Project Management: Importance in Detail
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Transcript of Project Management: Importance in Detail
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PROJECT MANAGEMENT
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Basic ConceptProject: It’s a temporary group activity designed to produce a
unique product, service or result.
Project management: It is the application of knowledge, skills and techniques to execute projects effectively and efficiently. It’s a strategic competency for organizations, enabling them to tie project results to business goals — and thus, better compete in their markets.
The primary challenge of project management is to achieve all of the project goals and objectives while honoring the preconceived constraints. The primary constraints are scope, time, quality and budget. The secondary —and more ambitious— challenge is to optimize the allocation of necessary inputs and integrate them to meet pre-defined objectives.
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Project management is all about calculating the pitfalls and creating outlets to avoid the consequences.
All the projects share a common aim – following ideas and activities to shape them into working realities.
Even if the project is well planned and carried still the
possibility of encountering dangers exists.
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Importance of Project Management
The importance of project management is an important topic because all organisations, be it small or large at one time or other are involved in implementing new undertakings.
These undertakings may be diverse such as the development of a new product or service; the establishment of a new production line in a manufacturing enterprise; a public relations promotion campaign; or a major building programme.
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Points to successful project management in an organization
Understanding client needs
Planning
Clear communication
Implementing Plan
Managing change
Evaluation
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STAGES In Project
Management
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AdvantagesBusiness advantage: By timely achievement of goals, optimal
resource utilization and information based decision making.
Competitive advantage: Workforce energized by culture of execution and collaboration, customer satisfaction by “profitable” results
Tangible benefits for individuals at various levels in organizations.
Minimization of conflicts and confusions
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Considerations
Project Portfolio Management
Resource Management
Document Management
Cost Control
Budget Management
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Contd…
Resource Allocation
Communication
Quality Management
Documentation System
Administrative System
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Methodologies Plans
Organising
Staffing
Guiding
Monitoring
Innovation
Completion
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Objectives
Desired end results
Expenditure
Timely completion
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Steps
determining how to plan
developing the scope statement;
selecting the planning team;
identifying deliverables and creating the work breakdown structure;
identifying the activities needed to complete those deliverables and networking the activities in their logical sequence;
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Importance Of Project Maintenance
Project Maintenance is an ongoing process, andit includes:
Continuous support of end users
Correction of errors
Updates of the time utilized
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Major Project Types
Civil Engineering, Construction,
Petrochemical, Mining, and Quarrying
Manufacturing Projects
Management Projects
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Project Identification
Project identification is used to determine the organizational needs .
It explores the users needs, and converts them into a formal, planned, resourced and funded project.
It defines the project’s objectives and goals
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Importance of Project Identification
Entrepreneurship Management
It has long term consequences (make or break)
involves commitment which can not be easily reversedIdeas are put into action
Projects are catalytic agents for economic development
Involves creative use of resources- manpower, capital, raw materials etc.
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Shortcomings in Managing
Delays in one area not communicated to a dependent area.
Schedules having short-term forecast range.
Long-term planning at the activity-level non-existent.
Schedules not identifying true critical paths and not including non-working time and defect estimates.
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