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Project Management

The document outlines the definition and characteristics of project management, emphasizing its role in planning, executing, and controlling projects to achieve specific goals within constraints of time, cost, and resources. It highlights the importance of effective project management in ensuring clear planning, teamwork, resource maximization, cost control, and quality management. Additionally, it discusses the objectives of project management and the significance of continuous oversight in maintaining project performance.

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11 views17 pages

Project Management

The document outlines the definition and characteristics of project management, emphasizing its role in planning, executing, and controlling projects to achieve specific goals within constraints of time, cost, and resources. It highlights the importance of effective project management in ensuring clear planning, teamwork, resource maximization, cost control, and quality management. Additionally, it discusses the objectives of project management and the significance of continuous oversight in maintaining project performance.

Uploaded by

rishiparkash
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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project Management

Dr Neelam Khanna
Assistant Professor
MMIM, MULLANA
Project Definition
Project in general refers to a new endeavor with specific
objective and varies so widely that it is very difficult to
precisely define it. Some of the commonly quoted definitions
are as follows. Project is a temporary endeavor undertaken to
create a unique product or service or result.

Project is a unique process, consist of a set of coordinated


and controlled activities with start and finish dates,
undertaken to achieve an objective confirming to specific
requirements, including the constraints of time cost and
resource. (ISO10006)
Meaning of Project management
Project management is the practice of initiating planning,
executing, controlling and closing the work of a team to achieve
specific goals and meet specific success criteria at the specific
time. The primary challenge of project management is to achieve
all of the project goals within the given constraints. This
information is usually described in project documentation created
at the beginning of the development process. The primary
constraints are scope, time, quality and budget. The secondary
and more ambitious – challenges is to optimize the allocation of
necessary inputs and apply them to meet pre-defined objectives.
Definition of Project Management:
Project management is the process of planning, organizing,
executing, and controlling a project from its initiation to its
closure to achieve specific goals within a specified timeframe
and budget. It involves coordinating people, resources, and
activities to ensure that the project is completed successfully
and meets the agreed-upon standards.
According to the Project Management Institute (PMI),
project management is the application of knowledge, skills,
tools, and techniques to project activities to meet project
requirements.
Characteristics of a Project:
A project has distinct characteristics that differentiate it from regular
operations. These characteristics are:
1. Unique Purpose:
A project is a temporary endeavor undertaken to create a unique product, service, or
result. It has specific goals or deliverables.
2. Temporary:
Projects have a defined beginning and end. Once the project's objectives are
achieved, it is considered complete. Projects do not last indefinitely.
3. Defined Scope:
A project has clear boundaries, which outline the deliverables, tasks, and resources.
The scope defines what is included and excluded from the project.
4. Resource Constraints:
Every project has limited resources, such as time, money, personnel, and materials.
Effective resource management is crucial for project success.
Characteristics of a Project:
5. Uncertainty and Risk:
Projects often involve uncertainty and risk. Managing these uncertainties through
careful planning and risk management strategies is critical for successful project
completion.
6. Interdisciplinary:
Projects often involve a team of people with different expertise, working together to
achieve the project's objectives. This can include project managers, subject matter
experts, and other stakeholders.
7. Progressive Elaboration:
Projects develop over time, with plans and details refined as more information
becomes available. This is referred to as "progressive elaboration," where
planning evolves during the project lifecycle.
8. Stakeholder Involvement:
Projects involve multiple stakeholders, including project sponsors, clients, team
members, and others who have a vested interest in the project's outcome.
Objectives of Project Management:
The main objectives of project management are as follows:
 Achieving Project Goals:
Ensuring that the project meets its defined objectives, whether it's producing a product, service, or result.
 Managing Time Effectively:
Completing the project on schedule by setting clear deadlines, milestones, and timelines.
 Managing Cost:
Staying within the defined budget by monitoring expenses, allocating resources efficiently, and preventing
cost overruns.
 Quality Control:
Ensuring that the project meets the required standards and quality expectations.
 Managing Resources:
Efficiently using human, financial, and physical resources to maximize productivity and avoid resource
wastage.
 Risk Management:
Identifying, analyzing, and addressing potential risks or problems that may arise during the project.
 Stakeholder Satisfaction:
Ensuring that the stakeholders (clients, team members, and sponsors) are satisfied with the
project's outcomes and progress
P roject P erform an ce Dim en sions
Three major dimensions that define the project performance are scope, time, and
resource. These parameters are interrelated and interactive. The relationship generally
represented as an equilateral triangle. The relationship is shown in figure 1.

Scope

Figure 1. Project performance dimensions


Importance of Project Management
 A Clear Project Plan and Process
The more multifaceted the project, there is more scope for chaos in the organization. That is where
proper planning and the importance of project management comes in. The primary function of project
management is to avoid confusion by outlining a clear plan and a process from the beginning to the end.

 Establish Plan and Schedule


Having agreed on a project schedule, sticking to it inculcates discipline required to avoid delays. A pre-
determined process through the project lifecycle gives the project a clear path.

 Teamwork
People are made to work in a team on a project, due to the benefits that accrue through sharing and
knowledge of skills. It inspires team members to collaborate on a project.

 Maximize Resources
It is well known that human and financial resources are likely to be expensive. Project risk management
and project tracking with regular reporting ensures economic and efficient use of all the resources.
Importance of Project Management
 Keep Control of Costs
Based on the project scope, some projects may incur high costs. So, it is essential to keep a track
on the budget. Incorporating project management strategies eases the budget overrun risks.

Build on Knowledge
When businesses embark on more projects, they will acquire more experience over time. Project
management serves as a knowledge asset to a company and helps to build on both experience and
knowledge.

 Manage Quality
It is crucial to ensure top-quality results. Project management identifies, controls, and manages
standards. This results in a high-quality product/ service and a satisfied client.

 Continuous Oversight
Project management methods ensure that organizations gain control over on-going projects and
make sure they are on the right track and within the stipulated budget.
Project deliverables should be managed well. So that do not lose track over the progress of the
project.

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