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Project Management in Bangladesh

The document discusses project management, outlining the phases of a project lifecycle including initiation, planning, execution, monitoring and control, and closing. It explains the importance of project management in organizing projects, managing risk, quality, integration, and change. Effective project management is necessary to complete projects on time, on budget, and achieve desired outcomes.

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80 views9 pages

Project Management in Bangladesh

The document discusses project management, outlining the phases of a project lifecycle including initiation, planning, execution, monitoring and control, and closing. It explains the importance of project management in organizing projects, managing risk, quality, integration, and change. Effective project management is necessary to complete projects on time, on budget, and achieve desired outcomes.

Uploaded by

md fahad
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Faculty of Business Studies

Course Title: Project Management

Assignment on
"Project Management In Bangladesh"

Submitted to:
Name: Ms. Tanbina Tabassum
Assistant Professor
Finance Discipline
Faculty of Business Studies

Submitted by:
Mohammed Fahad Hossain
ID No: 1603410109008
Semester 7th, Program BBA (Finance), Sec: A

Premier University
Date of Submission:
Project Management in Bangladesh
Project Management: Project management is an important management
practice to achieve specific goals of the projects. Is there any differences between
project management and general management of an organization? Despite lot of
similarities there are tons of differences between them. Projects are more schedule-
intensive than most of the activities that general managers handle.

Understanding effective project management techniques helps organizations


carry out large-scale projects on time, on budget and with minimal disruption to the
rest of the business. Many factors have to be managed such as resource, time ,budget
and risk for successful implementation of the project. Now the question arises what
is a project.

Project: The Project Management Institute (PMI) defines project as “a temporary


endeavor undertaken to produce a unique product, service, or result”. A project
must have budget, a definite starting and end point, a clearly defined scope of work
etc. Every project has three variables to control.

1. Time

2. Resource

3. Money

MANAGEMENT: Management is the process of getting things done with and


through other people by Planning, Organizing, Controlling and Measuring. In other
words - Management in all business and organizational activities is the act of getting
people together to accomplish desired goals and objectives using available resources
efficiently and effectively.

Project Management: Project management is the art of managing the project and
its deliverables with a view to produce finished products or service. There are many
ways in which a project can be carried out and the way in which it is executed is
project management.
Project Management encompasses all activities that an executing agency undertakes in
transforming a project from plans to physical reality as well as the subsequent initial
operation of the completed project.

Project management Phases:

A typical project consists of five different phases to complete.

1. Initiation phase

2. Planning phase

3. Execution phase

4. Monitoring and Controlling phase

5. Closing phase

1. Initiation phase: Initiation is the first phase of the project lifecycle. This is
where the project’s value and feasibility are measured. Project managers typically use
two evaluation tools to decide whether or not to pursue a project:
Business Case Document – This document justifies the need for the project, and it
includes an overview of potential financial benefits.

2. Planning phase: During this phase a team should prioritize the project,
calculate a budget and schedule, and determine the resources which will be needed.
During this phase the team also gets direction for producing quality outputs, handling
risk, creating acceptance, communicating benefits to stakeholders and managing
suppliers. The process of developing the project plan varies from organization to
organization, but according to Meredith and Mantel (2009), any project plan must
contain the following elements:

• Overview

• Objectives or Scope

• General Approach

• Contractual Aspects

• Schedules

• Resources

• Personnel

• Risk Management Plans

• Evaluation Methods

3. Execution phase: This phase is mostly associated with project management. It


is mainly about providing deliverables that satisfy the customers. Execution depends
mainly on planning phase. The work distribution of the team during the execution
phase are derived from the project plan. The main inputs of this phase are the Project
Team, Communication Plan, Risk Management Plan, Organization Chart,
Responsibility Matrix, status Reports, project Schedule etc.

[Link] and controlling phase: The monitoring and control stage of the project
management process consists of the activities involved to observe the process after
project implementation, identify problems and risks, and deploy a mitigation strategy
to control the new process. Although the monitor and control phase and the execution
phase are separate phases in project management, the two phases are conducted
simultaneously. The purpose for monitoring and controlling processes is for the
project team to identify potential risks that require corrective action.

5. Closing phase: A project is formally closed. It includes a series of important


tasks such as delivering the product, relieving resources, rewarding team members,
and formal termination of contractors in case they were employed on the project.

Project Lifecycle: Project lifecycle consists of different phases. Besides different authors
or institutions have their own theories on project phases. Actually project lifecycle means a
series of activities that the project goes through beginning to end maintaining a sequence.
Meredith and Mantel developed three phases of a typical project:

1. Startup phase

2. Middle phase

3. Ending phase

Project Management Lifecycle (Meredith & Mantel, 2009)


Most projects go through similar stages on the path from origin to completion. We
define these stages, shown in the above figure, as the project’s life cycle. The project
is born (its start-up phase) and a manager is selected, the project team and initial
resources are assembled and the work is organized. Then works gets under way and
momentum quickly builds. Progress is made. This continues until the end is in sight.
But competing the final tasks seem to take an inordinate amount of time, partly
because there are often a number of parts that must come together and partly
because team members “drag their feet” for various reasons and avoid the final
steps.

Time distribution of project effort (Meredith & Mantel, 2009).

Maylor (2010) presents a different analysis of a project‘s lifecycle which involves four
phases. Maylor‘s approach commonly known as Maylor‘s 4D.
These are:

Defining the project

Designing the project

Delivering the project

Developing the project

IMPORTANCE OF PROJECT MANAGEMENT


Organizing Chaos

Projects are naturally chaotic. The primary business function of project management
is organizing & planning projects to tame this chaos. It's hard to think of any complex
business endeavor that was ever achieved without organization & planning. Project
management is the organization, planning and control of projects.

Managing Risk

Any good project has plenty of risk. After all, the nature of business is taking risks.
Risk is a fundamental part of business strategy. However, risk needs to be managed.
Risk is that chance of a negative event or loss. Uncontrolled risk taking ends in asset
destruction and compliance issues. Project management identifies, manages and
controls risk.

Managing Quality

Quality is the value of what you produce. There's not much sense producing
something that has no value. Leaving quality to chance is analogous to producing
something of random value. Project management identifies, manages and controls
quality.

Managing Integration

Projects don't happen in a vacuum. They need to be integrated with business


processes, systems and organizations. You can't build a sales system that doesn't
integrate with your sales process and sales organization. It wouldn't add much value.
Integration is often key to project value. Project management identifies and manages
integration.
Managing Change

Projects always happen in an environment in which nothing is constant except change.


Projects are always a moving target. Managing change is a complex and daunting
task. It's not optional. Unless you can put your business universe on pause, change
happens whether you manage it or not. Project management manages change.

Clearing Issues

Business initiatives typically encounter regular issues that must be managed to


achieve objectives. Project management plays a critical role in identifying and
clearing issues.

Retaining and Using Knowledge

Projects generate knowledge — or at least they should. Knowledge represents a


significant asset for most businesses. Left unmanaged, knowledge tends to quickly
fade. Project management ensures that project knowledge is captured and managed.

ADVANTAGES OF USING PROJECT MANAGEMENT


 In built Monitoring/ Sequencing
 Easy and Early identification of Bottlenecks
 Activity based costing
 Identification and Addition of missing and new activities
 Preempting unnecessary activity/expenditure
 Timely Completion
 Assigning tasks

CONSEQUENCES OF NOT USING PROJECT MANAGEMENT

 Delay
 Cost
 Waste of Resources
 Quality
 Dissatisfaction
 Reputation

Conclusion: Project management is an important part of a project. Efficient project


management will ensure that the client receives a product that meets their
expectation. Successful project management requires strict supervision and wide
range of activities. Project management is the discipline of initiating, planning,
executing, controlling and closing the work of a team to achieve specific goals and
meet specific success criteria. Learning from projects, implementing the things with
proper planning and making a proper risk assessment and mitigation plan prior to the
project lead a project to be successful.

Common questions

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Meredith and Mantel describe a project lifecycle consisting of three phases: Startup, Middle, and Ending phases . In contrast, Maylor's model consists of four phases: Defining, Designing, Delivering, and Developing the project . Meredith and Mantel’s structure emphasizes the sequence and momentum of project activities, while Maylor’s model distinguishes phases based on different functions and focuses more clearly on project definition and development . This reflects different emphases: Meredith and Mantel on progress and completion, Maylor on functional aspects and iterative development .

The simultaneous conduction of the monitoring and controlling phase with the execution phase allows for real-time oversight and adjustment, ensuring that any deviations from the plan are promptly identified and corrected . This enables the project team to manage risks actively and effectively, thereby maintaining project alignment with strategic objectives and improving overall efficiency and responsiveness to unforeseen issues . By integrating these phases, projects can proceed without unnecessary delays often caused by separate, retrospective evaluation procedures .

Neglecting project management practices can lead to numerous negative outcomes including project delays, increased costs, wasted resources, compromised quality, stakeholder dissatisfaction, and damage to an organization’s reputation . Without structured management, projects may lack direction, be inefficiently executed, and fail to meet intended goals, which significantly impacts overall organizational success and can erode client trust over time .

Managing change is fundamental in project management due to the dynamic nature of business environments where constant change is inevitable . It addresses challenges such as evolving client requirements, technological advancements, and market shifts that can affect project objectives and execution . Effective change management ensures that projects remain relevant and aligned with both current business conditions and future projections, thus mitigating disruptions and ensuring continuous progress and alignment with business strategy .

The Initiation phase sets the foundation for subsequent project phases by establishing the project’s feasibility and value through evaluation tools like the Business Case Document . It defines the scope, goals, and objectives that guide decision-making in later phases . By creating a clear outline and justification for the project, the Initiation phase provides the necessary direction and criteria for success, ensuring that during the Execution phase, activities are aligned with initial project intentions and strategic outcomes . This foundational framework facilitates smooth progress and mitigates risks of misalignment .

Within a project management framework, knowledge retention can be managed through systematic documentation, lessons learned sessions, and accessible knowledge repositories to capture and disseminate insights gained during the project lifecycle . These practices ensure that valuable information is not lost but rather shared for future projects, fostering a learning culture within the organization. Long-term benefits include improved project performance due to informed decision-making, reduced risk of repeating past mistakes, and enhanced innovation by building on previous successes . Effective knowledge management thus transforms project learnings into strategic assets .

Effective project management imposes organization and planning to convert chaos into order, which is essential for handling complex business endeavors . It manages risk by identifying and controlling potential issues, thus preventing detrimental impacts on project progress . Quality control is also a component, ensuring deliverables meet specified standards, and integration management ensures projects align with existing systems and processes . Through these structured approaches, project management mitigates chaos, facilitating smoother and more predictable project execution .

The key components of a project plan, according to Meredith and Mantel, include Overview, Objectives or Scope, General Approach, Contractual Aspects, Schedules, Resources, Personnel, Risk Management Plans, and Evaluation Methods . Each component is critical because they collectively ensure comprehensive project preparation. For instance, 'Objectives or Scope' defines project boundaries, 'Schedules' facilitate time management, 'Resources' ensure necessary allocations are available, and 'Risk Management Plans' preempt potential issues, aligning project execution with strategic objectives and increasing the likelihood of successful outcomes .

Project management differs from general management mainly in its focus on achieving specific project goals within time and budget constraints, often involving intensive scheduling and monitoring . While general management involves planning and controlling day-to-day operations, project management is concerned with transforming project plans into reality and involves unique challenges such as handling risks and coordinating complex outputs . These differences necessitate distinct approaches in managing resources, time, and risks, fundamentally affecting how large-scale projects are executed to ensure they meet specified objectives without disrupting broader organizational functions .

Risk management plays a crucial role in project management by proactively identifying, assessing, and mitigating potential threats to project success . It ensures that uncertainties are systematically addressed, reducing the likelihood and impact of negative events. This influences project success by enhancing stability, ensuring resources are effectively utilized, and maintaining project timelines and budgets . An effective risk management strategy ensures the project remains aligned with its objectives, safeguarding stakeholder expectations and contributing to the reliable delivery of quality outputs .

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