A project can be defined as a group of tasks performed in a definite time period to meet a specific set of objectives or the scope, time, cost, risk and the performance of the project. Time, scope, cost are the three constraints in the life cycle of a project.
Examples of project,
- House/ building construction
- War
- Equipment maintenance
A project should have,
- Project commencement date
- Project completion date
Planning is essential to avoid the failure of project.
- Delays in project
- Loss of revenue
- Loss of facilities
- Additional surcharge cost
- Inconvenience cost
- Contractual disputes
- Extensions of time claims
Merits of best project planning practices as follows,
- Time optimization
- Elimination or reduction of uncertainty
- Enhancement of operation efficiency
- Better understanding of the objectives
- Resource optimization
- Perfect work monitoring and controlling
- Provision of early warning about potential problems
Project Management Life-cycle
- Initiation phase – Understanding project goals, deadlines, priorities, and associated risks.
- Planning phase – Overview of tasks and timeline needed to execute the project.
- Execution phase – Execute the project plans.
- Monitoring and performance phase – Monitor the performance of the project.
- Closure phase – Analyse and summarize the results.
