Topics: Project management, Net present value, Internal rate of return Pages: 60 (16793 words) Published: April 29, 2014

1. Define ‘Project’. What are the main characteristics that identify and differentiate projects? Do you think that the specialized project management techniques can be applied effectively to non-engineering areas of organizational functions? Explain your answer with suitable examples.

Project is a temporary endeavour undertaken to create unique product or service. Project is also defined as a unique set of coordinated and inter-related and inter-related activities undertaken by an organisation to meet defined objectives; that have an agreed start and finish time; is constrained by cost & resources and has specified performance requirements.

Characteristics of a project:
Project has a definite start and finish.
Project consists of a well-defined collection of jobs, activities, or tasks which when complete; mark the end project. The jobs may be started or stopped independently of each other, within a given sequence. The jobs are ordered – i.e., they must be performed in technological order.

Project management has become a proven approach to achieving specific objectives in time. If properly applied, project management techniques supply structure, focus, and control and help to drive a project team to the completion of work. Today, the definition of a project has expanded to include recurring situations, one time crisis, and dealing with difficult issues, so that projects and project management apply to various business situations that have to deal with complexity. Legal offices, hospitals and other services as well as traditional manufacturing firms have become enthusiastic about the ways in which project management is improving their delivery of services or creation of new products.

Some typical examples are:
Annual budgeting / auditing exercises
Introduction of new systems (ISO 9000)
Organizational restructuring
Software development & implementation
Development of new product
Campaign for new product launch
Organizing AGM / sales conference

2. Define “Project Management”. State the scope of the “Project Management”.

Organised Venture for managing Projects. It involves scientific application of modern tools and techniques in Planning, Financing, Implementing, and Monitoring, Controlling and Coordinating unique activities or tasks to produce desirable outputs in consonance with pre-determined objectives, within the constraints of the Time, Cost, Quantity and Quality.

The Project Management Covers:
(i) Idea generation, analysis and finalisation of one or more ideas for implementation. (ii) Preparation of feasibility reports for various projects (ideas), working out facilities and finance requirements, benefits and long– term viability as well as profitability. (iii) Identification of partners needed.

(iv) Technology requirements.
(v) Organisational requirements.
(vi) Probable sites and building requirements.
(vii) Commercial aspects.
(viii) Environmental effects and action required.
(ix) Availability of Govt. Concessions etc.

3. Define “Project Management”. What are the main criteria for assessing success of projects?

Project Management is planning, organizing, directing, and controlling of company resources for a relatively short – term objective that has been established to accomplish specific objectives. Project Management is the application of knowledge, skills, tools, and techniques to project activities in order to meet or exceed stakeholder needs and expectations from a project.

Criteria for success:
Project is considered to be successful if the project objectives are achieved within its scheduled time, within budgeted cost, meeting the desired performance / technology level while utilizing assigned resources effectively and efficiently. The measurement and comparison of actual deviations or variances from the schedule, budget and set performance parameters for the project indicate degree of success.

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