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Sunday, January 3, 2010

You have to solve the question, “What are the various characteristics of a project? What is the importance of each characteristic? Give examples.” This is an assignment question of SMU MBA. The MBA assignment question is related to Project Management MB0033.

Project is a program of non-routine work bringing about a beneficial change.

Characteristics of project management:

a) Resource requirement: During the course of executing the project, it is seen that the resource requirement increase from start to an intermediate stage of the project. It further increases at rapid rate and becomes constant while the project is during it’s so to 95% progress stage. Thereafter the resources requirement decreases to zero i.e. when the project comes to finish. Refer the characteristic chart.

b) Funds: The requirement of funds to complete execution of the project also follows the same trends as that of the resources. The two are more or less proportional. Refer the characteristic chart.

c) Probability of completion: The probability of completing the project can be estimated based upon the normal distribution curve. In the initial stage of the project the probability of completing the project is low though not zero. It gradually increases and as the project approaches finish the probability of completing the project tends to become 100% Refer the characteristic chart.

d) Risk: The risks involved in the project effecting its completion time are high at the initial stages and low at the later stages of the project. Refer the characteristic chart.

e) Design changes: The project during the course of its progress may be subjected to changes because of some external factors. The influence of such external factors on the project may result in changes in the design of the project though not very often. It is observed that such changes.

Importance of project Management projects may be completed with one or more of the following: -

Stretched deadlines
Over stressed team
Wasted resources
Unmet customers’ functional requirements
Overshot budget

A good project management methodology provides a framework for the process.

It provides guidelines for the execution of the project that greatly increases the chances of the project being successful, and therefore provides value to the project.

Some of the steps of a good project management are –

Define the project
Reduce it to a set of manageable tasks
Obtain appropriate and necessary resources
Build a team to perform the project work
Plan the work and allocate the resources to the tasks.

Examples of project –

a) commissioning a new industrial unit
b) Construction of a house
c) Setting up at an office
d) Developing a technology
e) Launching a new product in the market


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