MBA-Finance Project FinancingandManagementUnit –I 3
1.2OperationandProject - Similarities
- Planned, executed and controlled- Performed by people- Limited resources
- Operations are repetitive (not unique)- Operations are ongoing (not temporary)
a) How much will it
b) What is the
capability will it provide?d) To what extent will the project results
fit into the design
andexecution of organizational strategies?
A detailed study of different types of projects with reference to sequence of stages or processes used in each case would provide us an idea to use projectmanagement in a most effective manner. The success of a project-basedorganization lies in managing a portfolio of projects. In this regard the study of criteria for selection of projects is needed.
One of the methods to classify projects is:1. Open project or ‘Walking in the fog’2. Semi-open project or 'Making movies'3. Closed project or 'Painting by numbers'4. Semi-closed project or 'Going on a quest'
1. OpenProject or "walkinginthefog"
Strict control over costs and on time-scale is important. Projects may not
achieve anything as in semi-closed project. Neither is it known what to do nor