Project Method



Since projects in general require a substantial investment in terms of money and resources. 2006) Rational Plan can help you to complete your projects on time and within budget. services that gives a satisfying result.1: Introduction: Project selection is the process of choosing a project to be implemented by the organization. . detailed cash-flow screening down to tasks and resources level). critical path with configurable slack from which activities become critical). 2006). it is of vital importance that the projects that an organization selects provide good returns on the resources and capital invested (Mantel. Having able to gain knowledge on what effective project development would require is important especially for managers to be able to plan how to launch a project implementing a new product. This is helpful to get resources and finances under control (realistic cost estimates mechanisms. Rationale project brings project's critical issues to your attention (over allocated resources. both of which are limited. estimate projects' costs and manage budgets (Mantel. allocate resources and analyse workload. 2: Rationale: Rational project help both project managers and teams to create consistent project plans. track work progress.

2005). An optimizing model will make the comparisons that management deems important. interest rate changes). for example. It should have the ability to be easily modified. and be easy to use and understand. It should not require special interpretation.1 The factors that contribute to project selection: a) Realism: The model should reflect the reality of the manager’s decision situation. simulate various situations both internal and external to the project (for example. the organizatio n’s goals change (Dinsmore et al. consider major risks and constraints on the projects. and optimize the decision. b) Capability: The model should be sophisticated enough to deal with multiple time periods. d) Ease of Use: The model should be reasonably convenient. above all.3: Findings: 3.1. data that are . 2007) c) Flexibility: The model should give valid results within the range of conditions that the firm might experience. strikes. direct comparison of different projects is impossible (Carl. new technological advancements alter risk levels. 2005). and then select the best overall project or set of projects (Nokes. not take a long time to execute. Without a common measurement system. and. or to be self-adjusting in response to changes in the firm’s environment. tax laws change. including the multiple objectives of both the firm and its managers.1 Selecting a project 3.

and to manipulate data in the model through use of a widely available. including the costs of data management and of running the model (Kwak. Lotus 1-2-3. 2000) g) Easy Computerization: It should be easy and convenient to gather and store the information in a computer database. excessive personnel. the managers believe significant to the project (Mantel 2006) e) Cost: Data gathering and modelling costs should be low relative to the cost of the project and must surely be less than the potential benefits of the project. It is important to consider how long or short will the project requires work time table to plan for its needed cost and manpower resource (Lewis.1. or unavailable equipment. 2005). . 3. and like programs. The same ease and convenience should apply to transferring the information to any standard decision support system. The phrases we hear and read about daily at our work and in conversations with our colleagues. the accomplishment of important tasks and goals in organizations today is being achieved through the use of projects. The model’s variables should also relate one-to-one with those real-world parameters. All costs should be considered. Quattro Pro. f) Time: Time-all projects require a valid and realistic time-scale.2 Analysis of the Relevant Factors of Project Selection More and more.‖ reflect this increasing trend in our society. standard computer package such as Excel. such as ―management by projects‖ and ―project management maturity. The explosively rapid adoption of such a powerful tool as project management to help organizations achieve their goals and objectives is certainly awesome.difficult to acquire.

however. 2006). the available resources and talent driving of being able to determine the necessary specifications of a projects and handling them and he mentioned that a project outline includes data integrity. Many projects being conducted that are completely unrelated to the strategy and goals of the organization. strategic alignment and critical success factors is essential as well.1. However. More importantly. . maintenance. As noted by one set of scholars (Cleland and King. and often interrelated projects in organizations — particularly construction. consulting. In addition to the growth in the number of organizations adopting project management.In addition to project management’s great utility when correctly used. 3. and matrixes organizations. 1983). the idea itself is only one ingredient in the success factors that contribute to a projects’ outcome.3 Project outline: According to Mantel (2006) successful project is all about new idea. the rapid adoption of project management means: • • • Many projects that fall outside the organization’s stated mission. systems development. its utility has also led to many misapplications. simultaneously on going. the issue naturally arises as to how one manages all these projects (Mantel. auditing. relevant success factors and systematized decisions are important framework of the above. there is also an accelerating growth in the number of multiple. and Many projects with funding levels that is excessive relative to their expected benefits. Thus. The ability to capture new project ideas and prioritize their value based on organisational metrics. clear targets.

2000). vast business success and even wealth if planned. and groceries stores deemed to be in direct competition with our concept. III. students will be targeted. the type of other groceries stores in the area. Groceries are a need of every person.I. 2003). and tourists will be attracted as well. managed and executed well (Lewis. bursting with potential. Project Title: Opening a new groceries store at wood green area in London. The project will target the local resident. Objectives of the project: There are four main objectives of the project to achieve the goal of the project. This is the most desirable retail location in London. Rationale: The groceries store industry is truly huge. UK. The industry of groceries is always a good business. Wood green area is a part of North London. Identification the activities of the project Budgeting the project plan Schedule the project Set out action plan Work break down structure: A work breakdown structure in project management is a deliverable oriented decomposition of a project into smaller components. great growth. promise. Scope of the project: The goal of the project will be to open the new groceries store to gain the profit. II. The competitive analysis show the extent of market saturation. a) b) c) d) IV. Site selection is often considered the most crucial aspect of the business planning cycle (Joseph Phillips. It defines and groups a project's .

(Booz et al.discrete work elements in a way that helps organize and define the total work scope of the project. 2011) a) Activities:          Identification of sourcing of funds Taking a building on rent Purchasing equipment for groceries store Recruiting and training staff Making the list of groceries Identification of services that will be given by groceries store Advertisement and promotion of project Purchasing raw material for the groceries store Make the policies b) Work scheduling of activities:          Sourcing of funds-------------------10 days Taking a building on rent---------------7 days Purchasing equipment for groceries store----------7 days Recruiting and training staff----------------------------------20 days Making the list of groceries products in store---------------5 days Identification of services that will be given by groceries store-------10 days Advertisement and promotion of project-----------------20 days Purchasing products for the groceries store-------------2 days Make the policies-----------------------------9 days .

2006) 1. Develop a list of all deliverables.2 Project Planning: Project planning involves a series of steps that determine how to achieve a particular community or organizational goal or set of related goals. 2. make sure all project team members are familiar with this list. This goal can be identified in a community plan or a strategic plan (Mantel. . All stakeholders benefiting from the outcome of the project should be named and their needs stated. Every project needs a roadmap with clearly defined goals that should not change after the first phase of the project has been completed.c) Estimated cost of the activities (in £)            Identification sourcing of funds-------------------1000 Taking a building on rent---------------2400 Purchasing equipment for groceries store----------8000 Recruiting and training staff----------------------------------5000 Making the list of groceries products in store---------------500 Identification of services that will be given by groceries store-------500 Advertisement and promotion of project-----------------10000 Purchasing raw material for the groceries store-------------5000 Make the policies-----------------------------2000 Miscellaneous--------------------------------5600 Total-----------------------------------------------400000 3.

Otherwise. roles and responsibilities on the project should be described in detail.3. budget. Ideally. weekly or daily reports. According to Mantel (2006). taking into account project team members’ productivity. general approach. For each of them. A document that clearly outlines all project milestones and activities required to complete the project should be created and maintained. evaluation procedures and potential problems. 7. . schedules. Set progress reporting guidelines – monthly. Establish reasonable deadlines. 5. Create a budget for your project. 6. Identify the risks involved in your project and discuss alternatives if new requirements will be added to your project or members of your team will not meet the deadlines.1 Detailed project sample a) Introduction: The selection of the project is made after a deep discussion with the lecturer with some useful amendments of rationale and factors that contribute to the selection of the project. there are common elements important in the project plan which includes the overview. a collaborative workspace should be set up for your project online or offline where all parties can monitor the progress. miscommunication may occur leading to delays and situations where team members may have to redo their work. contractual requirements. Ideally. 3. cost control procedures. project managers should be able to choose team members who work well together. 4.2. Identify by name all individuals and/or organizations involved in the project. Then it has been allowed to carry out the project plan about opening a groceries store to gain profit. The work breakdown structure of the project is also being emphasized as an important document which can be tailored in number of different ways. statement of objectives. availability and efficiency.

It defines and groups a project's discrete work elements in a way that helps organize and define the total work scope of the project. Its achievable project. c) Work break down structure: A work breakdown structure in project management is a deliverable oriented decomposition of a project into smaller components.  Taking a building on rent: The building will be taken on rent. Anyone reading the project should have a good idea of what the project consists of (and what will not be part of the project). 2011) Activities of the project:  Identification of sourcing of funds: The sourcing of funds could be loan. 2005). Before taking the building on rent it will be confirmed that location wise it is good and well oriented. (Booz et al.  Purchasing equipment for groceries store: . The goal of the project is real it’s not an imaginary. The amount of the project is measurable that is set as £40000. The time of the project is 90 days.b) Scope of the project: A successful project scope should be concise and clear. it’s a medium type of groceries store. This statement will give a view of the project. taken from bank or the capital. It is also important to be SMART in a project scope ( Dinsmore et al. The project is specific as it is to open a new groceries store in to gain the profit.

Equipment will be purchased that are reasonable in price. good in quality and meet the requirement.  Making the policies: The policies will be made to follow the strategies of the business.  Making the list of groceries products: The menu will be made by searching the people interest or by searching the internet. before purchasing products.  Recruiting and training staff: The experienced staff will be recruited and their salaries should be. . newspaper and leaf lettings. the favourable price will be chosen.  Advertisement and promotion of project: Advertisement will be done through local media.  Identification of services that will be given by groceries store: Services will be identified as take away and dine in along with some delivery to the nearby vehicle. by keeping in mind the budget. The promotions will be given when the sale will be down  Purchasing raw products for the groceries store: Products will be purchased online.

3. the specified level of quality. Identify risk avoidance strategies to reorganize the project so that you can reduce or eliminate risks. 2. Analyse and prioritize the risks by estimating the impact of each and the likelihood of its occurrence to determine the risk exposure for each risk. In the project planning following steps could be taken by the project manager (Mantel. Identify potential risks that would decrease the probability that the development team will be able to deliver the project with the right features.Table: Activities of the project with normal duration and normal cost: Activities Sourcing of funds Renting a building Purchasing equipment Recruiting & training staff Identification of services Making product list Advertisement Purchasing raw material Making the policies Miscellaneous Total Duration (days) 10 7 7 20 10 5 20 2 9 90 Cost (in £) 1000 2400 8000 5000 500 500 10000 5000 2000 5600 400000 d) Risk assesment: Identifying and assessing project risks are an essential start up task. 1. 2006). . on time and within budget.

and environment across broader geographic lines. Not only does it add marketing muscle but it also becomes the framework for further expansion. blue collar workers. Concentration will be on maintaining quality and establishing a strong identity in each local market. We are building an infrastructure so that we can copy the product. families with young children. 4 Strategic summary: Its strategy planning is based on serving our niche markets well.4. middle income individuals. baby roomers. Identify risk mitigation strategies. the experience. and most of people from UK can all enjoy the experience at this groceries store. The seniors. The identity becomes the source of critical mass upon which expansion efforts are based. using both company owned and possibly franchised store location .

2nd Ed. Elias G. Nokes. Sebastian. Greenwood Publishing Group. 2005 Lewis R. 2005 James P. Carl. In: The story of managing projects. (9 eds). "A short course in project management" The Definitive Guide to Project Management.185 .Bibliography: Samuel J. Ireland (2006) Project Management. 2003 Young-Hoon Kwak (2005). McGraw-Hill Professional. Carayannis et al. Mantel (2006) Project Management: A Managerial Approach Chatfield. evaluation. The project manager's desk reference: : a comprehensive guide to project planning. p.n. 2006 Joseph Phillips (2003). Lewis (2000). Dinsmore et al (2005) The right projects done right! John Wiley and Sons. scheduling. London (Financial Times / Prentice Hall): 2007 Paul C. "A brief history of Project Management". and systems. McGraw-Hill Professional. PMP Project Management Professional Study Guide.

Sign up to vote on this title
UsefulNot useful