Strategic project planning and other phenomenon for successful project has been recognized from several decades. Harold Kerzner has invented project management model innumerably knows as Kerzner Project Management Maturity Model (KPM3). This model is thoroughly possessed acquisition to best strategic management plans for any organization. Additionally this model is excellent medium to gain such excellency in project management system of any organization. Kerzner notifies that this model is considerably fruitful for strategic and multilevel planning for any organization. Foundation of achieving superiority level in various strategic goals can be illustrated by Kerzner Project Management Maturity Model (KPM3). This model consist five basic levels to enable better understanding of its functionality and proficiency for project management. This levels are commonly known as level of common language, common process, singular methodology, benchmarking, and continuous improvement. Level 1: Common Language This phase of model consists various understandings of terminologies relating to project management Continue reading
Project Management
Introduction to Project Finance
Project finance is typically defined as limited or non-recourse financing of a new project through separate incorporation of vehicle or Project Company. Project financing involves non-recourse financing of the development and construction of a particular project in which the lender looks principally to the revenues expected to be generated by the project for the repayment of its loan and to the assets of the project as collateral for its loan rather than to the general credit of the project sponsor. Project Financing includes understanding the rationale for project financing, how to prepare the financial plan, assess the project risks, design the financing mix, and raise the funds. In addition, one must understand the cogent (intellectual, powerful) analyses of why some project financing plans have succeeded while others have failed. A knowledge-base is required regarding the design of contractual arrangements to support project financing; issues for the host government legislative provisions, Continue reading
What is Project Management?
A project is an endeavor that is undertaken to produce the results that are expected from the requesting party. A project consists of three components namely, scope, cost and schedule. When a project is first assigned to a project manager it is important that all three of these components be clearly defined. Scope represents the work to be accomplished, i.e., the quantity and quality of work. Cost refers to costs, measured in dollars and /or labor-hours of work. Schedule refers to the logical sequencing and timing of the work to be performed. The quality of a project must meet the owner’s satisfaction and is an integral part of project management, which is shown as an equilateral triangle to represent an important principle of project management: a balance is necessary between the scope, budget, and schedule. In any project, there is a certain amount of Continue reading
Agile Project Management – Concept and Stages
What is Agile Project Management? Agile project management has been defined as short cycles of product development that deliver incremental updates of the product rapidly based on the changing needs of the customer. This methodology is the opposite of waterfall project management, which values extensive planning and pre-production. The agile approach consists of a number of stages including rapid iterative planning and development cycles allowing a project team to constantly evaluate the project and obtain immediate feedback from users or stakeholders allowing the team to learn from their experiences after each cycle. After the streamlined planning requirements, definition and solution design phase is completed to get the project underway iterations or more detailed planning requirements are created. This allows for immediate modifications of the product as customer views change. Agile project management requires a dedicated full time team including a customer or end users. Agile project management differs to traditional Continue reading
Project Planning and Scheduling
Project planning is the process of identifying all the activities necessary to successfully complete the project. Project scheduling is the process of determining the sequential order of the planned activities, assigning realistic duration’s to each activity, and determining the start and finish dates for each activity. Thus, project planning is a prerequisite to project scheduling because there is no way to determine the sequence or start and finish dates of activities until they are identified. Techniques for Project Planning and Scheduling The technique used for project planning and scheduling will vary depending upon the project’s size, complexity, duration, personnel, and owner requirements. The project manager must choose a scheduling technique that is simple to use and is easily interpreted by all project participants. There are two methods that are commonly used in project management for the purpose of project planning and scheduling: the bar chart (sometimes Continue reading
International Project Appraisal
International project appraisal also known by a variety of names such as internal company analysis, profiling the organization, capability or resource audit position and strategic advantage analysis, is the process of evaluating a company’s posture relative to its business competition within and outside the country, overall performance and its capability in terms of strengths and weaknesses. Significance of International Project Appraisal The organization’s deficiency should also be compared with those of its successful competitors. Such perceptive self appraisal when matched with environmental analysis facilities management to grasp the opportunities and combat the threats inherent in the environment. International project appraisal has such a vital significance in international corporate planning. Without such am-exercise it will not be possible to formulate economic strategy for an organization on the objective basis. It helps the management in choosing the most suitable niche for the organization. Economic opportunities may bound in different parts of the Continue reading