1. Definition of Project Management. Project is a temporary attempt to achieve a goal with a start and an end. The output of the project can be a product or a service. Project management is a protocol which follows a systematic approach to create a result. There are two methodologies to complete a project: one is a project life cycle to complete the work and the other is project management process to manage the project. The project management process includes the initiating, planning, monitoring and controlling. Project life cycle might have one or more phases depending on the project type (large or a small project). Each phase of a project life cycle has its own set of the project management process. There is a central body called project management office manages the group of projects with policies, methodologies and templates. Also, provides support and guidance to the project team on tools and techniques. Every team member in a team has their roles and responsibilities, project manager plays a key role to accomplish the project objectives which are defined in a project charter. It 's …show more content…
Define the Triple Constraints that drive a project and give an example of each constraint within a project. A project is defined between particular constraints like time, cost and scope which are known as Triple Constraints. Time: The actual time required to complete the project. The time management is required in every stage of the Project cycle like planning, execution and delivery of the project. There are chances that client might request to reduce time span of the project, then definitely cost of the project might increases or scope of the project will decreases depending on the client requirement with optimal solutions. Cost: The funds required to complete the project. Cost of the project should be managed on every project along with time quality and other components. Cost management helps in estimating cost, determines the budget and control
For more than 25 years, The Little Black Book of Project Management has been introducing project managers to the incredibly effective and logical project management skill and methods to help them achieve their goal. This book has been flooded with very nee project management techniques as well as the latest standards of the Project management body of Knowledge (PMBOK) .accepted by PMI (Project Management Institute).
Large and small businesses, governments, and schools strive to build the next new gadget, manage resources more efficiently, and teach or train in more creative ways. If they set out blindly on a task without proper oversight and thought about the process, then surely the result would be a dismal failure. Project management enables these entities, and various others, to carefully consider the many variables before, during, and after the project actually takes place. Project management refers to the careful planning, organization, and management through a single one-time activity. Projects are non-routine tasks that are set out to be accomplished for a specific amount of time (Trelles-Duckett & Lonergan , n.d.). Projects have an absolute
Project Management is a concept of making the project successful through knowledge, processes, methods and experience. Every project is unique since it needs the same mythology of the methods but the circumstances are always different. The success rate of a project can be derived from the output it produces, outcomes or benefits, according to a criteria within agreed budget and timescale.
Project management is known as the discipline of planning, organizing, motivating, and controlling resources to achieve specific goals. In the diagram to the left in the picture you can see that as a project manager you are the center of either a great accomplishment or a major failure. Some of the major factors to being a successful project manager would be a person that is a great manage several projects or responsibilities and scope issues on an every day basis. If you have a pr...
One function the project office can provide is assistance with resource availability for the project managers and project teams. As resource requirements and assignments are submitted to the project office, that information can be entered into an enterprise project database. This gives the project office the ability to not only track resource allocations for a single project but also determine the assignments and constraints of resources throughout the organization. Without this big picture, project impacts caused by resource constraints are difficult to determine.
Kezner, H. Project Management: A Systems Approach to Planning, Scheduling, and Controlling. 6th. New York: John Wiley and Sons, Inc, 1998. Print.
In every project there are always some universal characteristics that will be shared. They all have a comprehensible and established purpose and very distinct life durations. Overall, all projects are doing something that may possibly be new or yet a one time endeavor but have explicit requirements which include; time, price, and performan...
The projects in today’s world are given a lot of importance and it will continue to grow in the coming years. There are a lot of companies which do not have production, but all of them do have projects. There are a lot of books which have been published on which related to planning and managing the projects. The one of the most important one was published by the author Eli Goldratt in his book ‘Critical chain’. This book basically talks and shows how the application of theory of constraints in the field of project management. The novel is basically based on one of the MBA classes in America where a number of ideas are developed in discussions among the students and the lecturers. The lecturer is basically fighting for a tenure with the president of the university who expects a downturn in the executive MBA. The lecturer who teaches project management has a word with one the senior colleagues and project management was the right topic to teach. There were three students who were placed in the project management team of their company which manufactures electronic products. The students are enrolled in this MBA class along with other students, here they discover a new approach to project management which is known as the
Project management is said to be completed within time when it completed within the “triple constraints”: cost, time and quality. And in a lot of causes, one them is sacrificed so as to meet the other two. Project managers prioritize which ones are the most important.
Time-phased project work is the basis for project cost control. Work package duration is used to develop the project network. Further, the time-phased budgets for work packages are timetabled to establish fiscal measures for each phase throughout the project. The time-phased budgets are to emulate the real cash needs of the budget, which will be used for project cost control. This information is useful to estimate cash outflows. The project manager's attention is on when the costs are to occur, when the budgeted cost is earned, and when the actual cost materializes. This information is made up to measure project schedule and cost variances (Gray & Larson, 2005). The following are typical types of costs found in a project:
The all projects have a several main charachteristics such as : 1.Each project has beginning and ending, (however beginning could be unclear but it must/should be agreed on what does it means for them), 2. Every project is unique by itself and it also produces a unique outcomes. It could be tangable like bulding , goods and other products or intangible like a new internal rules and responsibilities of the employees of the organisation (factory) .
PMBOK guide defines TM as the “Use of available time and your own productivity along with the appropriate planning and management of the project schedule” highlighting the link between Time Management and productivity and its closely knit relationship to scope and cost areas. Max Wideman presents a wider definition for TM as the “function required to maintain appropriate allocation of time to the overall conduct of the project through the successive stages of its natural life-cycle, by means of the processes of time planning, time estimating, time scheduling, and schedule control.” Ultimately at it’s core however, TM is about time, its planning and control during all stages of the project. A further look into Wideman’s definition of TM by means of identifying its importance throughout the entire project life-cycle (Initiation, planning, execution, controlling and close-out) is required. It is hoped that by analysing how TM tools and techniques can positively and negatively effect the different stages of the Project life cycle a better understanding of productivity, TM and project success will result.
Project management involves all activities that encompass scheduling, planning, and controlling projects. A successful project manager ensure that an organization’s resources are being used both efficiently and effectively. Most projects need to be uniquely developed require a sense of customization and the ability to adapt to any posed challenges. The scope of effective project management includes defining what the project is and what is being expected to be accomplished. Projects are imposed to fulfill a certain need and project managers must have the ability to create the proper definition. Goals and the means used to attain those goals have to be clearly stated. Project Managers must also have the ability to plan
When planning a new project, how the project will be managed is one of the most important factors. The importance of a managers will determine the success of the project. The success of the project will be determined by how well it is managed. Project management is referred to as the discipline that entails the processes of carefully planning, organizing, controlling, and motivating the organization resources so as to foster and facilitate the achievement of specific established and desired goals and meet the specific criteria of success required in the organization (Larson, 2014). Over the course of this paper I will be discussing and analyzing the importance of project management.
“Project management is the application of knowledge, skills, tools, and techniques to organisational and project activities to achieve the aims of an organisation through projects” (PMI, 2003).