REFLECTIVE JOURNAL-1

Project Management From Scratch

Submitted For: EPM_1123_4_2023S

Submitted By: Shivankit Sharma
Student ID: C0896584
Lecture Date: 10th May & 17th May

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Table of Contents

S.no. Content Topic Page No.

(1) Project Management 3
At A Glance
(2) Project Lifecycle in 4
Brief
(3) First Lifecycle in 5
Project Management
(4) Methods of 6-7
Quantitative Analysis

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Project Management At A Glance

Project management is a systematic approach that involves strategizing,

coordinating, and executing tasks to achieve predetermined goals
within established boundaries or project constrains.
This includes optimal resource allocation, skilful time planning and
project success.
Project constraints refer to the limitations and boundaries within which a
project must be executed. Constraints such as budgetary limitations,
time restrictions, available resources, scope boundaries, and quality
requirements are all inclusive.
Out of these constraints, the major contributors are the time, budget and
scope constraints. Quality constraint is also on rise in the recent past,
with this pace, quality could also be the one in major leagues.

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Project Lifecycle in Brief

Integration of the above said constraints with the different life phases
a.k.a ‘Project Lifecycle’, results in a successful project development,
implementation and operation. It also ensure the effective resource
management, on-time delivery, and stakeholder expectations
while juggling competing priorities.
A project lifecycle is a framework that describes the phases that an
undertaken project goes through from inception to completion.
It offers a structured method for overseeing and managing projects.
The typical project lifecycle is divided into several phases,
including initiation, planning, execution, monitoring and closure.
Deliverables, activities, and objectives vary depending on the phase.
Creating the project's scope and goals is the first step. 
Execution entails carrying out project tasks and putting the plan into
action. Tracking progress, controlling risks, and making necessary
adjustments are all part of monitoring.
Project review, documentation, and handover are considered to be part
of the project's formal closure. The project lifecycle guarantees an
organized and systematic approach to project management,
encouraging successful project outcomes.

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First Lifecycle in Project Management

Before an organisation or an enterprise start working on a project, the

available projects are filtered by designated set of employees. This pre-
project work is done to select the best project which aligns with the
organisation needs and vision. This requires work like analysis of project
stakeholders and their interest. The project selection techniques are
broadly classified into two categories: Qualitative & Quantitative.
Usually, project charter which refers to the exchange of insights. Project
objective, scope and responsibility is a part of project charter.
The qualitative analysis of a project is more inclined towards the quality it
brings to the table, whereas, quantitative analysis concerns itself more
with the numbers it could add to the organisation’s profit or benefits.

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Methods of Quantitative Analysis

Quantitative analysis of a project involves the use of numerical data and

statistical methods to evaluate project aspects such as cost, schedule,
and performance. It provides objective insights, helps in decision-
making, and enables project managers to measure progress, identify
trends, and make data-driven adjustments for project success.
There are seven methods for quantitative analysis of a project, which are
as follows:
1. Net Present Value a.k.a NPV
2. Pay Back Period
3. Internal Rate of Return a.k.a IRR
4. Cost Benefit Ration
5. Decision Tree Techniques
6. Buy or Lease(Rent) Decision
7. Weighted Scoring Model

1) Net Present Value: NPV is the numerical measure of the project

investment including every resource deduced to todays or present
value. NPV formula gives the ratio of the present cash inflow and
outflow, the formula also suggest the profitability of current ratio
when maintained for a limited time period.

NPV = Cash Flow at a given Time / (1+Deducing Rate)*Time

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2) Pay Back Period: This parameter of quantitative analysis refers to

the amount of time it’ll take for the invested amount (principle) to
be recovered. This method enable business analyst to foresee the
outcomes and benefits of the project.

3) Internal Rate of Return: IRR constitutes to the NPV by providing

a certain deduce/discount rate. In other words, IRR is used to
determine what discount rate should be used in NPV formula.

The above mentioned learning is the of the last two classes. Relative
examples like vision & mission, enhances the learning and which
ultimately evolves into a project manager’s perspective. Students also
take part during the lecture which enables the individual the gain more
perspective and to better absorb these learning.

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