Principles of Project Management

Students Name Professors Name Course Title and Code Date

Introduction

The purpose of our study was to explore the significant principles of the project management and how to use the project management as discipline to achieve the organizational goals and objectives. The study strives for some new and useful information on the project management field. This research deals with the principles of the project management, with the references from practical project on oil and ghee mill which we have performed last year.

A project is a series of tasks which are interrelated with a clearly identified timeline and an already determined cost. A project is a temporary endeavor with established objectives (Larson & Gray, 2011). Furthermore, a projecting has a specified starting date and also has a predetermined costs structure and a predetermined work structure. A project on ghee and oil mill on which our team has worked a few months ago is referred here as example which can helpful to understand the above mentioned feature of a projects.

The proposed project contemplates to set up a new Oil & Ghee Mill Unit. The annual rated production capacity of the plant is estimated about 150 ton of which 5o ton oil and 100 ton ghee working 350 days a year and tripled shift per day of 8 hours each. The project shall be equipped with latest locally manufacturing plant and Machinery. The project will start on August 18, 2013 which has total estimated cost of $500000.

Requirement # 1:

There are many different stages of a project and if these are controlled together in a single rotation then this cycle is called the project life cycle. According to Barkleys book of 2006, the project management and the Management of project life cycle includes the concept of the project

planning design production budget and help break the project into phases. Barkley has also defined the project life cycle in another way that is, a project life cycle, are any tasks events resources, or deliverables needed from the very beginning to the end of the project that are necessary to complete the project (Barkley, 2006). Most of the organizations have their own goals and objective and they have to develop and implement some project in order to achieve these goals and objectives. If you have managed the project properly, it will lead to the success of the project which will in turn help in achieving the project goals and also making the achievement of the organizational goals and objectives possible for the organization. The tools of the project management also help to identify schedule, monitor the resources and provide support needed to successfully complete a project (Barkley, 2006). The life cycle of a distinctive and fundamental includes four essential phases which are as follows: 1) Defining or Introducing Phase 2) Planning Phase 3) Implementation Phase 4) Ending or Final Phase

The factors that contribute to the failure of a project are;

1) open-ended requirements 2) miscommunication 3) and be deficient in sponsorship

For achieving the project goals, the scope and the targets of the projects must be introduced and explained in obvious manner which offer a best opportunity, which are supported by a structured project life cycle approach. If the organizations downplay, the importance of the project, then the project fails. A huge number of the projects are unsuccessful due to this reason. Whatever the methodology is, the organizing of the project into stages and identifying a plan of the project which is consequent from a life cycle of an inclusive project, will guarantee the success of the organization (Cooper R. Edgett S., and Kleinschmidt E., 2001).

The defining and planning stage passes the project through a commencement progression. The difficult job of introducing the general prospect of the business is a part of initiation process (Westland, 2007, pgs. 3-4). The example from the project on ghee and oil mill of our project is given here. The ghee or cooking oil has number of prospects because of the nature of product. This is essential in the project management of the ghee and cooking oil manufacturing and it cannot be ignored. The areas where the consumption rate of ghee and cooking oil is on the higher side in the globe, and also the growth rate of population is also very huge, so in these circumstances, the exact demand of the home market matters a lot for a company to meet them. Also it is observed that there is no complement or substitute of the product.

Requirement # 2 and 3:

A project must be organized after it has been designed, planned and accepted by the management. There are three common structure of the project management as follows

1) Functional Organization 2) Excited Project Teams

3) Structure of Matrix

The project is just not vigorous within the standard outline of an organization. According to the introduction, there is a prearranged instant to subsist for the project and consequently it is in difference of views with day to day actions of an organization. The configuration and business of the project that is obligatory for management to make effective actions for being associated to several conventional companies. Irrespective of what arrangement, companies need to take on an arrangement which will have the slightest impact on the traditions of the corporate (Fuller J. 1997).

The fingerprint of a company in an organization in its industry is its organizational culture. An organization culture may define the leaders reflections. An organization can only run when the leadership plays a decisive role. A project manager is also having a status to lead as a leader. The project manager is differing from project leader because of its role. By motivating and inspiring the employees and team members, the project manager can exercise the leadership and also by understanding the bigger picture of the project (Fiksel J. 2006).

To introduce the leadership and sponsorship, it can be observed that these are project management constituents particularly in the initial stages of the project. The sponsor of the project can be an external or an internal person to the organization and is usually appointed to oversee the entire project (Barkley, 2006). The project leadership and sponsorship example from our project is given here:

Leadership The overall management and control of the firm will be actively managed by its active partners who will actively participate in management decisions and control the affairs of the firm. Partners Name 1. Ms. Locie David 2. Mr. Adam Smith 4. Mr. David 5. Ms. Sonam sajid Designation Managing Director General Manager Production Manager Finance Manager

The partners will contribute equally in the equity of the project and will equally participate in the profit and loss of the firm's business. Sponsors The sponsors of the project are professionally qualified and have valuable and extensive experience of business management in industrial fields. They have got good trading contacts and market reputation in the industry... The sponsors experience would assist the firm in its smooth and profitable operations. The sponsors are financially sound and capable to contribute their part of equity in the proposed project. The Sponsors detail is as under: 1. Name Address Qualification Experience 2. Name : : : : : Mr. David New York Masters of Commerce 10 years Ms. Meggy

Address Qualification Experience 3. Name Address Qualification Experience Requirement # 4:

: : : : : : :

Ohio Masters of Commerce 2 years Ms. Mickey New York Masters of Commerce (Finance) 2 years

There are four stages of group expansion (Forming, Storming, Norming and performing) and thoughtful, these group stages and group property is very important for the group performance and, help the employees meaning more properly and effectively, in a work group. Understanding these four stages can help developing a healthy group because before going to the last stage, the performing stage, which is the ultimate goal of the work team. It is necessary to understand and complete the prior stages. The work group will perform well if it works hard in the storming and norming stages. The managers should arrange for all these stages and he should try to monitor all the process. The forming stage is the easiest stage and requires a prescribed way. Each stage of team improvement has its own identifiable and understandable feelings and behaviors. An important of self evaluation may be the understanding of the fact that why things are happening in your group in certain way. The four stages are helpful for recognize a team behavior, patterns in of the work in the group. Understanding the way all things are going in the group and causes of changes in the group can help maximizing the team productivity and team process.

Requirement # 5:

The three elements which define the scope of the project are: Objectives Deliverables Milestones

While determining the scope a project, the foremost need is to set the targets of the project which facilitates in establishing a Matrix of Priority which is used to determine the priorities of project, having a great impact.

The project manager can formulate a work breakdown structure after the preferences which have been distinct by the team leading the project. The Work Breakdown Structure is a detailed framework of the project. There are several project deliverables which are specified as work correspondence. The work deliverables are the consequent intensity followed by the project heights. Each deliverable is then sub divided in numerous sub deliverables.

Requirement # 6:

One of the fundamentals to the project management is the risk management. The project is an inference of time and efforts necessary for the project. It is necessary to make arrangement for the risk and unforeseen events that may approach in the way of the project. If the contingency preparation is not prepared appropriately, it may direct the breakdown of the project. The contingency preparation is associated with evaluating the likelihood of all sorts of risks that the project may face; in the pursuit to build something occur for the achievement of the project. The

jeopardy for the scheme may be interior which occur from within the project or the project development team and the external risks which may be take place from the environmental circumstances of the project, the project squad or organization.

Requirement # 7:

A Phase Review means a check point at the last part of all phases of the project, it is used to test that the project has accomplished its goals and all the project deliverables are planned very well. A phase review is performed to check that whether the project is prepared to move to the subsequent phase or not. The assessment is made and credentials and records of the present condition of the project are done. An appeal is made before project sponsors for allowing them to advance to the subsequent level. The conduct of a Formal Phase Reviews is very much a significant element of Project Life Cycle, because it provides a normal and thorough consideration of the project. And it is also helpful for the Project Sponsor to fix and allow them to recognize the entire status of the project.

Requirement # 8:

There is a requirement for project management software and other such software packages to assist the project managers systematize and administer the project. There are a range of software packages that can facilitate the managers in organizing and managing the project. Microsoft Project is one of the considerable examples of the project management software.

A project manager can also manage a range of the project, in the circumstances where there are quite a few projects operating at the same time as an element of the largely program. The software used in project management makes it simple and contented for the project manager

to guess and direct the schedules and costs, to make the work breakdown arrangement, and examine the actions.

Risk management is a key characteristic of the project management. The software of project management like MS Project helps in the management of risks as it offers a mechanism for the measurement of the risks. The change management is a part that is open to the elements for project range creep. There is an attribute of transformation and control management in the MS Project that will assist the manager to notice the changes and handle them. There are some very good reporting capabilities in the MS Project that can be justified simply by you, the cost and benefits of the project management software. (Starr, R., Newfrock, J., & Delurey, M. 2003)

Conclusion

A project is a series of operations which are interconnected with an evidently recognized schedule and previously determined cost. A project is a temporary defy with recognized objectives. In addition, a project has a particular preliminary date and also has a prearranged costs structure and a prearranged work structure. A project on ghee and oil mill on which our team has worked a few months ago is referred here as example which can be supportive to understand the above stated feature of a projects. The proposed project considers setting up a new Oil & Ghee Mill Unit. The annual rated production capacity of the plant is estimated about 150 ton of which 5o ton oil and 100 ton ghee working 350 days a year and tripled shift per day of 8 hours each. The project shall be equipped with latest locally manufacturing plant and Machinery.

References: Hanford, M. (2010). Program management: different from project management. Kristoff, S. (2008). Building a successful project team. Larson, E., & Gray, C. (2011). Project management: the managerial process. New York: McGraw-Hill/Irwin Manu, K. (2007). The importance of project management in organizations. Mller, C. (2010). Apples approach towards innovation and creativity. Munich: GRIN Publishing GmbH Westland, J. (2007). The project management life cycle. Philadelphia: Kogan Page Barkley, B. (2006). Integrated project management. New York, NY: McGraw-Hill Fuller J. Managing Performance Improvement Projects, Pfeiffer, San Francisco 1997. Cooper R. Edgett S., and Kleinschmidt E., Portfolio Management for New Products, Scott Edgett, and Elko Kleinschmidt, Basic Books. New York 2001. Starr, R., Newfrock, J., & Delurey, M. 2003. Enterprise managing risk in the networked economy. strategy+business 30(1):1150. Fiksel, J. 2006. A framework for sustainable materials management. Journal of Materials 58(8):1522.