1. Define a) Project b) Project Management c) Process d) Resources e) Project Cost .
Clear and accurate definition of a project is one of the most important actions you can take to ensure the project's success. The clearer the target the more likely you are to hit it. Defining a project is a process of selection and reduction of the ideas and perspectives of those involved into a set of clearly defined objectives, key success criteria and evaluated risks. This definition process should culminate in the production of a Project Definition document, sometimes called a Project Charter. The Project Definition document should be approved and issued by a manager with the authority to apply organisational resources to the project activities. Therefore, the seniority of the manager or the management team will be commensurate with the size, cost and business value of the project. As a minimum, the Project Definition should include a statement of the business need that the project seeks to address and the description of the product, service or deliverable business objectives that will be its output. When a project is performed under a contract between seller and buyer, the signed contract may well serve as the project charter for the seller. However this may not necessarily be the case for the buyer whose project may include more than the product or service purchase under the contract. The way to define a project is to ask a standard set of questions of yourself (as project leader) the project team, colleagues with particular expertise and senior managers. The questions fall into the categories given below.
Project management is the discipline of planning, organizing and managing resources to bring about the successful completion of specific project goals and objectives. A project is a finite endeavor (having specific start and completion dates) undertaken to create a unique product or service which brings about beneficial change or added value. This finite characteristic of projects stands in contrast to processes, or operations, which are permanent or semi-permanent functional work to repetitively produce the same product or service. In practice, the management of these two systems is often found to be quite different, and as such requires the development of distinct technical skills and the adoption of separate management.
Project Management Processes
Each project process describes the procedures you would take as a Project Manager, to manage an element of the project. For instance, the Risk Management Process will tell you how to identify, review, mitigate and monitor project risks more effectively. It also describes the roles and responsibilities of each team member, when taking part in project risk management.
To develop an approximation of a project cost depends on several variables including: resources, work packages such as labor rates and mitigating or controlling influencing factors that create cost variances tools used in cost are, risk management, cost contingency),cost escalation, and indirect costs . But beyond this basic accounting approach to fixed and variable costs, the economic cost that must be considered includes worker skill and productivity which is calculated using various project cost estimate tools. This is important when companies hire temporary or contract employees or outsource work.
2. Write a detailed note on project planning, scoping, planning tools and estimation.
In this phase the team decides how the project will be done: by whom, for how much money, how long. An output from this phase is the project plan, which is approved by the sponsor, customer, and other key stakeholders (people or groups affected by the project). There are three sections to each plan: • Scope - what will be produced and we break that down into subparts. • Assurance - how to assure that the project will be...
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