CHAPTER 1

CHAPTER 1

1. 1 Project Characteristics

   • Project has a Life Cycle
     • Has start and end dates. Has specific objective to accomplish.
   • Project is unique in nature
     • It is not operations of company. It on off activity,
   • Project has an objective
     • Project is successful if:
       • It is Completed
       • Completed within budget
       • Completed on time
       • Satisfied stakeholders
   • Project Involves risks
     • Risks need to be considered for each project
   • Project involves diffetent activities
   • Project is single entity
     • Project manager is responsible
   • May Involve sub contracts
   • Project is a collaborative effort
     • Involves team job
   • Project grows in stages
     • Project moves from one stage to another
   • Project differ from on to another by these factors:
     • Speed
       • How fast must be done
     • Location
     • Size
       • Geographical or cost or people involved
     • Scope
       • Same is goal
     • Technology
       • Project can be low on technology high on human resource or vice versa

2. 2 Types of Projects

   • Construction Projects
     • building something
   • Research projects
     • stydying, testing, examining
   • Re-engineering Projects
     • Involve making additions and alterations in a given system, task, or process.
   • Procurement Projects
     • Involve purchasing the required resources or commodities.
   • Software Development Projects
     • creating new computer programs or software, or customizing the existing programs or software
   • Planning Projects
     • Involve planning for an organization, society, club, institute, etc.
   • Installation Projects
     • Involve installing an equipment, machine, device, instrument, etc.
   • Event Management Projects
     • Involve managing an event like a fashion dhow, talent show, corporate party, press conference, pleasure trip, etc.
   • Product/Service Projects
     • Involve creating a tangible product or an intangible service.
   • Maintenance Projects
     • Involve maintenance of a factory, office, industrial unit, etc.

3. 3 What is Project Management?

   • Project Management is all about managing costs, time, scope, risks, and quality of the project. It is a systematic way of managing a whole project.

4. 4 Who is Project Manager?

   • A Project Manager is the Captain of the team. He guides the team, plans the strategies, tracks the progress of the activities, and monitors the whole work. In short, a Project Manager is a person who manages the whole project and translates all the plans into action.
   • Project Manager should be:
     • Good Communicator, Skillful Team Manager , Judicious Planner, Friendly Guide, Expert, Inspiring Leader, Stirring Motivator, Smart at Problem Solving, Good at Calculations, Shrewd Negotiator

5. 5 What's meant by the term "Stakeholders ?"

   • The term "Stakeholders" is extensively used in Project Management. It refers to the persons who are involved in the project and the individuals who are directly or indirectly related to it. For a project to be deemed successful, it's imperative that it satisfies its stakeholder. So it is essential to identify Stakeholders.
     • Project Generally have following Stakeholders (not one but all of them):
       • The Organization that is carrying out the project
       • The Project Manager who manages the project
       • The Customers for whom the project deliverable is produced
       • The Project Sponsor who provides the funds or resources for the project

6. 6 What is a Project Deliverable?

   • Every project has an objective. The objective is to produce a good or service as per the expectations of the stakeholders. The product or service to be produced through a project is called the Project Deliverable. Thus, a Project Deliverable is a measurable output of a project.

7. 7 Project Management Phases

   • Every project comprises Five Phases. These five phases happen one after the other, from the beginning till the end. They constitute a project's life cycle. The Five Phases of a project are:
     • Initiating: Project Initiating is the beginning or the launching of a project. This process gives a formal confirmation to the necessity of undertaking a particular project.
       • Besides, this phase defines the scope of the project and marks down the resources allocated to it. A project is started by weighing its pros and cons and assessing all its aspects. Such an approach streamlines all the further project processes and helps reach the desired end in the form of a quality deliverable.
     • Planning As the name suggests, this process involves comprehensive planning with regard to the various aspects of the project. A project comprises a multitude of processes and activities, all of which have to be properly planned. The Planning phase includes all the factors associated with a project, whether major or minor; internal or external. During the Project Planning Process, there are exhaustive discussions on the course of action to be adopted for the different activities involved in the project. On the basis of the comparative analysis, the best suited action plan is carved out for each activity.
       • Some of the key activities involved in the Planning phase are listed below: Defining the scope of the project and its objectives. Planning the budget. Planning the time schedules for the project activities. Planning the procurement. Planning the project team requirements and recruitment. Planning the risks involved in the project.
     • Executing A good plan minus proper execution is like a beautiful rose minus fragrance. In short, it is worthless. Good plans need to be well executed to make a project successful. Planning and execution go hand in hand. One cannot survive without the other. A quality deliverable is possible only if all the processes are qualitatively executed. Every activity within a process must be a quality activity. The
       • Execution phase is the longest process of the project life cycle. All the plans designed in the Planning Process are translated into action. Each plan is wisely implemented, so that the resources, men, material, and finances allocated to the project are properly harnessed to complete the project activities as per the project plan.
     • The C ontrolling phase keeps tabs on different phases of the project and analyzes the qualitative and quantitative worth of all the activities that are carried out to successfully complete the project. In short, this phase monitors and controls the project and ensures that nothing halts the growth of the project.
       • The role of C ontrolling Phase can be summed up in the following points: It measures the project performance. It compares the actual performance with the expected performance, as laid down in the project plan. In case of any discrepancy, it takes corrective measures to put the project back on track, as per the plan.
     • Closing In the C losing phase, there is an official announcement of the project closure. The final deliverable is ready, and it’s time to reap the benefits of all those earnest endeavors that went into producing it. But, C losing is not a mere wait and watch affair. It's a complete process in itself.
       • It involves important activities like C onducting the Project Audit, Holding the Final Meetings, Filing and submitting all the project related documents and reports, Presenting the Project C losure Report and getting it endorsed by the Steering C ommittee or the Management.

8. 8 Review Questions

   • Explain the term "Project" with an example.
   • Explain the Project C haracteristics.
   • Define Project Management.
   • Explain the term "Stakeholder".