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What is a Project? a project is a temporary endeavor undertaken to create a unique product or service. Project has a life Cycle Every project has a life cycle with definite start and end dates. Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Brainpower Read More Project is Unique in Nature The important tasks within a work are called projects. Thus, projects differ from on-going operations, as they come into existence for a unique activity. Project has an objective In the above example, the objective is to develop a new technology within the time schedule, resources, and budget earmarked for the purpose. A project is deemed successful only if: 1. it is completed 2.The completion is within the budget 3. The completion is within the scheduled time 4. The completion satisfies the stakeholders. Project Involves Risks There are certain risks associated with all kinds of projects. Project is an Amalgam of Different Activities There are different activities involved in a Project. All such activities are to be completed to complete the project. Project is a single Entity This single entity called project is a responsibility of one Project Manager. Project Involves Sub-Contracted Work A project can have as much as 70-80% of its work being sub-contracted to external agencies. Project is a Collaborative Effort In the context of Project Management, a project is a team effort. Project Grows in Stages Once the project has been initiated, everything seems to fall into place. How do Projects Differ from One Another? Speed, Location, Size, Scope, and Technology Construction Projects Involve building structures like offices, factories, schools, and mansions. Research Projects Involve studying, testing, and examining a given subject, product, or service. Re-engineering Projects Involve making additions and alterations in a given system, task, or process. Procurement Projects Involve purchasing the required resources or commodities Software Development Projects Involve creating new computer programs or software, or customizing the existing programs or software as per the needs and demands. Planning Projects Involve planning for an organization, society, club, institute, etc. Installation Projects Involve installing an equipment, machine, device, instrument, etc. Event Management Projects Involves managing an event like a fashion show, talent show, corporate party, press conference, pleasure trip, etc. Product/Service Projects Involve creating a tangible product or an intangible service. Maintenance Projects Involve maintenance of a factory, office, industrial unit, etc. What is a Project Management? Project Management is all about managing costs, time, scope, risks, and quality of the project. Project Management acts as a tool which enables a Project Manager to streamline the various processes involved in the project. A deliverable is reckoned as a quality deliverable if it has been created within the resources the organization ahs earmarked for it, and satisfies the expectations of the stakeholders. "Project Management is the application of knowledge, skills, tools, and techniques to project activities in order to meet or exceed stakeholder needs and expectations from a project." Importance of Project Management Project Management is as important as winning. Project Management spells out the techniques required to take a project towards its destination in the prescribed time duration and approved budget. Who is a Project Manager? A Project Manager is the Captain of the team. He guides the team, plans the strategies, tracks the progress of the activities, and monitors the whole work. Project Manager should be: Good Communicator Skillful Team Manager Judicious Planner Friendly Guide Domain Expert Inspiring Leader Stirring Motivator Smart at Problem Solving Good at Calculations Shrewd Negotiator What's meant by the term "Stakeholders?" The Organization that is carrying out the project The Project Manager who manages the project The customers for whom the project deliverable is produced The Project Sponsor who provides the funds or resources for the project. What is a Project Deliverable? The product or service to be produced through a project is called the project deliverable. Is a measurable output of a project. Initiating Project Is the beginning or the launching of a project. This process gives a formal confirmation to the necessity of undertaking a particular project. A project is started by weighing its pros and cons and assessing all its aspects.