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Phases of Project Management Life Cycle : Project management is a rationally planned and
organised effort to attain a specific goal. It comprises of organising, coordinating and managing
different tasks and resources for successful completion of project. A project lasts for a definite
period of time and then finishes. Projects are usually made up of different diverse elements or minitasks that are completed separately and finally combined together to make the completed project.
1. Project initiation: Project initiation is the first step in the project development cycle, and
in simple terms: starting up the project. A project is initiated by defining its reason, business
goals, and scope. The cause for initiation and the suggested solution to be implemented
must be defined. A project team is put together to define early milestones, and preliminary
budget proposal. The information in project initiation assists in performing an end of Phase
study for getting a GO No GO decision.
2. Project planning: Once the project is defined and project team is assembled, the next
phase is the in-depth Project Planning phase. This includes developing the PMP (Project
Management Plan), for guiding the team throughout the project development stage. In this
phase the required skills of development team, non-labour resources, risks plan, detailed
action items and milestones are explained.
3. Project development: On the basis of inputs received in the shape of project feasibility
study, preliminary project evaluation, project proposal and customer interviews, the following
outputs are produced:
a System design specification
b Programme functional specification
c Programme design specification
d Project plan
4. Project implementation: In this phase, the requirements are built and programmed. The
product is presented for client acceptance and full implementation after the quality
assurance analysis. If the client has accepted the final product, the project is finished and
closed down.
5. Project closure: It includes giving the final output to the customer, handing the project
documentation, manuals, source code, and network layouts. At last a Post Implementation
Review is to be carried out to identify the extent of project success and document review
outcomes.
1. Personality: this includes an individual's likes and dislikes, values, and beliefs. Personality
is shaped early in life.
2. Internal dimensions: these include aspects of diversity over which we have no control
(though "physical ability" can change over time due to choices we make to be active or not,
or in cases of illness or accidents).
3. External dimensions: these include aspects of our lives which we have some control over,
which might change over time, and which usually form the basis for decisions on careers
and work styles
4. Organizational dimensions: this layer concerns the aspects of culture found in a work
setting.
D) Rules for network construction : The rules to be observed in constructing the network
diagram are discussed below:
Every activity must have a preceding and a succeeding event. An activity is numerically
represented by the pair of preceding and succeeding events. In the dinner project, for
instance, the activity send invitations is designated as (1-2).
1. Each event must have a distinct number. The number specified to an event can be chosen
in any way, provided this condition is fulfilled. In practice, yet, events are numbered in the
manner that the number at the head of the arrow is greater than that at its tail.
2. There must not be any loops in the project network;
3. The preceding and succeeding events are not same for more than one activity. This
signifies that every activity is represented by a uniquely numbered arrow. To make sure that
each activity is uniquely numbered, at times it is necessary to introduce dummy activities. A
dummy activity is an imaginary activity that can be completed in zero time and it does not
consume resources. It is symbolised by a dashed arrow. A dummy activity is also be used for
representing a constraint, obligatory to show proper relationship between activities.
strategies and techniques to recognise and confront any threat faced by a business in
fulfilling its mission.
In risk management, the following steps should be considered for effective
risk management:
Step 1 Recognition of assets at risk: The foremost step in the risk management technique
is to carefully identify the assets which might generate risks in project operations. These
assets may fall under various groups, such as tangible and intangible assets, movable and
immovable assets etc.
Step 2 Valuation of assets: The assets identified and grouped in the previous step are to
be valued and categorised into different classes such as critical and essential.
Step 3 Identifying the intimidation: Threats can be distinct as anything that contributes to
the intermission or devastation of any service/product. Various compulsions can be grouped
into environmental, internal, and external threats.
Step 4 Risk consideration: The process of risk appraisal includes not only assessment as
to the provability of occurrence but also the assessment as to the impending severity of loss,
if risk materialises. This will support in determining the appropriate risk lessening strategy,
the residual risk, and the investment required to alleviate the risk.
Step 5 Emergent strategies for risk management: After risks identification and assessment,
one must apply various risk management techniques such as risk avoidance, risk reduction,
risk retention and risk transfer etc.
FIVE risk identification techniques are:
Risks must be defined in two parts. The first part must define the cause of the risk and the
other must define the impact of the risk. For example, a risk may be defined as "The supplier
not meeting deadline will mean that budget will exceed". If the above format is used, then it
would be much easier to remove duplicates, and understand the risk. For each class (phase
and point of view), we may use some proven risk identification techniques quoted in the
literature to identify the possible risks.
These techniques include:
Assumption analysis: Assumptions made in planning stage of the project are taken as
true, real, or certain. A closure scrutiny of these may reveal possible risks.
Brain storming: Brain storming is a useful tool to generate the possible risk events in
quick time. It is performed by a cross-function team following set procedures
Checklist: The checklist is developed based on past experience. It provides a useful guide
in listing foreseeable risks.
Delphi: Delphi study is carried out with the help of a group of experts. Since the experts
are people who have a deep insight into the system functioning, it is possible to gather
useful information in this way. There a facilitator distributes a questionnaire to experts;
responses are summarized (anonymously) & re-circulated among the experts for comments.
This technique is used to achieve a consensus of experts and helps to receive unbiased
data, ensuring that no one person will have undue influence on the outcome
Interview: Interview may be held with knowledgeable people to identify or to gain more indepth knowledge of certain risks or to create a list of control measures.
Answer 4:
a) Parametric estimating tool of cost estimating :
Budgeted costs of project activities are prepared by estimating scheduled activities and the
relative costs of the resources needed to complete each activity.
It is a technique that makes use of a statistical relationship between historical data and other
variables (e.g., square footage in construction, lines of code in software development,
requisite labour hours) to compute a cost estimate for a schedule activity resource. This
technique can generate higher levels of accuracy depending upon the sophistication, the
underlying resource quantity and cost data build into the model. A cost-related example
consists of multiplying the planned quantity of work to be executed by the historical cost per
unit to obtain the estimated cost.
b) Procurement process : An effective procurement process plays in important role in the
successful implementation of a project. A procurement process starts with the identification
of the required materials and equipments.
A project procurement process covers the following functions:
Request to invite bids or tenders: This covers the listing requirements of equipment,
preparing specifications, and sending request to invite bids.
Shortlist suppliers: This includes identifying the required number of suppliers out of the
possible ones.
Invite bids: This element covers the invitation of bids to receiving them.
Evaluate, negotiate, and choose bid(s): This involves making comparative statement of
various elements of price, negotiate technical and commercial aspects including price, select
the lowest bidder(s), and get the approval of a competent person.
Prepare and place orders: This includes writing the purchase order which describe the
products and state all the commercial terms in simple and clear words.
Order fulfillment: This includes monitoring the progress of manufacturing of equipment, its
quality, packaging, and associated documentation.
Transport and shipping: This covers all the formalities needed to get the equipments
from the supplier to the project site.
Receive, inspect and store equipment at site: This includes activities like general
inspection, marking the identification number, and inspecting and storing it at a secure place.
c) Project teams responsibilities in project execution:
The project team members are expected to assist in the management of the project as well;
albeit, at a more functional level. The critical project management elements for the project
team to provide assistance with include:
i. Performance monitoring: Implement an execution plan to measure the actual
performance as compared to planned performance. For example, the actual project
schedules will need to be reviewed periodically and compared to baseline schedules in order
to discern if the project is performing according to plan. If the project is not performing
according to baseline, steps will be taken to get the project back on track. The same
monitoring and analysing should take place on budgets, quality, risks, scope, etc.
ii. Provide project status: While the project manager is responsible for relaying project
status to parties outside the project team, the project team is expected to report the status to
the project manager. This includes communicating information both on a formal and an
informal basis.
d) Project termination: Project termination is one of the most serious decisions of a project
management team and its control board. The decision of project termination affects all the
stakeholders of the project and can put some negative impact on the organisations growth.
So it is important to critically evaluate all the aspects before taking the decision. The project
manager and his or her team members will feel that they personally failed. It can also put a
negative impact on the team members motivation level and their productivity.
The following are the key reasons to terminate a project:
i. Technological reasons
ii. Results of project requirements or specifications are not clear or impractical
iii. Fundamental change in project requirements or specifications, so that the underlying
contract cannot be changed accordingly
iv. Lack of project planning, especially risk management
v The planned result or product of the project turn into obsolete, is not any longer needed
vi Sufficient human resources, tools, or material are not accessible
vii. The increase in project cost leads lower profit than expected
Clarifying goals
Tracking progress