Fundamentals of Project
Management
Objective of this chapter
This chapter gives a brief introduction to basic project
management concepts, the processes invo...
Definition of project
• A project is an endeavor to accomplish a specific objective
through a unique set of interrelated t...
Definition of project
• Project s are “born” when a need is identified by the customer
– the people or organization willin...
Examples of project
•
•
•
•
•
•
•

Planning a wedding
Designing and implementing a computer system
Hosting a holiday party...
Phases of Project Life Cycle

Trainings by Vidya Bhagwat
Phases of Project Life Cycle
Phase 1
• The first phase involves the identification of a need, problem,
or opportunity.
Pha...
Project Management Process
i.
ii.
iii.
iv.

Clearly define the project objective.
Divide and subdivide the project scope i...
Project Management Process

Trainings by Vidya Bhagwat
What is Project Management?
• The Project Management Institute (PMI) defines project
management as "meeting project requir...
Most Important terms in Project Management
• Scope
• Assumptions
• Risk
• Scope
• Time

• Budget

Trainings by Vidya Bhagw...
Assignments
1. What is a project? What are the four phases of Project
Management?
2. Find out the importance of project ma...
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F-RE-05

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F-RE-05

  1. 1. Fundamentals of Project Management
  2. 2. Objective of this chapter This chapter gives a brief introduction to basic project management concepts, the processes involves and the stages of managing a project. Trainings by Vidya Bhagwat
  3. 3. Definition of project • A project is an endeavor to accomplish a specific objective through a unique set of interrelated tasks and the effective utilization of resources. It has a well-defined objective stated in terms of scope, schedule, and costs. Trainings by Vidya Bhagwat
  4. 4. Definition of project • Project s are “born” when a need is identified by the customer – the people or organization willing to provide funds to have the need satisfied. It is the people (project manager and project team), not the procedures and techniques, that are critical to accomplishing the project objective. Procedures and techniques are merely tools to help the people do their jobs. Trainings by Vidya Bhagwat
  5. 5. Examples of project • • • • • • • Planning a wedding Designing and implementing a computer system Hosting a holiday party Designing and producing a brochure Executing an environmental clean-up of a contaminated site Holding a high school reunion Performing a series of surgeries on an accident victim Trainings by Vidya Bhagwat
  6. 6. Phases of Project Life Cycle Trainings by Vidya Bhagwat
  7. 7. Phases of Project Life Cycle Phase 1 • The first phase involves the identification of a need, problem, or opportunity. Phase 2 • The second phase is the development of a proposed solution to the need or problem. Phase 3 • The third phase is performing the project. Trainings by Vidya Bhagwat Phase 4 • The final phase is terminating the project.
  8. 8. Project Management Process i. ii. iii. iv. Clearly define the project objective. Divide and subdivide the project scope into major “pieces” Define the specific activities for each piece (work package) Graphically portray the activities that need to be performed in order to accomplish the project objective – in the form of network diagram. v. Make a time estimate for how long it will take to complete each activity vi. Make a cost estimate for each activity. vii. Calculate a project schedule and budget to determine whether the project can be completed within the required Trainings by Vidya Bhagwat time, with the allotted funds, and with the available resources.
  9. 9. Project Management Process Trainings by Vidya Bhagwat
  10. 10. What is Project Management? • The Project Management Institute (PMI) defines project management as "meeting project requirement through the application of knowledge, skills, tools and techniques to project activities. This is accomplished through the use of initiating, planning, executing, controlling and closing a project." Trainings by Vidya Bhagwat
  11. 11. Most Important terms in Project Management • Scope • Assumptions • Risk • Scope • Time • Budget Trainings by Vidya Bhagwat
  12. 12. Assignments 1. What is a project? What are the four phases of Project Management? 2. Find out the importance of project management in the real estate business. 3. With reference to a real estate project, define and explain its scope, risks and assumptions. Trainings by Vidya Bhagwat

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