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What is Project?

A project is customarily characterized as a "unique endeavor attempt embraced to make a one


of a kind product or service" (Project Management Organization 2008). Then again, a project
can be thought of as an all-around characterized set of tasks that should all be finished so as to
meet the project's objectives (Klastorin 2004). In a project that is considered typical, many
activities are performed simultaneously with each other. Another key component of projects is
the presence of priority relations between the tasks.

Contrasted with numerous business forms, project management gives off an impression of
being especially quite difficult from both the practical and theoretical point of view. From a
practical point of view, the two standard targets in project management are characterized to be
the fulfillment of the project on time and within budget. However, many projects neglect to
meet these two criteria, in spite of itemized arranging sometime recently execution starts and
the utilization of current project management programming. Further, the failure rate of projects
is higher in numerous advanced applications than in traditional ones, because of less
dependable information furthermore, the additionally difficult qualities that are examined in
Section 2 underneath. In reality, it can be said that, in spite of its current huge development in
utilize, project management is a hard to oversee the business process. As we discussed, this is
making to research opportunities that are quite interesting. The motivation behind this work is
to plot what those opportunities are and to give some particular examples.

Characteristics of Project

1. It is temporary which means that each project has a starting point and ending point.
Project dependably has a complete time period.
2. A project must give some deliverables, which are products, services, or results.
3. A project makes a capacity to give a service.
4. The project constantly occurs in steps and then increase gradually.

Temporary

One of the characteristics of a project is that it is temporary in nature it has a starting point and
ending point. once it is started it must has to close with the completion of its targets.

Cross functional

A project is cross functional in nature

Unique Deliverable
Many similar projects are occurring in a firm. Many activities are performed for the
accomplishment of project but every project has some important and unique deliverables.
Output of one activity is the input for another activity.

Uncertainity

All projects have uncertain conditions which need to tackle. Different risks or uncertainties are
attached with the unique deliverables. For example, developing or creating a new product or
service or to start a new program, they all involve risks. A project is a source of getting new
and unique threats and opportunities

Scope

Scope means the total work needed to accomplish that project. Changing in the scope may
require more cost or more time. For example, if you want to increase a project scope then you
need more resources or you have to invest more time. While increasing or decreasing a project
scope you have to compromise on one thing.

Difference Between Projects And Operations

Project is a temporary process which has a definite time frame. it has starting and ending time.
Project has limited cost and resources while operation is a continuous process which has a
repetitive result. Projects are executed to begin another business objective and ended when it
is accomplished, while Operational work does not deliver anything new and it is continuous.
Projects make an interesting product, service, or result while Operations deliver a similar
product, intend to procure benefit, and the system remain running.

Project Management

"Project management is the use of knowledge, skills, tools, and systems to project activities to
meet the project necessities." This basic definition speaks to a tradeoff that came about because
of exceptional exchanges inside the Project Management Institute (PMI) amid the 1980s.

One of the needs of PM amid this time was the development of project management as a
recognition. In spite of the fact that

face off regarding proceeds on whether project management a profession with an enforceable
code of lead and other customary criteria for acknowledgment as a recognition the development
of A Guide to the Project Management Body of Knowledge (PMBOK Guide) and the project
management certifications that got from these endeavors advanced the comprehension and
development of the project management field.
Integration Management

Integrated project management is the accumulation of processes that guarantee different


components of projects are appropriately organized. It sets up and deals with the association of
every single significant partner and assets, as per characterized processes contrived from your
association's arrangement of standard processes.

Time Management

Lakein (1973), who recommended that time management includes the way toward deciding
needs, defining goals to accomplish these necessities, organizing and arranging tasks required
to accomplish these goals, a few different denitions were recommended. Hence, time
management has been alluded to as methods for overseeing time (Jex and Elacqua, 1999;
Davis, 2000; Macan, 1994, 1996; Macan et al. , 1990; Mudrack, 1997); a method for powerful
time utilize, particularly having enough time to finish the many tasks required(Orpen, 1994;
Slaven and Totterdell, 1993; Woolfolk and Woolfolk, 1986); arranging what's more, assigning
time (Burt and Kemp, 1994; Francis-Smythe and Robertson, 1999a); how much people see
their utilization of time to be organized and purposive (Bond and Feather, 1988; Strongman
and Burt, 2000; Sabelis, 2001; Vodanovich and Seib, 1997); a method for getting
understanding into time utilize (Koolhaas et al. , 1992); a strategy to build the time accessible
to seek after exercises (King et al., 1986); hones expected to expand scholarly profitability
(Britton and Tesser, 1991); a use of self-direction forms in the worldly area (Grifths, 2003);
adapting behavior in at-risk populaces (King et al. , 1986); self-direction systems went for
talking about plans, and their efciency (Eilam and Aharon, 2003); the utilization of systems
that are intended to help the person to accomplish his or, on the other hand, her coveted goals
(Hall and Hursch, 1982); approaches to survey the relative

The significance of exercises through the advancement of a prioritization design (Kaufman-


Scarborough and Lindquist, 1999); bunches of behavior that are regarded to encourage
efficiency and ease stretch (Lay and Schouwenburg, 1993).

In view of the literature, we propose a denition of time management as "practices that go for
accomplishing a viable utilization of time while playing out certain objective coordinated
activities".

This denition features that the utilization of time isn't a point in itself and can't be sought after
in segregation.
The emphasis is on some objective coordinated action, for example, perform a work assignment
or an academic activity, which is completed in a way that suggests a viable utilization of time.

These practices contain:

Time appraisal behaviors, which go for consciousness of without a moment's hesitation or


past, present, and future (Kaufman et al., 1991) and mindfulness of one's time use
(cognitions and attitudes e.g. Wratcher and Jones, 1988), which help to acknowledge some
activities and duties that t inside the point of confinement of one's abilities.

Planning the behaviors, for example, defining objectives, arranging activities or task,
organizing, grouping tasks, making a plan for the day (e.g. Britton and Tesser, 1991;
Macan, 1994, 1996) which go for a compelling utilization of time.

Checking Behaviors, which go for watching one's utilization of time while performing
exercises, also the generating feedback loop that enables the farthest point to the inuence
of interferences by others (e.g. Fox and Dwyer, 1996; Zijlstra et al., 1999)

Cost Management

Projects are portrayed and characterized by measurements and measures.

Quantitative correlations imply refinements between progress, what's more, disappointment,


great versus good or propose 'go' versus 'no go' to us. We measure results, as well as we at that
point look at them against standards set up as limits of adequacy.

Projects are measured utilizing many factors and looked at against similarly the same number
of measures. Security time and timetable, quality also, User Satisfaction are imperative to
projects and are along these lines measure and looked at against either general/outer measures
or project particular/inward norms. As project administration expert professionals, we are
committed to deal with all territories and records of a project's prosperity. However, the theme
and substance of this paper centers just upon cost. Why? This doesnt reflect feeling on authors
part that cost is in itself inherently more imperative or significant than say quality or time. It is
on the grounds that the creator has watched and encountered that cost as a measure and as an
indicator is generally utilized, effortlessly comprehended, requiring no uncommon sized
information of any sort, and empowers a basic normal denominator with which to standardize
all examinations. There are likewise special traits about cost as both a measure and a standard
that is not shared by different measures. This one of a kind quality in hand introduces unique
difficulties over administration philosophies.

The Most Common Measure of Success

All projects are measured against some execution criteria that demonstrate whether the project
is fruitful or not. There are numerous criteria, exceedingly essential, that we consistently join
when setting up execution measurements. Time, quality, wellbeing and cost are some of those.

Cost, however, is the measure that is frequently displayed and is broadly comprehended as a
marker of how well a project is performing, is probably going to have performed or has per-
framed.

Indeed, even projects driven by different measurements will justify strategic choices on the
ordinary basis of cost. For example, a project that is plan driven is normally just along these
lines on the grounds that the compensation back or deliverable guaranteed by the project
surpasses the investment funds that may be experienced by broadening the execution time.

Cost is an effectively comprehended shared factor used to think a choice too, say, bring about
the extra costs of quickening an existing timetable or to acknowledge more noteworthy costs
in building up a period improved standard execution design

Quality Management

Quality management (QM) is characterized by the utilization of a quality management the


framework in dealing with a procedure to accomplish greatest consumer loyalty at the most
reduced general cost to the organization while proceeding to enhance the process.

Quality management framework (QMS) is a formalized framework that reports the structure,
duties, and systems required to accomplish compelling quality management (Nelsen and
Daniels 2007).

Total quality management (TQM) can be characterized as a management way to deal with long-
term accomplishment through the satisfaction of the consumer. TQM depends on all
individuals from an organization taking an interest in enhancing the processes, products, and
services and also the culture in which, which they work. The strategies for executing this
approach are found in the lessons of such quality pioneers as Philip B. Crosby, W. Edwards
Deming, Armand V. Feigenbaum, Kaoru Ishikawa and Joseph M. Juran (Nelsen and Daniels
2007)

Human Resource Management (HRM)

The arrangements and practices associated with doing the people or human resource parts of
a management position, including selecting, screening, training rewarding, and evaluating.

Some core components of HRM

People: Organizations mean people. The people who manage and staff the organization.

Management: HRM includes utilization of management capacities and standards for


acquisition, creating, keeping up and compensating workers in associations.

Integration and Consistency: Decisions with respect to people must be coordinated and
steady.

Influence: Decisions must impact the adequacy of the organization coming about into
advancement of administrations to clients as top-notch products provided at reasonable cost.

Applicability: HRM standards are relevant to business and in addition non-business


associations as well, for example, health, education, amusement and so forth.

Communication Management

Communication management is the orderly arranging, executing, checking, and correction of


the considerable number of channels of correspondence inside an organization, and between
organization; it likewise incorporates the organization and spread of new communication
mandates associated with an association, system, or interchanges innovation. Parts of
communication management incorporate creating corporate communication procedures,
planning inside and outer interchanges orders, and dealing with the stream of data, including
on the web communication.

Communication management and Project Management

Communication management highlighted the following questions in project management.

1. Who needs the information?


2. What information is requiring to flow in and out of the project?
3. When is that information required?
4. What must be the format of information needed?
5. Who will be the responsible for providing and transmitting information?

Risk Management

Defining Risk:

"Risk is defined as the condition in which there exists a quantifiable spread in the possible
output/outcomes from any activity performed" (CIMA Official Terminology, 2005)

It can also be explained as " those uncertain future events which could impact the achievement
of organizational operational, strategic and financial objectives"(International Federation of
Accountants,1999).

Similarly, the definition of risk management is;" the process of managing the risk and also
understanding that equity is inevitably subject to in struggle to obtain its corporate objectives.

For the purposes of management, the risk is divided into different categories that are
information, personnel, financial legal compliance and operational. Example of integrated
solution to risk management is enterprise risk management (CIMA Official
Terminology,2005).

Procurement Management

A Procurement Management Process is a formal technique by which items (merchandise or


administrations) are procured for a task from outside providers. The procedure involves
overseeing the requesting, receipt, audit and endorsement of items from suppliers, and also the
overall management of supplier relationship to ensure continued customer service.

A Procurement Management Process is utilized to guarantee that all products obtained for the
venture are as per the prerequisites set out by the Procurement Plan. This requires that products
are:

Obtained within the right timescales


Within the budgeted cost that is identified
To the level of quality defined

The procedure likewise lays out the methods to ensure that supplier relationships are managed
through:
Regular survey of performance of supplier
Identifying and resolving of issues of supplier

Project Life Cycle

The project Life cycle comprises of 4 important phases that are;

1. Initiation
2. Planning
3. Execution and control
4. Closure

Figure 1: Four Phases of Project Life Cycle. Adapted from J, Westland, The project
management Lifecycle, Kogan page limited (2006).

1. Initiating

The first and the most important step of project life cycle is Initiating.

During this phase, any opportunity or problem is identified and in the result of this, some
solutions are presented. After that, the feasibility study is conducted. The reason for this
study is to determine that whether the solution presented addresses the business problems
and a final solution is put forward (J. Westland, 2006)

Once the prescribed solution to a problem is approved, a project is started to convey the
approved solution for a problem identified and after the structure is developed then the
project manager is appointed who manages the activities of a project and recruit the team
for a project.

2. Planning
After identifying the scope of project, the project will enter into the planning phase that
involves creating:
1. A proper project plan that highlights the main activities, dependencies and
timeframes
2. Includes financial plan for identifying the labor, material and equipment cost.
3. Also, the resource plan that include the list of labor material equipment that are
required for the project.
4. It also includes quality plan that is for providing the quality targets, control
measures and assurance.
5. The risk plan for highlighting the risk and actions that can be taken to minimize that
risks
6. Acceptance plan includes the criteria to gain the acceptance of customer
7. Procurement plan that is for identifying the products sourced from external supplier
8. Communication plan that results in describing the information required to inform
stakeholders.

This stage is for planning the project in detail and is ready to be executed.

3. Executing
In the phase of execution that involves the implementation of plan. When plan is
executed a number of management processes are undertaken to monitor and control the
deliverables being output by project. It comprises of risk, issue and change reviewing
of deliverable quality and also involve the measuring each deliverable produced against
the acceptance criteria. When all deliverables have been produced and customer has
accepted the final solution, the project is ready for closure.

4. Closure
This phase involves releasing the final deliverables to the customer. In this phase,
important measures are taking like handling over project documentation, terminating
supplier contract, communicating the closure of project to every stakeholder releasing
the project resources (J. Westland.2006)

Project Management Area of Expertise

Areas of Expertise

The Project Management Body of Knowledge


Application Area Knowledge, Standards and Regulations
Understanding the project environment
General management knowledge and skills
Interpersonal skills
1. Project Management Body of Knowledge

The groups include

Project Life Cycle Definition


Five Project management process Groups
Nine knowledge Areas
2. Application Area Knowledge, standard and regulations
Application area are basically the categories of project that have common elements
significant in such projects but are not required in all projects. Application areas defined
in terms of:
Functional department and supporting disciplines: Legal production and
inventory management Logistics personnel and marketing.
Management specialization: Contracting, Community development,
government, new product development
Technical Elements: Water and sanitation engineering, construction engineering,
software development or engineering
Industry groups: Agricultural, financial, chemical and automotive.

3. Understanding the project Management

All projects are planned and implemented in economic, social and environmental context and
also have some positive and negative impacts. It includes:

Cultural and social Environment


Physical Environment
International and political Environment

4. General management Knowledge and Skills


It encompasses planning organizing, staffing, executing and controlling the operation of
an ongoing enterprises.it include disciplines such as:
Purchasing and procurement
Sales and marketing
Contracts and commercial law
Financial management and accounting
Health and safety practices
Information technology
Logistics and supply Chain
Strategic, tactical and operational planning
5. Interpersonal Skills
The management of interpersonal relationship include:
Effective communication that is the exchange of information with each other
Influencing the organization
Motivation
Negotiating and conflict management
Problem solving
Leadership
Problem Solving

Conclusion

Project management is no longer a special-need management. It is rapidly becoming a standard way


of doing business. Project management is vital on the grounds that it guarantees there's
meticulousness in architecting ventures appropriately so they fit well into the more extensive set of
our customer's strategic frameworks.Similarly, Good project management ensures the objectives of
projects closely line up with the vital goals of the business.

Project managers also serve the team and ensure clear lines of accountabilty.As Project manager
Enforce the process of project along with team members and keep the team in line too because he is
responsible for success or failure of a project.
Project management is important as it involve identfying requirement establishing objectives and
goals and to ensure the successful completion of project on time.. It is clear that unless there is a
structured and scientific approach to the practice of management, organizations would find
themselves adrift in the Ocean called organizational development and hence would be unable to meet
the myriad challenges that the modern era throws at them. Hence, the importance of project
management to organizations cannot be emphasized more and the succeeding paragraphs provide
some reasons why organizations must take the practice of project management seriously.

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