A project consists of interrelated activities which are to be executed in a certain order before the entire task is completed. The activities are inter-related in a logical sequence which is known as a precedence relationship. A particular activity of a project cannot be started until all its immediate preceding activities are completed. A project can be as simple as the construction of a house and it can be as complicated as the construction of metro network in Delhi.
Project is a temporary endeavor undertaken to create a unique product, service or result. A project is defined as temporary because it has a defined beginning and end time, and it is unique because it has a particular set of operations designed to accomplish a goal
A project is a one shot, time limited, goal directed, major undertaking, requiring the commitment of varied skills and resources.
CHARACTERISTICS OF PROJECT:
- Project is one time activity which never be repeated exactly in the same manner.
- A project has a definite start and finish.
- A project uses a cross-sectional relationship because it needs diversified skills and talents from different professions.
- A project has definite goals and end results that can be defined in terms of cost, schedule and performance requirements.
- Project demands investments and the benefits are spread for number of future periods.
- Once the project goals are achieved, the project team will be either disbanded or reconstituted for another new project.
- Project passes through several distinct activities which constitute a project life cycle.
What is Project Management?
The project management is the discipline of planning, organizing, motivating and controlling resources to achieve specific goals. The main challenge of project management is to achieve project goals and objectives while keeping in mind the project scope, time, quality and cost.
Project management actually began in the early 1950s. The need for project management arised observing the benefit of organizing work within the project and critical need to co-ordinate across different departments and professionals.
Project management mainly deals with these ten areas
- Human resources
- Stakeholder management
Project Management Objectives
While preparing project, look project into these three perspectives, it helps to give much better understanding of the whole process
- How does project fit into the organization?
- How the project will evolve over time?
- What skills are required to manage the project successfully?
IMPORTANCE OF PROJECT MANAGEMENT:
Project Management is concerned with defining project activities (planning, organizing, scheduling and controlling) maintaining their integrity and ensuring that they are performed as desired within the allocated time and cost budget, using organizational and non-organizational resources.
It is generally applied for constructing public utilities, large industrial projects and organizing mega events. Project management is considered to be an important field in production scheduling mainly because many of the industrial activities can also be viewed as project management problems. Many modern projects involve great technical complexities and requires much diversity of skills and to cope up with complex kind of activities, new form of project organizations and new practices of management have evolved. Project management is one of the most challenging and creative tasks.
- It is important because it ensures what is being delivered, is right, and will deliver real value against the business opportunity.
- It is important because it brings leadership and direction to projects.
- It is important because it ensures there’s a proper plan for executing on strategic goals.
- It is important because it ensures proper expectations are set around what can be delivered, by when, and for how much.
- It is important because it ensures the quality of whatever is being delivered, consistently hits the mark.
- It is important because it ensures risks are properly managed and mitigated against to avoid becoming issues.
- It is important because it ensures the right people do the right things, at the right time – it ensures proper project process is followed throughout the project lifecycle.
- It is important because it ensures a project’s progress is tracked and reported properly.
- It is important because someone needs to be able to understand if everyone’s doing what they should.
- It is important because it learns from the successes and failures of the past.