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A project is a duty or task which has a fixed deadline to create a unique product or service. According to a British Standard, a project is a unique set of coordinated activities, with definite starting and finishing points, undertaken by an individual or organization to meet specific objectives within the defined schedule, cost and performance parameters. A project must have: Every project possesses a group of activities, which are unique in nature to the organization handling the activities Every project aims at achieving a specific objective or performing a particular task. Generally, the objective and tasks vary fro project to project. The activities of a project have to be performed in a sequence to deliver the product to the customers. For example, it is necessary to plan the activities before they are implemented.
A project has a specific starting and completion date. The deadlines of project are either decided by the individual who handles the project or by the project client. The various activities of a project are interrelated, because one activity is the input for another activity. For example, in the project of a building or a shopping mall, the activity of creating the plan for constructing the all works as an input or the activity of constructing the mall
Types of Projects
Basis
Time period
Category I
18 months or more
Category II
Bet 9-18 months
Category III
Bet 3-9 months
Category IV
3 months or less
Risk level
Very low
Is high
Is medium
low
Very low
100% certain
50% likely
10% low
No risk
Types of projects
Construction projects:- these types of projects are undertaken to construct residential buildings, industrial and highways. It requires human effort and various mechanical components for the construction. Research projects:-these type of projects are undertaken to acquire knowledge about a specific subject or an object. The acquired knowledge can be presented in the form of models. Patterns and patents. For example, projects undertaken to develop the model of Indian economy and the varieties of rice. Re engineering projects:- this type of project is undertaken to review and carry out the desired changes in an existing system or a process. For example, the re engineering projects undertaken to renumber the telephone system in UK
Procurement Projects:-this type of project is undertaken to contractually establish relationship with the selected supplier for a defined product or service. For example, projects undertaken for outsourcing a complete business function ( such as IT) and for imposing the new rules and measures on a regulated industry.
Business Implementation Projects:-This type of project is undertaken to produce an operationally effective process. The value generated by the project is embedded in the process. For example, the business implementation projects undertaken to install e commerce.
Importance of Projects
Planning and organizing the work: Projects involve planning and organizing the entire work. Planning refers to deciding in advance the equipments,finances,raw materials and processes required for completion of the project. Organizing refers to specifying the work in a systematic manner. Efficient use of resources:- projects also result in the efficient use of resources like time, money, people ,material and energy. It is only possible if planning and organizing projects is done effectively. Helps in assessing and minimizing risk:-project formulation involves environmental, technical and financial appraisal. This helps to avoid various risks such as shortage of finance, change in consumer preferences etc. Proper assignment of task:-projects involve planning of work, which states in advance the tasks necessary for completion of the project. It also results in the proper and efficient execution of tasks. Reduces chances of failure:- project also reduces chances of failure because the project manager helps to maintain mutual interaction among the various interacting parties.
Phases of a system
1. The conception/formation phase
Involves the preliminary evaluation of an idea. This includes recognition and acceptance of a problem or a need analyzing the requirement and finding ways to fulfill the need or solve the problems . Steps involved in this are Determine the existing need or problem, or potential deficiencies of the existing system Examine alternate ways of meeting the need or of solving the problem. Identify the approximate resources(human and others) required for the system Establish the basic concept of the system Prepare initial estimates of time, cost and performance of the conceived system Determine the initial feasibility and practicability(technical , economic and environmental) and Establish a first-cut system organization.
3 Acquisition/production phase
This is so called because at the end of the phase the user acquires the system. This phase also referred to as the production phase as the system is produced. The efforts are now focused on standardization,testing,and evaluation of an alternative detailed design and the production based on the acceptable product design. The production phase of a system and of a project are similar to each other. Production involves either production of a single item or mass production. Project management oversees and controls resources, motivates workrs and reports about the progress to the user of the system. The specific tasks and activities during the acquisition/production phase include:-
Update the detailed plans and specification and the definition of phase Identify detailed resource requirements and managerial proceduresinventory, scheduling,accounting,book keeping etc
Begin the production, construction and installation of the actual system. Verify the system specifications with the performance Prepare the policy and procedural documents and Develop plans to hand-over the system to the user , and to provide supporting services, such as training during the operational phase
Overview of PS Process
Project Management Office (PMO): Aligning corporate needs and project goals Project Selection: Chose candidate project using Evaluation Criteria Dealing with Uncertainty: Risk Analysis Strategically selecting best Projects: Project Portfolio Process (PPP) Locking up the deal: Writing a Project Proposal
PS Models
Idealized view of reality Representing the STRUCTURE of the problem, not the detail Deterministic or stochastic
Nature of PS Models:
Methodology
Start with detailed list of firms goals Create list of project evaluation factors (PEFs) Weigh every element in PEF list Compute an overall score for project based on
weighted PEFs Select project that has the closest alignment with firms goals
Types of PS Models:
Nonnumeric
Sacred Cow Operating Necessity Competitive Necessity Product Line Extension Comparative Benefit Model
Areas of Uncertainty
Project timing & expected cash flow.
Direct outcome of project, i.e. what exactly will the project accomplish Side effects and unforeseen consequences of project
Window-of-Opportunity Analysis
Estimate IN ADVANCE economic
impact of innovation before R&D is undertaken Set up a baseline of current process as the sum of all current sub processes Compute cost / performance of new innovation as a multiple of each sub process in the baseline system
Project Proposal:
Content
Cover letter Executive summary Description and past experience of project team Nature of technical problem to be solved How to approach solution of technical problem Plan for implementation of project Plan for logistic support and administration
Project Proposal:
Cover letter & Executive summary Compose a cover letter as key marketing
instrument
Project Proposal:
Past Experience of Project Team
Project Proposal:
Technical Approach
General description of problem to be
addressed or project to be undertaken
Major subsystems of problem or project Methodology of solving the problem Special client requirements Test and inspection procedures
Project Proposal:
Implementation Plan
Estimates of time, cost and materials for each
subsystem and the whole project
Project Proposal:
Plan for Administration and Logistic Support Control over subcontractors Nature and Timing of all reports (progress,
budget, audits) Change management