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A car company is going to initiate a project 'Z' on July 1, 2012. The project is required to be successfully completed by June1, 2013. The project entails developing a new technology with the help of which the car manufacturers will be able to propel the cars by a mixture of two gases - hydrogen and oxygen. The company would hand over the newly created technology to its manufacturing division. The manufacturing division will use it to develop a prototype of a new car. The project team would comprise of ten engineers who will report to the Project Manager. The Project Manager would be reporting directly to the company's CEO. Everything has been judiciously planned. It is a path breaking project and therefore the company puts a high value on its success. The company's share holders are keenly awaiting this novel technology, which will boost the future car sales. 2. Explain the Project Characteristics. Project has a Life Cycle Every project has a life cycle with definite start and end dates. A project comes into existence to accomplish a specific objective. Once that objective has been accomplished, the project comes to an end. In the example given above, once the car company has developed the new technology, project "Z" will come to an end. Project is Unique in Nature Every work comprises different important tasks. In Project Management jargon, the important tasks within a work are called Projects. Thus, projects differ from on-going operations, as they come into existence for a unique activity. This activity could be design, development, or any other one-off task. In the example given above, the new technology, which the car company is going to develop will be a project within the company's on-going car manufacturing operations. An operation consists of several projects, but no two projects can be exactly the same. Even if the nature of work involved in the two projects is alike, there would be some difference in other factors, such as team composition, objectives, or the project deliverable. Project has an Objective In the above example, the objective is to develop a new technology within the time schedule, resources, and budget earmarked for the purpose. Once that
the project will be deemed successful. The size of a team can vary according to the nature of the project and the structure of the organization. Project is an Amalgam of Different Activities There are different activities involved in a Project.objective has been achieved. Project is a Single Entity A project might be an amalgam of various activities. Project Grows in Stages A project moves on step-by-step. In the example given above. Thus. Such risks are part and parcel of any project. and inputs. In the example given above. Project is a Collaborative Effort In the context of Project Management. project "Z" runs the risk of getting halted because of delays in the supply of gases required for developing the new technology. a project is a team effort. everything seems to fall into place. Once the project has been initiated. but it is treated as a single entity. vendors. All such activities are to be completed to complete the project. project "Z" involves hordes of different activities like procuring the gases required to develop the new technology and hiring the technical experts. resources. The degree of subcontracting varies according to the nature of the project. or contractors. A project can have as much as 70-80% of its work being sub-contracted to external agencies. This single entity called project is a responsibility of one Project Manager. a wide array of activities combine together to make a project. The team starts understanding the . Project Involves Sub-contracted Work Almost every project entails the involvement of various external agencies. A project is deemed successful only if: It is completed The completion is within the budget The completion is within the scheduled time The completion satisfies the stakeholders Project Involves Risks There are certain risks associated with all kinds of projects.
Project Management is the application of knowledge. whether major or minor. A project is started by weighing its pros and cons and assessing all its aspects. It plays a key role in every project. the best suited action plan is carved out for each activity. Planning As the name suggests. These five phases happen one after the other. They constitute a project's life cycle. this phase defines the scope of the project and marks down the resources allocated to it. Define Project Management. This enables the project to move smoothly from one stage to the next. all of which have to be properly planned. Explain the term "Stakeholder". tools. it's imperative that it satisfies its stakeholders. as more and more information starts pouring in. Besides. Properly Initiating or starting a project is very important for its success.concepts better and there is an influx of new ideas. Describe Five Phases of Project Management. from the beginning till the end. The Planning phase includes all the factors associated with a project. 4. Some of the key activities involved in the Planning phase are listed below: . internal or external. whether big or small. 5. The Five Phases of a project are:Initiating Project Initiating is the beginning or the launching of a project. and techniques to project activities in order to meet or exceed stakeholder needs and expectations from a project. 3. there are exhaustive discussions on the course of action to be adopted for the different activities involved in the project. There is a famous saying. It refers to the persons who are involved in the project and the individuals who are directly or indirectly related to it. A well-planned project ends in a well-developed deliverable. Such an approach streamlines all the further project processes and helps reach the desired end in the form of a quality deliverable. skills. Every project comprises Five Phases. During the Project Planning Process. On the basis of the comparative analysis. This process gives a formal confirmation to the necessity of undertaking a particular project." It aptly fits in the context of Project Management. For a project to be deemed successful. A project comprises a multitude of processes and activities. this process involves comprehensive planning with regard to the various aspects of the project. Project Planning Process is central to the whole process of project management. The term "Stakeholders" is extensively used in Project Management. "Well begun is half done.
Controlling The Controlling 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. Planning the time schedules for the project activities. Every activity within a process must be a quality activity. it is worthless. Executing A good plan minus proper execution is like a beautiful rose minus fragrance. and it’s time to reap the benefits of all those earnest endeavors that went into producing it. material. Planning the risks involved in the project. The role of Controlling Phase can be summed up in the following points: It measures the project performance. The final deliverable is ready. Each plan is wisely implemented. But. . so that the project can move smoothly toward a quality finish. A quality deliverable is possible only if all the processes are qualitatively executed. It compares the actual performance with the expected performance. Closing is not a mere wait and watch affair. there is an official announcement of the project closure.Defining the scope of the project and its objectives. Planning the project team requirements and recruitment. Closing In the Closing phase. as per the plan. All the plans designed in the Planning Process are translated into action. it takes corrective measures to put the project back on track. and finances allocated to the project are properly harnessed to complete the project activities as per the project plan. In short. In case of any discrepancy. Controlling is an ongoing process that ferrets out and plugs the loopholes. Planning the budget. so that the resources. as laid down in the project plan. The Execution phase is the longest process of the project life cycle. Good plans need to be well executed to make a project successful. It's a complete process in itself. Planning and execution go hand in hand. In short. Planning the procurement. this phase monitors and controls the project and ensures that nothing halts the growth of the project. men. One cannot survive without the other.
Holding the Final Meetings. Ch 2. Filing and submitting all the project related documents and reports.It involves important activities like Conducting the Project Audit. Presenting the Project Closure Report and getting it endorsed by the Steering Committee or the Management. .
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