PROJECT MANAGEMENT ASSIGNMENT 1

What is meant by project management? Please indicate some of the benefits of learning / practicing project management.


20 marks]

Set of jobs usually directed towards some significant outcomes & requiring a significant period of time is termed as a project. The management of such large number of activities poses complex problems in planning, scheduling, directing & controlling resources. Project management is nothing but synchronization between all these above mentioned activities, especially when the project activities have to be performed in a specified technological sequence. The two methods critical path method & program evaluation & review technique are aids to efficient project management. However, they differ in their approach to the problem & solution technique.

After getting a tutorial of project management, any manager gets the ability to organize & schedule the activities in a proper way. The time management is often considered as a mandatory factor; hence, identifying the deadlines is the most critical issue for a project manager. To be formal, learning aids of project management are:-

• Planning the project ahead of time & foresee possible sources of trouble & delays in completion.

• Schedule the project activities at the appropriate times to confirm with proper job sequence so as to complete the project ASAP.

• Coordinate & control the project activities so as to stay on schedule in completing the project.

Write short notes on the following topics:


a) Opportunity studies
Before starting with any new projects parties involved in it make studies regarding the chance of success in the project. So for this purpose opportunity study is done which includes feasibility study, detailed study & technical study.
Opportunity Study:

In the preliminary stage parties involved in the project evaluates whether the concept is viable or not. The purpose is to understand whether the users request matches with the objective of the organization. In opportunity phase the needs of the client should be identified & plans should be made according to that. Opportunity study leads to the making of the scoping note & it shows the intent of the project.


Feasibility Study:

It evaluates the economic, organizational & technical feasibility of the project.


Detailed Study:

This is done to understand all the phases of the project & to see that the process is maintained as per the requirement.
Technical Study:

In this study design of the technology that needs to be used is made to understand the technological requirement of the project.
b) Feasibility studies


When a person wants to start a new business or to expand, consideration of strengths and weakness of the business to be started is known as feasibility study. By doing this study a business person can find the answers to an important question: whether business is viable, idea will work and how to proceed to attain objective.

Various components of feasibility study are description of business, market feasibility, technical feasibility, financial feasibility, organizational feasibility.

By doing feasibility study people arrive on decision of go or no-go with the idea of business. It is one of the critical steps while starting a business and if this step proves to be right then investment made in the particular business will be best ever.
c) Project Planning and Management Cycle – various phases and their inter-connections


Phases of Project planning:


1. Project Initiation:

At this stage management decides that a project is needed & establishes their objective & also estimates resource required for it.
2. Project definition:

Project plan & schedule is done foe operational purpose here.
3. Project Implementation:

Here main works of the project is done.

4. Project Completion:

Project is terminated at this stage.
Phases of Management Cycle:
1. Identify Needs:

Business needs & objective is identified at this stage.

2. Plan:

Makes plan about how to go with the process & what sort of technology to use.

3. Adopt:

Here the technology is adopted before going for another one.
4. Maintain:

Here the whole process is maintained as decided before.
3. Evaluate:

Evaluation is done so that to know if everything has gone as per plan. & if any changes is required that is done.
[20 marks]