1

ASSIGNMENT ON
PROJECT MANAGEMENT

Submitted to
Mr. GOPI. E
Assistant Professor
SRM Distance Education

Submitted by
ANITHA RAJ. A
(DA225305010056)
SRM Distance Education

DATE: 29/12/2022
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TABLE OF CONTENTS
CHAPTER
PARTICULARS PAGE. NO
NO
1. INTRODUCTION 3

2. MEANINGS OF PROJECT MANAGEMENT 4

NATURE & CHARACTERISTICS OF
3. 5
PROJECT MANAGEMENT
PRINCIPLES OF PROJECT
4. 6
MANAGEMENT
5. BASICS ELEMENTS OF PROJECTS 6

6. STAGES IN PROJECT MANAGEMENT 8

7. CLASSIFICATION OF PROJECTS 11
IMPORTANCE OF PROJECT
8. 16
MANAGEMENT
9. STEPS IN PROJECT MANAGEMENT 18

10. BENEFITS OF PROJECT MANAGEMENT 19

11. CONCLUSION 20

12. REFERENCES 21
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1.INTRODUCTION
Realization of these objectives requires systematic planning and careful implementation. To this effect,
application of knowledge, skill, tools and techniques in the project environment, refers to project
management. Project management in recent years has proliferated, reaching new heights of
sophistication. It has emerged as a distinct area of management practices to meet the challenges of new
economic environment, globalization process, rapid technological advancement, and quality concerns
of the stakeholders.

A project is temporary. It has a defined beginning and end in time, and therefore defined scope and
resources. A project is unique in that it is not a routine operation, but a specific set of operations
designed to accomplish a singular goal. A project team often includes people who don’t usually work
together – sometimes from different organizations and across multiple geographies.

The development of software for an improved business process, the construction of a building or bridge,
the relief effort after a natural disaster, the expansion of sales into a new geographic market all are
projects. And all must be expertly managed to deliver the on-time, on-budget results, learning and
integration that organizations need.

Project management, then, 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.

Project management is concerned with achieving a specific goal in a given time by using the resources
available for that specific period. In order to achieve success with project management, the essential
requirements are adequate project formulation, availability of resources, proper implementation
planning before commencing the actual implementation, effective monitoring of the emerging
problems and taking corrective measures. All these measures need to be undertaken to get the project
ready on time.
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2. MEANINGS OF PROJECT MANAGEMENT

 Project management processes fall into five groups such as initiating, planning, executing,
monitoring, controlling and closing.

 Project management is the discipline of planning, organizing, securing and managing resources
to bring about the successful completion of specific project goals and objectives.

 Project managements the application of knowledge, skills and techniques to execute projects
effectively and efficiently.

 Project management knowledge draws on nine areas, viz., integration, scope, time, cost, quality,
procurement, human resources, communications and risk management. All management is concerned
with these, of course.

 Project management deals with planning, scheduling, controlling and monitoring the complex
non-routine activities that must be completed to reach the predetermined objectives of the project.

 The elements of project management control include programmed objectives, policy restrictions,
resource constraints, government regulations, process implementation, and review of output, feedback,
and revision of objectives.

 Project management involves the coordination of group activity, wherein the manager plans,
organizes staffs, directs, and controls to achieve an objective, with constraints on time, cost and
performance, of the end product.

 Project management is all about setting and achieving reasonable and attainable goals. It is
process of planning, organizing and overseeing how and when these goals are met. Project management
is treated as a like marketing, IT, and human resources.

 Project management, in a broad sense, can be defined as a set of tools, skills, techniques, and
knowledge that can be applied to a project in order to fulfil that project's requirements. Project
management consists of a loosely defined process for completing projects successfully.
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3. NATURE & CHARACTERISTICS OF PROJECT MANAGEMENT

 Temporary

 Definite Beginning and Completion

 Definite Objective/Scope and Unique

 Defined Time and Resources

 Multiple Talents

a) Temporary:

Projects are temporary in nature. (The word ‘temporary’ here may refer to an hour, a day or a
year.) Every project has a beginning and end. Operational work is an ongoing effort which is executed
to sustain the business (But projects are not ongoing efforts). It is considered to end when the project’s
objectives have been achieved or the project is completed or discontinued. It is also may often have
intended and unintended social, economic and environmental impacts that long last.

b) Definite Beginning And Completion:

Project is said to be completed when the project’s objectives have been achieved. When it is
clear that the project objectives will not or cannot be met the need for the project no longer exists and
the project is terminated. Thus, projects are not ongoing efforts. Thus, every project has a definite
beginning and end.

c) Definite Objective/Scope And Unique:

All the projects have their own defined scopes/objectives for which they are carried out. Every
Project is undertaken to create a unique product, service, or result.

d) Defined Time And Resources:

As the projects have definite beginning and end, they are to be carried out within the time and
resources constraints. Each project will have defined time and resources for its execution.

e) Multiple Talents:
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As projects involve many interrelated tasks done by many specialists, the involvement of
people from several departments is very much essential. Thus, the use of multiple talents from various
departments (sometimes from different organizations and across multiple geographies) becomes the
key for successful project management.

4. PRINCIPLES OF PROJECT MANAGEMENT

• To identify the project type that is suitable for the business. One needs to select the projects that are
good for business.
• To understand the needs and expectations of the customers.
• To prepare the reasonable plans which defines the scope, cost and approach of the project. This helps
in reducing unplanned areas in the project.
• To establish a good team with a good leader. This principle conveys that there should be proper
working environment and communication flow between the project managers and team members.
• To define the status of the project. This helps improving the project quality and recognizing the
various problems in it.
• To make a proper assumption for the project. This principle focuses on the verification of the critical
items used in the project in order to reduce the risk.
• To take proactive actions in the problems of the project. This is because the problem usually gets
worse over time which in turn increases the chances of risk.

5. BASIC ELEMENTS OF PROJECT MANAGEMENT

There are three basic elements which must be considered in a project cycle. These are discussed below:

 Operations

 Resources

 Conditions or Restraints

A. Operations:

Operations are the activities or jobs which must be performed to meet the project objectives.
These activities should be identified and arranged in a logical sequence. After determining the job
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sequence, the method of performing each operation must be determined in advance. The method, in
turn, predetermines the time and cost required to perform each activity.

B. Resources:

The second of the project elements, resource can be classified under:

RESOURCES

TIME MANPOWER MONEY METHODS MATERIALS MACHINES

Time & cost estimates are associated with the method of performance, where the cost estimate
relates resource expenditure to a common measure of cost in money alone and the time estimate defines
the expected duration of the resource use.

C. Conditions or Restraints

The third project element refers to externally imposed conditions or restraints, like:

 Supply of materials,

 Machines, and

 Designs by outside agencies

The delivery system should be planned carefully in co-ordination with the activities to be undertaken.
The two basic activities which normally get completed before undertaking the installation of equipment
in any project are:

▪ Land acquisition, and

▪ Infrastructural development.
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6. STAGES IN PROJECT LIFE CYCLE

The project life cycle typically passes through five stages, viz.,

 Conception stage,

 Project initiating,

 Project planning,

 Project executing and

 Project closure.

The following figure shows the Project Life Cycle. The starting point begins the moment the project is
given the go-ahead. Project efforts starts slowly, build to a peak and then declines todelivery of the
project to the customer. The stages in the project life cycle are discussed below:

I. CONCEPTION STAGE:

Conception phase, starting with the seed of an idea, it covers identification of the product /
service, Pre-feasibility, Feasibility studies and Appraisal and Approval. The project idea is
conceptualized with initial considerations of all possible alternatives for achieving the project
objectives. As the idea becomes established a proposal is developed setting out rationale, method,
estimated costs, benefits and other details for appraisal of the stakeholders. After reaching a broad
consensus on the proposal the feasibility dimensions are analyzed in detail. It includes

• Generation of the project idea,

• An idea may come from
✓ Employees,
✓ Market source,
✓ Consultant or entrepreneur.

II. PROJECT INITIATION STAGE:

In this stage, the specifications of the project are defined along with the clear cut project
objectives. Project teams are formed and their major responsibilities are assigned. More specifically,
this stage defines the goals, specifications, tasks and responsibilities.
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▪ Starting up of project development of a detailed project report

▪ Undertaking a feasibility study and
▪ Establishing a project team

III. PROJECT PLANNING STAGE:

In this phase the project structure is planned based on project appraisal and approvals.
Detailed plans for activity, finance, and resources are developed and integrated to the quality
parameters. In the process major tasks need to be performed in this phase are

• Identification of activities and their sequencing

• Time frame for execution

• Estimation and budgeting

• Staffing

A Detailed Project Report (DPR) specifying various aspects of the project is finalized to facilitate
execution in this phase.

IV. PROJECT EXECUTION STAGE:

This phase of the project witnesses the concentrated activity where the plans are put into operation.
Each activity is monitored, controlled and coordinated to achieve project objectives. Important
activities in this phase are

• Communicating with stakeholders • Reviewing progress

• Monitoring cost and time • Controlling quality

• Managing changes

V. PROJECT CLOSURE STAGE:

This is the final stage which includes two activities, viz.,

▪ Delivering the outcome of the project to the customer and

▪ Redeploying the project resources.
✓ Delivery of the project might include customer training and transferring documents.
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✓ Redeployment usually involves releasing project equipment/ materials to other projects and
finding new assignments for team members.
✓ More specially, this stage will undertake activities relating to training the customer, transfer of
documents, releasing resources, releasing staffs and learning lessons.

LIFE CYCLE PATH

The life cycle of a project from start to completion follows either a “S” shaped path or a “J “ shaped
path. In “S” shape path the progress is slow at the starting and terminal phase and is fast in the
implementation phase. For example, implementation of watershed project. At the beginning detailed
sectoral planning and coordination among various implementing agencies etc. makes progress slow
and similarly towards termination, creating institutional arrangement for transfer and maintenance of
assets to the stakeholders progresses slowly.

In “J” type cycle path the progress in beginning is slow and as the time moves on the progress of the
project improves at fast rate. Example, in a developing an energy plantation. In this the land preparation
progresses slowly and as soon as the land and seedling are transplantation is under taken.
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7. CLASSIFICATION OF PROJECTS

The projects can be classified into various types:

▪ Based on Ownership
▪ Based on Investment
▪ Based on Research in Academia
▪ Based on Sector
▪ Based on Objective
▪ Based on Nature
▪ Based on Time
▪ Based on Functions
▪ Based on Risk
▪ Based on Investment Decisions
▪ Based on Output
▪ Based on Techno-Economic Characteristics
▪ Based on Financial Institutions’ Classification

A) BASED ON OWNERSHIP

1. Public sector Projects: These are the projects which are done by public projects.

2. Private Sector Projects: These are the projects which are undertaken by private enterprises.

3. Public Private Partnerships: These projects which are undertaken by both government and private
enterprises together.
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B) BASED ON INVESTMENT

1. Large Scale Project: These projects involve a huge outlay or investments, say, crores.

2. Medium Scale Project: These projects involve medium level investment and are technology
oriented.

3. Small Scale Project: These projects involve only a lesser investments.

C) BASED ON RESEARCH IN ACADEMIA

1. Major Projects: In academia, the major projects are those projects which involve more than one
year to 3 or 5 years and minimum funding of “3 lakhs in case of social sciences” and “5 lakhs in case
of sciences”.

2.Minor Projects: The minor projects in academia are those projects which will be completed within
a year and have a maximum funding of “1 lakh in social science” and “3 lakhs in case of sciences”.

D) BASED ON SECTORS

1. Agricultural Projects: These are the projects which are related to agricultural sector like irrigation
projects, well digging projects, maturing projects, soil upgrading project, etc.

2. Industrial Projects: These are the projects which are related to the industrial manufacturing sectors
like cement industry, steel industry, textile industry, etc.

3. Service Projects: These are the projects which are related to the services sectors like education,
tourism, health, public utilities, etc.

E) BASED ON OBJECTIVE

1. Commercial Projects: These projects are undertaken for commercial purpose and return on
investment is expected out these projects.

2. Social Projects: These projects are undertaken for social purposes and welfare of the people is the
aim of these projects. These projects are undertaken either by the Government or Service oriented Non-
Governmental Organizations.
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F) BASED ON NATURE

1. Conventional Projects: These projects are traditional projects which do not apply any innovative
ideas or technology or method.

2. Innovative Projects: These projects involve the use of technology, high R&D, development of new
products and services. These innovative projects can be further classified into:

▪ Technology: Depending on the level of technological uncertainty at the time of initiation of

projects, the projects can be classified into:
✓ Low-Tec projects which relay on the existing and well-established base technologies;
✓ Medium-Tech projects which rest mainly on existing base technologies but incorporate some
new technology or feature;
✓ High-Tec projects in which most of the technologies employed are new, but existent, having
been developed prior to the project’s initiation; and
✓ Super High-tech projects which are based primarily on new, not entirely existent technologies.
▪ Research: Based on the type of research, projects can be classified into:
✓ Exploratory research projects which may generate novel idea in the domain of knowledge;
Constructive research projects which are mainly done by many technological corporate to find
new or alternative solutions to any particular crisis or problems,
✓ Empirical research projects are very impressive observational type of research in which testing
on real life data or analysis of pattern of some specific events in order to identify the nature or
the class of trend that specific phenomenon maintains.
▪ New product development: These projects are undertaken in the life cycle of a product. These
projects can be classified into:
✓ Advance development projects which aim at inventing new science or capturing new know-how
for the organization;
✓ breakthrough development projects which create the first-generation of an entirely new product
and involve significant change in the product and process technology;
✓ Platform or next generation development projects which provide a basis for a product and
process family and thus establish the basic architecture for follow-on derivative projects; and
✓ Derivative development projects which refine and improve selected performance dimensions.
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G) BASED ON TIME

1. Long Term Projects: These projects take a very long duration to complete. These projects are run
for many years till the objectives reached.

2. Medium Term Projects: These projects take medium term duration like 3 to 5 years.

3. Short Term Projects: These projects are executed within a short period, normally within a year.

4. Very Short Term Projects: By very name you can understand that these projects are completed
within a very short period, say, within day. For example, product launch project.

H) BASED ON FUNCTIONS

Based on the functional area of management, the projects can be classified into:

1. Marketing Projects which are taken up in the area of marketing a product or service of an
organization.

2. Financial Projects are undertaken to raise finance or restructure capital structure.

3. Human Resources Projects are undertaken in the area of human resources of an organization.

4. IT and Technology Projects which are undertaken in the area obit companies or IT related
requirement of any organization.

5. Production Projects are undertaken in the area of production or operations.

6. Strategic Projects are taken by the organizations to executive strategy.

H) BASED ON RISK

1. High Risk Projects: These projects involve a very high degree of risk.

2. Low Risk Projects: These projects do not involve risk and they are carried out in the normal course
of action.

I. BASED ON INVESTMENT DECISIONS

On the basis how the projects influence the investment decision products, project can be classified into:

1. Independent Projects: An independent project is one, where the acceptance or rejection does not
directly eliminate other projects from consideration or affect the likelihood of their selection.
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2. Mutually exclusive Projects: The mutually exclusive projects are projects that cannot be followed
at the same time. The acceptance of one prevents the substitute proposal from accepting.

3. Contingent Projects: A contingent project is one where the acceptance or rejection depends on the
decision to accept or reject multiple numbers of other projects. Such projects may be complementary
or substitutes.

J) BASED ON OUTPUT

Based on output, projects are classified into quantifiable and no quantifiable ones.

1. Quantifiable projects: In these projects, the benefits / goals of which are amenable for measurement.
Quantitative expression of the outcomes is possible. It is easy to understand and appreciate quantitative
projects as it is easy to communicate them.

2. Non-Quantifiable projects: In these projects quantification of the benefits / outcome may not
always be possible as the impact of the project is spread over a longer period. The benefits accrue to
the intended beneficiaries in the long run. Projects concerning health, education, and environment fall
under this category.

K) BASED ON TECHNO-ECONOMIC CHARACTERISTICS

On the basis of Techno-economic factors projects can be further classified into

1. Factor Intensity Projects: More Technology Intensive and Less Labour Intensive It is anybody’s
knowledge that some projects are capital intensive while some are labour intensive.

✓ Technological advancements are taking place in every sector in a big way, many projects is
becoming more technology intensive and less labour intensive. The gestation period of some of
the projects also is quite long.
✓ Large scale investments are made in the plant and machinery.
✓ Economies of scale and the associated cost competitiveness also prompt the establishment of
large scale organizations.

2. Causation-Oriented Projects: The availability of a particular raw material in abundance in a

particular region could be the reason for conceiving projects at times. To make use of the locally
available raw material, skilled workforce and to promote development of a backward region, some
projects are conceived and formulated.
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3. Magnitude Oriented Projects: Based on the size of the project, projects may be classified under
large, medium and small scale projects. The size of the investment, gestation period, employment
generation, etc. is some of the factors that influence the size of the project.

L) BASED ON FINANCIAL INSTITUTIONS’ CLASSIFICATION

Financial institutions – both central and state level have classified projects into profit oriented
projects and service-oriented project.

1. Profit-Oriented Projects: They are classified into

▪ New Projects
▪ Expansion Projects or Development projects
▪ Modernization Projects or Technology Projects and
▪ Diversification Projects.

2. Service-Oriented Projects: They are classified into

▪ Welfare Projects
▪ Service Projects
▪ Research and Development Projects and
▪ Educational Projects.

8. IMPORTANCE OF PROJECT MANAGEMENT

1. Reduction in the Product Life Cycle

2. Global Competition

3. Knowledge Explosion

4. Corporate Downsizing

5. Increased Customer Focus

6. Managing Small Projects

7. Upsurge of Third World and Closed Economies

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Project management includes:

- Identifying requirements,

- Establishing clear and achievable objectives,

- Balancing the competing demands from the different stakeholders and

- Ensuring that a commonality of purpose is achieved.

a) Reduction in the Product Life Cycle

The product life cycle is one of the most significant driving forces behind the demand for project
management. As the lives of the products are shortened, time to market for new products with short
life cycles has become increasingly important.

Innovation & invention becomes the key for success and speed to innovate or invent becomes a
competitive advantage. More and more organizations are depending on cross functional project teamto
get new products and services to the market as quickly as possible.

b) Global Competition

In the globally competitive today’s market, customers want cheaper products and services with better
quality at cheaper prices. This had led tithe emergence of the quality movement across the world in
International Standards Organization Certification requirements for doing business. Quality
management & improvement essentially requires project management. As the basic elements of project
management concentrate onetime, cost and quality, project management has become style of managing
business.

c) Knowledge Explosion

The knowledge explosion world over has increased the complexity of managing projects. Product
complexities have increased and demanded integration of divergent technologies. To manage all this,
project management is the only way.

d) Corporate Downsizing

Restructuring of organizations in the recent years has resulted into the downsizing or rightsizing.
Downsizing and sticking to core competencies have become essential for survival for many
organizations.
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e) Increased Customer

Focus Increased competition has increased the expectation of customers. Customers expect customized
products and services instead of generic ones. The customization of products and services required
better understanding of the customers’ needs by project team members. The customers are more aware
and their changing needs are to be taken into account to survive in the market.

f) Managing Small Projects

In today’s competitive world, a situation has emerged in the organizations that many projects are run
concurrently. This resulted into the multi-project environment and also plethora of new problems.
Sharing and prioritizing resources across a portfolio of projects is a major challenge for top
management.

g) Upsurge of Third World and Closed Economies

The gradual opening of emerging economies has created an explosion of demand for goods and services
within these economies for their development.

9. STEPS IN PROJECT MANAGEMENT

PLANNIN FINANCIN IMPLEME-

ANALYSIS SELECTION REVIEW
G G NTATION
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10. BENEFITS OF PROJECT MANAGEMENT

1. Better Efficiency in Delivering Services:

Project management provides a “roadmap” that is easily followed and leads to effective
performance project completion and people coordination.

2. Improved / Increased / Enhanced Customer Satisfaction:

The project manager gets a whenever project done on time and under the budget, the client walks
away happy. And a happy client is once seeing again. Smart project management provides the tools
that enable this company/client/project manager relationship to continue.

3. Enhanced Effectiveness in Delivering Services:

The project manager same strategies that allowed to successfully completing one project will serve
to many times over.

4. Improved Growth and Development Within a Group /Team:

Positive results not only command respect but more frequently than not inspire within a team to
continue to look for ways to perform more efficiently.

5. Greater Standing and Competitive Edge:

This is not only a good benefit of project management within the workplace but outside of it as
well; word travels fast and there is nothing like superior performance to secure your place in the
marketplace.

6. Opportunities to Expand project Services:

A project manager must understand the effective performance when achieved the successful
completion of the proposal a by-product of greater standing. Great performance leads to more
opportunities to succeed.

7. Better Flexibility:

Perhaps one of the greatest benefits of project management is that it allows for flexibility. People
coordination is very important for the better relationship to continue. Because of the project
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management allows the manager to map out the strategy manager want to take see the project
completed. But the beauty of such organization is that if you discover a smarter direction to take,
you can take it. For many small-to-midsize companies, this alone is worth the price of admission.

8. Increased Risk Assessment:

When all the players are lined up and project strategy is in place potential risks will jump out. And
that’s the way it should be. Project management provides a red flag at the right time: before you
start working on project completion.

9. Increase in Quality:

It is goes to hand-in-hand exchange with enhanced effectiveness.

10. Increase in Quantity:

The project manager must to be saved the best for last. An increase in quantity is often the result
of better efficiency, and getting order from different proposal for different places. A simple
reminder regarding the benefits of project management.

11. CONCLUSION

The skill of handling projects constitutes uniformity in reaching set goals in time, with no extra
expenses simultaneously maintaining good client relationships. This is acquired by the successful
management and coordination of human and material resources. The domain of project
management propels towards improved cooperation, control, implementation, receptiveness, and
positioning of entrepreneurial aspects as well as processes with the characteristics of the product
and operation. Project management techniques vary in technical aspects; engineering or
construction skills generally aligned with a number of projects and include elements not included
in the range of the technical aspects, which are required to be properly controlled in order to meet
the goals of the project. Further, project management varies from conventional management as it
introduces cross-functional cooperation, management, implementation, receptiveness, and
placement of entrepreneurial aspects and processes with characteristics of the result of the projects.
Project management aids in bringing novelty and progress based on the alterations in the external
conditions.
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12.REFERENCES

▪ https://dde.vu.edu.in > SLMPDF PROJECT MANAGEMENT- Distance Education.

▪ https://oms.bdu.ac.in > Contents PDF – Project Management.
▪ https://open.umn.edu > Textbooks Project Management- Open Textbook Library
▪ opentextbooks.org.hk - Project Management