A project is a sequence of activities that has a definite start and finish, an identifiable goal and an integrated system of complex but interdependent relationships. Project Life Cycle consists of sequential phases through which projects undergo. Phases of a Project Life Cycle The phases are important in planning a project since they provide a framework for budgeting, manpower, resource allocation, scheduling project milestones, project reviews etc. All projects go through the following stages whether big or small. 1. Project Idea /Conception An idea regarding intervention in a specific area to address and identify a problem is developed or formed. Sources of ideas include Market demand where one may be facing increasing demand thus becoming a problem Technological changes- this forces an organization to change in order to make use of the new technology Natural calamities like fire, floods, landslides, drought etc. Resource availability- makes use of the available resources Continue reading
Project Management
Procedural Aspects of Project Finance
The procedural aspects of project financing by banks and other major financial institutions consists of following stages: 1. Identification of the Project The project’s idea is introduced to providers by various sources: a request from the government concerned or financials identification missions may identify a proposal from other financiers, or it. Applications for financing are then sorted out and classified: projects to be financed are selected from amongst projects which have top priority in the development plans of the beneficiary countries and which meet the requirements established by the rules for financing set out by the providers and agreed upon by the government concerned. In all cases, an official request from the government should be submitted to financials before it decides to participate in the financing. 2. Desk Review and Determination of the Project’s Scope Experts, each in his field of specialization, study all the documents available on the project Continue reading
Strategic Issues in Project Management
An issue is something that has happened and either threatens or enhances the success of a project. Issue management is the process for recording and handling any event or problem. Some of the issues can be dealt within the project. However strategic issues may require a change in order to keep the project viable. The concept of “strategic issues” has emerged as a way to identify and manage factors and forces that can significantly affect an organization’s future strategies and tactics. Project owners need to be aware of the possible and probable impacts of strategic issues. The project team leader has the primary responsibility to focus the owner’s resources to deal with project strategic issues. In a project, a strategic issue is a condition of pressure, either internal or external, that will have a significant effect on one or more factors of the project, such as its financing, design, engineering, Continue reading
Project Management Process Groups
The project management processes are presented as discrete elements with well- defined interfaces. However, in practice they overlap and interact in ways that are not completely detailed here. Most experienced project management practitioners recognize there is more than one way to manage a project. The specifics for a project are defined as objectives that must be accomplished based on complexity, risk, size, time frame, project teams experience, access to resources, amount of historical information, the organizations project management maturity, and industry and application area. The required Process Groups and their constituent processes are guides to apply appropriate project management knowledge and skills during the project. In addition, the application of the project management processes to a project is iterative and many processes are repeated and revised during the project. The project manager and the project team are responsible for determining what processes from the Process Groups will be employed, by Continue reading
The Roles of the Project Manager
The role of project manager is to attain the project objectives. The project manager must be experienced, capable, and competent in getting the project work done on time, within budget and according to specification. The project manager must simultaneously see to the needs of the sponsor and other stakeholders, manage the project life cycle and the performance of the project team, including his or her performance. It is a role that involves a mix of abilities, combining management with leadership and political awareness. The project manager is responsible for coordinating and integrating activities across multiple, functional lines. The integration activities performed by the project manager include activities which are necessary to develop a project plan; execute a plan and to make changes to the plan. A project manager must be able to understand the project detail but manage from the overall perspective. As an architect of the project plan, the Continue reading