A Project report On project management ]]e

Submitted to:
Prof. Amandeep kaur

submitted by
Maninder Singh

Roll no: 6127 Class m.b.a 2nd sem

1

consultant and process improvement analyst. but sometimes. projects are still late and over-budget? And assuming there are valid reasons like changes of requirements and new government-related policies. Great. when even after toiling until the wee hours. Identified Properly the Required Resources 2 . As a previous information technology project manager. other stakeholders including senior management and client support to ensure that resources and authority are available Milestones are clearly established before the project commences. and often. I saw through many of my projects to completion. My projects proceeded and completed on time and on budget. you still find yourself analyzing. Yes.Khasla college patial Ques1. I’m sure by now that all seasoned project managers reading this are too familiar with these situations. 2. Successful project complete on time are the following reasons: Ans. sponsor. not after working for so many late hours continually stressed out and feeling harassed. Keyword is burnout.1 Successful project management requires a balance of strategy and tactics because it is a composite of financial. Clearly Defined Project Scope The project should be clearly defined in the project plan with the project objectives that satisfy the business requirements along with the following: • • • • Limitations and scope of the project Assumptions. technical and human elements. how about those instances. aided by various project management models and tools. risks and issues involved People requirements including client. answering questions like: I did my best with resources I have but how did my project get four months late? Why didn’t I take that action during the initial project phase? Why did I take that action when I shouldn’t have? And so on.

authorities. they are identified. Keeping Responsible Team Members Unexpected departure of a team member in the middle of any project life is often disruptive. Some common project management tools and techniques are brainstorming. project managers are so busy focusing on the process that they fail to give enough attention to the team players of their projects. Usually in large companies. task breakdown structure. 3. Existing resources and those to be sourced are listed down. Time and cost are set for the use of each resource. The project manager develops a work process in place that includes policies. Sustained Balance of ‘Process’ and ‘People’ Factors Often. time and costs are properly identified and determined. The project manager empowers his/her team members by inspiring and recognizing individual 3 . and other project control tools like monthly reports. performance expectations and monitoring explained. These people players are the clients.All major tasks and required resources. 5. obtain resources and assist in high-level commitment. scheduling and allocation of resources. Team members have an interest in the success of the project. 4. The sponsor is significant and can break through bureaucracy. The correct skill set of the human resources are emphasized. The clients and stakeholders need regular updates on progress and the impact on any changes. the team members have been selected and trained. and the performing team. project planning. task sheets. expectations and measures are established. and maintaining records and reports. monitoring and controlling the progress of the project. Clear responsibilities. time sheets. Use Tools and Techniques Project management tools are necessary to assist in the planning. and responsibility matrix completed which includes checkpoints and deadlines for individual tasks and project steps. Nowadays there are sophisticated project management tools like project management. procedures and standards to fully identify. project scheduling and project tracking software. If third party service level agreements for other resources are needed. define and control the major components of the process. all other stakeholders. the project sponsor. milestone reports and the old reliable Gantt Charts. facilities and equipments.

This is vital to avoid delays and unnecessary misunderstanding. Managers who use these suggestions are most likely to succeed in their projects. a driver aligned with project success. schedule. sponsor. achieving specific customer satisfaction measures. the project is evaluated for client satisfaction. reaching a specified sales volume or revenue. 7. At the beginning of the project. staffing.Successful Project Management key elements are the following reasons must contained Ans. and achieving a particular transaction processing volume and correctness. Applying Constant Project Review and Evaluation. During the post-implementation review. timing and resource effectiveness and individual performance. Define each of these five project dimensions as either a constraint within which you must operate. on time and on budget. and immediately Address all Setbacks Set Evaluation mechanisms are set expected deadlines are underscored.Define project success criteria. Ques2. 6. a project courts disaster.and team efforts. In cases where changes in requirements occur. Without clear and adequate communication. that is. instead of the other way around. Too often. Identify project drivers. For a project well done. but there are certainly others. the project manager manages the change. Some examples are increasing market share. 4 . constraints. and quality objectives. meeting a predetermined schedule is the only apparent success factor. retiring a high-maintenance legacy system. or a degree of freedom that you can adjust within some stated bounds to succeed. They want to "feel" and "see" how their contributions have made a difference. and degrees of freedom. it is a fulfilling moment for the team to celebrate. project team and stakeholders. A project manager manages communication among all players. And perhaps even deliver projects ahead of time and under-budget. 1. Every project needs to balance its functionality. Regular Communication with the Relevant Project Players Project players are mainly the client. 2. make sure the stakeholders share a common understanding of how they will determine whether this project is successful. budget.

If you don’t actually have to do any rework. negotiating. and permits more accurate. Decompose tasks to inch-pebble granularity. Don’t allocate 100% of your team members’ available time to project tasks and then wonder why they don’t make any progress on the improvement initiatives. and listening. You might base release criteria on the number of high-priority defects still open.3. Almost all quality control activities. but I don’t agree. These checklists and worksheets will help each team member identify and estimate the effort associated with each instance of the large task he or she must tackle. such as testing and technical reviews. develop activity checklists and planning worksheets for these tasks. Engage in good-faith negotiations with customers and managers about what is realistically achievable. asking. fine-grained status tracking. balancing. measurable. 4. because software project activities should include making process changes that will help your next project be even more successful. Breaking large tasks into multiple small tasks helps you estimate them more accurately. you’ll have to invest some time in process improvement. Whatever criteria you choose should be realistic. Inch-pebbles are miniature milestones. Your project schedule or work breakdown structure should include rework as a discrete task after every quality control activity. although there is no real defense against unreasonable people. but if you want the group to rise to a higher plane of software engineering capability. 5 • • • • . But don’t count on it. performance measurements. talking. The hard part isn’t writing the plan. Develop planning worksheets for common large tasks. Any data you have from previous projects will help you make persuasive arguments. Set aside some time from your project schedule. Plan time for process improvement. Each checklist should include all of the steps the large task might need. never make a commitment you know you can’t keep. The hard part is actually doing the planning—thinking. great. Plan to do rework after a quality control activity. Your team members are already swamped with their current project assignments. such as implementing a new object class. specific functionality being fully operational. you’re ahead of schedule on that task. The time you spend analyzing what it will take to solve the problem will reduce the number of surprises you have to cope with later in the project. find defects or other improvement opportunities. Despite pressure to promise the impossible. and aligned with what "quality" means to your customers. or other indicators that the project has met its goals. reveals work activities you might not have thought of otherwise. Define product release criteria. Planning the Work • Write a plan. documented. If your team frequently undertakes certain common tasks. Some people believe the time spent writing a plan could be better spent writing code. Negotiate commitments. decide what criteria will determine whether or not the product is ready for release. Early in the project.

and subtract that from the time available for them to be assigned to project tasks. Plan contingency buffers. This translation is based on estimates of how many effective hours I can spend on project tasks per day. People generally provide estimates in units of calendar time. The task-switching overhead associated with the many activities we are all asked to do reduces our effectiveness significantly. so build extra time into the schedule to account for the inevitable learning curve. Build training time into the schedule. and other assignments. and decide how you can mitigate or prevent them. evaluate their potential threat. and all the other places into which time disappears. When you prepare estimates for your work. Spend some time during project planning to brainstorm possible risk factors. Respect the learning curve. then translate the effort into a calendar-time estimate. Determine how much time your team members typically spend on training activities annually. Things never go precisely as you plan on a project. Many commercial tools are available to help you estimate entire projects. tools. and schedule where no known project has been successful. treat training time the same way. recognize that you will pay a price in terms of a short-term productivity loss. or technologies for the first time on this project. sick time. If you’re trying new processes. You probably already subtract out average values for vacation time. they will control you. Record estimates and how you derived them. Tracking the average weekly hours that your team members actually spend working on their project assignments is a real eye-opener." combinations of product size. not calendar time. you’ll be lucky if he or she can handle three. If you don’t identify and control risks . meetings. rather than the sensible 6 • • • • • • . Understanding the assumptions and approaches used to create an estimate will make them easier to defend and adjust when necessary. Don’t expect to get the fabulous benefits of new software engineering approaches on the first try. write down those estimates and document how you arrived at each of them. With their large databases of actual project experience. so your budget and schedule should include some contingency buffers at the end of major phases to accommodate the unforeseen. Estimating the Project • Estimate based on effort.• Manage project risks. your manager or customer may view these buffers as padding. Don’t schedule people for more than 80%of their time. he or she can do four of them at once. these tools can give you a spectrum of possible schedule and staff allocation options. Use estimation tools. They’ll also help you stay out of the "impossible region. Unfortunately. Don’t assume that just because someone spends 10 hours per week on a particular activity. and it will help you improve your estimation process. team size. but I prefer to estimate the amount of effort (in laborhours) associated with a task. any interruptions or emergency bug fix requests I might get.

Ans . rather than from the misleading optimism that sometimes arises from fear of reporting bad news. Don’t let people "round up" their task completion status. That is. which is more realistic than trying to estimate what percent of a large task is complete at any time. According to the NPV Rule. the company should accept projects where the NPV is positive and reject where the NPV is negative.3 List the problems Associated with NPV and IRR. • QUES. Tracking Your Progress • • Record actual and estimates. you’ll never improve your estimating approach. mutually-exclusive projects. According to the IRR Rule. Track project status openly and honestly. Strive to run the project from a foundation of accurate. If you don’t record the actual effort or time spent on each task and compare them to your estimates. If the company must choose between two. data-based facts. The internal rate of return (IRR) is that discount rate which makes net present value equal to 0. One benefit of using inch-pebbles for task planning is that you can classify each small task as either done or not done. A positive NPV suggests that cash inflows outweigh cash outflows on a present value basis. Count tasks as complete only when they’re 100% complete. Point to unpleasant surprises on previous projects as a rationale for your foresight. the company should accept those projects where the IRR is greater than the discount rate used (WACC) and reject those where the IRR is less than 7 . the one with the higher NPV should be chosen. the positive cash flows are sufficient to repay the initial investment along with the capital costs (opportunity cost) associated with the project. Your estimates will forever remain guesses. The net present value (NPV) of an investment is the present value of its cash inflows minus the present value of its cash outflows. Create a climate in which team members feel safe reporting project status accurately.acknowledgement of reality that they are.A Company should choose those capital investment processes that maximize shareholder wealth. Use project status information to take corrective actions when necessary and to celebrate when you can. use explicit criteria to tell whether a step truly is completed.

3. In other words. However. is that of two. Scale Problem In most cases. There are three problems associated with IRR as a decision rule. In such cases. it is an easy number to interpret and understand. Reinvestment Problem The IRR is intended to provide a single number that represents the rate of return generated by a capital investment. An IRR greater than the WACC suggests that the project will more than repay the capital costs (opportunity costs) incurred. is that of two. however. the NPV's recommendation should take precedence. the realized return will be less than the IRR. If. If the cash flows are invested at a rate lower than 6%. calculation of the IRR assumes that all project cash flows can be reinvested to earn a rate of return exactly equal to the IRR itself. 2. One of the situations in which IRR is likely to contradict NPV.one that receives its largest cash flows early in the project versus another that receives its largest cash flows late in the project. when choosing (ranking) between two mutually-exclusive projects. compared to another that requires a much larger investment and returns much larger cash flows.one that requires a relatively small investment and returns relatively small cash flows. 8 . However. NPV and IRR may give conflicting recommendations. As such. NPV and IRR give the same recommendation whether to accept or reject a given capital investment project. These problems are: 1. the realized return will be greater than the IRR.the discount rate. mutually-exclusive projects of greatly differing scale . mutually-exclusive projects whose cash flows are timed very differently . the cash flows are invested at a rate higher than 6%. a project with an IRR of 6% assumes that all cash flows can be reinvested to earn exactly 6%. Timing Problem The other situation in which IRR is likely to contradict NPV.

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