Product Management Essay

5560 words - 23 pages

7. PROJECT MANAGEMENT
Syllabus Definition and scope of project, Technical design, Financing, Contracting, Implementation and performance monitoring. Implementation plan for top management, Planning Budget, Procurement Procedures, Construction, Measurement & Verification.

7.1

Introduction

Project management is concerned with the overall planning and co-ordination of a project from conception to completion aimed at meeting the stated requirements and ensuring completion on time, within cost and to required quality standards. Project management is normally reserved for focused, non-repetitive, time-limited activities with some degree of risk and that are beyond the usual scope of ...view middle of the document...

Each element must be managed effectively. All these elements are interrelated and must be managed together if the project, and the project manager, is to be a success. Managing Resources A successful Project Manager must effectively manage the resources assigned to the project. This includes the labor hours of the project team. It also includes managing labor subcontracts and vendors. Managing the people resources means having the right people, with the right skills and the proper tools, in the right quantity at the right time. However, managing project resources frequently involves more than people management. The project manager must also manage the equipment (cranes, trucks and other heavy equipment) used for the project and the material (pipe, insulation, computers, manuals) assigned to the project. Managing Time and Schedule Time management is a critical skill for any successful project manager. The most common cause of bloated project budgets is lack of schedule management. Fortunately there is a lot of software on the market today to help you manage your project schedule or timeline. Any project can be broken down into a number of tasks that have to be performed. To prepare the project schedule, the project manager has to figure out what the tasks are, how long they will take, what resources they require, and in what order they should be done. Managing Costs Often a Project Manager is evaluated on his or her ability to complete a project within budget. The costs include estimated cost, actual cost and variability. Contingency cost takes into account influence of weather, suppliers and design allowances. How the 80/20 Rule can help a project manager? The 80/20 Rule means that in anything a few (20 percent) are vital and many (80 percent) are trivial. Successful Project Managers know that 20 percent of the work (the first 10 percent and the last 10 percent) consumes 80 percent of your time and resources. Project Management Life Cycle The process flow of Project management processes is shown in Figure 7.1. The various elements of project management life cycle are a) Need identification b) Initiation c) Planning d) Executing e) Controlling

Bureau of Energy Efficiency

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7. Project Management

f) Closing out

Figure 7.1 Process Flow of a Project Management Process

a) Need Identification The first step in the project development cycle is to identify components of the project. Projects may be identified both internally and externally: Internal identification takes place when the energy manager identifies a package of energy saving opportunities during the day-to-day energy management activities, or from facility audits. External identification of energy savings can occur through systematic energy audits undertaken by a reputable energy auditor or energy service company. In screening projects, the following criteria should be used to rank-order project opportunities. Cost-effectiveness of energy savings of complete package of...

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