Subject: Project cost estimation, budgeting & cash flows
Names of Group members:
Prof. Deepak Jakate
Project Definition: Why, What, How?
How does a project get started?
How do you know what it is supposed to achieve?
How do you know what approach is required?
How do you know that it is a good idea in the first place?
How will you know if you succeeded? Business needs Project definition Project execution
Before you can effectively manage a project, there needs to be a shared understanding of that project - its purpose, objectives, scope, sponsorship, funding and mandate. Some people would define the project as not existing until it has an adequate definition. In the real world, projects often need to get moving while at least some of these questions remain imperfectly answered.
“The art of directing and coordinating human and material resources throughout the life of a project by using modern management techniques to achieve predetermined objectives of scope, quality, time and cost, and participant satisfaction”.
Project management is the discipline of planning, organizing, securing and managing resources to bring about the successful completion of specific project goals and objectives. It is sometimes conflated with program management, however technically that is actually a higher level construction: a group of related and somehow interdependent engineering projects.
A project is a temporary endeavor, having a defined beginning and end (usually constrained by date, but can be by funding or deliverables), undertaken to meet unique goals and objectives, usually to bring about beneficial change or added value. The temporary nature of projects stands in contrast to business as usual (or operations), which are repetitive, permanent or