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A project is implemented according to the plans prepared and appraised by the stakeholders like the owner, shareholders, lenders and so on. There is a need to implement the project by the persons who were put responsible as they are the ones who have the knowledge, specialized techniques and skills.
The monitoring of projects is done by the following techniques:
PERT : This technique uses a graphic representation of a project known as a 'Project Network' diagram'. The interrelationships between the elements of a project can be easily identified with this method. The diagram also shows the order in which the activities need to be made. The difference in the actual activity to the projected/planned activity is calculated.
CPM: This is also called as the 'Critical Path Method'. It is similar to PERT chart but includes an explicit implementation of the 'critical path' that sequences the tasks to be performed and defines the minimum amount of time for the project.
GNATT CHART: This was invented by an engineer and social scientist Henry L Gnatt in the 1900's. The Gnatt chart gives a timeline for each activity and hence can be used for planning, scheduling and recording progress in the project.
COST MANAGEMENT: Method of estimating and controlling cost requires the planning of resources to be obtained, estimating the cost of these resources and creating a budget for all of this. Once the process has been established, costs are controlled in a timely manner whenever there is a diversion between the actual and planned.
PROJECT AUDITING: This is made within the management in order to have a detailed inspection of the management of a project, its methodology, the techniques, the procedures and processes and the level of completion of the project. The project audit includes a report about the present (work) status of the
project, the projected status of the project, the status of critical tasks to be performed. Moreover, it is established whether there are chances of the project failing or running into a loss. Further, the audit also examines the strategy used for their other projects and whether it can be used here.
FOLLOW UP PROCESS: The follow - up process involves the re validation of assumptions made on the basis of the performance of the project. It involves the modification of earlier assumptions based on actual developments, in order to come closer to reality.The aspects involved include a financial follow up by a reassessment of the financial health of the company; Operations follow up which involve a review of the operations and inspection of physical resources of the project. A legal follow up is made to check and update of legal documentation.
As a project executive, you have understood the importance and concerns of all the stakeholders.While implementing the project, all the activities of the project needs to be and tasks need to be coordinated in an integrated manner. The project implementer/manager will need to practice all the techniques as mentioned above with dexterity.
A project is implemented according to the plans prepared and appraised by the stakeholders like the owner, shareholders, lenders and so on. There is a need to implement the project by the persons who were put responsible as they are the ones who have the knowledge, specialized techniques and skills.
The monitoring of projects is done by the following techniques:
PERT : This technique uses a graphic representation of a project known as a 'Project Network' diagram'. The interrelationships between the elements of a project can be easily identified with this method. The diagram also shows the order in which the activities need to be made. The difference in the actual activity to the projected/planned activity is calculated.
CPM: This is also called as the 'Critical Path Method'. It is similar to PERT chart but includes an explicit implementation of the 'critical path' that sequences the tasks to be performed and defines the minimum amount of time for the project.
GNATT CHART: This was invented by an engineer and social scientist Henry L Gnatt in the 1900's. The Gnatt chart gives a timeline for each activity and hence can be used for planning, scheduling and recording progress in the project.
COST MANAGEMENT: Method of estimating and controlling cost requires the planning of resources to be obtained, estimating the cost of these resources and creating a budget for all of this. Once the process has been established, costs are controlled in a timely manner whenever there is a diversion between the actual and planned.
PROJECT AUDITING: This is made within the management in order to have a detailed inspection of the management of a project, its methodology, the techniques, the procedures and processes and the level of completion of the project. The project audit includes a report about the present (work) status of the
project, the projected status of the project, the status of critical tasks to be performed. Moreover, it is established whether there are chances of the project failing or running into a loss. Further, the audit also examines the strategy used for their other projects and whether it can be used here.
FOLLOW UP PROCESS: The follow - up process involves the re validation of assumptions made on the basis of the performance of the project. It involves the modification of earlier assumptions based on actual developments, in order to come closer to reality.The aspects involved include a financial follow up by a reassessment of the financial health of the company; Operations follow up which involve a review of the operations and inspection of physical resources of the project. A legal follow up is made to check and update of legal documentation.
As a project executive, you have understood the importance and concerns of all the stakeholders.While implementing the project, all the activities of the project needs to be and tasks need to be coordinated in an integrated manner. The project implementer/manager will need to practice all the techniques as mentioned above with dexterity.
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