Project Management

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.
… Read the rest
Abey Francis

Project Management Process Groups

The project management processes are presented as discrete elements with well- defined interfaces. However, in practice they overlap and interact in ways that are not completely detailed here. Most experienced project management practitioners recognize there is more than one way to manage a project. The specifics for a project are defined as objectives that must be accomplished based on complexity, risk, size, time frame, project teams experience, access to resources, amount of historical information, the organizations project management maturity, and industry and application area. The required Process Groups and their constituent processes are guides to apply appropriate project management knowledge and skills during the project.… Read the rest

Abey Francis

Project Management Knowledge Areas

Project management is the application of knowledge, skills, tools and techniques to project activities to meet project requirements. Project management is accomplished through the application and integration of the project management processes of initiating, planning, executing, monitoring and controlling, and closing. The project manager is the person responsible for accomplishing the project objectives. Managing a project includes:

  1. Identifying requirements
  2. Establishing clear and achievable objectives
  3. Balancing the competing demands for quality, scope, time and cost
  4. Adapting the specifications, plans, and approach to the different concerns and expectations of the various stakeholders.

Project managers often talk of a ‘triple constraint’ – project scope, time and cost – in managing competing project requirements.… Read the rest

Abey Francis

Project Monitoring and Control

Any project aimed at delivering a product or a service has to go through phases in a planned manner in order to meet the requirements. It is very important to measure the performance of the current status of the project at anytime against its planned version. This helps to tackle any unexpected deviation in time, efforts and cost. It is possible to work according to the project plan only by careful and close monitoring of the project progress.

It requires establishing control factors to keep the project on the track of progress. The results of any stage in a project, depends on the inputs to that stage.… Read the rest

Abey Francis

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:

  1. 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.
… Read the rest
Abey Francis

Procurement Methods in Project Management

The development of procurement strategy follows the stages in the life of a project. Initially, a preliminary strategy is determined. It is based on a broad definition of objectives and is an essential step in establishing the way forward for the project. It encourages the client to consider strategy early. The preliminary procurement strategy is usually developed with help from the client’s adviser and possibly other consultants. Procurement strategy development has three components:

  1. Analysis – assessing and setting the priorities of the project objectives and requirements;
  2. Choice – considering possible options, evaluating them and selecting the most appropriate; and
  3. Implementation – putting the chosen strategy into effect.
… Read the rest
Abey Francis