Project management involves planning, organizing, and managing resources to achieve goals within constraints of time, funding, and scope. A project has a defined start and end, and is undertaken to create beneficial change. Project management classifications include sector, scale, financial institution type, and purpose. The importance, features, and phases of project management are also outlined, including identification, formulation, appraisal, selection, implementation, and ongoing management.

1. Project Management

2. Meaning
Project management is the discipline of
planning, organizing, securing, and managing
resources to achieve specific goals.
A project is a temporary endeavour with a
defined beginning and end (usually time-
constrained, and often constrained by funding
or deliverables), undertaken to meet unique
goals and objectives, typically to bring about
beneficial change or added value.

3. Characteristics
• Investment pattern
• Benefits or gain
• Time Limit
• Location

4. Classification
• Quantifiable and Non- Quantifiable Projects
• Sectoral Projects:-
Agricultural and allied sector
Irrigation and power sector
Industry and mining sector
Transportation and communication sector
Social service sector
Miscellaneous

5. Classification
• Techno – Economic Projects
 Factor intensity- oriented classification
 Capital intensive
 Lab our intensive
 Causation oriented classification
 Demand Based
 Raw material based
 Magnitude oriented classification
Large scale
Medium Scale
Small Scale

6. Classification
• Financial Institutions Classification
 New project
Expansion Project
Modernization Projects
Diversification Projects
• Service Project
 Welfare Project
Service Project
Research and Development Project
Educational Project

7. Importance
• Catalytic agent for economic development
• They have consequences which are long term in
nature
• Projects provide the framework for the future
activities of the enterprise
• Shape future pattern of service
• Involve substantial financial outlay
• Projects commitments cannot be easily reversed
• Brings necessary changes in society in course of
time
• Accelerates the process of socio-cultural
development

8. Features
• Simplicity and clarity
• Availability of attractive technology to
promote the project
• Integration of basic production
services, especially those of inputs
supply, credit, marketing and extension
• Compatibility of the project within the
existing administrative mix

9. Phases Of Project Management
• Identification
• Formulation
• Appraisal
• Selection
• Implementation
• Management

10. Identification
• Selection of a project after a careful scanning
of the environment of investment
opportunity and its likely return

11. Formulation
• Translation of the idea into a concrete project
with scrutiny of its important preliminary
aspects. Preparation of feasibility report

12. Appraisal
• Searching, scrutiny, analysis and evaluation
of market technical, financial and economic
variables. Assessing the profitability, return
on investment and break even point

13. Selection
• Rational choice of a project in the light of
objectives and inherent constraints

14. Implementation
• Expeditious completion within the allocated
resources

15. Management
• Judicious operation of a project/ enterprise
with objectives like maximization of net
present value, maximization of return and
return in the rate of return at low risk

16. Sources
• Project management ( Second Revised Edition
1999) Vasant Desai
• http://en.wikipedia.org/wiki/Project_manage
ment