Economic Models of Project Selection. Part – 3: Initiating Projects

[At a later time, we will provide the details]

Benefit Cost Ratio
Cash Flow
Internal Return Rate
Present Value and Net Present Value
Opportunity Cost
Discounted Cash Flow
Return on Investment From: http://sitestree.com/?p=11410
Categories:PMP – Project Management
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Post Data:2017-10-17 13:49:20

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How a project is selected?

Project Selection:
A particular project may have different alternative solutions. A company may have multiple project plans and they need to select one of them.

But How?

1. Scoring Model: Identify some matrix to find which project strategy is better or which project will be more profitable. Assign values for these parameters and select which one provides greater value.

2. Benefit contribution: Use cost benefit analysis, short term and long term cost benefit analysis.

3. Economic models:

Benefit Cost Ratio
Cash Flow
Internal Return Rate
Present Value and Net Present Value
Opportunity Cost
Discounted Cash Flow
Return on Investment

  From: http://sitestree.com/?p=11408
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Post Data:2017-10-17 13:46:21

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Lesson 2: How to Initiate a Project

Initiating Projects

How a project starts?

Projects are done for one of the following three reasons
Business Requirements: Example: The government requires airline companies to implement safety-management systems. A company needs to find out the success of their ecommerce web-site.

Opportunities:To take advantage of an opportunity like technology breakthrough. Example: many projects may be planned targeting iPhone.

Problem: To reduce/eliminate a problem. Airport x faces 2/3 accidents every year, the airport authority may wish to perform a project to identify causes and develop solutions.

  From: http://sitestree.com/?p=11406
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Post Data:2017-10-17 13:31:52

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Part – 2: Sub Areas of Project Knowledge Areas

5. Project procurement management

Manage acquiring products

6. Project risk management

Plan the risk management
Identify the risks
Perform risk analysis
Develop a risk resource plan
Monitor and control risks

7. Project quality management

Quality planning
Quality assurance
Quality control

8. Project integration management

Developing the project management plan
Directing and managing project execution
Monitoring and controlling the project work
closing the project

9. Project communication management

Plan communication
Distribute needed information to the stakeholders
Report project performance and status
Communicate to resolve issues among the stakeholders From: http://sitestree.com/?p=11394
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Post Data:2017-10-16 23:23:47

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Project Knowledge Area – Sub Areas

1. Project scope management

Scope Plan
Scope definition
Work breakdown structure
Scope control
Scope verification

2. Project time management

Activity definition
Activity sequencing
Activity resource estimating
Activity duration
Schedule development
Schedule control

3. Project cost management
Cost estimate
Cost budgeting
Cost control

4. Project human resource management

Planning human resources
Acquiring the project team
Developing the project team
Managing the project team

  From: http://sitestree.com/?p=11390
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Post Data:2017-10-16 23:20:42

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Terms you need to know in Project Management

• Project
• Organization
• Project stakeholder
• Process
• Knowledge Area
• Performing organization
• Project management
• Program
• Program Management
• Program Management Office

From: http://sitestree.com/?p=11388
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Post Data:2017-10-16 23:17:44

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Projects and Organizational Structure

Organizational Structures

1. Functional Organization

2. Projected Organization

3. Matrix Organization

How Projects are affected by the style of the organization

1. Functional Organization:
Each functional department is a separate entity. Projects are done usually within a functional unit independent of other units. If the help of other units is required, it is done through the hierarchy of the functional managers. Usually an unit has a manager. Based on the size, each unit may have multiple managers with hierarchy.Such organization may not carry out many projects, project managers may not be so important, project managers may be just part-time with little/no authority.

2. Projected Organization:
Organized around projects. They mostly do projects. Most resources are invested for projects. Here, project managers have the supreme authority and usually are full time.

3. Matrix Organization:
Just a mix of the functional and projected organizations. The matrix may be strong in projected area and weak in functional area or vice versa. From: http://sitestree.com/?p=11386
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Post Data:2017-10-16 23:15:34

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Project Knowledge Areas

Each project needs to use some knowledge and skills to attain it’s goals. Projects use processes to get the result. Each process may address one aspect of the project. Each process requires raw input, tool and techniques and produces some output. Each of the processes may require knowledge in one area.

Common project knowledge areas are:

1. Project scope management
2. Project time management
3. Project cost management
4. Project human resource management
5. Project procurement management
6. Project risk management
7. Project quality management
8. Project integration management
9. Project communication management From: http://sitestree.com/?p=11384
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Post Data:2017-10-16 23:11:25

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Initiate: Start a project
Plan: Plan how to achieve the goal. Plan regarding execution and monitoring.
Execute: Execute the plans to achieve the goal.
Monitor: Monitor the progress of the project. Modify plans and also modify execution.
Close: Close with project when goal is achieved From: http://sitestree.com/?p=11382
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Post Data:2017-10-16 23:08:20

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Discussion Topics:

1. What is a project ?
2. Differences between projects and operations

What is a project?
A project is an activity that using plans and processes creates a product, a service, or a result. A product is a physical product like a TV, a service is like the Internet, a website; result [analytical model, proof of something] is the knowledge based outcome of a research project. Project is a continuous process that takes an idea/concept, targets an outcome, plans how to get the outcome, uses several processes/activities to gain the outcome. Applies monitoring and controlling to get the desired outcome timely.

What are the differences between projects and operations?
Operation is not a project, operations are done to keep something/an organization going. For a University, taking classes, conducting researches are operations. For a food shop, selling foods is an operation. But the process to create a University or a food shop is a project. Software development process is mostly project oriented. From: http://sitestree.com/?p=11380
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Post Data:2017-10-16 23:06:27

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