What is Project?
Answer:
"A project is a one-shot, time-limited, goal-directed, major undertaking, requiring the commitment of varied skills and resources".
A project is a temporary endeavor undertaken to create a unique product or service. A project is temporary in that there is a defined start and a defined end. Ongoing business or maintenance operations are not projects. Energy conservation projects and process improvement efforts that result in better business processes or more efficient operations can be defined as projects. Projects usually include constraints and risks regarding cost, schedule or performance outcome.
The PMI has defined a project as "A temporary endeavor undertaken to create a unique product or service" (Project Management Institute, 2001, p. 167).
A project is a temporary endeavor, having a defined beginning and end (usually constrained by date, but can be by funding or deliverables), undertaken to meet particular goals and objectives, usually to bring about beneficial change or added value.
Q. No. 2. Various categories of projects
Answer:
Various categories of projects briefly describe below:
1. Rivative projects: These are projects with objectives or deliverables that are only incrementally different in both product and process from existing offerings. They are often meant to replace current offerings.
2. Atform projects: The planned outputs of these projects represent major departures from existing offerings in terms of either the product/service itself or the process used to make and deliver it, or both.
3. Eakthrough projects: Breakthrough projects typically involve a newer technology than platform projects. It may be a "disruptive" technology that is known to the industry or something proprietary that the organization has been developing over time.
4. R&D projects: These projects are "blue-sky," visionary endeavors oriented toward using newly developed technologies, or existing technologies in a new manner. They may also be for acquiring new knowledge, or developing new technologies themselves.
Q. No. 3. Narrate Project life cycle phases.
Answer:
The attention that a particular project receives is again not uniformly distributed throughout its life span but varies from phase to phase. At a particular phase of project life, depending on the recruitment of that phase, appropriate attention has to be paid. We, therefore, need to know the various phases in the life of a project. By and large, all projects have to pass through the following five phases:
1. Conception phase
2. Definition phase
3. Planning and Organising phase
4. Implementation phase
5. Project clean-up phase
Q. No. 4. Responsibilities of a Project Manager
The basic roles and responsibilities of a project manager that we are referring to could be grouped under twelve heads :
1. Defining and maintaining the integrity of a protect
2. Development of project execution plan
3. Organization for execution of the plan
4. Setting of targets and development of systems and procedures for accomplishment of project objectives and targets
5. Negotiation for commitments
6. Direction, coordination and control of proiect activities
7. Contract management.
8. Non-human resources management including matters matters
9. Projectising and problem solving
10. Man management
11. Satisfaction of ,customer Government and tile public
Q. No. 5. What is Feasibility study ?
Answer:
Definition of Feasibility Studies: A feasibility study looks at the viability of an idea with an emphasis on identifying potential problems and attempts to answer one main question: Will the idea work and should you proceed with it?
an investigation which tries to clearly establish whether a project will work and achieve its expected results. Such a study usually evaluates in detail a project's technical design, its costs and benefits, social and environmental aspects, institutional issues, financial aspects, etc. ...
A definitive engineering study addressing the economic viability of bringing a deposit to the production stage; taking into consideration all associated costs, revenues and risks. The study is used to support the search for project financing.
An engineering study designed to define the technical, economic, and legal viability of a mining project with a high degree of reliability.
an investigation into a proposed plan or project to determine whether and how it can be successfully and profitably carried out.
The feasibility study represents the first opportunity for agency management to assess the full implications of a proposed information technology project. The feasibility study is also the means of linking a specific information technology project to the agency's strategic business plans and information technology plans, and to ensure that the proposed project makes the best use of the agency's information technology infrastructure.
Q. No. 6. Feasibility Report
Answer:
Q. No. 7. (Formula) Net present value (NPV)
Answer:
Net present value (NPV) or net present worth (NPW) is defined as the total present value (PV) of a time series of cash flows. It is a standard method for using the time value of money to appraise long-term projects.
Formula
Each cash inflow/outflow is discounted back to its present value (PV). Then they are summed. Therefore NPV is the sum of all terms ,
where
t - the time of the cash flow
i - the discount rate (the rate of return that could be earned on an investment in the financial markets with similar risk.)
Rt - the net cash flow (the amount of cash, inflow minus outflow) at time t (for educational purposes, R0 is commonly placed to the left of the sum to emphasize its role as (minus the) investment.
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