Q1. Explain briefly the life cycle of a project Ans: As per the Indian Project Management Association, any projects have to pass through the following 7 life cycles to be concluded in order to be concluded. 1. Conceptualize 2. Plan 3. Organize 4. Implement 5. Control 6. Integrate 7. Deliver & close out 8. Knowledge leverage. 1. Conceptualize :
This is the initial stage in the project. At this stage the project is sprouted as an organizational dream or vision which stems out of the demand of the business, social or environmental need of the organization in line with its stated business objective. The conceptualization takes place at Apex level of the organization ( Sponsor of the project) may or may not relay upon the feed backs from various stake holders. At this stage a business case analysis duly authorized by the top management is carried out to evaluate the following • • • The need and reason for which the project is undertaken The changes that the project is expected to accomplish The key project requirement that are required to achieve the project goal(s)
Further to the business case analysis, feasibility study covering both financial and nonfinancial aspect of the project is done. Various evaluating tools available for this purpose is employed as per the scale of the project. A Project Charter comprising of the above aspects is delivered in to next stage in the life cycle.
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2. Planning Planning is an art and science of converting a set of objectives to realization through a series of steps executed in an organized and predicted way so that there will be less requirement of changes in the scheme on a later day. Planning is a dynamic activity and it may change from time to time but planning is essential before the implementation or execution phase of the project starts. The ultimate aim of the plan is to avoid course and mid course changes as too many changes can lead to time and cost over runs and eventually affect the project success. Role of a Project Manager and his team is of paramount importance at this stage. A Project Management Plan is the outcome of this stage of project life cycle. The project management plan encompass the following aspects in details. • • • • • • •
Why of the project ( Mitigating a threat or utilizing an opportunity) What is the objective of the project Who will execute what When will various activities be executed Where will the project be set up. How the project activities will be carried out How much of various items will be executive.
Plan and control are two significant stages in the project. The plan forms the basis for control of project activities. In essence, without plan there will not anything to control. Therefore, planning forms a major stepping stone towards project implementation and its success. 3. Organize : This stage follows the planning stage. Organizing stage deals with laying foundation for implementation stage. obtained. Responsibility matrix, in line with the work breakdown structure delivered from project management plan, is put in place. The implementation team and control teams are drawn and due responsibilities are assigned. In organization stage various statutory approvals, financial commitment from sponsor, concurrence from other stake holders of the projects etc are
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Various vendors, suppliers and service providers are finalized. A start up check list is drawn. The readiness to commence the physical work is the outcome of the Organization stage. The organization stage marks firm financial and management commitment on the project and abandoning the project at this stage and beyond carries increased risk. Therefore a system of risk and risk management system is also put in place at this stage and beyond. 04.Implement Implementation stage is marked with increased physical activities and cash flow. The various elements of the projects are procured, constructed,...