Lecturer: BBA, MBA (Finance & Banking, CU)
School of Business (UITS)
Subject: “Project Management Practices in Bangladesh”
Name of Student: Mahmud
Name of Program:EMBA
Semester:3rd Semester (Fall-2009)
Date of Submission:1st January, 2010
Project Management Practices
Project management is defined by the set of principles, methodologies, procedures and practices used to ensure that "projects" are completed on time, on budget and as required. To qualify as a project, the designated initiative must have specific goals, a clear beginning and end, assigned resources, and an organized sequence of activities, tasks and events.
Project Management Practices Start With the Basics
When addressing project management practices, the best place to start is with a few definitions of project management terms. Task - an individual item of work that has a beginning and an end. Duration - the amount of time it takes to do a task.
Resources - the people or things [machinery, equipment, conference room] that actually perform the work of each task within allotted time and cost. Phases or Categories - groups of related tasks; a series of events for one phase that must be completed before the next phase [group of related tasks] can begin. Each phase is a complete cycle, at a minimum-- Project planning phase
Project execution phase
Project closure phase
.although there can be many more phases. Each phase has a review process at its end and it produces a deliverable or product. . Milestone - an important event; can be marked as the beginning or end [sometimes both] of an event or series of events; usually a major stage of completion, often associated with a deliverable.
Project Management Practices - Define Project Well
Project - work that is not normally done [what we normally do is operations, not a project]. A project will have to meet four criteria- Temporary - it has a beginning and an end; so its project team will only exist for the purpose of that project Unique - the outcome is one of a kind. However, projects might well be similar, so planning will consider what others have accomplished that is similar, and the way those other projects might have elements that are the same or different. And a SWOT Analysis will consider whether these similarities and differences are Strengths or Weaknesses. A Creation - because you are creating something that did not previously exist, you are probably going to go through phases of development, and there will be many people and even other organizations who have a stake in the outcome. Communicating the project's status and progress through the phases will be important.
A Product - is the goal of the project
We measure the project's value by how it met the goal of producing the product or service. Now, with the basics out of the way, let's look at some project management best practices. Project Management Practices - Apply to Any Type of Project Activity The obvious types of projects come to mind - huge civil engineering projects like bridges and power dams; construction of residential and commercial properties; implementing or upgrading computer systems. But project management practices and techniques can and should be applied to any activity that meets project definition: The annual marketing plan;
All of the corporate budgets;
Developing or upgrading human resources manuals and policies - Designing and installing a new CRM
Overhauling your bid-response system
Preparing for the annual audit
Virtually every consulting engagement whether you are hiring the consultant or are the consultant
Project Management Practices - Don't Cut Short on the Planning Phase Fast-Tracking, Rapid Application Deployment, Rapid Deployment and many other euphemisms started...