Project Management Unit 1 PDF

PROJECT MANAGEMENT UNIT - 1 Prof. Sheel Kumar Hans INTRODUCTION TO PROJECT MANAGEMENT ❖ Project management is the application of processes, methods, skills, tools, techniques, knowledge and experience to achieve specific project objectives according to the project accepta...

PROJECT MANAGEMENT UNIT - 1 Prof. Sheel Kumar Hans INTRODUCTION TO PROJECT MANAGEMENT ❖ Project management is the application of processes, methods, skills, tools, techniques, knowledge and experience to achieve specific project objectives according to the project acceptance criteria within agreed parameters. ❖ It’s the practice of planning, initiation, execution, monitoring, and closing the tasks needed to turn a brilliant idea into a tangible product, service, or deliverable. ❖ Project management has final deliverables that are constrained to a finite timescale and budget. ❖ Project management can be used in many different contexts, the goal is to ensure that the right steps are taken at the right time to achieve the company's goals. CONCEPT OF PROJECT A project is a unique, transient endeavor, undertaken to achieve planned objectives, which could be defined in terms of outputs, outcomes or benefits. A project is usually deemed to be a success if it achieves the objectives according to their acceptance criteria, within an agreed timescale and budget. Time, cost and quality are the building blocks of every project. Time: scheduling is a collection of techniques used to develop and present schedules that show when work will be performed. Cost: how are necessary funds acquired and finances managed? Quality: how will fitness for purpose of the deliverables and management processes be assured? CHARACTERISTICS OF A PROJECT ❖ Objectives - Every project is started with some objective or goal viz. time, budget, quality, and quantity, when objectives are fulfilled project cause exists. You can initially define the objectives of the project and what actually need to achieve. ❖ Single entity - A project is one whole thing. This means that in a project, although different people contribute still is recognized as a single entity. The teams are often specifically assembled for a single project. ❖ Life Span - No project can be ceaseless and indefinite. It must have one and beyond which it cannot proceed. Every project is invariably time-bound. ❖ Require funds - Every project needs funds to reach the endpoint. Without adequate funds, no project can be successfully implemented. Cost estimation is one of the essential factors for any organization. So, calculating in advance the required funds for the project will be very impactful. ❖ Life Cycle - Each project has a life cycle with different stages like start, growth, maturity, and decay. A project has to pass through different stages to get itself completed. ❖ Team Spirit - Team spirit is required to get the project completed because the project constitutes different members having different characteristics and from various disciplines. But to achieve common goal harmony, missionary zeal, team spirit is necessary. CHARACTERISTICS OF A PROJECT ❖ Risk and Uncertainty - The project is generally based on forecasting. So risk and uncertainty are always associated with projects. There will be a high degree of risk in those project which are not properly defined. ❖ Directions - Project is always performed according to the directions given by the customers with regard to time, quality and quantity, etc. ❖ Uniqueness - Each project is unique in itself, and it’s having own features. No two projects are similar even if the type of organization is the same. The uniqueness of the project can measure by considering the many factors like objectives, features of the project, application of the project, etc. ❖ Flexibility - Change and project are synonymous. A project sees many changes throughout its life span. These changes can make projects more dynamic and flexible. ❖ Sub-Contracting - Subcontracting is a subset of every project and without which no project can be completed unless it is a proprietary firm or tiny in nature. The more complexity of a project the more will be the extent of contracting. Every project needs the help of an outsider consultant, engineer, or expert in that field. ❖ Cost - If the quality of the project is to be changed there could be an impact on the cost of the project. The cost could increase if more resources are required to complete the project quicker. TYPES OF PROJECT A. Based on Project Scope 1. Small-Scale Projects There is typically a limited scope and fewer resources involved in small-scale projects. Additionally, they are often managed by a small team. Characteristics: ❖ Flexibility and Adaptability ❖ Limited Risks ❖ Shorter Timelines ❖ Direct Communication ❖ Cost-Efficiency ❖ Focused Objectives ❖ Minimal Bureaucracy ❖ Team Cohesion ❖ Quick Adaptation ❖ Local Impact Examples: Creating a marketing brochure, organizing a local event, or developing a simple mobile application. TYPES OF PROJECT – BASED ON PROJECT SCOPE 2. Medium-Scale Projects Medium-scale projects encompass a broader scope than small-scale projects but are less extensive than large- scale endeavors. Additionally, they require more resources, time, and coordination among a larger team. Characteristics: ❖ Moderate Complexity ❖ Diverse Stakeholders ❖ Balanced Resources ❖ Extended Timelines ❖ Mid-Level Risk Exposure ❖ Project Phases ❖ Interdepartmental Coordination ❖ Scaling Challenges ❖ Quality vs. Speed ❖ Stakeholder Management Examples: Implementing a new software system within a department, organizing a regional conference, or developing a medium-sized infrastructure project. TYPES OF PROJECT – BASED ON PROJECT SCOPE 3. Large-Scale Projects Large-scale projects are extensive in scope, involving a significant investment of resources, time, and workforce. Moreover, these projects are complex and often impact multiple aspects of an organization or community. Characteristics: ❖ High Complexity and Integration ❖ Extensive Resources and Budgets ❖ Long-Term Commitment ❖ Impact and Visibility ❖ Comprehensive Risk Management ❖ Strategic Alignment ❖ Regulatory and Compliance Aspects ❖ Technological Integration ❖ External Dependencies ❖ Long-Term Planning Examples: Building a tall urban structure, introducing a comprehensive software system across a large enterprise, or orchestrating a significant global event such as the Olympic Games. TYPES OF PROJECT B. Based on Industry or Sector Depending on the industry or sector, each project presents unique challenges, requirements, and specialized knowledge. The following are the specifics of various types of projects in different industries: 1. IT and Software Development Projects ❖ Dynamic and Iterative ❖ Technology-Centric ❖ Emphasis on Scalability and Security ❖ Collaborative Development ❖ Rapid Evolution 2. Construction Projects ❖ Phased Development ❖ Compliance and Regulations ❖ Resource and Time Management ❖ Collaboration and Coordination ❖ Risk Mitigation TYPES OF PROJECT - BASED ON INDUSTRY OR SECTOR 3. Healthcare Projects ❖ Regulatory Compliance ❖ Interdisciplinary Collaboration ❖ Technology Integration ❖ Patient-Centric Approach ❖ Sensitivity and Ethical Considerations 4. Marketing and Advertising Projects ❖ Creativity and Innovation ❖ Market Analysis and Audience Segmentation ❖ Multi-Channel Strategies ❖ Tight Deadlines and Rapid Changes ❖ Measurable Outcomes TYPES OF PROJECT C. Based on Purpose or Objective 1. Research and Development Projects ❖ Innovation and Creativity ❖ Long-Term Vision ❖ Risk and Uncertainty ❖ Experimentation and Testing ❖ Cross-Disciplinary Collaboration 2. Implementation Projects ❖ Execution and Application ❖ Defined Objectives and Specifications ❖ Timeline and Efficiency ❖ Change Management ❖ Quality Assurance 3. Maintenance and Support Projects ❖ Sustaining Operations ❖ Continual Improvement ❖ Troubleshooting and Problem-Solving ❖ User Support and Training ❖ Cost-Efficiency and Reliability TYPES OF PROJECT D. Based on Organizational Structure Projects can be classified according to the organizational setup in which they function. Also, varied organizational structures can notably influence the management and implementation of projects. The following is an explanation of these types: 1. Functional Projects ❖ Hierarchical Structure ❖ Specialized Expertise ❖ Limited Project Focus ❖ Departmental Silos ❖ Clear Reporting Lines 2. Matrix Projects ❖ Dual Reporting Structure ❖ Enhanced Communication ❖ Resource Pooling ❖ Balanced Focus ❖ Potential Conflict 3. Projected Projects ❖ Project-Centric Structure ❖ Dedicated Resources ❖ Clear Accountability ❖ Adaptability and Flexibility12 TYPES OF PROJECT E. Based on the Life Cycle Based on their life cycle or the approach used to manage them, we can categorize projects. The following is an explanation of the two prominent approaches: 1. Predictive or Waterfall Projects ❖ Sequential Phases:. ❖ Detailed Planning: ❖ Minimal Change Scope ❖ Rigid Structure ❖ Suitability for Stable Requirements 2. Adaptive or Agile Projects ❖ Iterative and Flexible ❖ Emphasis on Collaboration ❖ Frequent Inspection and Adaptation ❖ Quick Deliverables ❖ Suited for Evolving Requirements PROJECT LIFE CYCLE INITIATION PHASE Initiation Processes Activities ❖ Agree to a vision for the project ❖ Define the major goals & project justification ❖ Review project charters, project change controls and lessons learned from previous projects ❖ Identify all of the project stakeholders ❖ Identify service/product owners ❖ Identify project team member roles and responsibilities ❖ Identify the resources required, the cost estimates, and a broad timeline ❖ Create the project charter ❖ Obtain approval from Project Sponsor to move forward with detailed planning. DELIVERABLES OF THE PROJECT INITIATION PHASE Project Charter The Project Charter must contain: ❖ Problem definition ❖ Project description (high level overview of the work) ❖ Project goals (what is the purpose for doing the project) ❖ Objectives and outcomes ❖ Scope (overview of what's in, out, uncertain) ❖ Stakeholder roles, responsibilities and involvement ❖ Major deliverables ❖ High level milestones ❖ Time frames (high-level until project planning completed) ❖ Funding authority ❖ Identification of the project team ❖ Assumptions DELIVERABLES OF THE PROJECT INITIATION PHASE Project Planning/Discovery/Business Process Analysis Project planning sessions helps define: ❖ Clear articulation of project work ❖ Consensus on purpose, communications, and decision-making authority ❖ Understanding of roles, responsibilities, and dependencies ❖ Proactive awareness and mitigation of risks ❖ United team for project execution DELIVERABLES OF THE PROJECT INITIATION PHASE Project Charter Review The PMO Director will work with Project Manager and project stakeholders to develop and refine the Project Charter until they feel the charter is ready for review and approval. ❖ Project Manager and PMO Director perform initial review of the Project Charter. ❖ Project Manager and PMO Director agree to charter completion. ❖ Project Manager schedules Project Charter Review Meeting with Project Sponsor or Project Owner, Project Team and Stakeholders. ❖ Project Manager facilitates Project Charter Review Meeting(s) iteratively until the project charter is ready for final approval. DELIVERABLES OF THE PROJECT INITIATION PHASE Phase Gate: Project Charter Approval No further planning or task work should be done on any project until the Project Charter has been approved. ❖ Project Manager circulates project charter to the Chief Information Officer for a review ❖ Project Manager circulates project charter for final approval by Sponsor(s) ❖ Approved project charters are stored in hard copy in the Project Management Office (PMO), electronically with the project in Service Now (Required) ❖ After the project charter has been approved by the Project Sponsor, the kickoff meeting should be scheduled and the project phase should be changed to Planning. PROJECT PLANNING PHASE Planning Processes Activities ❖ Gather functional requirements, to define scope of work as needed ❖ Perform a risk assessment, analysis and include mitigation options as appropriate (optional) ❖ Determine resources and staffing needs ❖ Assess the communication needs and, if required, prepare a communication plan ❖ Analyze testing needs and plan accordingly ❖ Assess training needs and develop a strategy or plan as appropriate ❖ Prepare a detailed scope document that includes how to verify completion of deliverables (optional) ❖ Create a project plan that establishes the work breakdown structure and a schedule ❖ Obtain consensus of the project team and project stakeholders on project plan ❖ Enter the Project Plan into ServiceNow ❖ Conduct the Project Kickoff Meeting DELIVERABLES OF THE PROJECT PLANNING PHASE Project Plan The Project Plan is a task list created within ServiceNow. The Project Plan contains: ❖ A Detailed Task list. Each task should contain ❖ Start/end dates ❖ Estimated effort ❖ Estimated duration ❖ Milestones ❖ Resources – who will do the work ❖ Schedule – the dates the work will be done ❖ Dependencies – which tasks depend on the start or completion of another task DELIVERABLES OF THE PROJECT PLANNING PHASE Project Plan The Project Plan is a task list created within ServiceNow. The Project Plan contains: ❖ A Detailed Task list. Each task should contain ❖ Start/end dates ❖ Estimated effort ❖ Estimated duration ❖ Milestones ❖ Resources – who will do the work ❖ Schedule – the dates the work will be done ❖ Dependencies – which tasks depend on the start or completion of another task PROJECT EXECUTION & CONTROL PHASE The purpose of the Execution & Control phase of the project is to manage every aspect of project delivery to assure the project is successful. At this point, the Project Plan has been approved and the project management working deliverables have been established. In this phase, the execution of the project is being managed and its progress tracked to the plan established during project planning. To ensure the project stays on-schedule and within scope and budget, performance is monitored against the project plan and adjustments are made as necessary. The Execution & Control Phase answers the questions of: ❖ Are we on track to complete the work as we planned it? ❖ If not, what do we need to do to get back on track? ❖ Who should we keep informed about our progress, and how often? EXECUTING & CONTROL PROCESSES ACTIVITIES ❖ Procure or secure any required resources (hardware, services, software, etc.) ❖ Make project progress information available to stakeholders ❖ Work results (deliverables) are created ❖ Conduct status review meetings and disseminate status reports ❖ Change management (original project scope, cost, schedule, and technical strategies) ❖ Direct and lead the project team ❖ Ensure project progresses according to the plan ❖ Manage any project issues and risks ❖ Track lessons learned through the project duration. PROJECT MANAGER DUTIES ❖ Updating the project task status in ServiceNow ❖ Updating the overall project status weekly in ServiceNow ❖ Conducting regular project team meetings, to discuss: ❖ Progress of scheduled work ❖ Issues or risks to progress ❖ Changes to initial plans to address issues/risks ❖ Checkpoint on upcoming milestones ❖ Issuing regular, appropriate communications to stakeholders, according to project communications plan. ❖ Perform project change control, as necessary. ❖ Conduct project review meetings with stakeholders, as necessary. ❖ Taking necessary actions to clear any roadblocks or challenges to progress. PROJECT MANAGEMENT OFFICE (PMO) DIRECTOR DUTIES ❖ Conducts regularly scheduled reviews of project health ❖ Ensure progress on scheduled tasks ❖ Ensure Project Managers are adhering to the Project Management Methodology ❖ Checkpoint on upcoming milestones ❖ Review and address project interdependencies ❖ Conducts resource allocation review ❖ Ensures that project status information is accurately communicated to IT Senior Management and other stakeholders ❖ Conducts periodic Resource Utilization Review Meetings DELIVERABLES OF THE EXECUTION & CONTROL PHASE ❖ Project Change Requests Project Change Control is performed from project inception to project completion, because some degree of change is inevitable on any project. ❖ Scope Change – Any significant change to the agreed upon deliverables of the project. ❖ Schedule Change – Any changes to the agreed upon start/completion dates or critical milestones of the project (not tasks). ❖ Cost Change – Any significant change to the agreed upon costs (budget) associated with the project. ❖ Resource Change – Any significant removal or addition of staff or resources from/to the project team. ❖ Technical Change - Any major change in technical strategies. This would apply only if a specific technology was mentioned in the Project Charter. DELIVERABLES OF THE EXECUTION & CONTROL PHASE ❖ Project Change Requests Project Change Control is performed from project inception to project completion, because some degree of change is inevitable on any project. ❖ Scope Change – Any significant change to the agreed upon deliverables of the project. ❖ Schedule Change – Any changes to the agreed upon start/completion dates or critical milestones of the project (not tasks). ❖ Cost Change – Any significant change to the agreed upon costs (budget) associated with the project. ❖ Resource Change – Any significant removal or addition of staff or resources from/to the project team. ❖ Technical Change - Any major change in technical strategies. This would apply only if a specific technology was mentioned in the Project Charter. PROJECT CLOSING PHASE The purpose of the closing phase in the project management lifecycle is to confirm completion of project deliverables to the satisfaction of the project sponsor, and to communicate final project disposition and status to all participants and stakeholders. Project closure ensures that all participants and stakeholders to the project are informed of follow-on activities (e.g. new projects, service transitions, SLAs, etc.), and have sufficient opportunity to communicate and coordinate with related projects and/or production service owners. Closing activities must also include identification and capture of lessons learned and best practices, and archival of these organizational process assets (OPA’s) in ServiceNow for subsequent reference, organizational learning and reuse. CLOSING PROCESSES ACTIVITIES ❖ Obtain acceptance of the project deliverables. ❖ Hand off operations and support responsibilities. ❖ Document the lessons learned over the course of the project. ❖ Formalize closure. Obtain sign-off from project sponsor and project manager. DUTIES OF THE PROJECT MANAGER IN THE CLOSING PHASE For a completed project, the Project Manager is responsible to: ❖ Schedule and conduct a Project Closure/Lessons Learned Meeting ❖ Complete the Project Closure Report with input from the project team. The report will confirm in writing from the project sponsor and/or customers that the project is complete ❖ Complete the Project Closeout Checklist ❖ Complete a Service Transition Report (if applicable) ❖ Conduct the Project Satisfaction Survey (Appendix F) and review results. ❖ Close and deactivate the project in ServiceNow (Required) ❖ Arrange for an appropriate celebration of the work completed. Remember to have fun! (Optional , but recommended) DELIVERABLES OF THE CLOSING PHASE Project Closure Meeting: The Project Manager should schedule and facilitate a Project Closure Meeting with the Project Manager, Project Sponsor, Project Owner and the entire Project Team. The questions that should be answered in the Project Closure Meeting are: If the project work is completed: ❖ Did we accomplish all of the agreed upon objectives in this project? Has this been communicated to all project stakeholders? ❖ What follow up work will be required of future projects? ❖ How do we "operationalize" the project, so that on-going support is provided (if necessary)? At the end of the Closing Phase which operations group will take over the support or administration of the product or service? ❖ What lessons did we learn from this project? ❖ Does the project team know that their hard work was appreciated? If the project has been cancelled or suspended: ❖ What are the reasons for cancelling or suspending the project? ❖ Are there any plans to reactivate the project in the future? DELIVERABLES OF THE CLOSING PHASE Project Closure Report: After the Project Closure Meeting the Project Manager must produce a Project Closure Report using the Project Closure Report template. The purposes of the Project Closure Report are: ❖ Measures how closely the project met customer needs ❖ Identifies what worked well on the project and what needs improvement ❖ Documents any deviations from the original plan and identify causes ❖ Articulates methods for improvement ❖ Formulates lessons learned and best practices from feedback The Project Closure Report should document Lessons Learned during the project lifecycle. Examples of lesson learned could include but not limited to the following: ❖ Project Change Management Process ❖ Project Estimation ❖ Project Resources (scope, schedule, budget, resources) For each lessoned learned, if applicable, an action item should be identified within the description. For example, a line item added to the project plan template to prevent recurrence of the issue, a suggestion for the Project Charter, etc. Project Managers should be reminded to always download the most current project templates. DELIVERABLES OF THE CLOSING PHASE Approvals: A project is officially completed when the Project Closure Report is formally accepted and approved by the Project Sponsor(s) and other designated stakeholders. The formal sign-off and approval of this document acknowledges that all of the project deliverables are complete, reviewed and accepted. The approval marks agreement among all stakeholders that the project is completed. This step can be viewed as the final project management milestone. PROJECT REPORT A project report is a comprehensive document that outlines a project's details, progress, and outcomes. It provides stakeholders a clear understanding of the project's purpose, scope, and deliverables. A project report serves as a record of the entire project lifecycle, from initiation to completion. A project report enables better decision-making, evaluation, and communication by effectively documenting project-related information. How to Make a Project Report? key steps, you can produce a well-structured and informative report: 1. Understand the Purpose: Clearly define the objective and purpose of the project report. Determine the target audience and the specific information they need to gather from the report. 2. Gather Relevant Data: Collect all pertinent data related to the project, such as project plans, schedules, budget details, and progress reports. Organise this information to ensure easy reference and accessibility. 3. Define the Structure: Establish a logical structure for your project report. Break it into sections, including an executive summary, introduction, methodology, findings, analysis, recommendations, and conclusion. Each section should address specific aspects of the project. 4. Write the Content: Start writing each project report section, providing detailed and concise information. Use a conversational writing style while maintaining professionalism. Incorporate relevant technical terms to demonstrate expertise but ensure clarity. How to Make a Project Report? 5. Include Visuals: Enhance your project report by incorporating relevant visuals, such as charts, graphs, and diagrams. Visual representations can significantly improve understanding and engagement for readers. 6. Review and Revise: Once the initial draft of your project report is complete, thoroughly review and revise it. Check for grammatical errors, factual accuracy, and overall coherence. Seek feedback from colleagues or stakeholders to ensure the report effectively conveys its intended message. 7. Finalise and Distribute: Make the necessary amendments based on the feedback received and finalise the project report. Consider the appropriate format for distribution, such as printing physical copies or sharing electronically. Ensure the report reaches the intended audience promptly. PROJECT REPORT OBJECTIVES The objectives of a project report are manifold. Some primary goals include: ❖ Documentation: To provide a comprehensive record of all project-related information, including project goals, planning, implementation, and outcomes. ❖ Sub-objective: To ensure future reference and accountability. ❖ Communication: To facilitate clear and transparent communication among project stakeholders, ensuring everyone is on the same page. ❖ Sub-objective: To enable effective decision-making and collaboration. ❖ Evaluation: To assess the progress, success, and challenges faced during the project. A project report allows stakeholders to evaluate the project's performance against set objectives. ❖ Sub-objective: To extract lessons learned and identify areas for improvement in future projects. PROJECT REPORT COMPONENTS A well-structured project report should typically include the following components: ❖ Executive Summary: A concise overview of the project report, capturing key highlights, objectives, and outcomes. It provides a comprehensive snapshot for decision-makers. ❖ Introduction: An introduction sets the context and purpose of the project, explaining why it was undertaken and its importance. It outlines the scope, objectives, and expected deliverables. ❖ Methodology: This section details the approach, techniques, and tools employed during the project's execution. It explains how various activities were planned, executed, and monitored. ❖ Findings: Findings describe the project's results, highlighting achievements, challenges, and unexpected outcomes. This section provides a factual account of the project's progress and identifies variances from the initial plan. PROJECT REPORT COMPONENTS ❖ Analysis: The analysis section interprets the project's findings, identifying trends, correlations, and patterns. It critically evaluates the project's performance and presents insights from the data and observations. ❖ Recommendations: Recommendations suggest potential improvements, actions, or adjustments based on the project's analysis. These suggestions aim to enhance future project planning and implementation. ❖ Conclusion: The conclusion summarises the key points discussed in the report, reiterating the project's objectives, achievements, and lessons learned. It reinforces the report's main takeaways. COMMON PROJECT REPORT TYPES Project reports can vary in purpose and scope, depending on the type of project being documented. Some common types of project reports include: Status Reports: It talks about the progress going on with a project. It also states various significant activities associated with the project. This status report organizes the communication medium between the team and the stakeholders. Progress Report: While executing a project, a progress report is inevitably carried out to update everything about the project. It usually includes things like if the project baseline is fulfilled. Risk Reports: This type of report explains the risks associated with the project in a documented form. It covers details about risks that are managed already and the emerging ones. It includes the overall risk profile of the project. Board Executive Reports: An executive report is a summary of the business plan of an organization for lending partners. It enables the team members to collect and combine the results of numerous research studies to help them decide on the project. It is the starting point of arranging a dialogue with the investors. COMMON PROJECT REPORT TYPES Cost Benefit Analysis Report: This kind of report helps organizations know if a particular project is possible or not. It will show you how much the project will benefit your organization against the investment. It will help you decide if a project is worth taking on for your organization and how much business profit it will get you at the end of the day. Resource Reports: This report highlights the distribution of resources according to the project tasks. The team members and the investors get the necessary information by reading this report on how well the resources are distributed in the project. It will give detailed narration about which team is assigned to which task according to the date wise. Variance Reports: This report helps you compare your overall project plan with the project's end result. It uses metrics to inform you if your project is running according to the timeline, ahead of time, or running late. Gap Analysis Report: This report will examine the project's current status in the context of schedule, cost, and labor and, subsequently, compare the targeted status. It discovers and examines the gap between these two aspects and prepares a strategy or action plan on how to do the needful to reach the targeted objectives. PROJECT REPORT USE CASES The application of project reports extends across various industries and sectors. Some common use cases include: Businesses: Project reports enable businesses to analyze the success of their initiatives, evaluate return on investment (ROI), and make informed decisions based on data-driven insights. Government Organizations: Government organizations utilize project reports to monitor public initiatives, assess policy effectiveness, and ensure transparency and accountability in public spending. Research Institutions: Project reports play a vital role in research institutions, documenting research methodologies, findings, and recommendations. They support scientific discourse and help advance knowledge in specific domains. Academic Institutions: In the academic realm, project reports are essential for students, enabling them to showcase their research, methodologies, and conclusions. They contribute to the learning process and evaluation of student performance. PROJECT REPORT USE CASES The application of project reports extends across various industries and sectors. Some common use cases include: Businesses: Project reports enable businesses to analyze the success of their initiatives, evaluate return on investment (ROI), and make informed decisions based on data-driven insights. Government Organizations: Government organizations utilize project reports to monitor public initiatives, assess policy effectiveness, and ensure transparency and accountability in public spending. Research Institutions: Project reports play a vital role in research institutions, documenting research methodologies, findings, and recommendations. They support scientific discourse and help advance knowledge in specific domains. Academic Institutions: In the academic realm, project reports are essential for students, enabling them to showcase their research, methodologies, and conclusions. They contribute to the learning process and evaluation of student performance. PROJECT APPRAISAL Project appraisal is an important activity to evaluate the key factor of the project to check the viability of a project proposal. We can use various Appraisal methods and tools to accept or reject the project. For example, economic or financial appraisal analysis, Excel Templates and other decision techniques. And in this topic, we will see the different aspects of the Appraisal process of Project in project management. And Its types, methods, factors, Excel & PowerPoint Templates, tools and techniques. It is an important activity to evaluate the key factor of the project to decide and proceed with the project proposal and ability. PROJECT APPRAISAL OBJECTIVES ❖ Evaluating Feasibility and Viability - This is needed before initiating a new project to determine whether it is feasible and economically and technically viable for meeting the organization's goals and objectives. ❖ Assessing Impact of Significant Changes - This should be conducted when a project undergoes major changes to evaluate the impact of these changes on the project's feasibility, viability, and potential. ❖ Identifying Causes of Project Failures - Project appraisal can help identify the root causes of project failures and develop strategies for improving future project performance. ❖ Managing Risks and Challenges - This can be used during project management reviews to identify potential risks or challenges and develop strategies for managing them in a timely manner. PROJECT APPRAISAL OBJECTIVES ❖ Project identification: This involves identifying and defining the project, including its objectives, scope, and key stakeholders. ❖ Project screening: This step involves assessing the project's alignment with the organization's strategic goals, resource availability, and overall feasibility. ❖ Project scoping: This step involves defining the project's boundaries, deliverables, timelines, and resource requirements. ❖ Market and demand analysis: This step involves analyzing the market and demand for the project's output or services, including potential customers, competitors, and market trends. ❖ Technical analysis: This step involves assessing the project's technical feasibility, including the availability of technology, expertise, and other resources required for the project. ❖ Financial analysis: This step involves assessing the project's financial viability, including the costs, revenues, profits, and cash flows associated with the project. PROJECT APPRAISAL OBJECTIVES ❖ Economic analysis: This step involves assessing the project's economic impact, including its contribution to economic growth, employment, and social welfare. ❖ Risk analysis: This step involves assessing the project's risks, including its vulnerability to external factors, such as market fluctuations, natural disasters, and political instability. ❖ Environmental and social impact analysis: This step involves assessing the project's potential impact on the environment and society, including the potential risks and benefits associated with the project. ❖ Project appraisal report: This step involves compiling all the information gathered from the above steps and presenting it in a comprehensive project appraisal report. The report should provide a clear recommendation on whether the project should be approved, modified, or rejected. ADVANTAGES OF PROJECT APPRAISAL ❖ Enhanced decision-making - The process of project appraisal provides stakeholders with the relevant information required to make informed decisions about investing in a particular project. With a comprehensive assessment of the project, stakeholders can determine whether the potential benefits of the project outweigh the potential risks and challenges. ❖ Risk mitigation - This helps to identify potential risks that may impact the success of the project. Once these risks are identified, project managers and stakeholders can develop strategies for mitigating them. By mitigating potential risks, the project becomes more resilient and has a better chance of succeeding and achieving its objectives. ❖ Efficient resource allocation - This helps to identify the resources required to complete the project successfully. This includes identifying the necessary budget, personnel, technology, and equipment. By understanding the resource requirements, project managers can allocate resources more efficiently, ensuring that the project is completed on time and within budget, without any time overrun. ADVANTAGES OF PROJECT APPRAISAL ❖ Stakeholder engagement - This involves consulting with stakeholders to gather their input and feedback on the proposed project. By engaging stakeholders in the project appraisal process, project managers can build a stronger relationship with them and ensure that their concerns and perspectives are duly considered. ❖ Improved project performance - By evaluating the potential of the project and identifying potential risks and challenges, project appraisal helps to ensure that the project is set up for achieving success. This can lead to improved project performance and a greater likelihood of achieving the project's objectives. ❖ Alignment with organizational goals - This helps to ensure that the project is aligned with the organization's goals and objectives. By evaluating the potential of the project and its impact on the organization, project managers can ensure that the project is worth investing in and will contribute to the organization's success and development. TYPES OF PROJECT APPRAISAL AND ASPECTS Project Appraisal is process of assessing the following types of the Appraisal Aspects. And these Key aspects of appraisal will be evaluated before committing a Project. Appraisal factors are evaluated by a personal who is not involved in the preparation of the Project Proposal. ❖ Organizational Aspects ❖ Technical Aspects ❖ Managerial Aspects ❖ Economic Aspects ❖ Financial Aspects ❖ Marketing and Commercial Aspects PROJECT APPRAISAL TECHNIQUES AND METHODS Here are the key techniques of this process. Proposal of a Project is assessed with the below techniques and methods. ❖ Technical Feasibility ❖ Economic and Financial Analysis ❖ And Marketing and Management Competence