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PROJECT MANAGEMENTPrepared by
Kashfiya AfrinLecturer
School of BusinessBAC
What is Project?An undertaking that has a beginning as well
as end and is carried out to meet established goals within cost, schedule and quality objectives
Characteristics of a ProjectSpecific start and end pointWell defined objectiveUnique & non repetitiveCost & time scheduleCross functional team
Unique Features of Project MgtTeam WorkExpected ProblemUnexpected ProblemDelayed BenefitContribution of SpecialistsParties with Different Interest
Why Projects Go Wrong?Difficulty in estimating project durationUnderestimated costsChanges in client specificationLack of coordination and team workDifficulties in managing unexpected problems
Objective of Project MgtQualityBudgetTime Scale
Project Life CycleConceiving & defining projectPlanning the projectProject implementation & controlCompleting & evaluating the project
Project Life CycleConceiving & defining projectPlanning the project Break down into manageable unitsEstimation of resource needed (material,
money, time, labor etc.)Project implementation & controlCompleting & evaluating the project
Work Break Down StructureDiscovering work that must be done in the
projectDetermining resources requiredSequencing work
Estimation“An accurate estimate of project costs provides
a proper basis for management control” -Dennis Lock
Estimation (Cont…)Estimates can be improved byLearning from past mistakesObtaining sufficient design informationEnsuring customer specification as detailed
as possibleAnalyzing properly
Cost EstimationBased on 2 componentsDirect Cost (Labor, material, sub components
etc.)Overhead Cost (Heating, lighting, utilities
etc.)Material requires 2 types of estimationTotal material cost (Design engineers,
procurements etc.)Lead time for receipt
Job Time EstimationEstimated time, te={(to+4tm-tp)/6} Here, to=the most optimistic duration (shortest
time) tm=the most likely duration tp=the most pessimistic duration (Longest
time)
Network AnalysisTechnique for planning & controlling large
projectsConstruction workR&DComputerization of a systemAlso known as Critical Path Analysis (CPA) or
Critical Path Method (CPM)
Advantages of Network AnalysisHelps to plan when to start tasksHelps to allocate resources properlyHelps to monitor progressHelps to control
Network DiagramRepresents events & activities (along with
their sequence) making up a whole projectFlow of activities: Left to rightArrowed lineNode
Critical PathIt is the path through the network with the
greatest total durationActivities on it are called critical activitiesA network can have more than one critical
path.
Example: Critical PathThe following activities comprise a project to
renovate a block of flats.
Example: Critical PathActivities Preceding
ActivityDuration(Weeks)
A: Replace windows in lounges - 5
B: Rewire - 4
C: Re-plaster walls of lounges A 2
D: Fit lights in lounges B 1
E: Decorate the bedrooms B 5
F: Install Plumbing B 5
G: Decorate lounges C, D 4
H: Decorate kitchen F 3
I: Decorate Washroom F 2
Example: Critical PathWhat are the paths through network?What is the critical path and what is its
duration?
TextBusiness Decision Making by Pipa Riley Chapter 10: Project Mangement Tools &
TechniquesProjects: Planning, Analysis, Selection,
Financing, Implementation & Review by Prasanna Chandra
Edition: 7th
Chapter-21: Project Management
Thank You!