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Project phases and its management

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Unit 2: Project Phases and Stages Importance of Project Phase:
Concept and Feasibility, Planning and Design, Construction and
Close-out and within each phase of project role of key processes
– Initiating, Planning, Execution, Control & Monitoring and
Close-out.
Difference between Project Management and Construction
Management.
Project Phases and its Management
According to the PMBOK Guide (Project Management Body of Knowledge) by
the Project Management Institute (PMI),
a project management life cycle consists of 5 distinct phases including
initiation, planning, execution, monitoring, and closure that combine to turn
a project idea into a working product.
Project Phases and its Management
The 5 basic phases in the project management process are:
• Project Initiation
• Project Planning
• Project Execution
• Project Monitoring and Controlling
• Project Closing
Initiation: The project initiation phase is the first stage of turning an abstract
idea into a meaningful activity to achieve certain goals . In this stage, you need to
develop a business case and define the project on a broad level.
In order to do that, you have to determine the need for the project and create a
project charter. Project Charter includes the following;
1. Defination of Project Goal: Project goal is a objective of the Project initiator
to be achieved on the completion of the project.
The project goal can be anything from creating an public image for a corporate
body/business group to materializing and launching a certain product in market
etc.
For construction project the project goal may be commissioning a new hotel
building or completing a factory building to start its operation on a stipulated
date.
Project Phases and its Management
Project Feasibility Report: As per PMBOK book this phase determines
• Whether the business case is valid
• Whether the organization has the capability to deliver the intended
outcome.
When a business prepares to start a new project, it first determines the project's
feasibility. Feasibility refers to whether or not a project will be successful and
how to overcome potential obstacles for the project.
In Project Management role, conducting a feasibility study can help you evaluate
a project from start to finish and make decisions before the project begins.
Feasibility Studies provide information for Project Managers and Stakeholders to
make informed decisions about projects
Project Phases and its Management
Project Feasibility Report: What does a feasibility study analyze?
5 Types of Feasibility Survey
1. Technical feasibility: This focuses on the project's technical needs a determine how
a company can meet those needs. For example, a project may require tools or software,
that a company doesn't currently
have, and the study can help them determine whether the project merits the investment.
In Short whether the company’s present setup is capable to handle the project
2. Economic Feasibility: This refers to cost and provide detail information about project
spendings, expected revenue and projected profit and company’s return on investment. It
outlines the financial benefit of the project to determine its worth.
In Short whether the company will benefit financially from the project and whether the
company has enough funds or can generate funds to carry out the project
Project Phases and its Management
Project Feasibility Report: What does a feasibility study analyze?
5 Types of Feasibility Survey
3. Legal feasibility: This addresses the legal requirements of the project; such as
permits or licenses. The feasibility study defines legal requirements and confirms
whether compliance with legal requirements will benefit the company overall.
In Short whether the company has the necessary legal status to carry on
the Project.
4. Operational Feasibility: Operational aspects of the feasibility study include
reference to how the organization will adapt to the project. For example
feasibility study will indicate whether the man power resource with the
company is adequate or it needs to recruite additional man power.
In Short whether the company has necessary infrastructure and manpower
to carry on the Project.
Project Phases and its Management

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Unit2 Project phases.pptx

  • 1. Unit 2: Project Phases and Stages Importance of Project Phase: Concept and Feasibility, Planning and Design, Construction and Close-out and within each phase of project role of key processes – Initiating, Planning, Execution, Control & Monitoring and Close-out. Difference between Project Management and Construction Management. Project Phases and its Management
  • 2. According to the PMBOK Guide (Project Management Body of Knowledge) by the Project Management Institute (PMI), a project management life cycle consists of 5 distinct phases including initiation, planning, execution, monitoring, and closure that combine to turn a project idea into a working product. Project Phases and its Management The 5 basic phases in the project management process are: • Project Initiation • Project Planning • Project Execution • Project Monitoring and Controlling • Project Closing
  • 3. Initiation: The project initiation phase is the first stage of turning an abstract idea into a meaningful activity to achieve certain goals . In this stage, you need to develop a business case and define the project on a broad level. In order to do that, you have to determine the need for the project and create a project charter. Project Charter includes the following; 1. Defination of Project Goal: Project goal is a objective of the Project initiator to be achieved on the completion of the project. The project goal can be anything from creating an public image for a corporate body/business group to materializing and launching a certain product in market etc. For construction project the project goal may be commissioning a new hotel building or completing a factory building to start its operation on a stipulated date. Project Phases and its Management
  • 4. Project Feasibility Report: As per PMBOK book this phase determines • Whether the business case is valid • Whether the organization has the capability to deliver the intended outcome. When a business prepares to start a new project, it first determines the project's feasibility. Feasibility refers to whether or not a project will be successful and how to overcome potential obstacles for the project. In Project Management role, conducting a feasibility study can help you evaluate a project from start to finish and make decisions before the project begins. Feasibility Studies provide information for Project Managers and Stakeholders to make informed decisions about projects Project Phases and its Management
  • 5. Project Feasibility Report: What does a feasibility study analyze? 5 Types of Feasibility Survey 1. Technical feasibility: This focuses on the project's technical needs a determine how a company can meet those needs. For example, a project may require tools or software, that a company doesn't currently have, and the study can help them determine whether the project merits the investment. In Short whether the company’s present setup is capable to handle the project 2. Economic Feasibility: This refers to cost and provide detail information about project spendings, expected revenue and projected profit and company’s return on investment. It outlines the financial benefit of the project to determine its worth. In Short whether the company will benefit financially from the project and whether the company has enough funds or can generate funds to carry out the project Project Phases and its Management
  • 6. Project Feasibility Report: What does a feasibility study analyze? 5 Types of Feasibility Survey 3. Legal feasibility: This addresses the legal requirements of the project; such as permits or licenses. The feasibility study defines legal requirements and confirms whether compliance with legal requirements will benefit the company overall. In Short whether the company has the necessary legal status to carry on the Project. 4. Operational Feasibility: Operational aspects of the feasibility study include reference to how the organization will adapt to the project. For example feasibility study will indicate whether the man power resource with the company is adequate or it needs to recruite additional man power. In Short whether the company has necessary infrastructure and manpower to carry on the Project. Project Phases and its Management
  • 7. Project Feasibility Report: What does a feasibility study analyze? 5 Types of Feasibility Survey 5.Scheduling Feasibility: It sets the time line for the project It addresses time constraints and strategies to overcome delays. In Short whether the company has necessary time to carry on the project and it is not disturbing the dcheduling of other project with the company. Project Phases and its Management Feasibility study Organization Environment Technology Legal Market Finanace
  • 8. Project Feasibility Report: Example Feasibility of an housing project on a plot of land in a particular locality of a city is a calculation to compare; 1. How much is the plot area? 2. What is the development potential of the plot in terms of allowable built up? 3. What is the cost of the plot? 4. What is the cost of development on the plot? Against 1. How much saleable area it generates? 2. What is the rate it can command in that particular locality? Whether the project can be completed with in stipulated time and can it bring in Profit to the company? Project Phases and its Management
  • 9. Initiation: The project initiation phase is the first stage of turning an abstract idea into a meaningful activity to achieve certain goals . In this stage, you need to develop a business case and define the project on a broad level. In order to do that, you have to determine the need for the project and create a project charter. Project Charter includes the following; 2. Create a business case: Once a project goal is defined, An environment of activities to be carried out is to be understood in general to draw out the project charter. It defines the scope of the business in general terms. 3. Complete the Project Charter: The project charter is an important document consisting of details like the project constraints, goals, appointment of the project manager, budget, expected timeline, etc. Project Phases and its Management
  • 10. Initiation: The project initiation phase is the first stage of turning an abstract idea into a meaningful activity to achieve certain goals . In this stage, you need to develop a business case and define the project on a broad level. In order to do that, you have to determine the need for the project and create a project charter. Project Charter includes the following; 4. Identifying Stake holders: Once the project goals and project scope are defined, identify key project stakeholders–the people who are to be involved in the project. Create a stakeholder register with the roles, designation, communication requirements, and influence. In case of Construction Project management, the stake holders can be from owner/promoter , project manager, architect, contractors, users etc. with varying percentage of stake in the project. Project Phases and its Management
  • 11. Project Planning: The project planning stage requires complete diligence as it lays out the project’s roadmap. In this phase, the primary tasks are identifying technical requirements, developing a detailed project schedule, creating a communication plan, and setting up goals/deliverables. 1. Define Scope: Scope of phase-wise work is defined. 2. Create a Project Plan: Planning using various planning methods like CPM & PERT Chart is done. 3. Set a budget baseline. 4. Define Roles and Responsibilities: Define organizational structure Project Planning is a critical stage which has gone through change since the advent of fast technological changes and possibilities of better and speedier methods of attaining a milestone. Project Phases and its Management
  • 12. Project Planning: Due to fast pace changes in technology, financial and business activities mid-term goals and some times even the primary goal set for the project has to be critically analyzed or has to be kept flexible in tune with the dynamic nature of its environment. S.M.A.R.T Goals: The ‘SMART’ criteria ensure that the goals you set for your project are critically analyzed. It is an established method that reduces risk and allows project managers to make clearly defined and achievable goals. The acronym SMART stands for Project Phases and its Management
  • 13. Specific – this step means that every goal should be as concrete as possible. What is its purpose? Who is involved? What are the steps? What do you need to complete it? Measurable – each goal should have a quantifiable outcome. This step helps you ensure you’re using assessable factors to judge if it has been completed. Ask questions like “how much?” and “how many?” Achievable – You should be able to complete your goal. That means you should be able to do it with the resources, time, and team members you have available. Relevant – Why are you setting this goal? Does it align with your team’s purpose? Does each individual have a stake in the goal? Does it fit with your team’s culture? Time-bound – Like “measurable,” your goal should have a timeframe, as well. That means you should determine how long it will take to complete. Project Phases and its Management
  • 14. Project Planning: S.M.A.R.T. & C.L.E.A.R. Goals C.L.E.A.R. Goals: The ‘CLEAR’ method of setting up goals is designed to cater to the dynamic nature of a modern workplace. Today’s fast-paced businesses require flexibility and immediate results and CLEAR can help achieve that. The acronym for CLEAR stands for; Project Phases and its Management Goal planning in dynamic environment Today, in a fast passed world, Planning process is a continuous activity rather than a one time activity like in old process of project management.
  • 15. C.L.E.A.R. Goals: The ‘CLEAR’ method of setting up goals is designed to cater to the dynamic nature of a modern workplace. Today’s fast-paced businesses require flexibility and immediate results and CLEAR can help achieve that. The acronym for CLEAR stands for; Collaborative – Your goal should engage your team with each other and determine how connections will be forged with others. Limited – These are short-term goals, often on the road to longer-term achievements. That means that each goal should be limited in its timeline and complexity. Emotional – Your goal should feel emotionally important to you and to your team members. Appreciable – These goals should be able to be built upon or put into a part of a series. CLEAR goals are smaller goals that develop into larger outcomes. Refinable – CLEAR goals are all about flexibility. They should have room – and your team should have the mental headspace – to alter any aspect of the goal as conditions change. Project Phases and its Management
  • 16. S.M.A.R.T. & C.L.E.A.R. Goals S.M.A.R.T. goal setting gives a clear analytical, reasonable and measurable steps to be taken by the management towards a more or less fixed goal or intermediate milestones in achieving the goal. However in a dynamic business environment ‘goals’ may change or modify while in the process of progressing project. Example: A project of constructing an industrial building to be setup to start a Production of a particular product to be marketed at a particular retail price in a very competitive market environment Project of constructing Industrial building involving setting up a layout of machinery required for the production of this product may suddenly change due to availability of better machinery for the same product requiring change in the machine foundation layout. If this change is not accommodated then the feasibility of the project is at stake since this change of technology to manufacture that product has brought down the cost of the product considerably. In the same project the timeline of the project might change since the product is to be launched earlier than previously planned so as to remain viable in the market. For this reason certain items of construction are required to be finished first to start the production and the entire schedule of construction is required to be revised to achieve that. Project management in such dynamic business environment will have to adopt C.L.E.A.R. goal setting in which the management goal are flexible and their fore the management processes and the organizational structure carrying out the management processes is more flexible Project Phases and its Management
  • 17. Dynamic Project Planning: During the planning stage, the scope of the project is defined. There is a possibility of changing the scope of the project as the dynamic business environ demands it. Once the project manager approves the change,Project managers also develop a work breakdown structure (WBS), which clearly visualizes the entire project in different sections for the team management. Planning Schedule of Communication: A detailed project timeline with each deliverable is another important element of the planning stage. Using that timeline, project managers can develop a project communication plan and a schedule of communication with the relevant stakeholders. Planning for Risk mitigation is another important aspect of project management that is a part of the planning stage. The project manager is responsible for extrapolating past data to identify potential project management risks and develop a strategy to minimize them. Effective change management plan:In the absence of a working change management plan, scope creep happens and causes huge problems for the project team in the later stages of the project. So, it’s best to reduce the possibility of unforeseen changes as much as possible. Project Phases and its Management
  • 18. Project execution: This is the phase where actual work executing the plan is done. • Establishing efficient workflows and carefully monitoring of the progress is required. • It is required, during this phase is to consistently maintain effective collaboration between project stakeholders. This ensures that everyone stays on the same page and the project runs smoothly without any issues. • Motivation is required in this stage at all levels to maintain the pace of the work. • Setting up a appropriate organizational structure is very crucial. Changes in organizational structure especially at the operational management level may be necessary and requires to be managed. • Communication process has to be consistently maintained for correct and faster communication Project Phases and its Management
  • 19. Project execution: This is the phase where actual work executing the plan is done. The major concerns in this phase are; • Allocate Project resources: financial, manpower and equipment/machinery resources are to be appropriately allocated. • Manage Project resources: Resources are to be managed for guard against deficient supply or wasteful use etc. • Build the product/Process: Complete the process of building the product. • Fix any issues in the process as they arise: apply resources and employ management skills to fix any issues which prolongs/hinders the process. Project Phases and its Management
  • 20. Monitoring and control: In the project management process, the third and fourth phases are not sequential in nature. The project monitoring and controlling phase run simultaneously with project execution, thereby ensuring that objectives and project deliverables are met. During the monitoring phase of project management, the manager is also responsible for quantitatively tracking the effort and cost during the process. This tracking not only ensures that the project remains within the budget but also is important for future projects. As a project manager, you can make sure that no one deviates from the original plan by establishing Critical Success Factors (CSF) and Key Performance Indicators (KPI). Project Phases and its Management
  • 21. Monitoring and control: In the project management process, the third and fourth phases are not sequential in nature. The project monitoring and controlling phase run simultaneously with project execution, thereby ensuring that objectives and project deliverables are met. • Track efforts and cost • Monitor project progress • Ensure adherence to plan • Prevent any chance for disruption Project Phases and its Management
  • 22. Project Completion: This is the final phase of the project. The important tasks are: • Hand over deliverables • Review Project Deliverables • Get project results approved • Document Project learnings Most teams hold a reflection meeting after the completion of the project in order to contemplate their successes and failures during the project. This is an effective method to ensure continuous improvement within the company to enhance the overall productivity of the team in the future. The final task of this phase is to review the entire project complete a detailed report that covers every aspect. All of the necessary data is stored in a secure place that can be accessed by project managers of that organization. Project Phases and its Management