Project management mainly describes the direction of a project. A project may fail or succeed based on the goals set out for it. A project may indeed be like a child learning how to walk. Most of the success or failure is not controlled. An alternate may always come along and spoil the child’s success. Projects are considered risks and not a hobby like jobs. Risks cannot be controllable. They can only be foreseen in advance. As on a prince 2 birmingham training qualification.
There are five basic concepts in project management. Some of the details will not be detailed, but I am going to explain them anyway.
First is the return on investment; what will be gained and what will be lost. How will it benefit the organization?
The second is scope; if there is no scope, no project can be considered viable.
The third is time quality to require that all activity will be directly related to the goals and objectives of the project.
Fourth is resource quality to insist that all resources will be used to benefit the project.
Fifth and lastly is risk; the way the project will be managed to avoid trouble is through risk management.
The first three concepts are about investment. How much is it going to cost to set up the project? This number can increase based on infrastructure and other cost factors.
The second is functionality. Will the project require the implementation of functions. How can we track a project? How long will it take, how will we pay for it?
The third is implementation and progress. Will we be able to apply all the resources we have to a project, doing this in a more workable way. This can mean design, process, organization, etc.
The fourth is effectiveness. Will the project you are managing be successful, or will it be a failure. How does a task? Does it make use of the available management planning, staff resources, and technology? Is cost a consideration?
Frequently projects are classified into phases. Obviously, with each step, there are many underlying questions. The first question is what problem is solving. Is there some critical factor that needs a focal point? Is the project being implemented to make a difference for the organization or fill a vacuum or fulfill a challenge or serve a problem or fulfill a need? Identifying the problem is the first question. Question one is how do we solve the problem. Question two will be how quickly, with what resources, to solve the problem.
The fifth question requires an evaluation of the project. How will it conclude, and when? Does the project meet the critical success factors? Question three is if the project is well justifying the investment and why.
Selecting a project is often determined before the initial questions. The essential requirement is to recognize a problem. Then a project must be justified to solve it.
There is a project life cycle. It is called the initiation phase. This is the birth of the project. During this phase, the project manager conceptualizes the perceived problem. During this stage, the project can be defined. Projects in this phase are undertaking is not active. They are not in operation. They are on the feasibility filter from success criteria. The determination of project viability is a decision you make. It is better to know in advance what you are making known to the funding sources and what stakeholders need to know. The benefits of this phase can be significant.
Preliminary funding, a project with good focus, and a successful approach will lead to a more productive and less expensive project as time progresses. At some point, it is best to take the best of your best and get this out the door. Sometimes projects can be merged with other projects already acquired; sometimes, the actual merged project will be Sequenced into a new project. A project is best if the best of the best exceeds the project.
The main objective of the project is to gain as much money as possible for the business that the principals are engaged in. Not the principal. The current fiscal year has been very challenging for small businesses. It is not that the small business has no money. They just put it on, waiting to be released. What your delivering today is less important than your results.