Project Management:
The term Project can be defined as a series of related jobs directed toward some major output within a significant period of time. Project Management is described as planning, directing and controlling resources viz. materials, people and equipment to meet the time, cost and manpower constraints.
Definition
Project management is concerned with a pursuit of a specific goal, using given resources over a described time period.
In today's competitive world, organisations now need both continuity of the production system and successful completion of projects. Several modern projects involve great technical complexity and need much diversity of skills. To cope up with these complicated kinds of activities project management has evolved as an efficient technique. Project management arose in response to the need for a managerial approach that could deal with the problems and take advantage of the opportunities of modern society. The challenges in the modern project involve risk and uncertainty arising from numerous interactive forces and variables, rapidly changing technology, rising cost, and enhancing competition. Project management is a departure from the management of simpler ongoing, repeated operations where the market and technology tend to be predictable, where there is a certainty about anticipated outcomes, where fewer parties are involved.
Objectives
After studying this unit, you should be able to
- understand what is project management,
- learn critical path method,
- know program evaluation and Review techniques,
- understand cost-time trade off, and
- Learn resource constraints scheduling.