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 Management
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
Procedural Aspects of Project Finance
The procedural aspects of project financing by banks and other major financial institutions consists of following stages: 1. Identification of the Project The project’s idea is introduced to providers by various sources: a request from the government concerned or financials identification missions may identify a proposal from other financiers, or it. Applications for financing are then sorted out and classified: projects to be financed are selected from amongst projects which have top priority in the development plans of the beneficiary countries and which meet the requirements established by the rules for financing set out by the providers and agreed upon by the government concerned. In all cases, an official request from the government should be submitted to financials before it decides to participate in the financing. 2. Desk Review and Determination of the Project’s Scope Experts, each in his field of specialization, study all the documents available on the project Continue reading
Strategic Issues in Project Management
An issue is something that has happened and either threatens or enhances the success of a project. Issue management is the process for recording and handling any event or problem. Some of the issues can be dealt within the project. However strategic issues may require a change in order to keep the project viable. The concept of “strategic issues” has emerged as a way to identify and manage factors and forces that can significantly affect an organization’s future strategies and tactics. Project owners need to be aware of the possible and probable impacts of strategic issues. The project team leader has the primary responsibility to focus the owner’s resources to deal with project strategic issues. In a project, a strategic issue is a condition of pressure, either internal or external, that will have a significant effect on one or more factors of the project, such as its financing, design, engineering, Continue reading