What is a Project?
PROJECT MANAGEMENT
Project is a complex of non-routine activities that must be completed with a set amount of resources and within a set time interval. - Clifford Gray
Sanjeev Bajaj Reader, Finance Area
Characteristics of a Project Specific and clear objectives concerning time, budget and quality; A temporary organization run by teams that are often specifically assembled; Require large amount of funds; Operates under tight schedule to time; Focus on issues of Risk and uncertainty; No benefit till project is complete.
Importance Long-term effects, Irreversibility, Substantial outlays.
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Difficulties
Types of Projects
Measurement Problems, Uncertainty, Temporal spread.
Strategic or Tactical
Types of Projects Mandatory investments, Replacement investments, Expansion investments, Diversification investments, R & D investments, Miscellaneous investments.
contd.
Types of Projects
contd.
Projects are under taken to create Physical assets, Monetary assets, Intangible assets.
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Steps in Project Management Planning
Levels of Decision Making Type of Decision
Operating Decisions
Administrative Decisions
Strategic Decisions
Where is Decision Taken
Lower Level
Middle Level
Top Level
Selection Financing
How structure is decision
Routine
Semi-structured Unstructured
Analysis
Implementation Review
Level of resource Minor commitment What is the time Short-term Horizon
Moderate
Major
Medium-term
Long-term
Project Feasibility Study Market analysis, Technical analysis, Financial analysis, Economic analysis Ecological analysis
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