Stages and challenges in a Project and Project Management
A project is an endeavor, to meet unique goals and objectives, usually to bring about
beneficial change or added value. The nature of projects being unique and different
from other operations, the management of projects requires the development
of distinct technical skills and the adoption of separate management techniques.
Project management is an effort carefully and meticulously planned and organized
used for accomplishing a specific one-time objective, always involving multiple
resources to be allocated and coordinated, and innumerable challenges and constrains
to be faced and resolved in time. An effective project management invariably
involves a project plan to be developed, which includes formulating and
defining the project goals and objectives, identifying tasks and how goals
will be achieved, estimating and quantifying the resources needed, and determining
budgets and timeline for completion. It also includes managing the implementation
of the project plan, along with operating regular controls to ensure that there is
accurate and objective information on performance relative to the plan, and the
mechanisms to implement recovery actions where necessary. Thus, the project management
typically comprises planning, organizing, and managing resources to bring about the
successful completion of specific project goals and objectives.
Projects usually follow major phases or stages including feasibility, definition,
estimation, project planning, tendering and contract award,
implementation (EPC), commisssiong and acceptance.
All projects face three constrains i.e. time (how long is the period available), cost
(how much money or resources are possible) and performance (what is to be accomplished).
How these are successfully balanced is a constant challenge
of the project management functions.