PRINCE2 is one of the world’s most widely used project management methodology. It was originally developed for UK government IT projects, its use has been widened to large projects of all kinds, and it has been taken up internationally in more countries in both public and private sectors such as police forces, telecommunication companies, banks, as well as other large commercial organisations and also used in enterprise resource planning implementations. PRINCE2 stands for Projects in Controlled Environment and it was developed at a time when the UK government was outsourcing an increasing amount of its work, and the methodology incorporates best practice on the integration of internal teams and external agencies. PRINCE2 takes a process approach to project management, fitting each process in to a framework of essential components that need to be applied throughout the project. PRINCE2 focuses mainly on the aspects of managing projects in the life cycle Continue reading
Project Management Strategy
Major Types of Risks in Project Management
Whenever a new projects starts, it start with risk and uncertainty levels which sometimes create deadlocks for project completion. Project risk management ensures if risks are evaluated and decreased as assessment carried, then it increased opportunities. This is for sure project management cannot eliminate all risk from the project but with good planning and statistics level of risk can be minimized, and which will acceptable for project making. Some of risk can be beyond the range of control which can affect the project length or budget, for that instance planning should carry out before those risk hit to project and prior to unwanted events occurring. Analysis and planning are the factor for key to success for project management. In the start of project major decision are carried out which impact on multiple stages for the project which base on incomplete information or inaccurate. To ensuring the best decision policy it Continue reading
Phases of Project Management Life Cycle
A project is a temporary endeavor undertaken to create a unique product or service. A project is temporary in that there is a defined start (the decision to proceed) and a defined end (the achievement of the goals and objectives). Ongoing business or maintenance operations are not projects. Energy conservation projects and process improvement efforts that result in better business processes or more efficient operations can be defined as projects. Projects usually include constraints and risks regarding cost, schedule or performance outcome. Project Management is the application of a collection of tools and techniques (such as the CPM and matrix organization) to direct the use of diverse resources toward the accomplishment of a unique, complex, one-time task within time, cost and quality constraints. Each task requires a particular mix of theses tools and techniques structured to fit the task environment and life cycle (from conception to completion) of the task. Continue reading
Managing Project Life Cycle
Projects have a distinct life cycle, starting with an idea and progressing through design, engineering and manufacturing or construction, through use by a project owner. Project life cycle is a collection of generally sequential project phases, whose name and number are determined by the control needs of organization or organizations involved in the project. A project phase is collection of logically related project activities usually culminating in the completion of major deliverable i.e. any measurable, tangible, verifiable outcome, result or item that must be produced to complete a project or part of project. The project originates as an idea in someone’s mind, takes a conceptual form and eventually has enough substance that key decision-makers in the organization select the project as a means of executing elements of strategy in the organization. In practice, the project manager must learn to deal with a wide range of problems and opportunities, each in Continue reading
Concept of Feasibility Study in Project Management
A feasibility study is an important tool for decision-making in project management. Accurate and adequate information about the project like technology, location, production capacity, demand, and impact on existing operations, cost and benefits to the company, time span for execution, resources needed should be included in the report. Alternatives if any should also be suggested. Feasibility Study in Project Management can be defined as: “A tool for transforming the initial project- A tool for transforming the initial project-idea into a idea into a specific hypothesis of intervention, through the identification, the specification and the comparison of two or more alternatives directed to achieve the defined objectives, by producing a set of information helping the Project manager to take the final decision” Market research or demand analysis, technical viability studies, financial or commercial feasibility studies are other wise known as functional or support studies to aid the decision-making. A preliminary feasibility Continue reading
Project Risk Management
Risk can be defined as uncertainty of outcome, whether positive opportunity or negative impact. Some amount of risk-taking is inevitable, whatever the project. There has to be a deliberate acceptance of some degree of risk because the value to the business makes it worthwhile. Project risk management includes the processes concerned about conducting risk management planning, identification, analysis (both qualitative and quantitative), responses, and monitoring and control on a project; most of these processes are updated throughout the project. Risk management in projects involves identifying and assessing the risks in terms of impact and probability, establishing and maintaining a joint risk register, agreed by the integrated project team, establishing procedures for actively managing and monitoring risks throughout the project and during occupation on completion, ensuring that members of the team have the opportunity to engage in a dialogue that will promote agreement of an appropriate allocation of risk, updating risk Continue reading