7. Project Management revised.docx - Project Management BBA...

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Project Management BBA Program. Sayedul Anam , Faculty of Business & Economics. DIU Project: A project is a unique venture with a well defined beginning and end. It consists of a set of tasks be formed in a definable time period to meet a specific set of objectives. Example of different types of Project: Construct a building, bridge, factories, Develop a new product, weapon, aircraft, planning for a concert, marriage ceremony occasion, cricket tournament. Features of a project: 1. A project is goal oriented. 2. It consists of a set of interrelated tasks. 3. Each project has a well defined life cycle. That is, it has a well defined beginning and end. 4. Each project must be certain degree unique (distinctive/new) in nature. 5. It involves use of multiple resources. 6. A project consists of non-repetitive, non-routine, one-off (one time) activities. 7. A project may require a special management setup. 8. It should have a budget. Project Management: Project management is the management of the work to develop and implement an innovation or change in an existing operation. It encompasses planning the project and controlling the project activities, subject to resource and budget constraints, to keep the project on schedule. Triple Constraints to Project Management A project is successful when it is completed within the given time schedule and within the given budget, and if it meet the technical performances or quality standards. So the three constraints project parameters are 1. Time or Schedule 2. Budget or Cost 3. Technical performance or quality standards. Failure to manage any constraints consequently can lead to project failure. So a project manager should concentrate on these triple constraints to make the project successful. Technical Performance or quality Standards Cost or Budget Time or Schedule Page 1 of 7
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Project Management BBA Program. Sayedul Anam , Faculty of Business & Economics. DIU The Project Manager: The most important member of the project team is the project manager. Managing a project is the subject to lots of uncertainty and the distinct possibility of failure. Once the project is selected, a project manager must be chosen. The qualities of a good project manager should be well aligned with the roles a project manager must play. Facilitator: The project manager often must resolve conflicts between individuals or departments to ensure that the project has the appropriate resources for the job to be completed. Successful project managers have good leadership skills and a systems view , which encompasses the interaction of the project, its resources, and its deliverables with the firm as a whole.
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