(i) PHASES/STAGES OF PROJECT MANAGEMENT
1. Planning phase
This stage is concerned with articulation of the broad investment strategy and
the generation/preliminary screening of project proposals.
The investment strategy defines the broad areas of the types of investment that
the firms plans to undertake. This provide a framework that shapes, guides and
circumstances the identification of the individual projects.
2. Project analysis
If the preliminary screening suggests that the project is prima facie worthwhile,
a detailed analysis of the marketing technical, financial, economic and ecological
aspects is undertaken, the forecast of this stage is on gathering and summarizing
relevant information of various project proposals that are being considered.
Based on information developed in project analysis, the stream of costs
and benefits associated with the project can be defined.
3 Project selection
This follows and often overlaps analysis – It addresses the question – is
project worthwhile. A wide range of proposal criteria have been suggested to
judge the worthwhileness of the project.
4 Project implementation
The implementation phase consists of several stages especially for
industrial process.
5 Project Review
Once the project is commissioned the review phase is set in motion.
Performance review should be done periodically to compare actual performance
against the project performance. A feedback device is useful in several ways.
It throws light on how realistic the assumptions on defying the project
It provides a log of documented experience that is highly valuable in
future decisions.
It suggests collective action to be taken in light of actual
performance. Helps in uncovering judgemental biases
It induces a desired caution among the project personnel.
(ii) PROJECT PLANNING AND CONTROL TECHNIQUES
Project contract basically start with project planning since the project is the key
to determination of adequate contract procedures and mechanisms. The contract
techniques used throughout in the project management stage include:
1. Work breakdown
2. Project planning (Ghantt) charts
3. Network plans
4. Critical path methods
5. Program evaluation and review techniques
6. Network analysis using historical estimating behavior
7. Network simulation
8. Simulation using historical estimating behavior
9. Graphical Evaluation and Review Techniques(GERT)
10. Line of Balance (LOB)
(iii) Causes of project failure
Project failure means a failure of the project to meet its desirable objectives within
its desirable costs.
Where the desired objective is to generate a profit, the failure is clearly in a large
part of the financial failure.
However, where the desired objective is not a financial one, the possibility of
completing the project with a reasonable cost has an important financial as well
as technical aspect to it.
Main causes of project failure include:
Unclear aim or inadequate definition of requirements i.e. poor project
planning/feasibility.
Inadequate project control – failure to use project control.
Inadequate/poor project management – Project team may not be qualified for
their responsibilities.
Project manager Project
engineer Project control engineer
Project purchasing officer/agent
Project accountant
Project construction manager
Engineering coordinator
Areas superintendent Liaison officer
Inadequate information flows due to poor management information system
(MIS) Confusion of responsibilities due to political interference
Failure of the sub-contractors
Faulty equipments using poor materials
Labour problems e.g. strikes, go slows, labour turnover.
Kavungya answered the question on
April 19, 2021 at 14:03