History About What Is Project Management

Published Date: 02 Nov 2017

Introduction

What is Project Management?

A project is a temporary exertion started to create an exclusive product or a service (PMBOK, 2004)

Project management is managing a project, Even though project is enormous or minor. All the projects are temporary, undertaking once only. The projects can be involve may be one person or thousand people. It depends how large is the project. Project May started by a single organization, or by an alliance of several stakeholders.

Different types of projects

Enormous Projects ( Large )

Enormous projects takes time to finish .and large number of money and time will takes to finish the project. For an example: construction of a hotel, or renovation of a property.

Small projects

Small projects are can be done gradually. In our day by day activities we can do small projects.in working environments we can achieve some kind of small projects.

Business related projects

These projects can have conduction an annual meeting plan. And can be any other with the fine dining dinner arrangements

Above details are to get a basic idea of a project and how it is work. The projects can be people involved projects or not.it depends on the project type and how large is the project going to be.

Hardware and software projects

These projects are under information technology project. It can be java projects managing and building website. Less manpower will attend. Software and hardware will take the place .

Project management

Managing a project is with the Scope, Time, and Resource. According to the project requirements the project manager must act. With the available resources managing the time all are under project management. Managing a project depends on the feedback; Control elements and human recourse management are under managing a project

Project stakeholders’ analysis

Stake holders are the people who are interest with the project. It can be internal or external. In a company the stakeholders includes company directors, managers, Executives, Employees and the eternal elements like customers and government. Analyzing stakeholder is the people who are involving to the project. And with the tools and responsibilities it should analyze. It’s like building a team work.

Project Charter

Project charter is a document. That proves the management support in a project. It includes,

The main reason for undertaking the project.

Purpose, the aim and targets of the project.

The roadway of the project. How it’s going to be.

Characteristics of the main stakeholders

Main uses of the project charter is,

After finalizing the return on investment, Project can be ranked and can get authorized. And the project charter can be functions as a primary sales document.

Advantages and dis advantages of project management

Advantages

Cost- Lower cost

Work quality is high

Managing with human resources

Increase customer relationship

Time managing is high when working with people

Best results at the end

Smooth work and large quantity of work can be managed at the same time

Disadvantages

Environment unpredictable.

Time wasting when the resources are low.

Tools and techniques can be low.

Focusing on other assumptions will lose concentration of the project.

Different types of projects

There are different types of project when it comes to the project management. And it is not only talking about construction projects or refurbishment projects. Other than that there are web projects, Internet project, and Java project. These projects are information technology projects. Mention projects will be contingent on the Scope time and resources.

Project Manager Duties

The project manager is the key person of the project. End results of the project will depend on his work and, how the way he acts while the project is going.

Managing the work in the field. Creating implements in the project.

Under his guidance and information will depend on the next work of the project.

Preparation of the project, creating new ideas and implementing those ideas.

Managing day by day work lord and detached the work according to the work breakdown structure.

Investigates project revenue, utilizing accounts and keeping records, to finalize the project.

Discussion

What is project management?

Project management is the submission of Skills, Knowledge, planning and implementing. According to the PMBOK 2004 Project management is,

Obtainable capitals and prospects

Contradictory stakeholder significances

Recognized needs and project scope

Quality and quantity

Managing a project is unconditionally different from regular work. Project has limited time and scope and resource.

Projects

Regular Work

Project can be happened only once.

Day to day work, no time frame. Can do any time.

High risk.

Lower risk.

Fix cost and limited scope.

Can extend cost.

High objectives.

Objectives are not depending on work. Dissimilar from one and another.

Five stages of the project management

Souses: http://www.brighthubpm.com/monitoring-projects/1907-successfully-guide-your-projects-to-completion-with-the-pm-life-cycle/#imgn_0 Retrieved on 06th of February 2013

Core Functions

Triple concept of the project

Scope management

Time management

Cost management

Each and Every project is controlled in dissimilar conducts by its scope, time and cost goals. It has many concepts. These elements are changing project to project. To build a spectacular project with success a project manager need to concerned about the scope, time and the same time most significant object is balancing the project cost.

Project Scope management

Project scope management is the visualization of the project. What exertion can be done first and scope planning, evaluating the work lord are under project scope management

Project Time management

Managing time of the project is the foremost duty of a project manager. Considering about the time, it is the critical path and the most essential part of the project. According to the customer request the project manager must end the project by time. Time management is an investment to the project stakeholder.

Project cost management

The cost of a project is mostly referring about finance adjacent of a project. Balancing and controlling project cost is the one of the main responsibility of the project manager as well as the stakeholder, once the project cost controlled and properly managed well at the end it is a good representation of a successful project.

Work Breakdown Sturcture (WBS)

WBS shows the duties of the projects and splitted work areas of the project.

Gantt chart

It is a bar chart using in project management. Gantt chart specifies activates from begging to the end.

(Sourse https://www.google.lk/search?q=gantt+chart&hl=en&tbo=d&rlz=1C2CHFX_enLK508LK520&source=lnm , Retrived on 05th of February 2013

Network diagram

Network diagram contains al activates in the project. By using a network diagram will manage to lead the project work breaking down structure.

(Source: https://www.google.lk/search?q=network+diagram+in+project+management&hl , Retrieved on 06th of February 2013

Critical path

Critical Path Analyzing ( CPA)

Critical path is planning the project tool. The tool is a convenient tool in project management. It safe guarded a project and makes the project management work speedily. Moreover capitals used as professionally as conceivable and the critical path will depend on the correctness of the information used.

Advantages and disadvantages of project management tools

Project finance management

According to the project finance management it not likes other finance management. From starting of the project till the end of the project and then after the future of the project under finance management and all finance management is future investment of the project.

Referring to project finance management that estimate project budget, Project cost emanates under project expenses as well as the profit of the project.

The Finance analysis

Below mentioned are some of the financial analysis using in project management and , after managing project once the product done , same analysis will use for future aspects

Cost benefit analysis (CBA)

The cost benefits analysis is the comparison between benefit of the project against the sustained cost of the entire project. Cost benefit analysis shows the lost and profit of the entire project.

Cash Flow statement

The cash flow statement contains with,

Brought forward.

Income.

Total amount.

Expenses.

Closing balance

Cash flow = Income – expenditure

Attached below example cash flow statement ( Source: http://withfriendship.com/images/b/9191/Cash-flow-statement-picture.jpg , Retrieved on 06th February 2013 )

Net Present value (NPV)

NPV appraise the accurate value of the money in time and,

NPV = Discount factor X Cash floor

Return on investment (ROI)

Return on investment specifies the Average of profit what will gain from the current project as a result of the entire project expenditure.

ROI = (Total discounted benefits – Total discounted costs)

Total Discounted costs

Pay Back period

Payback period = Year before full recovery + Uncovered cost at start of the year

Cash flow during the year

According to the payback period calculation, divided uncovered cost at start of the year will divide by the cash floor during the year and add full recovery year before equals the pay pack period.

Human Resource Management

Recruiting project team employees, managing and guide them. Those are under project management HR process. This area is the most crucial area of project management. Starting from hiring labors to the top management planning are under HR process.

Communication Management

The communication process is continuing while executing the project. Correspondingly at the time planning the project communication management enchanting a highest place and the information will transfer both internal and external surroundings.

Project Risk Management

While executing the project, project risk may perceive. Consequently the potential risk will balance at the uttering time of the risk. During managing may occurred restrictions for the project. And it will waste time, cost and scope of the project. The risk management of a project facing difficulties and risk can be internal or risk .simultaneously risk will highly effect to the current project if it is not managed well.

Procurement Management

Procurement management refers stress on external parties to make the project successful. And finally this impact will make the project to a better culmination.

Project management concepts

There are three concepts mention below.

Project Quality management

Under project quality management there are three fundamentals, Project planning, project assurance and finally project controlling. The project quality will depend according to the customer satisfaction.

Managing by objective (MBO)

It is called effective management. Setting goals and achieving targets, and competently managing employees.

Six Sigma

Managing high performance along with approaching to the root causes.

Source: https://www.google.lk/search?q=six+sigma+theory&hl , Retrieved on 07th of February 2013

Conclusion

Planning a project by implementing new ideas to the tourism and hospitality industry, will increase revenue. Similarly by managing virtuous projects will effect to the hospitality industry and may open new prospects in near future. In view of managing a project once the project is over, if it is a construction project, the job opportunities may increase. And executing a tourism projects will also increase the revenue.

Via using all project management concepts, theories, and techniques appropriately, with meeting all the deadline at the right time will reduce project cost and time. Finally it may guide to a successful project, and at end the project will become a good revenue generator along with higher ROI in the organization.

When it comes to a conclusion, it was obvious that managing a productive project in tourism sector is a growth of generating revenue in near future.

Moreover government should monitor the progress and have some benchmarks with the help of expert to maintain the standards of the products in the hospitality industry. Once the industry will rise up the reputation of the county may amplified, and moreover by managing projects, not only the construction projects, Other than that, according to my above discussion, there are numerous project can be implemented. And according to the technics, theories, and concept of project management will lead to a better product.