The project life cycle defines the phases that connect the beginning of a project to its end. For example, when an organization identifies an opportunity to which it would like to respond, it will often authorize a feasibility study to decide whether it should undertake the project. The project life cycle definition can help the project manager clarify whether to treat the feasibility study as the first project phase or as a separate, stand-alone project. Where the outcome of such a preliminary effort is not clearly identifiable, it is best to treat such efforts as a separate project. The phases of a project life cycle are not the same as the Project Management Process Groups. The transition from one phase to another within a projects life cycle generally involves, and is usually defined by, some form of technical transfer or handoff. Deliverables from one phase are usually reviewed for completeness Continue reading
Project Management
Importance of Innovation to Project Management
Project management can be defined as a process of application of the knowledge skills and different experiences of the project manager and the team members in order to achieve the objectives identified for the project. The concept of project management can therefore be defined as a systematic process of ensuring that a project is implemented according to the project plan. Proper project management is needed in an organization or a particular project is order to ensure proper project tracking and management of the associated risks of the project. There are a number of reasons why project management is needed in an organization. With the use of the project management approach, the proper project plan can be developed. The different project management methodologies ensure that a proper project schedule and a project plan is implemented. The project management further enforces and encourages team work so that a task can be completed Continue reading
Social Cost Benefit Analysis of a Project
The foremost aim of all the individual firm or a company is to earn maximum possible return from the investment on their project. In this aspect project promoters are interested in wealth maximization. Hence the project promoters tend to evaluate only the commercial profitability of a project. There are some projects that may not offer attractive returns as for as commercial profitability is concerned but still such projects are undertaken since they have social implications. Such projects are public projects like road, railway, bridge and other transport projects, irrigation projects, power projects etc. for which socio-economic considerations play a significant part rather than mere commercial profitability. Such projects are analysed for their net socio economic benefits and the profitability analysis which is nothing but the socio-economic cost benefit analysis done at the national level. All the projects imposes certain costs to the nation and produces certain benefits to the nation. Continue reading
Commercial or Financial Profitability
In order to assess the operational efficiency of a project and its profitability most of the industrially advanced countries employed various technique for the purpose of financial profitability analysis. Profit is the primary objective of an enterprise. The word profit implies a comparison of the operations of business between two specific dates which are usually separated by an interval of one year. The maximization of profit within a socially acceptable limit implies that a proper regard for public interest has been shown. Really it is the growth of profit which enables a firm to pay higher dividends to its ordinary shareholders. According to the Economists point of view profit is the reward for entrepreneurship. Various factors influence the profit variations. They are as follows. The volume of sales plays a tremendous part in profit making. So long as a sustained maximum volume continues at the top of capacity curve, break Continue reading
Project Based Organizations (PBO)
In today’s turbulent market, a lot of organizations is still seeking for a strategic advantage over others and a lot of them has actually seek Project Based Organizations (PBO) as a way to propel them for greater height and thus, gain a strategic advantage over other companies. However, there are still questions how they can best make use of this new organization structure approach to create a synergy between company mission, strategy, and project as well as portfolio management. Project Based Organizations (PBO) refer to organizational forms that involve the creation of temporary systems for the performance of project tasks or activities. PBOs are gaining increased attention as an emerging organizational form, but there is very little knowledge on how PBO function in practice and what value or benefits in adopting the practice of PBOs. Needless to say, there are not many findings on how the extensive use of unique Continue reading
Portfolio, Programme and Project Management Maturity Model (P3M3)
Portfolio, Programme and Project Management Maturity Model (P3M3) is as of now offered by Axelos, a joint wander between the UK Government and Capita which assumed liability for materials in Jan 2014. Prior to this, Office of Government Business (OGC), a division within the UK Government claimed P3M3, which has driven piles of examination in the field of wander organization. The P3M3 is basically based on Capability Maturity Model Integration (CMMI) of Carnegie Mellon College and chips away at a similar technique. At to begin with, something like 1986 and 1991, the Software Engineering Institute (SEI) of Carnegie Mellon College made a primitive adjustment out of the model. Afterward, therefore of its deficiencies authorities improved it as the P3M3, which is considered when in doubt and an once-over of headings for undertaking any project and its administration, portfolio organization and program management. The Portfolio, Programme and Project Management Maturity Model Continue reading