Project Management Strategy

PRINCE2 Methodology in Project Management

PRINCE2 is one of the world’s most widely used project management methodology. It was originally developed for UK government IT projects, its use has been widened to large projects of all kinds, and it has been taken up internationally in more countries in both public and private sectors such as police forces, telecommunication companies, banks, as well as other large commercial organisations and also used in enterprise resource planning implementations.

PRINCE2 stands for Projects in Controlled Environment and it was developed at a time when the UK government was outsourcing an increasing amount of its work, and the methodology incorporates best practice on the integration of internal teams and external agencies.… Read the rest

Abey Francis

Concept of 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 Organization (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 business mission, strategy, and project as well as portfolio management

Project Based Organizations refer to organizational forms that involve the creation of temporary systems for the performance of project tasks or activities.… Read the rest

Abey Francis

Phases of Project Management Life Cycle

A project is a temporary endeavor undertaken to create a unique product or service. A project is temporary in that there is a defined start (the decision to proceed) and a defined end (the achievement of the goals and objectives). Ongoing business or maintenance operations are not projects. Energy conservation projects and process improvement efforts that result in better business processes or more efficient operations can be defined as projects. Projects usually include constraints and risks regarding cost, schedule or performance outcome.

Project Management is the application of a collection of tools and techniques (such as the CPM and matrix organization) to direct the use of diverse resources toward the accomplishment of a unique, complex, one-time task within time, cost and quality constraints.… Read the rest

Abey Francis

Project Risk Management

Risk can be defined as uncertainty of outcome, whether positive opportunity or negative impact. Some amount of risk-taking is inevitable, whatever the project. There has to be a deliberate acceptance of some degree of risk because the value to the business makes it worthwhile.  Project risk management includes the processes concerned about conducting risk management planning, identification, analysis (both qualitative and quantitative), responses, and monitoring and control on a project; most of these processes are updated throughout the project.

Risk management in projects involves identifying and assessing the risks in terms of impact and probability, establishing and maintaining a joint risk register, agreed by the integrated project team, establishing procedures for actively managing and monitoring risks throughout the project and during occupation on completion, ensuring that members of the team have the opportunity to engage in a dialogue that will promote agreement of an appropriate allocation of risk, updating risk information throughout the life of the project, ensuring control of risks by planning how risks are to be managed through the life of the project to contain them within acceptable limits, allocating responsibility for managing each risk with the party best able to do so.… Read the rest

Abey Francis

Concept of Feasibility Study in Project Management

A feasibility study is an important tool for decision-making in project management. Accurate and  adequate information about the project like technology, location,  production capacity, demand, and impact on existing operations, cost  and benefits to the company, time span for execution, resources needed  should be included in the report. Alternatives if any should also be  suggested.

Feasibility Study in Project Management  can be defined as:  “A tool for transforming the initial project- A tool for transforming the initial project-idea into a idea into a specific hypothesis of intervention, through the identification, the specification and the comparison of two or more alternatives directed to achieve the defined objectives, by producing a set of information helping the Project manager  to take the final decision”

Market research or demand analysis, technical viability studies, financial or commercial  feasibility studies are other wise known as functional or support studies to aid the  decision-making.  … Read the rest

Abey Francis

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.  … Read the rest

Abey Francis