R.P.C.O.

A A’NAGAR

ASS-3: PROJECT MANAGEMENT COMPONENTS & LIFE CYCLE OF PROJECT

TOPIC : PROJECT MANAGEMENT

COMPONENTS & LIFE CYCLE OF
Contents of Assignment : PROJECT
1. Components of Project
Management
2. Life cycle of Project
3. Phases of Project
management life cycle
4. Impact of delays in project
management / construction
project 5. Essentials of
Project Management
philosophy
6. Principals of Project
management 7. Father of
project management -
1.Henry Gantt 2.Henry Fayol
8. Gantt chart and its types

NAME TAMBE SANKET BABASAHEB

YEAR: 4TH B-ARCH ( 8 SEM )
PRN NO: 50545720171603210020
SUB: PROJECT MANAGEMENT
1.
 Components of Project Management :
Project management involves planning, controlling and completing the
work of a team to achieve specific goals in a specified time. Managing
projects effectively and consistently is one of the most important
functions for anyone generating demand for their company. To be a
great project manager, it is important to get these eight things right.
Let’s start with the constraints of the work that needs to be completed
for the project. This will help determine the people or team that should
be involved. The constraints of a project include goals, time and
budget.
1. Project Goals:
The first thing you will need to establish are the goals of the project. It
can be very helpful to use the SMART Goals framework to set your
goals. SMART stands for Specific, Measurable, Achievable, Relevant,
and Timely. The goals of your project will help you determine the
quality standards of the completed work.
2.Project Timeline :
Once you know the goals of the project, the next step is to determine
the time needed to complete the work required to achieve the goal.
More often than not, in order for a goal to be realized, the project will
need to be completed within a certain amount of time. Furthermore, the
larger the goal, the more work will need to be completed. If this is the
case, it will be useful to identify milestones or micro-goals that need to
be accomplished along the way.
3.Project Budget :
There are very few things that cannot be completed with a small
budget — as long as you don't care about the end result and you have
an infinite amount of time. For example, if you need your website
redesigned in a short amount of time on a shoestring budget, you will
be unsatisfied with the end result. As we all know, when it comes to
good, fast and cheap, you can only pick two.
4.Project Scope
Now that you have your goals, timeline and budget, you can complete
the scope or specifications for the work. It should include a list of all
of the tasks, deliverables, deadlines and resources required to hit your
goal. Managing your scope and understanding what deliverables fall in
and out of the allocated scope of the project is critical to ensuring that
work gets completed on time and to the required specifications.
5.Team Skill Set
Building a team with the requisite skill set to deliver the work on time
and on budget is incredibly important in project management. Since
the scope of the project will define the deliverables, it can be used as a
starting point to determine what the makeup of the team should be in
terms of skill and capabilities.
6.Team Motivation
You should align a team members skillset with the relative importance
of the tasks they will be assigned to for the project.In other words, the
work your team members are doing should align with their goals.
7.Team Chemistry :
A team comprised of highly motivated and highly skilled members can
still fail if they do not work well together. Two ways you can go about
building a team with a lot of chemistry include previous experience
working together and compatible personality types.
8.Leadership :
Finally, there needs to be a capable leader who is held accountable for
ensuring the project is brought to completion. This individual should
be able to inspire the team, communicate effectively, delegate
responsibilities and solve issues related to scope creep.
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Life cycle of Project :

The project manager and project team have one shared goal: to carry out the work of the project for the purpose of meeting the project’s objectives.
Every project has a beginning, a middle period during which activities move the project toward completion, and an ending (either successful or
unsuccessful). A standard project typically has the following four major phases (each with its own agenda of tasks and issues): initiation, planning,
implementation, and closure. Taken together, these phases represent the path a project takes from the beginning to its end and are generally referred to
as the project “life cycle.”
Phases of Project management life cycle:
1. Initiation
First, you need to identify a business need, problem, or opportunity and brainstorm ways that your team can meet this need, solve this problem, or
seize this opportunity. During this step, you figure out an objective for your project, determine whether the project is feasible, and identify the
major deliverables for the project.
Steps for the project initiation phase may include the following:

Undertaking a feasibility study: Identify the primary problem your project will solve and whether
your project will deliver a solution to that problem.
Identifying scope: Define the depth and breadth of the project
Identifying deliverables: Define the product or service to provide
Identifying project stakeholders: Figure out
whom the project affects and what their needs.
Developing a business case: Use the above
criteria to compare the potential costs and
benefits for the project to determine if it
moves forward
Developing a statement of work:
Document the project’s objectives, scope,
and deliverables that you have identified
previously as a working agreement between
the project owner and those working on the
project

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2. Planning
Once the project is approved to move forward based on your business case, statement of work, or project initiation document, you move into the
planning phase.
During this phase of the project management life cycle, you break down the larger project into smaller tasks, build your team, and prepare a
schedule for the completion of assignments. Create smaller goals within the larger project, making sure each is achievable within the time frame.
Smaller goals should have a high potential for success.

Steps for the project planning phase may include the

following:

Creating a project plan: Identify the project

timeline, including the phases of the project, the
tasks to be performed, and possible constraints.
Creating workflow diagrams: Visualize your
processes using swimlanes to make sure team
members clearly understand their role in a project.
Estimating budget and creating a financial plan:
Use cost estimates to determine how much to spend
on the project to get the maximum return on
investment.
Gathering resources: Build your functional team
from internal and external talent pools while making
sure everyone has the necessary tools (software,
hardware, etc.) to complete their tasks.
Anticipating risks and potential quality
roadblocks: Identify issues that may cause your
project to stall while planning to mitigate those risks
and maintain the project’s quality and timeline
Holding a project kickoff meeting: Bring your
team on board and outline the project so they can
quickly get to work

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3. Execution
You’ve received business approval, developed a plan, and built your team. Now it’s time to get to work. The execution phase turns your plan into
action. The project manager’s job in this phase of the project management life cycle is to keep work on track, organize team members, manage
timelines, and make sure the work is done according to the original plan.

Steps for the project execution

phase may include the following:

Creating tasks and organizing

workflows: Assign granular aspects
of the projects to the appropriate
team members, making sure team
members are not overworked
Briefing team members on tasks:
Explain tasks to team members,
providing necessary guidance on
how they should be completed, and
organizing process-related training
if necessary
Communicating with team
members, clients, and upper
management: Provide updates to
project stakeholders at all levels
Monitoring quality of work:
Ensure that team members are
meeting their time and quality goals
for tasks
Managing budget: Monitor
spending and keeping the project on
track in terms of assets and
resources

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4. Closure
Once your team has completed work on a project, you enter the closure phase. In the closure phase, you provide final deliverables, release
project resources, and determine the success of the project. Just because the major project work is over, that doesn’t mean the project
manager’s job is done—there are still important things to do, including evaluating what did and did not work with the project.
Steps for the project closure phase may include the following:

Analyzing project performance: Determine whether the project's goals were met (tasks completed, on time and on budget) and the initial problem
solved using a prepared checklist.
Analyzing team performance: Evaluate how team members performed, including whether they met their goals along with timeliness and quality of
work
Documenting project closure: Make sure that all aspects of the project are completed with no loose ends remaining and providing reports to key
stakeholders
Conducting post-implementation reviews: Conduct a final analysis of the project, taking into account lessons learned for similar projects in the
future
Accounting for used and unused budget: Allocate remaining resources for future projects
Impact of delays in project management / construction project:

Construction delays are often result of a mismanaged event/s and can be seen as a risk for the projects, which
if identified, analyzed and managed in a systematic process at inception, could be managed, minimized,
shared, mitigated or accepted to give some good results and minimize chances of further delay. Delay in
construction project has a negative effect on clients, contractors, and consultants in terms of growth in
adversarial relationships, mistrust, litigation, arbitration, and cash-flow problems. A construction project may
be regarded as a successful endeavor until it satisfies the cost, time, and quality limitations applied to it.
However, it is not uncommon to see a construction project failing to achieve its goal within the specified
cost, time, and quality. In order to counter the unforeseen delays beforehand the realm of “Project
management” is resorted to which helps mitigating the delays. Project management is the application of
knowledge, skill, tools and techniques to project activities to meet the project requirement and requires the
effective management of the project management processes.

6.

Essentials of Project Management philosophy :
Project management plan is an important document, which includes information about how a project is to be controlled, monitored and executed. A
project management plan consists of brief or detailed information about the project . It may also include subsidiary project management plans and
related project planning documents.
Executive Summary:
It provides a brief description about the critical elements of the project
that can be in few sentences or paragraphs.This description can be in few
lines or detailed paragraphs
Project Scope :
Project scope defines objectives and goals of the project. This phase
includes information about project deliverables. This phase focuses on
the project and work breakdown structure. This phase also specifies the
quality requirements, like what should be the quality standard of the final
outcome. The project manager should also specify the grey areas of the
project.
Feasibility Estimation :
In this section, the project manager evaluates different aspects of the
project such as monetary, technical, organizational and operational
feasibility. They also have to identify and assess project risks and also
develop strategies to avoid these risks .
Project Limitations :
The project plan must also include a list of constraints such as budget,
environmental, cultural, and availability of resources.
Training and Infrastructure Requirements:
The project plan must also mention a number of members that will be
included in the project team for completing the project successfully. The
project management plan must also include training requirements for the
team members. It should also include details about requirements such as
infrastructure, equipment (software and hardware) and other resources to
complete the project successfully.
R.P.C.O.A A’NAGAR
Project Schedule
This content is crucial as it provides critical information about job
activities schedule and also project milestone. This phase focuses on
three critical elements of the project, and they are deliverables, duration
and critical dependencies.
Budget Estimate:
Cost estimates are very crucial, in this phase costs are segregated into
three types, namely capital items, expense items and labor.
Risk and Issues Management :
This section deals with the risks associated to a project and also
addresses the project issues that might arise during project development
process. These issues can be internal and external.
Associated Products and Deliverables :
A project management plan must also include information about the
known project dependencies.
Approvals and Attachments
The approval section will include signatures of the stakeholders and the
attachments would include business case, notes, and related documents.
Conclusion
The project plan content can vary from organization to organization. The
content may differ due to many reasons such as size of the project, its
complexity, and many other external factors. It is the responsibility of a
project manager to create an effective project plan for a smooth project
execution.
7.