Transcription of Basics of Project Management 1.1 Introduction
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Basics of Project Management 1.1 Introduction
Basics of Project Management Introduction A farmer taking up crop cultivation A construction company constructing a bridge Indian Railways changing the meter gauge railway track to broad gauge An FMCG company introducing its products into a new virgin market A company hiring fresh graduates A student pursuing MBA What is common to all these? All these are projects. A Project is not merely establishing an industry or constructing a building. It is just something new, something unique, planned and executed for good. Definition of Project PMBOK ( Project Management Body of Knowledge) defines Project as a temporary endeavour undertaken to create a unique product or service. Temporary means that every Project has a definite end, and Unique means that the product or service is different from all similar products or services. Turner defines projects as an endeavor in which human (or machine), materials, financial and knowledge resources are organized in a novel way, to undertake a unique scope of work of given specification, within constraints of cost and time, so as to deliver quantitative, qualitative, and consumer oriented product and service.
2.1.2. Project Planning Phase Project planning phase follows the project initiation phase. Countless hours during the succeeding phases can be saved with proper planning. The purpose of the project planning phase is to: Determine project requirements Decide project cost and schedules Search for sources of all resources The basic processes of ...
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