A successful project management includes key elements like capital cost, time, and value. It also involves important processes such as project initiation, planning, execution, control and validation, and closeout and evaluation. There are different forms of project organization including line and staff, divisional, and matrix structures. Project management requires defining, planning, communicating, and controlling projects to ensure they are delivered successfully.

1. Topic: A successful project management
includes few elements, process and forms: an
analysis
Course Name: Project Management
Presented by:
Mir Mohammed Shorab Hossein
Roll No: 907, EMBA,
Batch: 37th
Faculty of Business Administration
University of Science and Technology Chittagong

2. 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.

3. Key elements of project management are
as follows:
 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.
 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.
 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.

4. Elements of project management
(General)
 Objective: Project objectives are goals, plain and simple. These are the business objectives that you want
the project to accomplish.
 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’.
 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.
 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.
 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.
 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.

5. Process of project management
 The five main project management processes in detail as follows:
 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.
 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.
 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.
 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.
 Closeout and Evaluation: 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.

6. Forms of Project 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 costs, and can result in a number of small, quarreling fiefdoms 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.