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Definition of Project:
Any undertaking that has definite, final objectives
representing specified values to be used in the satisfaction
of some need or desire.
A cluster of activities that is relatively separate and
clear-cut. A project typically has a distinct mission and
a clear termination point.
In the broadest sense, a project is specific, finite task to be
accomplished.
Common Features:
• A desired outcome at the end
• Consume significant amount of resources – time and money.
• Have limitations on resources that are available
• Not undertaken frequently; successful completion is
essential
• Well-defined activities with a clear-cut start and end.
A project is synthesizing predetermined amounts of the
resources of an organization to generate something that
will assist the organization in designing and executing its
strategies.
Key Considerations:
i. What is the cost?
ii. What is the time required?
iii. What are the capabilities that it provides to the
organization?
v. Whether it will fit into the strategies of the organization?
Types of Projects:
All projects do not involve the same level of managerial skills,
costs, technology, complexity, etc. On the basis of Shenhar
classification, projects can be grouped by taking the degree of
uncertainty and system complexity or scope. Degree of
uncertainty ranges from low to high. It is divided as Low-tech,
Medium-tech, High-tech, and Super-tech. Based on system
complexity, a project can be classified as Assembly project,
System project and Array project. Refer the following figure:
(Degree of Uncertainty)
Projects
Phase III
Level of effort
Phase II
Phase IV
Phase I
Time
Project Overview Statement(POS):
It is referred to as Project Scope Statement. POS can be
divided into five parts:
i. Project Problem/Opportunity
ii. Project Goal
iii. Project Objectives
iv. Success Criteria
v. Assumptions, Risks, and Obstacles
Product Analysis:
It is a technique for understanding the features and functions
of a product. Techniques like ‘Value Analysis’ and ‘Quality
Function Deployment’ help the project manager gain more
information regarding the project. A cost/benefit analysis is
necessary for studying the various tangible and intangible
costs and benefits associated with the project.
Risk Analysis:
It is a report which describes the various risks associated with
the proposed project activities, their probability of occurrence
and their severity. Formal procedures should be mentioned
to deal effectively with these risks in the POS. It also
describes risk identification techniques, risk quantification,
and other risk control measures.
Financial Analysis:
The following financial aspects of a project are analyzed in
the financial analysis which is an attachment to the POS. To
do so, a project manager must
1) Define the problem/opportunity clearly
2) Define the scope of the project, what it included and what
it does not include
4) Identify alternative solutions for the problems
5) Rank the alternative solutions
6) State the expected time and costs required
7) Project the profits from the project
8) List of recommendations.
Cost Benefit Analysis:
It explains the economic and social justification for the
proposed project. But it is difficult to analyze project costs
and benefits as some intangible benefits cannot be
quantified.
Difference between Project Manager and Project Champion:
Project Managers Project Champions
• Prefer to work in groups * Working independently
• Committed to their managerial and * Committed to technology
technical responsibilities
• Committed to the corporation * Committed to profession
• Seek to achieve the objective * Seek to exceed the objective
• Are willing to take risks * Are unwilling to take risks; try to
test everything
• Seek what is possible * Seek perfection
• Think in terms of short time spans * Think in terms of long term spans
• Manage people * Manage things
• Are committed to and pursue * Are committed to and pursue
material intellectual
Project Managers: Are good at handling men and matters, but are not as sound
as the champion in technical matters.
Project Champions: Excellent ideas from their experience and knowledge but
are not very good at getting things done.
Project Manager VS Line Managers
Where a separate project department is set up, there is
always a constant tussle between the line managers and
the project manager.This tussle arises as both compete with
each other to share the organization’s:
i. Money
ii. Manpower
iii. Equipment
iv. Facilities
v. Materials, and
vi. Information/Technology