PROJECT MANAGEMENT

DEFINITION(S)

According to Harison, a Project can be define as a non routine, non repetitive, one-off undertaking, normally with discrete time, financial and technical performance goals.

PROJECT CAN, THEREFORE, BE DIFFERENTIATED

FROM REGULAR OPERATION
PROJECTS PRODUCTION

One time Large investment, no revenue Wide variety of skill used and high of calibre Use of special purpose equipment for short duration

Repetetive Revenue and Profit/Loss Limited skills-Learning effect is high Equipment are in continous use.

CONTD
Involvement of many specialized agencies Technology- wide variety

Outside agencies are primarily suppliers/buyers. Limited Variety.

PROJECT CHARACTERSTICS
OBJECTIVES- A project has a set of objectives or a mission LIFE CYCLE- A project has a life cycle consistin of following stages1. Conception stage. 2. Dsigne stage 3. Implementation stage 4. Commissioning stage.

CONTD
DEFINE TIME LIMIT- A project has definite time period limit. It cannot continue for ever. UNIQUNESS- Every projec is unique and notwo projects are similar. TEAM WORK- A project normally consist of diversified areas. There will be personnel specialized in there respective areas.

CONTD

COMPLEXITY- A project is complex set of activities relating to diversified areas. Technology survey, hiring right kind of people, arranging for financial resources, etc lead to complexity of the project.

CONTD
RISK AND UNCERTANITY- A porject involves risk like fluctuation in demand of product, change in taste and preferences of peoples and uncertainties like govt. risk can be anticipated where as uncertainties cannot be anticipated. CHANGE- Changes occur throughout the life span of a project as a natural outcomes of many environmental factors.

CONTD
RESPONSE TO ENVIRONMENT- Project take shape in response to environment. FORECASTING- Only if forecasting give positive indication, the project is taken up for the future study. SUBCONTRACTING- Some of the activities are entrusted to sub- contractors to reduse the complexity of the project.

CONTD
CUSTOMER SPECIFIC NATURE- A project is always customer specifics. RATIONAL CHOICE OPTIMALITY CONTROL MECHANISM

BENNEFITS OF PM
Successful deliver to the project. Proven planning and agreement will enable to achieve agreed objectives. There will be goal clarity and measurement. The resources will be coordinated which will save costs and time.

CONTD
The risk will be identified in advance and they will be manage well. There will be time savings. There will be cost savings. The agreed deliverables will be achieved.