Project Management-Assignment 01
Project Management-Assignment 01
ASSIGNMENT 01
M.Sudharson
Extra: I have added graphical images/picture in left hand side which are related to
written topics in right hand side to give a ruff idea for the reader.
Contents
1. The definition of Project
Definitions
Line management
They are charged with meeting corporate objectives in a specific functional area or
line of business.
Limited Responsibility.
Easy life.
Project management
Lot of challenges.
Tough life.
3. The three phases of project management
The role
Accepting challenges.
Personal integrity.
Technical skills.
Ability to delegate.
Ongoing Planning.
Plans always change and reprioritize with situations. For this, plan, re-plan, and plan.
Healthy Risk Management-Assign a risk officer who will be responsible for detecting
potential project issues.
Open Communication.
Make decisions with confidence and achieve better visibility and control of a project.
Meet deadlines, stay within a budget, and achieve high quality by meeting or
exceeding customer expectations.
Lower the cost of a project by accomplishing more work in less time and with fewer
resources without any sacrifice in quality.
5. The definition of stake holders & their significance in project
Management
Stack holders
Stake holders are the end-users or clients, the people from whom requirements will be
drawn, the people who will influence the design and, ultimately, the people who will
reap the benefits of your completed project.
It is extremely important to involve stakeholders in all phases of your project for two
reasons:
Secondly, involving them in your project builds confidence in your product and will
greatly ease its acceptance in your target audience.
E.g. Executive-Executive stakeholders are the people who pay the bills. Typically
They are managers or directors
End-User-These are the people that are going to use your product
Expert-Sometimes you need input from experts in other fields. People like
Graphic designers, support reps, sales or sometime lawyers and
Accountants
6. The definition of Work Breakdown Structure {WBS}
Definition
Such a structure defines tasks that can be completed independently of other tasks,
facilitating resource allocation, assignment of responsibilities, and measurement and
control of the project.
Example-WBS
Below is a work breakdown structure for the recruitment of a new person to fill a
vacant post:
Explanation:
The Need-the need for filling the vacant post was handled by a specific person
He/she will decide how much they can pay, do they need other alternative
Options to handle that specific vacant post (i.e.-out sourcing) & give
Approval to precede the given task.
E.g.-finance manager/department, human resource
Manager/department, CEO
Job specification-this was handles by the person/team where exactly the vacant post is
Available. They will define the candidate working time and personal
Attitude.
e.g. - supervisors, managers
Post selection-their is also by the higher management of the organization then they
Conduct interview.
E.g. Human resource management, CEO, directors
Definitions
Example-PRINCE2
Explanation:
In the method, each process is specified with its key inputs and outputs and with
specific goals and activities to be carried out. This allows for automatic control of any
deviations from the plan. Divided into manageable stages, the method enables an
efficient control of resources. On the basis of close monitoring, the project can be
carried out in a controlled and organized way.
8. The definition & importance of Time Planning
Definition
Generally, time management refers to the development of processes and tools that
increase efficiency and productivity.
Time planning in project management context is preparing the time schedule for the
project as close as possible to the practical implementation.
This gives a clear picture of the project activities and their time plan.
Importance
Acting assertively.
Improved timekeeping.
9. The definition & importance of Cost Planning
Definitions
Cost Planning is simply calculating the cost of the project in its various stages as well
as a whole.
The function required to maintain effective financial control of a project through the
processes of evaluating, estimating, budgeting, monitoring, analyzing, forecasting,
and reporting the cost information.
The ability to maintain and calculate appropriate cost data relating to a product or a
service.
Importance
Definitions
Importance