project Ideas for Your Portfolio
     Make a directory of all the projects involving in-progress projects and new ideas. They can be
    obtained from regulatory requirements, initiatives from strategic planning, creative ideas from
    project managers, working professionals, and customer requests.

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    CW3007/IT PROJECT MANAGEMENT/III CSBS/V-SEM/KG-KITE


    PROJECT PORTFOLIO PROCESS
    3. Select the Best Project for Your Portfolio:
     This step requires valuation criteria and cost-benefit analysis.
     Through portfolio maximization, find the best combination of projects that brings the most value
    to the company. A financial or scoring method will be used for estimation.
     The members' experiences and judgements are crucial at this point.
     They should be based on criteria, processes and gathered data.
    4. Validate Project Portfolio Feasibility:
     Choosing the project should be followed by a feasibility study and capacity planning. Feasibility
    study to determine financial risks and capacity planning for better work allotment.
     While creating the portfolio, sometimes resources in the form of skill sets might not be feasible,
    raising the need for validation.
    5. Execute and Manage Your Project Portfolio:
     Commence the project and upload it to the project management system.
     The project will be directed by both the project manager and the portfolio manager.

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    CW3007/IT PROJECT MANAGEMENT/III CSBS/V-SEM/KG-KITE


    PROJECT FORMULATION
    Project Formulation:
     Project formulation is the systematic development of a project idea for arriving at an investment
    decision.
     It has the built-in mechanism of ringing the danger bell at the earliest possible stage of resource
    utilization.
     Project formulation is a process involving the joint efforts of a team of experts.
     Each member of the team should be familiar with the broad strategy, objectives & other
    ingredients of the project.
     Besides being an expert in his area of specialization, he should be able to play his role in the
    overall scheme of things.
     project formulation is the process of examining technical, economic, financial & commercial
    aspects of a project.
     It refers to a preliminary project analysis covering all aspects such as technical, financial,
    commercial, economic & managerial to find out whether it is worthwhile to take project for
    detailed investigation & evaluation.
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    CW3007/IT PROJECT MANAGEMENT/III CSBS/V-SEM/KG-KITE


    PROJECT FORMULATION
    Project formulation Approach:
     The success of your project depends on the clarity and accuracy of your business case and
    whether people believe they can achieve it.
     The best way to make an objective clear to all the teams involved is to state it in such a way that
    it can be verified. It is important to provide quantifiable definitions to qualitative terms.
    Scope of Project formulation
    A-General Information
    B -Product
    C -Market potential
    D- Plant and Machinery
    E -Location
    F -Raw Material
    G- Utilities
    H -Capital Cost
    I -Working capital
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    J -Manufacturing Cost
    K -Financial Analysis CW3007/IT PROJECT MANAGEMENT/III CSBS/V-SEM/KG-KITE
    PROJECT FORMULATION
    Significance for Project Formulation:
    1.Selection of Appropriate Technology-
    2.Absence of External Economies
    3. Absence of Technically Qualified Personnel-
    4. Resource Mobilization
    5. Knowledge about Government Regulations
    Project Manager:
     A project manager is a professional who organises, plans, and executes projects while working
    within restraints like budgets and schedules.
     Project managers are in charge of leading teams, defining goals, communicating with
    stakeholders, and seeing a project through to its closure.
     Project managers have diverse skill sets that allow them to approach each assignment in a unique
    and strategic way.
     Most importantly, they understand how to leverage their project management skills to foster an
    organization’s ability to learn, succeed, and evolve with a project.
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    CW3007/IT PROJECT MANAGEMENT/III CSBS/V-SEM/KG-KITE

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