Project Management Lecture 1 Basics of Project Management

Why PM Nowadays…? �Economic reasons and other changes in the external factor put a lot of pressure on management. �Usually management has no control over external factors. �Therefore, management prefers to look internally rather than externally.

Why PM Nowadays…? �Firstly, they go for cost reduction programs up to a limit. �Then they try to make optimum use of available resources �Traditionally, construction of defense industries were taken as project related industry but now all pro-active companies structured their work as management by projects

What is a Project � Series of activities and tasks having: � Defined objective � Defined specification and scope � Defined start and end time � Defined life cycle (beginning and ending with number of phases in between) � Defined budgets/funds � Set of activities are essentially unique and non-repetitive � Consume human and non-human resources � Multifunctional

What is a Project �May be defined as: � An endeavor in which human, machine material and financial resources are organized in a novel way to undertake a unique scope of work of given specification within constraints of time and cost, so as to deliver beneficial change defined by quantitative and qualitative

What is a successful Project? � It is the one which is: � Completed within allocated time period � Within the budget cost � According to defined performance level � According to customer expectation � By utilizing assigned resources efficiently and effectively