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: Analysis – assessing and setting the priorities of the project objectives and requirements; Choice – considering possible options, evaluating them and selecting the most appropriate; and Implementation – putting the chosen strategy into effect. During strategy preparation, it may be necessary to seek specialist advice from other consultants, for example, in relation to expected costs for the project. The adviser should advise the client on this. Specialist advice should besought when developing the strategy for novel or Continue reading
Project Management Concepts
Essential Skills for Project Managers
To be a good project manager, it is important to possess several skills in order to manage the project in the organization. Project managers need to have a wide variety of skills which can help them to do the best in project management. All the skills that possess by the project manager is determinant of the success of the project in project management. It is to fulfill the responsibilities as the project manager. There are several major knowledge and skill categories for project manager. Skills requirement of the project manager divided into four categories. Below are the four major knowledge and skills categories of the project manager. Project management process skills: Project Management process skills are the knowledge and skills related to the mechanism of project management. The project manager should be knowledgeable about tools, techniques and process technology in project management as well able to apply them in real 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
Project Financing – Financing Options For Projects
Project advisory services falls under one of the core branches of corporate advisory services. It deals with the decision of financing a project based on its strength of assuring the future cash inflows. In other words Project financing deals with financing a project, which can in turn generate return for its stakeholders and help in repaying the interest and loan on the proposed project. The assets used for undertaking that project are used as collateral for financing that project. The following constitute the differences between project financing and the other types. In project financing, the lenders look at the strength of the project to perform and generate sufficient returns to serve the interest and loan on that project. Even if the assets are taken as collateral, they may not be able to cover the entire loan through the sale of assets. Hence the lenders mainly look about the profitability of Continue reading
History and Development of Project Management
A project is a temporary endeavor to create a unique product, service or result. The temporary nature of projects creates a defining beginning and end. Project management is the application of knowledge, skills and tools and techniques to project activities to meet the project requirement. Project is accomplished through appropriate application and integration of different process groups. A project fills an essential need in society. Indeed, projects are the major mode in which change is accomplished. It is the mode in which corporate strategy is implemented, business change is addressed, productive teams and their necessary competencies are dealt with, quality of deliverables, and tracking pre-established metrics for management’s decision making, as well as closing out a project and creating lessons learned are performed. Historical Developments on Project Management Pre – 1950 Era The project management is now in its modern form. There has been some form of projects since early Continue reading