PROJECT MANAGMENT

Project
A project is a temporary endeavor undertaken to create a unique product, service or result. Project characteristics Temporary definite beginning and definite end Unique product, service or result Progressive elaboration ; means developing in steps and continuing by increments. Fr eg, the project scope will be broadly described early in the project and made more explicit and detailed as the project team develops a better and more complete understanding of the objectives and deliverables.

PROJECTS Vs. OPERATIONAL WORK Projects and operations differ primarily in that operations are ongoing and repetitive, while projects are temporary and unique. Purpose of project is to attain its objectives and then terminate. Objective of ongoing operation is to sustain the business.
Projects involve one or many organizational units, such as joint ventures and partnerships.

Examples of Project
Developing a new product or service Effective a change in the structure, staffing, or style of an org. Constructing a new building or facility Implementing a new business procedure or process Developing or acquiring a new or modified information system

Projects & Strategic planning

Projects are utilized as a means of achieving an orgs strategic plan. (means of organizing activities that cant be addressed within the orgs normal operational limits) Projects are typically organized as a result of strategic considerations 1. A market demand ( fr meeting demand in d market) 2. A organizational need ( to inc revenues ) 3. A customer request 4. A technological advancement 5. A legal requirement

PROJECT MANAGEMENT
Project management is the application of knowledge, skills, tools and techniques to project activities to meet project requirements. PM is accomplished through planning, executing, monitoring, controlling and closing. 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, plan, and approach to different concerns and expectations of the various stakeholders.

Benefits of PROJECT MANAGEMENT

PM allows us to accomplish more work in less time, with fewer people. Profitability will increase. PM will provide better control of scope changes. PM makes the organization more efficient and effective through better organizational behavior principles. PM will allow us to work more closely with our customers. PM provides a means for solving problems. All projects will benefit from project management. PM increases quality, will reduce power struggles. PM allows people to make good company decisions. PM delivers solutions. PM will increase our business.

General Management knowledge and skills

General management knowledge encompasses of planning, organizing, staffing , executing and controlling. Supporting disciplines include 1. Financial management & Accounting 2. Purchase & Procurement 3. Sales & Marketing 4. Logistics & SCM 5. Mfg. & Distribution 6. Strategic planning, Tactical planning & operational planning 7. Org structure, org behavior, personnel admin 8. Health & safety practices 9. IT

REFERENCE Project Management A Managerial approach by Jack Meredith