Project Management Office (PMO) is continuously growing concept across the world. PMO is mainly responsible for the guidance, handling complex projects, documenting the overall progress of the projects and implementing the projects in the organization. The Project Management Office provides guidance in standardized tools, techniques and can reduce the problems caused by uncertainties in the project which also helps the project to be effective and cheaper. PMOs will also help in structuring project management into the systematic approach, like quality management, scheduling and conducting day-to-day tasks, iterations and do documenting the project. PMO can provide support to the project management process and in the selection of projects, contributing in the enhancement of maturity and to increase the performance of the organization in the project management. The Project management officer is the one who is in charge of the Project Management Office. He generally coordinates and supports the organization center. The Continue reading
Project Management
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
Project Risk Management Process Steps
Project risk is an uncertain event or condition that, if it occurs, has a positive or a negative effect on at least one project objective, such as time, cost, scope, or quality (i.e., where the project time objective is to deliver in accordance with the agreed-upon schedule; where the project cost objective is to deliver within the agreed-upon cost; etc). A risk may have one or more causes and, if it occurs, one or more impacts. For example, a cause may be requiring an environmental permit to do work, or having limited personnel assigned to design the project. The risk event is that the permitting agency may take longer than planned to issue a permit, or the design personnel available and assigned may not be adequate for the activity. If either of these uncertain events occurs, there may be an impact on the project cost, schedule, or performance. Risk conditions 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
Project Management Basics
Project management is defined as process of initiating, planning, executing and delivery of a product with a group of a team to achieve a goal on time. In project management the main things to consider are start and end date of a project. For every project there will be a risk factor which should be taken care. Any project needs following four factors: Time, Budget, Quality and Feedback from the stakeholders. Also, project management is an important and significant contribution in delivering the business benefits through projects. It also has been seen that organizations these days are following a strategic way to achieve the goals of the project. Project management also plays a vital role in preparing a strategic plan to get the project from the customers and justify the requirements or funding but unlike any projects in a realistic way the goal of the project to achieve and be Continue reading
Build Operate Transfer (BOT) Model
Build Operate Transfer (BOT) is a project financing and operating approach that has found an application in recent years primarily in the area of infrastructure privatization in the developing countries. It enables direct private sector investment in large scale infrastructure projects. In BOT the private contractor constructs and operates the facility for a specified period. The public agency pays the contractor a fee, which may be a fixed sum, linked to output or, more likely, a combination of the two. The fee will cover the operators fixed and variable costs, including recovery of the capital invested by the contractor. In this case, ownership of the facility rests with the public agency. The theory of Build Operate Transfer (BOT) is as follows: BUILD – A private company (or consortium) agrees with a government to invest in a public infrastructure project. The company then secures their own financing to construct the project. Continue reading