Presentation of project management synopsis 1

1. Introduction:
The professional management of projects requires a disciplined approach to defining,
planning, strategizing, communicating, and controlling a project. It is assuring that the project
will deliver. What do the world’s tallest building, the trip to the moon, a film that breaks box
office records and a wedding are in common? For organization projects are a set of activities
that produce a specific result with in a defined time bound.
Elements of project management (General):
a. Objective: Project objectives are goals, plain and simple. These are the business
objectives that you want the project to accomplish.
b. Complexity: Complexity helps understand the social behaviours of teams and
networks of people involved in and around a project. The ideas apply equally to small
in-house projects as to large complicated projects. In this regard, ‘complexity’ is not
a synonym for ‘complicated’ or ‘large’.
c. Uniqueness: Project Uniqueness is a characteristic of a particular project that has
special or unequalled parameters that determine the project’s originality and
authenticity. It describes an absolute state of the project as compared to other projects.
d. Uncertainty: Uncertainties have a defined range of possible outcomes described by
functions reflecting the probability for each outcome. Uncertainties functions can
describe discrete events or continuous ranges of outcomes. The schedule for a project
contains uncertainty because the estimated effort or duration of each task has some
uncertainty associated with it.
e. Temporary nature: The temporary nature of projects, combined with the very real
limitations on power and discretion most project managers face, constitutes the core
challenge of managing projects effectively.
For example, within a functional department it is common to find people with more
homogeneous backgrounds. This means that the finance department is staffed with
finance people, the marketing department is made up of marketers, and so on.
f. Life cycle: The project life cycle is a 4-step framework designed to help project
managers guide their projects successfully from start to finish. The purpose of the
project life cycle is to create an easy to follow framework to guide projects.
Key elements of project management are as follows:
1.Capital cost: Cost of capital is the required return necessary to make a capital
budgeting project, such as building a new factory, worthwhile. The cost of capital
depends on the mode of financing used. It refers to the cost of equity if the business is
financed solely through equity, or to the cost of debt if it is financed solely through
debt.
2. Time: When you have a detailed list of all the tasks that you must achieve to
complete the project then you can begin to estimate how long each will take. You can
lose a great deal of credibility, and money, by underestimating the length of time
needed to implement a project. If you underestimate time, not only do you miss
deadlines, you can also put other people under unnecessary stress.

2. 3. Value: One of the greatest challenges Project Management usually face is to sell
the value of project management to other stake holder. It is difficult to prove the
tangle benefits of project management especially in dollars and cents.
Process of project management:
Introduction
Project management is one of the critical processes of any project. This is due to the fact that
project management is the core process that connects all other project activities and processes
together.
The five main project management processes in detail as follows:
1.Project Initiation
Project initiation is the starting point of any project. In this process, all the activities related to
winning a project takes place. Usually, the main ac, there are multiple deliveries to be made
during the project execution. Usually, the main activity of this phase is the pre-sale. project
deliveries are not onetime deliveries made at the end of the project. Instead, the deliveries are
scattered throughout the project execution period and delivered upon agreed timelines.
2. Project Planning
Project planning is one of the main project management processes. If the project management
team gets this step wrong, there could be heavy negative consequences during the next phases
of the project. The project plan is derived in order to address the project requirements such as,
requirements scope, budget and timelines. Once the project plan is derived, then the project
schedule is developed.
3. Project Execution
To execution the project each member of the team carries out their own assignments within
the given deadline for each activity. The detailed project schedule will be used for tracking
the project progress.
There are multiple deliveries to be made during the project execution. Usually, project
deliveries are not onetime deliveries made at the end of the project. Instead, the deliveries are
scattered throughout the project execution period and delivered upon agreed timelines.
4. Control and Validation
During the project life cycle, the project activities should be thoroughly controlled and
validated. The controlling can be mainly done by adhering to the initial protocols such as
project plan, quality assurance test plan and communication plan for the project. Validation is
a supporting activity that runs from first day to the last day of a project.
5. Closeout and Evaluation

3. Once all the project requirements are achieved, it is time to hand over the implemented
system and closeout the project. If the project deliveries are in par with the acceptance criteria
defined by the client, the project will be duly accepted and paid by the customer.
Forms of Project Organization:
It may take one of the following three forms:
a. Line and staff organization:
b. Divisional organization:
c. Matrix organization:
Line and staff organization: Line and staff organization is a modification of line
organization and it is more complex than line organization. According to this administrative
organization, specialized and supportive activities are attached to the line of command by
appointing staff supervisors and staff specialists who are attached to the line authority.
Divisional organization: The divisional structure is especially useful when a company has
many regions, markets, and/or products. However, it can cause higher total cost within a
company that do not necessarily work together for the good of the entire entity.
Matrix organization: In a matrix there are usually two chains of command, one along
functional lines and the other along project, product, or client lines. Other chains of command
such as geographic location are also possible.
Conclusion
the project management team should have a detailed understanding on all the project
management processes and the tools that they can make use for each project management
process.