Preliminaries-1
Md. Thasinul Abedin
MBA(Accounting); MSc (Economics and Finance)
Assistant Professor of Accounting and Finance
University of Chittagong
February 1, 2025
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Project [1]
A project is a temporary endeavor and considered
to be any series of activities and tasks that:
Have a specific objective to be completed
within certain specifications (unique product
or service)
Have defined start and end dates
Have funding limits (if applicable)
Consume human and nonhuman resources
(i.e., money, people, equipment)
Are multifunctional (i.e., cut across several
functional lines)
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Project [2]
From the above definition, we can say that:
A project is only done for one time. If it is
repetitive, it’s not a project.
A project should have definite starting and
ending points (time).
A project should have a budget.
A project should have a clearly defined scope
or magnitude of work to be done and specific
performance requirements.
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Project [3]
A Simplest yet Effect Definition: A project is
a problem scheduled for solution.
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Project vs. Operations
Projects are temporary efforts to create unique
products or services. On the other hand,
operations are the ongoing activities that produce
and deliver these products repeatedly.
While projects focus on creating something new,
operations ensure consistent production.
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Project Management
It is the application of knowledge, skills, tools,
and techniques to project activities to meet
the project requirements.
It is accomplished through the application
and integration of the project management
processes of initiating, planning, executing,
monitoring and controlling, and closing.
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Project Management Process
Project Initiation
Project Planning
Project Execution
Project Monitoring and Control
Project Closure
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Project Initiation
Selection of the best project given resource
limits
Recognizing the benefits of the project
Preparation of the documents to sanction the
project
Assigning of the project manager
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Project Planning
Definition of the work requirements
Definition of the quality and quantity of work
Definition of the resources needed
Scheduling the activities
Evaluation of the various risks
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Project Execution
Negotiating for the project team members
Directing and managing the work
Working with the team members to help them
improve
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Project Monitoring and Control
Tracking progress
Comparing actual outcome to predicted
outcome
Analyzing variances and impacts
Making adjustments
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Project Closure
Verifying that all of the work has been
accomplished
Contractual closure of the contract
Financial closure of the charged numbers
Administrative closure of the paperwork
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Successful Project Management
It can be defined as having achieved the project
objectives:
Within time
Within cost
At the desired performance/technology level
While utilizing the assigned resources
effectively and efficiently
Accepted by the customer
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Summing Up the Project Management
Project management is the planning, organizing,
directing, and controlling of company resources for
a relatively short-term objective that has been
established to complete specific goals and
objectives. Furthermore, project management
utilizes the systems approach to management by
having functional personnel (the vertical hierarchy)
assigned to a specific project (the horizontal
hierarchy).
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Potential Benefits from Project
Management [1]
Identification of functional responsibilities to
ensure that all activities are accounted for
regardless of personnel turnover
Minimizing the need for continuous reporting
Identification of time limits for scheduling
Identification of a methodology for trade-off
analysis
Measurement of accomplishment against plans
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Potential Benefits from Project
Management [2]
Early identification of problems so that
corrective action can be taken
Improved estimating capability for future
planning
Knowing when objectives cannot be met or
will be exceeded
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Bottlenecks to Potential Benefits of
Project Management
Project complexity
Customers’ special requirements and scope
changes
Organizational restructuring
Project risks
Changes in technology
Forward planning and pricing
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Constraints on a Project
Time
Cost
Performance/Technology
Good Customer Relation (If the project is for
the outside customers)
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Pictorial Representation of Project
Management
Project management is designed to manage or
control company resources on a given activity,
within time, within cost, and within performance.
Figure: Pictorial Representation of Project Management
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Project Deliverables [1]
Projects exist to produce deliverables. Deliverables
are outputs, or the end result of either the
completion of the project or the end of a life-cycle
phase of the project. Deliverables are measurable,
tangible outputs and can take forms such as:
Hardware Deliverables
Software Deliverables
Interim Deliverables
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Project Deliverables [2]
Hardware Deliverables: These are hardware
items, such as a table, a prototype, or a piece of
equipment.
Software Deliverables: These items are similar
to hardware deliverables but are usually paper
products, such as reports, studies, handouts, or
documentation. Some companies do not
differentiate between hardware and software
deliverables.
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Project Deliverables [3]
Interim Deliverables: These items can be either
hardware or software deliverables and progressively
evolve as the project proceeds. An example might
be a series of interim reports leading up to the
final report.
Note: The person ultimately assigned as the
project manager may very well be assigned based
upon the size, nature, and scope of the deliverables.
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