Page 21 - DMGT521_PROJECT_MANAGEMENT

Project Management

Notes

Task Find out the situations where 7s McKinesy Model can be used. Explain the method,
how the method is used.

Self Assessment

Fill in the blanks:

9. The ………………… of initiation phase is to examine the feasibility of the project.
10. The ………………… takes shape during the implementation phase.
11. There is a growing awareness and concern for the impact of infrastructure and facility
construction on the ………………… environment.
12. The ………………… use these designs to choose the definitive design that will be produced
in the project.

1.11 Summary

 A project is a group of unique, interrelated activities that are planned and executed in a
certain sequence to create a unique product or service.
 The successful project management is all about structure, control, sufficient attention to
detail and continuously driving action.
 Plan the project – to understand how long it will take and how much it will cost.
 Project Management is quite often the province and responsibility of an individual project
manager.
 A project manager is often a client representative and has to determine and implement the
exact needs of the client based on knowledge of the firm he/she is representing.

 Project Management Institute (PMI) was founded in 1969.
 The payback period for a project is the initial fixed investment in the project divided by
the estimated annual cash inflows from the project.

 The initiation phase is the beginning of the project.
 The project takes shape during the implementation phase.

1.12 Keywords

Comparative Benefit Model: For this situation, assume that an organization has many projects
to consider, perhaps several dozen. Senior management would like to select a subset of the
projects that would most benefit the firm.
Definition Phase: In this phase, the requirements that are associated with a project result are
specified as clearly as possible.
Implementation Phase: This phase involves the construction of the actual project result.
Initiation Phase: The initiation phase is the beginning of the project. In this phase, the idea for
the project is explored and elaborated.

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