FAQ-UNIT 1-BASIC OF PROJECT MANAGEMENT

Prepared by: Garima Chaturvedi Faculty-Management & Commerce Q1. What is a Project? Ans: Project is a temporary endeavour undertaken to create a unique product, service or result. It is a set of activities which are networked in an order and aimed at achieving the organisation objective or objective for which the project is started. Thus a project is: Temporary enterprise- definite start and end date Unique & non-repetitive Require resources-man, machine, money and minutes Should have a primary sponsor or client. Involves uncertainty i.e Risks

Q2. Why is it necessary for a project to be managed properly? Ans: A project is about managing various constraints balancing them based on project requirements. Thus its necessary to manage a project properly because: A project requires huge investments which should not go waste. A loss in any project would have direct or indirect impact on the society. Prevent failures in projects. Scope of the project activity may undergo a change. Technology used may change during the course of project execution. Consequences of negativity in project related problems could be very serious. Changes in economic conditions may affect a project.

Q3. What are the various phases of project management lifecycle? Ans: The five phases of the project management life cycle are:

A. Analysis & evaluation: This phase starts with receiving a request from client to analyze the issue which triggers the project and submitting a detailed report on the issues. B. Marketing: in this phase a project proposal is prepared by the project manager and his team. Also a feasibility study is conducted to analyze the possibility of executing and implementing the project successfully. C. Design : in this the following outputs are produced: System design specification Program functional specification Program design specification Project plan D. Inspecting, Testing and Delivery Phase: during this phase the project team under the project managers guidance implements the designs accurately. The major task involved in this phase are: Managing the customer Marketing the future work Performing quality control work E. Post completion Analysis: After successful completion and delivery of the project, the teams performance on the project is evaluated. The major tasks involved in this phase are : Documentation of lessons learnt Analyses of clients feedback Preparation of project execution report Analyses of the issues/ problems encountered during project Q4. Why does project fail? Ans: A project may fail because of the following reasons: If the project is initiated without strategic plan If the aim and objective of the project or the output result is not symmetric with respect to business objective If the project is not managed properly If there is no cooperation or communication in-between project team members Lack of project related knowledge of team members or unskilled project team Less support from the client/sponsor as well as organization management There is political/governmental influence interference in project proceedings Natural calamity/ Disaster

Q5. What are Knowledge Areas in Project management? Ans: Project management Institute has identified 9 Knowledge areas in project management. It is believed that a knowledge of the same keep project management balanced. These nine Knowledge Areas are: 1. 2. 3. 4. 5. 6. 7. 8. 9. Integration Scope Time Cost Quality Communication Human Resource Risk Procurement