First thing to think before you start a project/venture/business, etc

Feasibility, capital, resources, human resources, money

Capital Investments – An expenditure shown as an asset in the balance sheet (accounting point of view).

Importance – Long Term Effects, irreversibility, substantial outlays

Project Management Objectives – successful development of project’s procedures of initiation, planning,

execution, regulation, closure. also includes the guidance of project team operations towards achieving
all the goals within set scope n time.

Objectives of PM:

1. Successful development and implementation of all project procedures regardless of project size.
Includes 5 phases (as stated in the definition of PM – highlighted in red)

2. Productive guidance, effective communication and supervision of team

3. Fulfilling project goal within time constraints – that means no delay is faced while execution and
completion of project

4. optimization of allocated necessary inputs

Importance of PM:

For importance, refer the slide screenshot below (points in mind)

Brief explanation of the above points (IMPORTANCE OF PM).

1. Strategic Alignment - Making the product as per requirements of the client and as per
his customization.
2. Leadership – a leader to carry out any project is very important
3. Clear Focus and Objective – there has to be a clear objective of the project every team
member should be aware of the target they r doing the project for.
4. Realistic Project planning – no goals should be made which are beyond accomplishment
5. Quality Control – should be done while making of the product so that the customer
receives only the best quality products.
6. Risk Management – for eg- Covid-19 happened and most business who did not had risk
management have suffered, so there should be a risk management strategy prepared
beforehand.
7. Orderly Process - No loop-holes in the process
8. Continuous Oversight – there should be short term goals and not only a single long term
goal, check on the short term to achieve the long term goals
9. Subject Matter expertise – every area should have an expert so that there is no lack of
quality work
10. Managing and Learning from success and failure – always take in consideration the past
experience in order to assess the points that could lead to success and failures of the
project.

Project Management can be divided according to the following:

Project Manager – responsible for successful completion of the project. His job is to ensure that
project proceeds within specified time frame and under budget while achieving its objectives.

Duties of project manager:

1. Develop a plan
2. Manage deliverables according to plan
3. Recruit project staff
4. Lead and manage the project team
5. Determine methodology used on the project
6. Establish a project schedule
7. Assign tasks to team
8. Provide regular updates to upper management
Rationale Unified Process – Software Engineering Process providing disciplined approach to assigning
tasks and responsibilities within developed organizations.

- Ensures production of high quality software that meets the need of its end users within budget
and time constraint.

Following are the Phases of Product Life Cycle

Brief explanation of Phases of Project Management:

1st Stage – Initiation: where you find the ‘why’ of the project’s existence. Map out project
objective and clarify approach. KEY DELIVERABLE is Project Charter

2nd stage – Planning: develop detailed plan for project execution. Define project scope, create
WBS make a schedule, communication plans, risk management plan. KEY DELIVERABLE is WBS,
Gantt Chart and Project Plan.

3rd Stage – Execution: the ‘do’ phase of the project where we track tasks and ensure that project
stays on course.

4th Stage – Control: runs alongside Execution Phase, focuses on monitoring project progress,
keeps the project on track.

5th Stage – Closure: final stage, hand over deliverables to stakeholders and close the project. KEY
DELIVERABLE is project report.
Effective Deployment of 6 best practices

Technical Analysis (factors to be considered for setting up a new industry/plant etc.)

1. Availability of raw materials

2. Geographical location
3. Nearness to market
4. Govt. policies (location, labor, safety of people)
5. Future prospects
6. Support from locals
7. Disposal management
8. Import/export
9. Cheap and skilled labor
10. Less competition
Slack = LOT – EOT

When Slack = 0 – Critical Path

Critical Path – path involving all the critical activities

For further completion, follow the steps below,

We need to start by crashing the activity with the lowest cost per week. Here for example in the critical
path we can see the lowest cost per week is 500 which is for activity (2-4), so we will now start by
crashing activity 2-4.

For crashing, follow the given steps:

Make the complete same network again, and there will be just one minor change in the network and i.e.
replace the normal duration of (2-4) activity by the crash duration of the same activity (i.e. replace 9 by 4
as duration).

Now again repeat the same steps and continue making the networks out of different critical paths and
continue this till the time all the activities are crashed.

One more most IMPORTANT step needs to be followed besides this…(do this side by side if possible)

You have to make a cost sheet as shown below: PS: Make the entries for all activities crashed as in
order.
New Topic

Float
Another type of Networking Question:

Formula for Standard Deviation = ( tp – to ) / 6

Formula for Variance = (SD)2