...Project Management Project management is the process a company goes through to achieve a goal or objective. While project management may differ in style or function, it usually involves the same planning and preparation. Many phases are included in project management, including product development, market analysis, financial risk-reward measurement,and supply chain management. Each of these phases is reviewed in great detail before a project is implemented. Tools Several management tools are helpful when reviewing the different phases of project management. The best source of information usually comes from the company's own Management Information System (MIS). The MIS is the reporting process currently used by the company to review the internal controls and work flow of business operations. These reports will identify areas where an increase in production may be possible for adding new projects. Another useful tool is the engagement of consultants or outside professionals the company has used to help evaluate business operations. These professionals will be familiar with the company and can help discern whether the company can indeed handle a new project without damaging current operations or financial positions. Techniques When using the available tools for project management, companies develop techniques that help them break down and review the gathered information. Several of these techniques involve the use of current employees in different departments to help research...
Words: 326 - Pages: 2
...Intl Project Management Cost & finance Part 2 : Tools and techniques SupdeCo La Rochelle (H. Khatchadourian) Aligned with the PMBOK® Guide Fourth Edition 1 Investment Concept & project investment Investment : basics The process of compounding and discounting Compound interest and future value (FV) of a single payment (« lump sums ») FVn = PV(1+I)n With N number of period (= years, quarters,months) I interest rate PV present value FV future value at end of year « n » Step-by-step approach or formula approach Use of spreadsheets (Excel) 1. Int. 2. Scope 3. Time 4. Cost 5. Quality 6. HR 7. Com. 8. Risk 9. Proc. Investment: basics Present value (PV) PV = FVn / (1+I)n Step-by-step approach and formula approach Finding the interest rate « i » ? Finding the number of years « n » ? 1. Int. 2. Scope 3. Time 4. Cost 5. Quality 6. HR 7. Com. 8. Risk 9. Proc. Investment: basics Annuities (ordinary) A series of payments over time At the end of each period Periods 0 5% 1 2 3 Payments -100€ -100€ -100€ 1. Int. 2. Scope 3. Time 4. Cost 5. Quality 6. HR 7. Com. 8. Risk 9. Proc. Annuities (due) At the beginning of each period Investment: basics Future value of an ordinary annuity With ⎡ (1 + I )n − 1⎤ FVAn = PMT ⎢ ⎥ I ⎣ ⎦ Interest rate I Series of payment (= constant payment) 1. Int. 2. Scope 3. Time 4. Cost 5. Quality 6. HR 7. Com. 8. Risk 9. Proc. Investment: basics Future value of an ordinary annuity Periods 0 r=5%...
Words: 10588 - Pages: 43
...Hey Guys, Here’s what I found out about cool online tools… MOOVIA http://agilescout.com/agile-‐tool-‐review-‐moovia-‐team-‐collaboration-‐network/ https://www.moovia.com/workspace/letgowithlego This scrum tool is a great way to organize your events and tasks, but needs to have an active team to input information in order for it to work properly. This is a collaboration tool and I signed on using LinkedIn. It was really easy to sign up, and has nice outputs for our progress and may actually be a viable solution for putting together our final presentation. The developers had three things in mind for this tool: It must be built on a social network environment, it should be based on agile methods, but not limited to it, and it has to be FREE for the user. ...
Words: 420 - Pages: 2
...* Table of Contents 1 Introduction 2 2 The meaning of “project” 2 3 Project stakeholders 4 4 Meaning of project management 5 5 Factors influence on project 5 6 Project management theory 6 7 Project Management Tools and Technique 7 7.1 Cost benefit analysis (CBA) 7 7.2 Gantt chart 8 7.3 Work breakdown structure (WBS) 9 8 Project management software (PMS) 10 9 TQM 11 10 Critical Path Method (CPM) 11 11 Management by Objectives 11 12 Conclusion 12 13 References 12 14 Bibliography 13 Appendix A : Nine Project Management Areas 14 Appendix B : Project lifecycle 17 Appendix C :Common project Management tools and Techniques 19 OVERVIEW OF PROJECT MANAGEMENT TOOLS AND CONCEPTS IN A HOSPITALITY & TOURISM ORGANIZATION Introduction Project management (PM) facilitates to a structured approach to managing projects for project managers. PM reduces risk and provides assurance by providing tools at the same time environment to plan, observe, track, and deal with schedules, quality as well as resource.PM can be applied into both soft and hard projects such as personnel projects, IT, construction, finance, sports, and event planning, HR etc. Project management gives advantages like; a. Better control of financial, physical, and human resources b. Improved customer relations c. Shorter development times d. Lower costs e. Higher quality and increased reliability f. Higher profit margins ...
Words: 3872 - Pages: 16
...areas where project management software is especially beneficial and how it is beneficial. Also, identify one area where project management software is not beneficial to project management and explain why you feel this is the case. Explain the rationale behind your answers. Answer Benefit of Project Management Tool We have seen that there are lots of project management tools are introduced in the market in which one of the famous tool is Microsoft project management tools. Basically, there tools are developed to quantifying the project cost , requested efforts in development and testing, project planning, help to divide the project into sub parts which will improve the quality of product. So, these are the tools which help us to manage the project in various areas. Three of main areas are given below: * Project Planning * Managing the task * Sharing and Collaborating on Documents 1. Project Planning These tools help project manager to plan the each phase of project. They provides how the each tasks are interconnect to each other and also define the project schedule like which task will be done in which date , help to understand the critical path view of project. So In vast it will help in many way like: * Define task allocation * Help to define the time estimation for each task * A detailed breakdown of tasks to be completed. * Define task dependency * Schedule the leave of allocated resources * Help to break project in many task...
Words: 586 - Pages: 3
...COMPUTER ENGINEERING PROJECT Management COURSE INSTRUCTOR ENGINEER ABDUL ALEEM COMPUTER ENGINEERING PROJECT Management COURSE INSTRUCTOR ENGINEER ABDUL ALEEM CP-2010 UNIVERSITY OF ENGINEERING AND TECHNOLOGY, TAXILA CP-2010 UNIVERSITY OF ENGINEERING AND TECHNOLOGY, TAXILA APPLICATIONS OF SOFTWARE IN PROJECT MANAGEMENT APPLICATIONS OF SOFTWARE IN PROJECT MANAGEMENT IFFAT MAAB (10-CP-58) MARYAM FATIMA (10-CP-87) MUHAMMAD IKRAM UL HAQ (10-CP-30) IFFAT MAAB (10-CP-58) MARYAM FATIMA (10-CP-87) MUHAMMAD IKRAM UL HAQ (10-CP-30) Table of Contents 1. PROJECT 5 2. PROJECT MANAGEMENT 5 3. PROJECT MANAGEMENT SOFTWARE 5 3.1 HISTORY 6 3.2 PURPOSE 7 3.3 NEED FOR PROJECT MANAGEMENT SOFTWARE 7 3.4 TYPES OF PROJECT MANAGEMENT SOFTWARE 7 3.4.1 Desktop 7 3.4.2 Client Server 8 3.4.3 Web-based 8 3.4.4 Integrated 8 3.5 FUNCTIONALITIES OF PROJECT MANAGEMENT SOFTWARE 8 3.6 BENEFITS OF PROJECT MANAGEMENT SOFTWARE 10 3.7 SHORTCOMINGS OF PROJECT MANAGEMENT SOFTWARE 13 4. Tools 13 4.1 Project scheduling tools 16 4.1.1 Advantages & Disadvantages 16 4.2 Comparison of Different Tools 17 4.3 Top Recent project management software 18 4.4 Criteria for evaluating Project management Software 19 4.5 Understanding Organizational Needs 19 5. NWC Case Study - Implementing EPMS Using Oracle Primavera P6, EBS and MS SharePoint 2010 20 5.1 About NWC 20 5.2 Project Goal 20 5.3 Project Background 21 5.4 Services...
Words: 7217 - Pages: 29
...Project Management Small to Medium Enterprises Monyetta Soco CMGT/410 May 02, 2012 Dalan Bayham Project Management Small to Medium Enterprises SME’s (Small to Medium Enterprises) varies in the use of sophisticated tools such as Gantt and CPM (critical path method), depending on the company’s size. Most lo-tech companies rather use project teams so the company does not have to hire project managers to do the job that employees could do as a team. On another note most hi-tech companies rather hire experienced project managers. Project Managers in these larger size companies are more likely to implement tools and techniques of project management such as MS-Project, Gantt Charts, CPM, and EVA (earned value analysis). The low implementation of these sophisticated tools falls on the lo-tech rather than the hi-tech companies. “Ghobadian and Gallear (1997) described differences between SMEs and larger organizations. In particular, they identified the following: . Processes: SMEs require simple planning and control systems, informal evaluation and reporting. . Procedures: SMEs have a low degree of standardization, with idealistic decision making. . Structure: SMEs have a low degree of specialization, with multi-tasking, but a high degree of innovativeness. . People: Because of the higher consequence of failure in SMEs, people prefer tested techniques.” Hi-Tech companies rather have nominated individuals (such as project managers) to handle his or her specific task at hand...
Words: 818 - Pages: 4
...Analysis References 2 Fast Track Project Management Solutions(FTPMS) co-own by Sameh Mansour and Syed Sheeraz Ali, is the name of providing you the complete solutions from scratch to completion of your projects, managed successfully within the limit of your company’s business objectives. FTPMS has launched IPM (Integrated Project Management) Tools which have a unique capability to plan Time, Cost, Resources and Risks together enabling every project members to keep themselves focussed on their decisions required in the favour of the project and a close eye on performance indicators, forecasting and projected cash flows. FTPMS offered the following core consulting services: Design and implement the Integrated Project management (IPM) tools to manage and deliver successfully the projects of any type or size. Consulting services for developing the complete Management Control System(MCS) including design, implementation & audit the meeting effectiveness, workers shift management, document control, planning monitoring & controlling the projects. Supply of interim management services. In-house training courses delivered to companies for their own project management requirements. 3 Most of the time, construction industry faces three main challenges, lacking of productivity, low level of agility and lack of efficiency of collaboration between different stakeholders. Due to these three challenges 90% of the projects either miss their delivery dates or completed...
Words: 1227 - Pages: 5
...Quality Management includes the process in which determines the quality policies, objectives, and responsibilities performed so that the project will satisfy the needs for which it was undertaken. Implementation of the policies and procedures within the project’s context will ensure that the project and product requirements are met and validated (PMI, pg 227). It is also the ability to plan and control quality and performs quality assurance. If you include these processes in your Project Quality Management process, your will improve the quality of your current and future projects. The first process of Project Quality Management understands the scope and deliverables of the project. In order to give high quality to your customer or stakeholders, you must know their expectation of the service or product. The basic approach of quality management is compatible with ISO International Organization for Standardization quality standards. Every project should deliver quality to which a set of inherent characteristics fulfill requirements with a grade as a design intent assigned to deliverables having the same functional use but different technical characteristics. The project team will need to apply appropriate levels of accuracy and precision for use in the quality management plan. Applying ISO compatibility to quality management, you will need to take the approaches below: • Customer satisfaction –Customers expectations are met (PMI, pg 229). • Prevention over inspection...
Words: 1596 - Pages: 7
...Research Proposal: The Importance of Project Cost & Communication Management Project Management in general is based on the methodology of the triple constraint. Where the effective management of time, cost and scope/quality can define the success of a project. It is generally expected that the number one concern for project managers is to manage the triple constraint. Although, project managers used the triple constraint to evaluate and balance these competing demands in a project, it also became a measurement of project success. With today’s marketplace and the complexities they bring the triple constraint is not enough to properly define when a project was actually successful. There is evidence where projects have been delivered on time, within budget and meeting all project specification and still not perceived as successful by the stakeholders. The reasoning behind these results is that there are obviously other criteria just as important as the triple constraint to truly classify a project as successful. How to identify project success Identifying the success of a project is not based solely on whether the project was completed on time, there are other factors to measure. Learning from failed projects is also a critical part of creating success in the overall results. Projects can be evaluated in a manner that works for the industry or business the evaluation is being conducted for. This process is not rigid in essence, it may include things such as online surveys...
Words: 2791 - Pages: 12
...Helpful Tools for Project Management Christopher Benson INF 337: Integrate Cost & Schedule Control Instructor: Shane Lauber September 22, 2014 The past 30 years have witnessed a dramatic increase in the number and variety of organizations engaged in project-based work. In addition to “traditional” project-oriented industries, like construction, aerospace, and pharmaceuticals, service industries as diverse as finance, utilities, telecommunications, and insurance are beginning to embrace project based ventures. This paradigm shift is due to growing recognition that projects and their effective management can provide organizations with a significant competitive edge through cost reduction, enhanced responsiveness, and overall value to customers. Consequently, a number of organizations have adopted many of the well-known techniques of project management, and professional project management organizations have witnessed marked increases in membership. Despite this enormous interest in projects and project management practices, success rates in many industries are at alarmingly low levels. In addition, bad news about high-profile projects continues to dominate the headlines – in both the public and private sectors (Venkataraman & Pinto, 2008). A lot of this bad news comes from the PM (Project Manager) not being educated on all the tools at his/her disposal to be better prepared to prevent the project from failing. In order for anything to succeed, it must...
Words: 1692 - Pages: 7
...Pm3 essay | Project Procurement Management in Information Systems Projects | Mogamat Shaheed Adams (207191948) | | INFORMATION SYSTEMS III (MODULE A) | 21 September 2010 LECTURER: Mr S Dunn | Project Procurement Management in Information Systems Projects ABSTRACT It is becoming increasingly important for information technology professionals to understand project procurement management. Procurement management has become a tool that can save organizations huge amounts of cost. Therefore the emphasis on expert knowledge surrounding the procedures and stages through project procurement management are becoming so necessarily. There are numerous tools and techniques available to project procurement teams to get favourable results and outputs. These outputs become important tools to organizations to use in the future on similar projects. INTRODUCTION Acquiring products or services under contract using outside buyers or sellers has become a very important aspect to many organizations. The reasons is that it reduce both fixed and recurrent costs, allowing client organizations to focus on its core business, organizations can gain access to specific skills and technologies, providing flexibility where extra staff can be provided during periods of peak workload, and increasing accountability because contracts are legally binding. To be successful in project procurement management there are four main processes for organizations to follow. They are planning...
Words: 1954 - Pages: 8
...Technical write up on Software tools available for project management to help managers to use quantitative analysis Project Management: A project is temporary in that it has a defined beginning and end in time, and therefore defined scope and resources. And a project is unique in that it is not a routine operation, but a specific set of operations designed to accomplish a singular goal. So a project team often includes people who don’t usually work together – sometimes from different organizations and across multiple geographies. The development of software for an improved business process, the construction of a building or bridge, the relief effort after a natural disaster, the expansion of sales into a new geographic market — all are projects. And all must be expertly managed to deliver the on-time, on-budget results, learning and integration that organizations need. Project management, then, is the application of knowledge, skills and techniques to execute projects effectively and efficiently. It’s a strategic competency for organizations, enabling them to tie project results to business goals — and thus, better compete in their markets. Microsoft Project has a qualitative risk analysis methodology capability But what about quantitative cost and schedule risk analysis? Quantitative risk analysis gives the project manager the ability to see how a project schedule will be affected if project risks become issues. As a result of this insight, project managers is implement...
Words: 2624 - Pages: 11
...Approximately what percentage of the wortd's gross domestic product is spent on projects? a. 10 percent b. 25 percent c. 50 percent d. 75 percent b. 25 percent 2. 2. Which ofthe following is a I'IOt a potential advantage of using good projectmanagement?a. Shorter developmenttimesb. Higher workermoralec. Lower cost of capitald. Higher profitmargins c. Lower cost of capital 3. 3. A ___ is a temporary endeavor undertaken to create a unique product, service, or result. a . program b process c. project d . portfolio c. project 4. 4. Which of the following is not an attribute of a project? a. projects are unique b. projects are developed using progressive elaboration c. projects have a primary customer or sponsor d. projects involve little uncertainty d. projects involve little uncertainty 5. 5. Which of the following is not part of the triple constraint of project management? a. meeting scope goals b. meeting time goals c. meeting corrmunications goals d. meeting cost goals c. meeting corrmunications goals 6. 6 . ___ is the application of knowledge, skills, tools and techniques to project activities to meet project requirements. a. Project management b. Program management c. Project portfolio management d. Requirements management a. Project management 7. 7. Project portfolio management addresses ___ goals of an organization, while project management addresses ___ goa • . a. strategic, tactical b. tactical, strategic c. internal...
Words: 4586 - Pages: 19
...com Seeking assignments in the overall project management of construction projects in an organization of high repute in India. SYNOPSIS Over 5 years of cross-cultural experience in managing projects right from development to delivery encompassing planning, monitoring and controlling in various phases of project lifecycle. Adopt project management tools and techniques like project planning & scheduling using project management tolls like Primavera 3.1, 5.0 & 6.0 and MS Project 2007 Professional. Overall planning and monitoring of resource, cost, material and machinery for various construction projects using project management tools. Updating and reviewing of the BSC (Balanced Score Card) for various projects. Creating & updating of logs for several departments through online documentation system ACCONEX. Have been a key member of PMO (Project Management Office) in the organization with the responsibility of conducting review meetings with the key project members from planning point of view. Deft in swiftly ramping up projects in close coordination with project managers, project directors, contractors, architects, consultants & other external agencies and ensuring on time deliverables. AREAS OF EXPERTISE Project Management Steering diverse initiatives towards accomplishment of organisational goals & vision pertaining to the overall execution of the Projects, Quality Management, Design & Development, and Technical Services. Managing project operations with a view to ensure timely...
Words: 1905 - Pages: 8
