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Unit 3 KHU 802 Project Management & Entrepreneurship

The document outlines the fundamentals of project management, including its definition, scope, importance, and the role of the project manager. It details the project life cycle phases, the process of project appraisal, and the steps for preparing a real-time project feasibility report. Key components include managing project scope, time, cost, quality, resources, risks, and stakeholder communication to ensure successful project delivery.

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11 views4 pages

Unit 3 KHU 802 Project Management & Entrepreneurship

The document outlines the fundamentals of project management, including its definition, scope, importance, and the role of the project manager. It details the project life cycle phases, the process of project appraisal, and the steps for preparing a real-time project feasibility report. Key components include managing project scope, time, cost, quality, resources, risks, and stakeholder communication to ensure successful project delivery.

Uploaded by

kashyapatul98757
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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1.

PROJECT MANAGEMENT
1.1 Meaning
• Project management is the application of knowledge, skills, tools, and techniques to project
activities.
• It aims to meet the project requirements and deliver value to stakeholders.
• It is goal-oriented and time-bound, with a unique output (product, service, or result).
• Unlike operations, projects are temporary and have a defined start and end.
1.2 Scope of Project Management
• Encompasses all activities from project initiation to closure.
• Involves integrating the following key areas:
o Scope Management: Defining and controlling what is included in the project.
o Time Management: Scheduling and ensuring timely delivery.
o Cost Management: Budget estimation and cost control.
o Quality Management: Meeting quality standards.
o Resource Management: Efficient utilization of human and physical resources.
o Risk Management: Identifying, assessing, and mitigating project risks.
o Communication Management: Ensuring effective information flow.
o Procurement Management: Managing contracts and acquisition of goods/services.
o Stakeholder Management: Meeting expectations of all stakeholders.
1.3 Importance
• Facilitates achievement of strategic objectives through successful project delivery.
• Helps manage complex and cross-functional tasks.
• Reduces project failure risk through systematic planning and control.
• Enhances customer satisfaction and stakeholder confidence.
• Supports innovation and change implementation in dynamic environments.

2. ROLE OF THE PROJECT MANAGER


Key Responsibilities
• Define project goals, deliverables, and success criteria.
• Plan scope, schedule, budget, and resource allocation.
• Form and lead project team; manage internal and external stakeholders.
• Track performance using KPIs and correct deviations.
• Ensure compliance with organizational policies and legal frameworks.
• Facilitate problem-solving, decision-making, and conflict resolution.
• Maintain thorough documentation and reporting.
Essential Skills
• Leadership and people management.
• Communication (written, verbal, interpersonal).
• Negotiation and stakeholder engagement.
• Analytical thinking and decision-making.
• Time and risk management.
• Technical expertise in relevant domain.

3. PROJECT LIFE CYCLE


3.1 Phases of Project Life Cycle
1. Initiation
o Identify business need or opportunity.
o Perform initial feasibility and stakeholder analysis.
o Define project charter and assign project manager.
2. Planning
o Create detailed project management plan.
o Define work breakdown structure (WBS).
o Develop schedules, budgets, quality plans, risk mitigation plans.
3. Execution
o Perform project work as per plan.
o Coordinate team and resource deployment.
o Maintain quality and manage communication.
4. Monitoring & Control
o Compare actual performance with planned values.
o Identify variances and apply corrective measures.
o Manage changes through formal change control.
5. Closure
o Confirm project deliverables are completed and accepted.
o Document lessons learned and archive records.
o Release project resources and celebrate success.
4. PROJECT APPRAISAL
4.1 Definition
• A comprehensive evaluation to determine if the project is viable and should proceed.
• Done before committing significant resources.
• Looks at multiple feasibility dimensions: technical, environmental, market, and managerial.
4.2 Components of Appraisal
A. Technical Appraisal
• Evaluates the technical soundness of the project plan.
• Includes:
o Selection of appropriate technology and equipment.
o Availability of raw materials, infrastructure, utilities.
o Site selection and layout considerations.
o Assessment of production capacity and scalability.
B. Environmental Appraisal
• Studies the environmental impact of the project.
• Includes:
o Air and water pollution, waste disposal, resource consumption.
o Effect on local communities and biodiversity.
o Adherence to regulatory norms (e.g., Environmental Clearance).
o Preparation of Environmental Impact Assessment (EIA) reports.
C. Market Appraisal
• Determines whether there is adequate demand for the product/service.
• Includes:
o Market survey and analysis of demand-supply gap.
o Customer segmentation, preferences, price sensitivity.
o Study of competitors and market positioning.
o Forecasting future sales and pricing strategies.
D. Managerial Appraisal
• Evaluates capability and credibility of the project management team.
• Includes:
o Assessment of management structure, decision-making processes.
o Experience and qualifications of the project leaders.
o Internal controls and ability to respond to challenges.
o Previous performance in similar projects.
5. PREPARATION OF A REAL-TIME PROJECT FEASIBILITY REPORT
Steps:
1. Project Conceptualization
o Define objectives, scope, and expected outcomes.
o Identify stakeholders and gather preliminary data.
2. Data Collection
o Primary data: Surveys, interviews, expert opinions.
o Secondary data: Industry reports, government databases.
3. Feasibility Analysis
o Conduct technical, market, environmental, and managerial appraisal.
o Supplement with financial appraisal (Cost-Benefit Analysis, NPV, IRR, Payback Period).
4. Documentation
o Compile findings into a structured report.
o Include risk assessment, assumptions, and conclusions.
5. Recommendation
o Final decision: Accept / Reject / Revise the project proposal.
o Suggest mitigation for identified risks and shortcomings.

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