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 Concepts
Project Financing – Financing Options For Projects
Project advisory services falls under one of the core branches of corporate advisory services. It deals with the decision of financing a project based on its strength of assuring the future cash inflows. In other words Project financing deals with financing a project, which can in turn generate return for its stakeholders and help in repaying the interest and loan on the proposed project. The assets used for undertaking that project are used as collateral for financing that project. The following constitute the differences between project financing and the other types. In project financing, the lenders look at the strength of the project to perform and generate sufficient returns to serve the interest and loan on that project. Even if the assets are taken as collateral, they may not be able to cover the entire loan through the sale of assets. Hence the lenders mainly look about the profitability of Continue reading
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
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
Project Planning
Project Planning is foreseeing with blue print towards some predicted goals or ends. Project plan is a skeleton which consists of bundle of activities with its future prospects; it is a guided activity. It is a plan for which resources are allocated and efforts are being made to commence the project with great amount of pre-planning, project is a way of defining what we are hoping to do about certain issue. The project alone is not responsible for what happens during the course of a planning. Project is a final form of written documents that guides us as to what steps need to be taken next. Nature of Project Planning One cannot conceive a project in a linear manner. It involves few activities, resources, constrains and interrelationships which can be visualized easily by the human mind and planned informally. However, when a project crosses a certain threshold level of size Continue reading