components of project.pdf

Components of project _project management

1. 1.3. COMPONENTS OF
PROJECT

2. A project whether it is small or big , simple
or complex needs its various elements to
be integrated in such a way that the
project is completed in time withinbudget
and resources whilst meeting
performance specifications.

4. Objective and rationale
Objectives of project arewhattheeffortisdirectedtoachieve by
theendofproject.Project objectives also let teams know what they
should be focused on, what they should devote resources to, and how
their activities servewider project and institutional goals. Objective
can be breakdowninto key steps for assuring project overall
success.
Example ofobjectiveofprojectcanbe:
A. Developing capabilities of worker in BBSM by improving
competitive intelligence .

5. Strategic significance
Makingaprojectstrategy help to break the vision into
actionable steps .
Itisroadmapforsuccessandhelpsbuiltahierarchy of
purposes without a well defined strategy project may stall or
even fail.
Examples of strategies in project can be
1. Allocating specifictasktoteammembers
2. Balancing the budget and resource
3. Optimizing the time frame

6. Scope and deliverables
Scope is the work,broken down, that is required to achieve the goal
of the project.
Project scope is a detailed outline of all aspects of a project,
includingall related activities, resources, timelines, and deliverables,
as well as the project's boundaries.
A deliverable is a tangible or intangible good or service produced as
a result of a project that is intended to be delivered.
A deliverablecould bea report, a document, a software product, a
system upgrade, technology integration or any building construction.

7. Approach project plan
A project approach refers tothe set of
methods, practices, and processes applied to
plan, control, and accomplish a project.
It is what allowsproject managers to
logically and systematically make decisions
that will move their project forward.

8. Timeframe and Budget
A project has a limitedtime frame within which it has to accomplish
what it intends to
Creating atimelinesuitableforthespecific timeframe helps in
organizingthe work that needs to be done and hold the team
member accountable for completing the work in time. A well
designedtime management plan helps to clear direction and
priorities.
A project budget isthe total estimated cost of completing each
project activity over each phase of a project
It is important as it helps set expenditure expectations and is critical
in getting project approval, ensuring funds at the right time.

9. Structure and resources
Project structure isaframeworkdetermined by the authority, roles, and
responsibilities of the team members within the existing organizational
structure.
In a project-based structure,membersare assigned to projects and report to
the project manager.
Project resources are components that are necessary for successful project
implementation. They include mind, muscle, money and motivation–basically,
anything that you may require from the project planning to the project delivery
phases.
Resource management is the process of planning, scheduling, and allocating
resources necessary for successful project delivery.

10. Communication strategy
A communication strategy shows how information will be
disseminated to, and received from, all stakeholders
involved in project.
A project management communication planidentifies how
important information will be communicated to
stakeholders throughout the project. It also determines
who will be receiving the communication, how those people
will receive it, when they'll receive it, and how often they
should expect to receive that information.

11. Assumption/dependencies
Project Assumption can be defined as a statementthat
is generally considered to be a truewithout any proof
or evidence. It is one of the major factors in planning
process.
A project dependency can defined as an association
between two activities, in which one activity requires
input from the other. It simply means that one activity
is reliant on the otherfor its start or completion.

12. Risks and mitigations
Even the most carefully planned project can run into trouble.
A risk is any uncertain event or condition that might affect your project. For eg
hailstorm or a important resource being unavailable
A risk mitigation plan is designed to eliminate or minimize the impact of the risk
events
The project team may mitigate risks in various ways:
•Risk avoidance.
•Risk sharing.
•Risk reduction.
•Risk transfer.

13. Measure of success
It's important to measure the success of a project so the project
team can track progressand identify any process improvements.
Measuring project success provides valuable insight into customer
and team satisfaction, aids in continuous improvement, and
supports future decisions.
Project evaluationallows a project team to reflect on the success
and failure of a projectbased on metrics set by the team.
Measure ofsuccess of a project can be determined by reviewing
project scope, evaluating project specifications, analyzing the
project budget, and reviewing client and internal satisfaction.