No body knows about the future. Tomorrow is in dark. Management faces many problems. (Cost Reduction) Manpower is replaced by the technology. You must know you limits. Better control and use of corporate resources is necessary. PM approach is relatively modern. (From old bureaucratic to

decentralized) Organization can be through project management. From vertical management to decentralized.

J. M. Juran defined that “a project is a problem scheduled for solution.” Problem refers to the gap between where you are and where you want to be, with an obstacle that prevents easy movement to close the gap.

Projects are a group of activities that have to be performed with limited resources to yield specific objectives, in a specific time, and in a specific locality. Thus, a project is a temporary endeavour employed to create a unique product, service or results. Projects are an investment on which resources are used to create assets that will produce benefits over an expanded period of time. It is a unique process, consisting of a set of coordinated and controlled activities with start and finish dates, undertaken to achieve an objective conforming to specific requirements, including the constraints of time, cost and resources.

So a project is a set of activities having the following facts:1. Have a specified objective to be completed within certain

specification.2. Have a defined start and end dates.3. Have finding limits.4. Consume human and nonhuman resources.5. Are multifunctional. Project management involves: 1. Project Planning2. Project monitoring

What is successful Project Management can be defined as hiving achieved the project objectives:

1. With in time2. With in const3. The desired level of technology/performance4. Utilizing the available resources effectively and efficiently.5. Accepted by the customer Benefits from PM1. Identification of functional responsibilities.2. Minimizing the need for continuous reporting.3. Identification of time limits for scheduling4. Identification of a methodology for trade off analysis5. Measurement of accomplishment against plans.6. Early identification of problems.7. Improve projection capabilities.

Obstacles in Project Management1. Project complexity2. Customer’s special requirements and scope changes.3. Organizational restructuring.4. Project risks5. Changes in technology6. Forward planning and pricing

A person who is responsible for managing the project. The project manager is responsible for coordinating and integrating

activities across multiple, functional lines. Integrating activities:

1. Integrating the activities necessary to develop a plan.

2. Integrating the activities necessary to execute a plan.

3. Integrating the activities necessary to make changes in the plan.

A Project manager must convert the inputs (Resources) into outputs of products, services and ultimately the profit.

A project manager must have a very good interpersonal and communication skill for these integrating activities.

A project manger have more responsibility and little authority.

In a project every thing revolve about the Project manager. Project organization is a specialized, task oriented entity, it cannot exist apart from the traditional structure of the organization. the project manger, therefore, must walk the fence between the two organization. This is called interface management role of Project Manager.

1. Within the project team2. Between the project team and the functional organization.3. Between the project team and senior management.4. Between project team and customer’s organization.Project manager is like a general manager.

A functional manager is a person who has management authority over an organizational unit - such as a department - within a business, company, or other organization. Functional managers have ongoing responsibilities, and are not usually directly affiliated with project teams, other than ensuring that goals and objectives are aligned with the organization's overall strategy and vision.

Three elements of FM rule:

1. He/she has the responsibility to define how and where the task will be done. (Technical criteria).

2. He/she has the responsibility to provide sufficient resources to accomplish the objective within the project’s constraints. (who will get the job done).

3. The FM has the responsibility for the deliverable.

Project Manager must understand the problems face by the Functional Manager, e.g.

1. Unlimited work requests

2. Predetermined deadlines

3. All requests have high priority

4. Lack of resources

5. Unscheduled changes in the project plan

6. Unpredicted lack of progress

7. Unplanned absence of resources

8. Unplanned breakdown of resources

9. Unplanned loss of resources

10. Unplanned turnover of personnel

One can not predict in advance that what resources will be available for the project.

It is not important that PM must have the best resources. The fact that a PM is assigned, does not relieve the line manager of his

functional responsibility. Commitment is important. The PM and FM have the “ Shared Accountability” for the project. Functional Manager must not be biased about resources distribution.

Project classification is one of the most important techniques of capital budgeting.

It is of utmost importance for the present day business entities as proper project classification is essential for their financial well-being.

There are two basic considerations for an entity to classify the project:

1. The amount of risk involve in the project

2. The quantity of work is to be done.

Importance of Risk Factors in Project Classification: The risk factors are an important part of a project since there cannot be a project where no risk is involved. The risk factors need to be carefully evaluated while classifying a particular project. As per the Risk Matrix following are the main risks that may be associated with any business:

Political status of a particular project Size of the team of the project The various complications associated with a project Number of workgroups that are involved with a project Impact of political scenario Technology involved in the project

The size of a project• Human resource needed to complete a project• Internal staff budget• External staff budget The following table represents the various project classes according to

their sizes and the various requirements of individual project classes:

Class of Project Internal and External Staff BudgetWork Effort in terms of Hours

1 Less than $ 8,000 80 to 159

2 Between $ 8,000 and $ 24, 999 160 to 499

3 Between $ 25,000 and $ 249,999 500 to 4,999

4 Between 250,000 and $499,999 5,000 to 9,999

5 More than $ 500,000 More than 10,000

Many companies, especially those with project driven orgs, have differing views of Project Management.

Some people think PM as an excellent means to achieve objectives, while others view it as a threat.

Three career paths in Project driven org:

1. Through project management

2. Through project engineering

3. Through line management

System: "whole compounded of several parts or members, system", literary "composition" is a set of interacting or interdependent components

forming an integrated whole. A group of elements, either human or nonhuman, that is organized and

arranged in such a way that the elements can act as a whole toward achieving some common goal or objective.

Programme: An ordered list of events to take place or procedures to be followed to achieve an objective.

The integrated, time phased task necessary to accomplish a particular purpose.

Project: A project is within a program as an undertaking that has a scheduled beginning and end, and involve some primary purpose.

Despite the similar names, there are big differences between product management and project management. Confusing them is common, even

among those experienced in product development. Project managers are responsible for the successful delivery of a project

— a one-time endeavor with a goal, scope, deadline, budget, and other constraints. A project manager will work to align resources, manage issues and risks, and basically coordinate all of the various elements necessary to complete the project. As they relate to products, projects can be undertaken to build a product, to add new features to a product, or create new versions or extensions of a product. When the project is complete, the project manager will usually move to a new project, which may be related to a different product.

Project Management is Objective oriented (Time, budget constraints etc)

Product managers are responsible for the overall and ongoing success of a product. Once the project to build the product is complete and the project manager has moved on, the product manager remains to manage the product through the entire lifecycle. Other projects related to the product may be initiated, with the product manager being the one constant stream throughout, defining the project goals and guiding the team to accomplish the business objectives that have been defined.

Product Management is market oriented (Customer needs)

Conclusion Good product managers and good project managers are able to create a

balance of these conflicts. Good project managers know that the true success of a project is not whether it is on time and within budget, but whether it meets the defined goals and objectives. Good product managers know that all the features in the world will not matter if the project is continually delayed and never makes it to market or if it is too over budget to be completed.

The project lifecycle provides stakeholders and team members with visibility, synchronization points, and decision points throughout the project, thereby enabling oversight and go or no-go decisions at appropriate times.

Project Life Cycle has four phases to be completed: Initiation involves starting up the project, by documenting a business case,

feasibility study, terms of reference, appointing the team and setting up a Project Office.

Planning involves setting out the roadmap for the project by creating the following plans: project plan, resource plan, financial plan, quality plan, acceptance plan and communications plan.

Execution phase, the project plan is put into motion and performs the work of the project. It is important to maintain control and communicate as needed during execution. Progress is continuously monitored and appropriate adjustments are made and recorded as variances from the original plan. In any project a project manager will spend most of their time in this step.

During the final closure, or closeout phase, the emphasis is on releasing the final deliverables to the customer, handing over project documentation to the business, terminating supplier contracts, releasing project resources and communicating the closure of the project to all stakeholders. The last remaining step is to conduct lessons learned studies; to examine what went well and what didn’t. Through this type of analysis the wisdom of experience is transferred back to the project organization, which will help future project teams.

The EndThanks