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 Management
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
Portfolio, Programme and Project Management Maturity Model (P3M3)
Portfolio, Programme and Project Management Maturity Model (P3M3) is as of now offered by Axelos, a joint wander between the UK Government and Capita which assumed liability for materials in Jan 2014. Prior to this, Office of Government Business (OGC), a division within the UK Government claimed P3M3, which has driven piles of examination in the field of wander organization. The P3M3 is basically based on Capability Maturity Model Integration (CMMI) of Carnegie Mellon College and chips away at a similar technique. At to begin with, something like 1986 and 1991, the Software Engineering Institute (SEI) of Carnegie Mellon College made a primitive adjustment out of the model. Afterward, therefore of its deficiencies authorities improved it as the P3M3, which is considered when in doubt and an once-over of headings for undertaking any project and its administration, portfolio organization and program management. The Portfolio, Programme and Project Management Maturity Model 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
Identifying and Managing Project Risk
Risks are those events or conditions that may occur and whose occurrence has a harmful or negative impact on a project. Project risk management aims to identify the risks and then take actions to minimize their effect on the project. Project risk management entails additional cost. Hence project risk management can be considered cost-effective only if the cost of managing project risk is considerably less than the cost incurred if the risk materializes. Components of Project Risk Management Important components in project risk management are: Risk Assessment — The assessment and identification focuses on enumerating possible risks to the project. Identify the possible risks and assess the consequences by means of checklists of possible risks, surveys, meetings and brainstorming and reviews of plans, processes and products. The project manager can also use the process database to get information about risks and risk management on similar projects. Risk Control — Identify Continue reading
Project Life Cycle
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