Various steps involved in

formulating project
SUBITTED BY
Tejashri mankavle
HPGD/ AP15 / 1665
FINANCE
 AN OVERVIEW OF FORMULATING PROJECT
In todays project environment, two factors have become
common: change and complexity. The nature of project has
incorporated these factors into our everyday lives. We work in
an environment of constant change and increasing complexity,
and must be competitive, productive, customer-focused, and
profitable.

Much has been written about change in the project community.

Indeed, we all know the one constant is the existence of
change. Marketing strategies, manufacturing strategies,
service strategies - all must accept the realization that as soon
as the details are spelled out, factors in the marketplace will
demand that the strategy be revisited. Managing change has
become a key ingredient for todays successful project.
 project has also become extremely complicated. This complexity
is related to the number of factors involved in the effort, the
global scope of markets, and the sheer size of the efforts being
undertaken. Even small decisions often involve the interplay of
hundreds of variables.

Project management is both an art and a science. The processes

presented in this document illustrate the science of project
management. The science consists of a systematic approach
using a standard methodology. The art consists of soft skills
including leadership, trust, credibility, problem solving, and
managing expectations. The art of project management is
developed through experience, practice, and intuition. A project
manager who is skilled in the art instinctively knows how and
when to react to project problems. Project management is equally
divided between the art and science and a successful project
manager utilizes and refines both skill sets to effectively manage
projects.
 The PMOs Mission
The Project Management Office (PMO) will ensure
effective implementation of corporate strategic
objectives by providing leadership and oversight
of projects and programs. The PMO will utilize
industry recognized project management
processes and disciplines to become a center of
excellence offering project management
resources, consultation, tools, training, support,
and planning to any organization or individual
within the organization
 WHAT IS A PROJECT?
Projects have become the new way of accomplishing and
managing project activities. Projects are the temporary
assemblage of key personnel designed to accomplish specific
project objectives with identifiable customers in mind.
A project has a beginning and an end. The project team
dissolves once the objectives are met. It is fluid and driven by
the specific needs of that project.
The project approach to managing project activities embraces
change and complexity.
Projects can be defined in many different ways. However, there
are some traits that all projects have in common. Typically, these
traits are used to identify what a project is. The most
distinguishing feature is a specific time frame.
All projects have a beginning and an end. Many efforts are called
projects but actually become programs as they extend
indefinitely and cover broader, less specific project objectives.
Projects must have a clear, definitive goal or objective.
 PROJECT MANAGEMENT
Project : A group of milestones or phases, activities
or tasks that support an effort to accomplish
something

Management : is the process of Planning,

Organizing, Controlling and Measuring
A collection of linked activities, carried out in an
organized manner, with a clearly defined START POINT
and END POINT to achieve some specific results
desired to satisfy the needs of the organization at the
current time
 What does Project Management
Entail?
Planning: is the most critical and gets
the least amount of our time
Beginning with the End in mind-Stephen
Covey
Organizing: Orderly fashion
(Contingent/Prerequisites)
Controlling: is critical if we are to use
our limited resources wisely
Measuring: To determine if we
accomplished the goal or met
the target?
 Measuring.
Are we efficient?
Are we productive?
Are we doing a good job?
What is the outcome?
Is it what we wanted to be?
If you cant plan it, You cant do it
If you cant measure it, you cant
manage it
 Why is Project Management
used?
It is necessary to Track or Measure
the progress we have achieved
towards a Goal we wish to
accomplish
We use Project Management to Aid
us in Maximizing and Optimizing
our resources to accomplish our
goals
 How much time does Project
Management take?
Not much. Probably more time is
wasted as a consequence of lack
of Project Management tool than
is spent to Plan adequately,
Organize, Control effectively and
Measure appropriately
How long: As long as there are
things to do
 Why is Project Management
Important?
Enables us to map out a course
of action or work plan
Helps us to think systematically
and thoroughly
Unique Task
Specific Objective
Variety of Resources
Time bound
 Advantages
In built Monitoring/ Sequencing
Easy and Early identification of Bottlenecks
Activity based costing
Identification and Addition of missing and
new activities
Preempting unnecessary
activity/expenditure
Timely Completion
Assigning tasks
Reporting
 Road to Better Project
Management
Find a Project plan that fits your style of
project management needs
It may be as simple as creating templates,
forms and spreadsheets to track tasks
Formation of a Project Management
committee
Listing out all the tasks and sub-tasks to
accomplish a goal
Jot down the time period and person
responsible against each task/sub-task
 Road to Better Project
Management
Identify a Project Manager
Identify Task Managers
Sequence the activities in
relation to time period
Present to the PMC
Finalize by reaching an
agreement and start work...
 Implementation
Regular Monitoring
Resource Support
Critical issues discussed and
solution
Meeting with the team on
completion of each major
milestone
Track the progress against the
plan
System to add/delete tasks in the
Life Cycle Phases
 The project management tools
and principles provide the means
for
project breakdown into tasks and sub-
tasks
finding interdependencies between the
tasks
allocating resources, human and material
and smoothing resources
estimation for total project duration and
budget
monitoring more efficiently project
progress
 Project Management is a means by which to fit
the many complex pieces of the project
puzzle together, both human and technical, by
use of:
Schedules
Budgets, including resource allocation
Scope (product) definition
Project Management fulfils two purposes:
Technical: Documentation techniques to
communicate
The 'plan
Status which compares 'planned' versus 'actual'
performance
 Implementation of project
management technique can have
significant results such as:
Cost reduction
Time reduction
Recourses allocation
Increased quality
THANKING YOU