f-re-05

Fundamentals of Project Management

Trainings by Vidya Bhagwat

Objective of this chapter

This chapter gives a brief introduction to basic project management concepts, the processes involves and the stages of managing a project.


Definition of project

• A project is an endeavor to accomplish a specific objective through a unique set of interrelated tasks and the effective utilization of resources. It has a well-defined objective stated in terms of scope, schedule, and costs.


Definition of project

• Project s are “born” when a need is identified by the customer – the people or organization willing to provide funds to have the need satisfied. It is the people (project manager and project team), not the procedures and techniques, that are critical to accomplishing the project objective. Procedures and techniques are merely tools to help the people do their jobs.


Examples of project

• Planning a wedding• Designing and implementing a computer system• Hosting a holiday party• Designing and producing a brochure• Executing an environmental clean-up of a contaminated site• Holding a high school reunion• Performing a series of surgeries on an accident victim


Phases of Project Life Cycle


Phases of Project Life Cycle

Phase 1• The first phase involves the identification of a need, problem, or

opportunity.

Phase 2• The second phase is the development of a proposed solution to

the need or problem.

Phase 3• The third phase is performing the project.

Phase 4• The final phase is terminating the project.


Project Management Process

i. Clearly define the project objective. ii. Divide and subdivide the project scope into major “pieces”iii. Define the specific activities for each piece (work package)iv. Graphically portray the activities that need to be performed in

order to accomplish the project objective – in the form of network diagram.

v. Make a time estimate for how long it will take to complete each activity

vi. Make a cost estimate for each activity.vii. Calculate a project schedule and budget to determine whether

the project can be completed within the required time, with the allotted funds, and with the available resources.


Project Management Process


What is Project Management?

• The Project Management Institute (PMI) defines project management as "meeting project requirement through the application of knowledge, skills, tools and techniques to project activities. This is accomplished through the use of initiating, planning, executing, controlling and closing a project."


Most Important terms in Project Management

• Scope

• Assumptions

• Risk

• Scope

• Time

• Budget


Assignments

1. What is a project? What are the four phases of Project Management?

2. Find out the importance of project management in the real estate business.

3. With reference to a real estate project, define and explain its scope, risks and assumptions.

f-re-05

Education