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Project and Contract Management Notes

Institution: College

Course: Procurement/project Management

Content Category: lecture notes

Posted By: PENTAMRK

Document Type: DOCX

Number of Pages: 38

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Summary

DCM MODULE 3
PROJECT AND CONTRACT MANAGEMENT

Topic 1: Introduction to Project Management
What Is A Project?
A project is a complex of activities where resources are used in expectation of returns. It intends to achieve specific objectives. It has a sequence of investments and production activities and a specific group of benefits that can be identified and valued either socially or monetarily.
Key Characteristics of Projects:
1. Has an objective: A definable result, output or product that is typically defined in terms of cost, the quality and timing of the output from the project activities.
2. Complexity: many different tasks are required to be undertaken to achieve a project’s objective. The relationship between these tasks can be complex.
3. Uniqueness: a project is usually a ‘one-off’ not a repetitive undertaking. Even repeat projects e.g. road construction to the same specification, will have differences in terms of resources used & the environment.
4. Temporary nature: has a start and an end
5. Life cycle: Conception, planning and organizing phase, implementing, closure and handover.
6. Customer specific nature: a project is always made to the order of its customer who specifies the requirement
7. Sub-contracting: the more the complexity of the project ,the more the extent of sub-contracting
8. Risk and uncertainty: The degree of uncertainty will depend on how a project has passed through its various life cycle phases
9. Team work: a project calls for team work from members of various disciplines (profession), organizations and sometimes countries all working together to meet the project goals.
10. Control mechanism: like time schedule, cost, so as to achieve the desired level of quality and reliability.

What Is Project Management?
Project Management is the process of achieving project objectives (schedule, budget and performance) through a set of activities that start and end at certain points in time and produce quantifiable and qualifiable deliverables. Successful project management is the art of understanding the projects are properly planned and integrated with other related activities.
• Ensure that managers of the separate tasks that comprise the project do not optimize the performance of their individual tasks at the expense of the total project.
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