Project Mangt, Lec6 Part1 June 22,2024

A temporary endeavor to create a Unique Product or Service.
A unique one time effort bound by cost, time and resources/technical performance ( CST) and has defined objectives to satisfy the customer needs.
Project is an undertaking having definite objectives, and specific beginning and ending points, limited budgets, defined scope.
Sum of certain activities and tasks required to be performed in a specified period of time with human and non-human resources for specified objectives.
( Is your training a project? )
Project management:
The art of Directing and coordinating the human and non human Resources throughout the life of project by using modern
Management techniques to achieve pre-determined objectives of scope, cost, time, quality and participants satisfaction. ( Project Management Institute America)
Project management includes:
Project Appraisal
( Before Commencement of Project PC-I, PC-II).
Project monitoring.
( During Execution of the Projects PC-III)
Project Evaluation
( After Completion of the projects. PC-IV,PC-V)
Project Management has been used historically in,
Pyramids of Giza ( Egypt), Olympic games, Great Wall of China, Taj Mahal,
Publication of a children’s book, Panama Canal, Development of commercial jet airplanes, Polio vaccine etc.
The 0utcomes of these projects were the result of leaders and managers applying project management practices, principles, processes, tools, and techniques to their work.
In the early days, project mgmt was mainly used for very large, complex projects
Dam, ships, refineries, freeways, etc
Today, we see proj mgmt for even small software projects
Many organizations today have a new or renewed interest in project management.
Computer hardware, software, networks, and the use of interdisciplinary and global work teams have radically changed the work environment.
The U.S. spends $2.3 trillion on projects every year (1/4 of GDP)
World as a whole spends nearly $10 trillion of its $40.7 gross product on projects of all kinds.
Advantages of Project Management
Better control of financial, physical, and human resources.
Improved customer relations.
Shorter development times.
Lower costs.
Higher quality and increased reliability.
Higher profit margins.
Improved productivity.
Better internal coordination.
Higher worker morale (less stress).