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Project management has a number of advantages. It allows the following: Aligns the project with the strategic goals of the organization Reduces the project cost by effective planning and management of resources Focuses on performance of the workforce by providing them training Increases the project success ratio Ensures that the pre-stated objectives are achieved […]
The following are phases of project life cycle Initiation This is the first phase of project life cycle. In this stage, a project charter, which is also called the project statement, is defined. This statement provides the project idea, outlines the project objectives, identifies the project manager and stakeholders, and defines the role and […]
Road and dam construction projects may not generate high returns, but have a social impact. In CBA, the total cost and expected returns of a project are estimated in monetary terms. The CBA approach involves the estimation of cost incurred on raw materials, labour, rents and acquiring land. It does not consider the environmental aspect […]
Multiple contracts are available for procuring products and services by an organisation. The contracts to be used while procuring products and services are based on the marketplace, the type of project, and the nature of products or services. These contracts can be categorized into the following types Fixed-Price Contracts Cost Reimbursable Contracts Unit Price Contracts […]
The purpose of project evaluation is to measure the “success” of a project. Accordingly, projects are evaluated on the basis of the indicators of success or failure such as profitability, competency, efficiency and future prospect. The success of a project has been defined by different researchers through some models. One of such models was proposed […]
The importance of operational feasibility is highlighted in the following points. Helps in assessing the capability of the project in fulfilling the desired organizational goal Helps in analyzing and tackling any resistance from management, team, and individuals Helps in evaluating the probable impact of the project on the environment Assists in proper implementation of […]
Cost of quality indicates the sum of conformance cost and non-conformance cost. Conformance means delivering products that meet the quality requirement of the customer; whereas, non-conformance indicate the products that are rejected for not complying with the quality norms of the customer. Types of costs of quality associated with a project There are various […]
According to John Rakos “The success of any project is crucially dependent on the documents produced for it.” It is very essential for any project manager to keep proper documentation for the project for effective management. These documents help to know the various aspects of the project whenever needed during the life of the project. […]
In an off take contract, there is an agreement between the project company and the buyer. It is negotiated much before the construction of the facility in order to make the market secure for the future output of the facility. This contract provides the project company stable and sufficient revenue which helps in paying its […]
The following are basic project resources Manpower It refers to a set of individuals (employees) having specified skills, knowledge, and expertise to carry out different project activities. Materials Raw materials are vital for any project. Not only manufacturing and construction projects highly depend on materials but also office or service projects rely on […]