Project Management: Importance in Detail

In a competitive global economy, project managers can't survive without leaning efficient Project Management. So here’s a presentation giving an insight into the different components of project management. Discover more about Project Management and what benefits it offers, and choose understand its related concepts.

1. PROJECT MANAGEMENT

3. Basic Concept
Project: It’s a temporary group activity designed to produce a
unique product, service or result.
Project management: It is the application of knowledge, skills
and techniques to execute projects effectively and efficiently. It’s
a strategic competency for organizations, enabling them to tie
project results to business goals — and thus, better compete in
their markets.
The primary challenge of project management is to achieve all of
the project goals and objectives while honoring the preconceived
constraints. The primary constraints are scope, time, quality
and budget. The secondary —and more ambitious— challenge is
to optimize the allocation of necessary inputs and integrate them
to meet pre-defined objectives.

4. Project management is all about calculating
the pitfalls and creating outlets to avoid the consequences.
 All the projects share a common aim – following ideas and
activities to shape them into working realities.

 Even if the project is well planned and carried still the
possibility of encountering dangers exists.

6. Importance of Project
Management
The importance of project management is an important
topic because all organisations, be it small or large at one
time or other are involved in implementing new
undertakings.
These undertakings may be diverse such as the
development of a new product or service; the establishment
of a new production line in a manufacturing enterprise; a
public relations promotion campaign; or a major building
programme.

7. Points to successful project
management in an organization
Understanding client needs
Planning
 Clear communication
Implementing Plan
Managing change
Evaluation

8. STAGES In Project
Management

10. Advantages
Business advantage: By timely achievement of goals, optimal
resource utilization and information based decision making.
Competitive advantage: Workforce energized by culture of
execution and collaboration, customer satisfaction by
“profitable” results
Tangible benefits for individuals at various levels in
organizations.
Minimization of conflicts and confusions

12. Considerations
Project Portfolio Management
Resource Management
Document Management
Cost Control
Budget Management

13. Contd…
Resource Allocation
Communication
Quality Management
Documentation System
Administrative System

14. Methodologies
Plans
Organising
Staffing
Guiding
Monitoring
Innovation
Completion

16. Objectives
Desired end results
Expenditure
Timely completion

18. Steps
 determining how to plan
developing the scope statement;
selecting the planning team;
identifying deliverables and creating the work
breakdown structure;
identifying the activities needed to complete those
deliverables and networking the activities in their
logical sequence;

20. Importance Of Project
Maintenance
Project Maintenance is an ongoing process, and
it includes:
 Continuous support of end users
Correction of errors
Updates of the time utilized

21. Major Project Types
Civil Engineering, Construction,
Petrochemical, Mining, and Quarrying
Manufacturing Projects
 Management Projects

22. Project Identification
Project identification is used to determine the
organizational needs .
It explores the users needs, and converts them into a
formal, planned, resourced and funded project.
 It defines the project’s objectives and goals

23. Importance of Project
Identification
Entrepreneurship Management
It has long term consequences (make or break)
involves commitment which can not be easily reversed
Ideas are put into action
Projects are catalytic agents for economic development
Involves creative use of resources- manpower, capital, raw
materials etc.

24. Shortcomings in Managing
Delays in one area not communicated to a dependent
area.
Schedules having short-term forecast range.
 Long-term planning at the activity-level non-existent.
Schedules not identifying true critical paths and not
including non-working time and defect estimates.

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