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PROJECT MANAGEMENT

Topics To Be Covered

Meaning Characteristics Classification Importance Of Project Features Of Project Project life cycle Phases of project management

Meaning
Project management is the discipline of planning, organizing, securing, and managing resources to achieve specific goals. A project is a temporary endeavour with a defined beginning and end (usually time-constrained, and often constrained by funding or deliverables), undertaken to meet unique goals and objectives, typically to bring about beneficial change or added value.

Characteristics

Investment pattern Benefits or gain Time Limit Location

Classification

Quantifiable and Non- Quantifiable Projects Sectoral Projects:Agricultural and allied sector Irrigation and power sector Industry and mining sector Transportation and communication sector Social service sector Miscellaneous

Classification

Techno Economic Projects Factor intensity- oriented classification Capital intensive Lab our intensive Causation oriented classification Demand Based Raw material based Magnitude oriented classification Large scale Medium Scale Small Scale

Classification

Financial Institutions Classification New project Expansion Project Modernization Projects Diversification Projects Service Project Welfare Project Service Project Research and Development Project Educational Project

Importance

Catalytic agent for economic development They have consequences which are long term in nature Projects provide the framework for the future activities of the enterprise Shape future pattern of service Involve substantial financial outlay Projects commitments cannot be easily reversed Brings necessary changes in society in course of time Accelerates the process of socio-cultural development

Features

Simplicity and clarity Availability of attractive technology to promote the project Integration of basic production services, especially those of inputs supply, credit, marketing and extension Compatibility of the project within the existing administrative mix

Phases Of Project Management

Identification Formulation Appraisal Selection Implementation Management

Identification

Selection of a project after a careful scanning of the environment of investment opportunity and its likely return

Formulation

Translation of the idea into a concrete project with scrutiny of its important preliminary aspects. Preparation of feasibility report

Appraisal

Searching, scrutiny, analysis and evaluation of market technical, financial and economic variables. Assessing the profitability, return on investment and break even point

Selection

Rational choice of a project in the light of objectives and inherent constraints

Implementation

Expeditious completion within the allocated resources

Management

Judicious operation of a project/ enterprise with objectives like maximization of net present value, maximization of return and return in the rate of return at low risk

Sources

Project management ( Second Revised Edition 1999) Vasant Desai http://en.wikipedia.org/wiki/Project_manageme nt