Presentation of project management (907, scm. mir mohammed shorab hossein)
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A successful project management includes key elements like capital cost, time, and value. It also involves important processes such as project initiation, planning, execution, control and validation, and closeout and evaluation. There are different forms of project organization including line and staff, divisional, and matrix structures. Project management requires defining, planning, communicating, and controlling projects to ensure they are delivered successfully.
Presentation of project management (907, scm. mir mohammed shorab hossein)
- 1. Topic: A successful project management includes few elements, process and forms: an analysis Course Name: Project Management Presented by: Mir Mohammed Shorab Hossein Roll No: 907, EMBA, Batch: 37th Faculty of Business Administration University of Science and Technology Chittagong
- 2. Introduction: The professional management of projects requires a disciplined approach to defining, planning, strategizing, communicating, and controlling a project. It is assuring that the project will deliver. What do the world’s tallest building, the trip to the moon, a film that breaks box office records and a wedding are in common? For organization projects are a set of activities that produce a specific result with in a defined time bound.
- 3. Key elements of project management are as follows: Capital cost: Cost of capital is the required return necessary to make a capital budgeting project, such as building a new factory, worthwhile. The cost of capital depends on the mode of financing used. It refers to the cost of equity if the business is financed solely through equity, or to the cost of debt if it is financed solely through debt. Time: When you have a detailed list of all the tasks that you must achieve to complete the project then you can begin to estimate how long each will take. You can lose a great deal of credibility, and money, by underestimating the length of time needed to implement a project. If you underestimate time, not only do you miss deadlines, you can also put other people under unnecessary stress. Value: One of the greatest challenges Project Management usually face is to sell the value of project management to other stake holder. It is difficult to prove the tangle benefits of project management especially in dollars and cents.
- 4. Elements of project management (General) Objective: Project objectives are goals, plain and simple. These are the business objectives that you want the project to accomplish. Complexity: Complexity helps understand the social behaviours of teams and networks of people involved in and around a project. The ideas apply equally to small in-house projects as to large complicated projects. In this regard, ‘complexity’ is not a synonym for ‘complicated’ or ‘large’. Uniqueness: Project Uniqueness is a characteristic of a particular project that has special or unequalled parameters that determine the project’s originality and authenticity. It describes an absolute state of the project as compared to other projects. Uncertainty: Uncertainties have a defined range of possible outcomes described by functions reflecting the probability for each outcome. Uncertainties functions can describe discrete events or continuous ranges of outcomes. The schedule for a project contains uncertainty because the estimated effort or duration of each task has some uncertainty associated with it. Temporary nature: The temporary nature of projects, combined with the very real limitations on power and discretion most project managers face, constitutes the core challenge of managing projects effectively. For example, within a functional department it is common to find people with more homogeneous backgrounds. This means that the finance department is staffed with finance people, the marketing department is made up of marketers, and so on. Life cycle: The project life cycle is a 4-step framework designed to help project managers guide their projects successfully from start to finish. The purpose of the project life cycle is to create an easy to follow framework to guide projects.
- 5. Process of project management The five main project management processes in detail as follows: Project Initiation: Project initiation is the starting point of any project. In this process, all the activities related to winning a project takes place. Usually, the main ac, there are multiple deliveries to be made during the project execution. Usually, the main activity of this phase is the pre-sale. project deliveries are not onetime deliveries made at the end of the project. Instead, the deliveries are scattered throughout the project execution period and delivered upon agreed timelines. Project Planning: Project planning is one of the main project management processes. If the project management team gets this step wrong, there could be heavy negative consequences during the next phases of the project. The project plan is derived in order to address the project requirements such as, requirements scope, budget and timelines. Once the project plan is derived, then the project schedule is developed. Project Execution: To execution the project each member of the team carries out their own assignments within the given deadline for each activity. The detailed project schedule will be used for tracking the project progress. There are multiple deliveries to be made during the project execution. Usually, project deliveries are not onetime deliveries made at the end of the project. Instead, the deliveries are scattered throughout the project execution period and delivered upon agreed timelines. Control and Validation: During the project life cycle, the project activities should be thoroughly controlled and validated. The controlling can be mainly done by adhering to the initial protocols such as project plan, quality assurance test plan and communication plan for the project. Validation is a supporting activity that runs from first day to the last day of a project. Closeout and Evaluation: Once all the project requirements are achieved, it is time to hand over the implemented system and closeout the project. If the project deliveries are in par with the acceptance criteria defined by the client, the project will be duly accepted and paid by the customer.
- 6. Forms of Project Organization: Line and staff organization: Line and staff organization is a modification of line organization and it is more complex than line organization. According to this administrative organization, specialized and supportive activities are attached to the line of command by appointing staff supervisors and staff specialists who are attached to the line authority Divisional organization: The divisional structure is especially useful when a company has many regions, markets, and/or products. However, it can cause higher total costs, and can result in a number of small, quarreling fiefdoms within a company that do not necessarily work together for the good of the entire entity. Matrix organization: In a matrix there are usually two chains of command, one along functional lines and the other along project, product, or client lines. Other chains of command such as geographic location are also possible.