Project management

Projects :
A project is defined as a sequence of tasks that must be completed to attain a certain
outcome

Simply put, a project is a series of tasks that need to be completed to reach a specific
outcome. A project can also be defined as a set of inputs and outputs required to achieve
a particular goal. Projects can range from simple to complex and can be managed by
one person or a hundred. Projects are often described and delegated by a manager or
executive. They go over their expectations and goals, and it's up to the team to manage
logistics and execute the project on time. Sometimes deadlines can be given.

Project Management

https://www.investopedia.com/terms/p/project-management.asp

Project management involves the planning and organization of a company's resources

to move a specific task, event, or duty toward completion. It can involve a one-time
project or an ongoing activity, and resources managed include personnel, finances,
technology, and intellectual property.

 On a very basic level, project management includes the planning, initiation,

execution, monitoring, and closing of a project.
 Many different types of project management methodologies and techniques exist,
including traditional, waterfall, agile, and lean.
 Project management is used across industries and is an important part of the success
of construction, engineering, and IT companies.
The main objective of project management is to complete a project within the established goals of

time, budget, and quality. Projects have life cycles since they aren’t intended to last forever.

A project management life cycle starts when the project is initiated and ends when the project is either

completed or terminated in one way or another.

What Are The Objectives Of Project Management?

Before understanding the objectives of project management, it would be helpful to

understand the meaning of a project and the importance of project management. A project is
a distinctive endeavour with defined goals, results and outcomes. Organisations typically
launch projects to achieve specific goals in a pre-determined timeframe and budget. Client-
facing organisations may have individual projects with each client they work with and have a
separate team working on each project. Individuals and employees can also have personal
projects with specific objectives.Project management is the process of applying professional
expertise, resources, tools and strategies to ensure that the organisation meets the project
objectives in the most efficient way. Project management usually focuses on a few core
objectives and accordingly decides processes, budgets, and key performance indicators of
success. Generally, the project manager or team leaders are responsible for effective project
management. Here are some key objectives of project management:

 Meeting all project goals successfully: To ensure the success of project goals,
management and organisation of resources, time, talent and workflows is necessary.
Planning and optimisation constitute an essential part of project management.
 Providing guidance and supervision to team members: Teams working on a
project may require supervision to accomplish tasks, change strategy or maintain
quality. Project management ensures a structure of hierarchy and accountability that
facilitates guidance and support to all team members.
 Facilitating communication and collaboration: Seamless communication and
collaboration are integral to the success of any project or team. Project management
enables regular meetings, discussions, feedback sessions, client approvals and
exchange of ideas to ensure that everyone is working towards the same goals with no
wastage of time or effort.
 Following all safety processes and protocols: Certain projects, like that in food
production plants or at construction sites, may require stringent adherence to strict
safety protocols and processes. Project management accounts for such reviews and
safety checks to ensure the quality and safety of the team members and the end
product.
 Optimising budget and resources: Project management is an attempt to use the
allocated budget and resources in the most efficient manner. This allows organisations
to save costs, maximise the return and ensure that there are no leakages in the system.
 Reviewing and course-correcting timely: All projects and plans require updates and
changes during the implementation phase. Project management help ensure that there
 are assessments, quality checks and reviews throughout the project implementation so
that changes can take place quickly, effectively and without disruption.

At the end of each phase, there is a decision point where stakeholders decide whether or not to
complete the project or terminate it and cut losses.
Apart from stimulating productivity, improving project transparency, and providing a clear
vision to the team, project management can bring the following advantages to the table:

 Effective communication
 Efficient resource management
 Improved customer satisfaction
 Flexibility and higher risk tolerance
 Improved team morale
 Better quality of the output
 Retrospective learning

What are the five phases of project management?

Project management phases are different tasks, behaviors, and skill sets that are essential to
creating successful projects.
Listed below are the five major phases of the project management process:

1. Initiation

The project initiation phase marks the beginning of a project by determining high-level
expectations like why a project is required, if it is feasible or not, and what is needed to
complete the project.

Outputs of this phase include required stakeholder approvals to proceed to the next phase,
documentation pertaining to project needs (business case), and rough estimates of time and
resources required to complete the project (project charter), and an initial list of stakeholders.

2. Planning

In the planning phase, project managers detail the project scope, time frame, and risks.
Completeness and continuity are the major components of a successful project plan.

Outputs of this phase include a detailed project plan, a project communication plan (if there is
no project plan), budget baseline, project scheduling, individual project goals, scope document,
and updated stakeholder registry.

3. Execution

In the project execution phase, the project team members are coordinated and guided through
proper project communication to get the work done as explained in the approved project
management plan.

Additionally, this phase also covers the proper allocation and management of other project
resources like materials and budgets. Project deliverables are the output of the execution phase.

4. Monitoring and Control

During the project monitoring and controlling phase, the time, cost, and performance of the
project are compared at every stage and necessary adjustments are made to the project
activities, resources, and plan to keep things on the right track.

Outputs from this phase include project progress reports and other communications that ensure
adherence to project plans and prevent larger milestones and deadline disruptions.

5. Closure or Completion

The process of finalizing the project, reviewing the project deliverables, and transitioning them
to the business leaders is called the project closure phase in a project management life cycle.

This stage offers time for both celebration and reflection. Outputs from this project
management phase include approved project results and learnings that can be applied to similar
projects in the future.

Key Components in Project Management

The four main components are Time, Cost, Scope and Quality.

 Time – The duration the work would be completed by

 Cost – The budget allocated for the project
 Scope – What is the outcome or goal of the project
 Quality – The standard of the outcome of the project

Time

A given project can be completed within a given time frame from 1 week to 1 year or more,
depending on circumstances and need for technology and government approvals. Some
projects stay stagnent on the planning pharse itself, while some come to a hault when there
are second thoughts in the end goals of the project.

Cost

Every project begins its journey with a price tag, some projects get done with the budget
agreed upon intially, while some catapult to figures that where never forseen before. These
variations may arise due to a number of circumtances related to government approvals and
updated project completion time lines to name a few.
Scope

While a project may have intially kickstarted with a scope to be home to a number of IT
companies, may not always reach its goals on completion in the end. The reasons can be
related to cost, location and completion time lines to name a few.

Quality

Every project should follow industry best practices, standards and techniques while on course
of the project. All materials used should be ISO certified and the personals working on the
project should be certified and knowegable to every detail needed to meet the requirements of
the project from start to finish. This project quality management course will provide you with
the skills and knowledge necessary to manage quality in projects effectively. By the end of
the course, you will be able to understand the importance of quality management in projects,
identify the key elements of a quality management system, Monitor and control project
quality, etc.

What are Project Objectives in Project Management?

Project objectives are goals, simple and understandable. These are the business objectives
that you want the project to achieve. Within Project Management (PM), it is important to
state the project objectives precisely as these will impact the project management lifecycle.

In short, project management objectives are the successful development of project’s phases
including initiation, planning , execution, monitoring and closing.

How to write SMART objectives?

SMART objectives are goals defined using the SMART goal system. In this framework,
SMART stands for Specific, Measurable, Achievable, Relevant, and Time-Bound. When
writing out your project objectives, make sure to bind them up into the far-reaching of your
project.
Your SMART objectives should be practical, to the point and specific statements that tie into
the overall goals of the project. They should not be lengthy, broad or unrealistic.

What are the different phases in project management?

There are five different phases namely: Initiation, planning , execution, monitoring and
closing.

Phase 1: Project Initiation

Define project goals

Set targets
Appoint the project team
Phase 2: Project Planning

Define project scope and budget

Create a project plan
Risk management
Define roles and responsibilities
Phase 3: Project Execution

Manage project resources

Build the project
Status reports
Phase 4: Project Monitoring

Track effort and cost

Quality of deliverables
Monitor project progress
Phase 5: Project Closure

 Handover deliverable
 Review project deliverable
 Project closure report

Why is project management important?

Project management is an essential tool for businesses of all sizes because it helps them
effectively manage change, which in turn enhances efficiency and increases
profitability. [2]

Essentially, the purpose of project management is to bring clarity to the chaos of

project activities.
Every project has multiple moving parts, and a project manager acts as a point of
contact to guide and synchronize team efforts, and maintain control over the project’s
scope, budget, and timeline.

Without a project manager, teams often find themselves working in silos, leading to
miscommunications, scope creep, missed deadlines, and, ultimately, a lower-quality
output.

What is a project team?

The project team is the group of people responsible for executing the tasks and producing
deliverables outlined in the project plan and schedule, as directed by the project manager, at
whatever level of effort or participation defined for them. Project team members may or may
not be involved during the entire life cycle of the project and may or may not be full time to
the project. Project teams are comprised of many different roles such as project manager,
subject matter experts, business analysts, and other stakeholders.

project team responsibilities?

Project team members may have a specific role on the project (such as PM, SME, BA). If so,
the responsibilities of that member include those identified for their particular role.

The project team is responsible for contributing to the overall project objectives and specific
team deliverables, by contributing towards the planning of project activities and executing
assigned tasks/work within the expected quality standards, to ensure the project is a success.
The project team will:

 Provide information, estimates and feedback to the PM during project planning

 Provide business and/or technical expertise to execute project tasks (work)
 Liaise with stakeholders to ensure the project meets business needs
 Analyze and document current and future processes and systems (functional and
technical)
 Identify and map information needs
 Define and document requirements
 Support and provide end user training
 Report issues and status to PM
 Work collaboratively with other team members towards achieving common project
goals/objectives

project manager?

Project managers play the lead role in planning, executing, monitoring, controlling, and
closing out projects. They are accountable for the entire project scope, the project team and
resources, the project budget, and the success or failure of the project. To succeed in their
role, project managers must be adept at coordinating resources, managing budgets, measuring
and tracking project progress, and communicating with team members and stakeholders.
They also assess risks and resolve any issues that arise throughout a project’s life cycle, often
being called on to make difficult decisions regarding complex and competing priorities in an
effort to achieve desired project outcomes.

Project manager responsibilities

A project manager, with the help of their team, is charged with multiple responsibilities that
span the five project phases of a project life cycle outline below. Each phase emphasizes a
different mix of project management skills and knowledge areas, including integration, scope,
time, cost, quality, human resources, communication, risk procurement, and stakeholder
management.

1. Initiating phase: During a project’s initial phase, project managers are responsible
for developing the project charter and identifying the relevant stakeholders
involved in achieving the project’s intended outcome.

2. Planning phase: In developing a project management plan, project managers must

define project scope, create a work breakdown structure (WBS), and gather
requirements. They must also plan, define, and develop schedules and activities, as
well as estimate the resources necessary to complete the project, determining each
activity’s estimated duration. With this as a guide, they can then plan and estimate
costs, determine budgets, identify human resource needs, and establish plans for
communications and quality management. They must also identify potential risks,
 perform qualitative and quantitative risk analysis, and plan risk mitigation strategies,
while also identifying required procurements and setting stakeholder expectations.

3. Execution phase: During this phase, project managers are responsible for directing
and managing all work for the project, including the following: selecting,
developing, and managing the project team; managing all aspects of communications;
taking action on securing necessary procurements; performing all aspects of quality
management; managing all stakeholder expectations.

4. Monitoring and controlling phase: Once work is under way on a project, project
managers must monitor the project work and initiated any necessary changes
while validating and controlling the scope of the project, its costs, and the quality
of its deliverables. Project managers must also oversee all team and stakeholder
communications, control procurements, and manage all stakeholder engagements.

5. Closing phase: To complete a project, project managers must close all phases and
procurements, settle budgets, hand over deliverables, conduct project post-
mortems and reports, and return personnel to the resource pool

roles and responsibilities

1. Activity and resource planning

Planning is instrumental in meeting project deadlines, and many projects fail due to poor
planning. First and foremost, good project managers define the project’s scope and determine
available resources. Good project managers know how to realistically set time estimates and
evaluate the team's or teams’ capabilities.

They then create a clear and concise plan to both execute the project and monitor its progress.
Projects are naturally unpredictable, so good project managers know how to make
adjustments along the way as needed before the project reaches its final stages.

2. Organizing and motivating a project team

Good project managers don’t get their teams bogged down with elaborate spreadsheets, long
checklists, and whiteboards. Instead, they put their teams front and center. They develop
clear, straightforward plans that stimulate their teams to reach their full potential. They cut
down on bureaucracy and steer their teams down a clear path to the final goal.
"There is no other way than leading by example. If you are doing your part correctly, always
supporting your team, and having a fair and healthy approach with them, motivation should
never be a problem."
— Dragan Hrgić, Remade
3. Controlling time management

Clients usually judge a project’s success or failure on whether it has been delivered on time.
Therefore, meeting deadlines are non-negotiable. Good project managers know how to set
realistic deadlines, and how to communicate them consistently to their teams.

They know how to effectively do the following:

 Define activity
 Sequence activity
 Estimate the duration of activity
 Develop a schedule
 Maintain a schedule

4. Cost estimating and developing the budget

Good project managers know how to keep a project within its set budget. Even if a project
meets a client’s expectations and is delivered on time, it will still be a failure if it goes wildly
over budget. Good project managers frequently review the budget and plan ahead to avoid
massive budget overruns.
5. Ensuring customer satisfaction

In the end, a project is only a success if the customer is happy. One of the key responsibilities
of every project manager is to minimize uncertainty, avoid any unwanted surprises, and
involve their clients in the project as much as is reasonably possible. Good project managers
know how to maintain effective communication and keep the company’s clients up-to-date.

6. Analyzing and managing project risk

The bigger the project is, the more likely there are to be hurdles and pitfalls that weren’t part
of the initial plan. Hiccups are inevitable, but good project managers know how meticulously
and almost intuitively, identify and evaluate potential risks before the project begins. They
know how to then avoid risks or at least minimize their impact.

"You have to go in expecting that things won't be as you had planned, and things won't be as
easy as first expected. Goals, conditions, and circumstances will change."
— Kalila Lang, DigiSomni
7. Monitoring progress
During the initial stages, project managers and their teams have a clear vision and high hopes
of producing the desired result. However, the path to the finish line is never without some
bumps along the way. When things don’t go according to a plan, a project manager needs to
monitor and analyze both expenditures and team performance and to always efficiently take
corrective measures.

8. Managing reports and necessary documentation

Finally, experienced project managers know how essential final reports and proper
documentation are. Good project managers can present comprehensive reports documenting
that all project requirements were fulfilled, as well as the projects’ history, including what
was done, who was involved, and what could be done better in the future.

Top 10 Project Success Factors

 Efficient Planning
 Methodical Approach
 Experienced Project Managers
 Use a Professional Software
 Control and Monitoring
 Adhere to the Best Practices
 Careful Management of Risks
 Working with Committed People
 Efficient Communication
 Strong Closure of Project
Efficient Planning

Generally, several project managers rush toward the project execution stage and do not take
adequate time for quality planning. One must not be in a hurry and jump towards committing
this mistake. One must understand that investing adequate time and resources in scheduling a
project yields satisfactory results.

A well-defined and clearly planned set of project goals and objectives is crucial for success.
The planning should be SMART- Specific, Measurable, Achievable, Relevant, and Time-
bound providing a clear direction for the project team and stakeholders.

Methodical Approach
The choice of a proper methodology for project management is vital for the success of the
project. To assure that the method is reliable, efficient, and clear, then one must follow the
techniques and trends of the framework that they have chosen. One must know that all
stakeholders should understand and acknowledge lending time to determine a clear project
objective.

A methodical approach begins with thorough project planning, where project managers
define objectives, establish timelines, allocate resources, and identify dependencies. It
emphasizes the importance of creating a well-structured project plan that outlines the specific
tasks, milestones, and deliverables required to achieve project goals.

Experienced Project Managers

One can learn the theory and techniques of project management, but in the end, experience is
one of the fundamental factors of success. An experienced project manager can more likely
handle and overcome daily project challenges. Roles and responsibilities must be kept clear
to avoid misunderstandings.

A successful project manager is known not only by his/her technical knowledge but also by
his/her leadership qualities. One must assure that the team members have the required skills
to deliver the results challenged and produce a positive attitude toward the project. Also, the
team members must operate as a whole. And hence it is very important to build a team that is
motivated to act toward a collective goal together.

Use a Professional Software

The quality of an individual’s management is affected directly by the quality of their chosen
tools. Project management software is generally underrated. The risk of errors and
miscalculations is minimized by professional and intuitive software, this software provides
the best possible overview of all appropriate KPIs and presumably displays meaningful data
on all significant devices.

The software encourages easy and safe team collaboration and is the source for granting
access to the information required by all the team members. One must consider investing in a
specific and professional tool rather than working with Excel or other spreadsheet programs
not built for project management needs. It will affect the success of the project positively and
will also simplify the job.

Control and Monitoring

One must check their advancement and routinely assess the results. To instantly know if the
project is on track, one must define KPIs i.e. key performance indicators, and use reports.
This will help an individual to recognize early on when things go sideways and can take
countermeasures before more sweeping harm is done.

Regular monitoring and evaluation are critical success factors in project management for
identifying deviations, tracking milestones, and ensuring quality control. Monitoring allows
project managers to make timely adjustments, while evaluation provides insights for future
improvements and learning from project experiences.

Types of Projects Based on the Product of the Project

Here's a list of the 16 different project types:

 Communication Projects

 Stakeholder Management Projects

 Task Assignation Projects

 Construction Projects

 IT Projects

 Business Projects
  Production Projects

 Social Projects

 Educational Projects

 Community Projects

 Research Projects

 Manufacturing Projects

 Management Projects

 Maintenance Projects

 Infrastructure Projects

 Integration Projects

1. Communication Projects

Every project type requires effective communication as it serves as the backbone of

every successful project. However, communication and its methods vary among
different types of projects and are key to its overall success.

Members or stakeholders involved in various types of projects need to utilize various

means of communication, which include verbal, non-verbal, writing, and visual.

There must be a well-detailed communication plan which documents all

communication activities, methods, and intended audience. A detailed
communication plan on the redevelopment of a website to support a client’s new brand
is an example of a communication project.
Source: Bitrix24

2. Stakeholder Management Projects

The variety experienced with projects can be largely attributed to the number of
stakeholders involved in the project process. More often than not, the project
stakeholders consist of only the project manager and the project team.

The more stakeholders involved in the project, the more complex the project will
become. There is a need for better stakeholder management. The re-strategizing of an
urban construction firm to meet new arising project needs is an example of a
stakeholder management project.
Source: The Project Management Blueprint

3. Task Assignation Projects

Each type of project embarked on in project management comes with a variety of

tasks and activities to be completed. Usually, these projects vary depending on the
way and manner in which these tasks are assigned. It also depends on the appropriate
responsibility sharing formula chosen.

Assigning project tasks is the sole responsibility of the project manager and the
success of the project depends on the effective and proper distribution of such tasks.

The effective delegation of project stakeholders to perform various tasks as regards the
construction of a new garden is a typical example of this project.
Source: Inpaspages

4. Construction Projects

These projects comprise engineering projects which bother around basic

construction, be it civil or architectural. Construction projects involve rigorous
planning and are draining both physically and mentally.

Paying keen attention to details during construction projects execution is crucial as

errors are very costly and more often than not, impossible to manipulate.
Building constructions involving the construction of residential and commercial
infrastructures is a typical example of a construction project.

Source: Smartsheet

5. IT Projects

Any project which falls under software development, web development, network
configuration, database management, and IT recovery are categorized as an IT project.

In today’s world, information systems across project management are becoming

seemingly common and fast searched for across critical sectors.
Most organizations have sewn into their structure specific IT goals in a bid to move
with evolving times. Acquiring a modified data system is an example of an IT
project.

Source: Projectmanager

6. Business Projects

Business projects have a commercial outlook as they involve the development of

a business plan from the project initiation phase to the project closure phase. It is
aimed at achieving a specific business objective pre-determined during the business
planning and strategic phase.

An example of a business project is the design of a portfolio management office.

7. Production Projects

Production projects aim to deliver goods and services in a response to customers’

needs. The purpose of any production project embarked on is to create a unique product
or service through innovative means.
 Source: Productsc
hool
This product or service production process involves conceiving the idea and then
carefully developing the idea till it reaches a marketable form.

Only when it reaches a marketable form is a service or product production project

showcased to intending customers for which the product or service was uniquely
designed.

The unique process of customizing your home construction is an example of a service or

product production process.
 Source: Business in a
Box

8. Social Projects

Social projects are also called public service projects and they usually come at little
or no cost. These projects are aimed at providing innovative solutions to societal ills
and vices.

The idea behind social projects is to ensure the people at the receiving end up with a
much greater standard of living. Under corporate social responsibility (CSR), many
companies and organizations embark on this type of project.

Social projects include social security, social housing, and social services such as road
repairs, building infrastructures, and others.

9. Educational Projects
Educational projects aim at improving the learning process for students by
utilizing harnessed and gathered knowledge over time. These projects involve the
real-life application of the gained knowledge to solve practical real-life
challenges. Working on a biography about a notable individual is an example of an
educational project.

10. Community Projects

These projects are quite similar to social projects with the sole exception that the direct
beneficiaries are involved in the project process. The goal of community projects is to
meet the welfare needs of community dwellers and may also include charities.

Economic community projects also exist in a bid to curtail the economic hardship faced
by community members due to a variety of factors. These projects help to alleviate the
overall welfare of community members by the organization of small but impacting
projects. Local funding of orphanages is an example of a community project.

11. Research Projects

Research projects are specially designed to make use of innovative means and
knowledge harnessed over time to improve the overall operation of an
organization. This involves the extensive use of scientific means to find solutions to
questions that arise as a result of extensive research work conducted.

These projects aim to improve and advance the development of

knowledge. Research projects can either be scientific, social, economic, or
technological. Extensive research work conducted on the prevention and treatment of
chronic brain injury is an example of a research project.
 Source: Smartsheet

12. Manufacturing Projects

Manufacturing is the heartbeat of many organizations. Projects that need to undergo

manufacturing of various forms need to be conducted with the highest level of
concentration and oversight.

These manufacturing projects usually come with a high level of risk to the organization
at large. The use of the appropriate and most efficient project management strategies
helps to reduce the likely occurrence of such project risks.

Manufacturing projects can relate to the food, chemical, automobile, metal

fabrication, and aerospace manufacturing industries. The processes involved in the
production of candles are an example of a manufacturing project.

13. Management Projects

The use of special and specific knowledge or skill sets is essential for every
successful management project. Every project requires unique management skills to
meet its goals and objectives.
The process of successfully managing a project process is an entirely different project
of its own and needs the best professionals on hand.

A large chunk of the project resources is utilized by management projects. The

design and testing of new computer software for a much-improved business operation is
a typical example of a management project.

14. Maintenance Projects

Maintenance projects are the projects involved in keeping organization facilities or

structures in good and sound working conditions. The sole aim of these projects is to
ensure facilities are kept in perfect operating condition even after usage for a long
period.

Efficient and routine maintenance projects are essential for the success of ongoing
and future projects. Maintenance plays a vital role in project management. This type
of project falls under service products. The conduct of root-cause failure analysis is an
example of a maintenance project.

15. Infrastructure Projects

These projects are plain structures and services put in place to enhance efficient
operation. Infrastructure projects are the foundation building block on which most
successful projects are built.

Major infrastructure projects include the building and development of roads, sewers,
railways, and power lines. These projects are also called essential projects and focus
primarily on the development of services and efficient working systems.

16. Integration Projects

Integration projects combine and coordinate all essential elements of a project

process together. These processes include the coordination of tasks, resources, and key
stakeholders. Integration projects can either be batch-oriented, event-oriented, or
service-oriented.

They usually require the exchange of data and relevant information between two or
more project management systems with the sole aim of improving the overall project
quality.

Generation and screening of Project ideas :

Generating and screening project ideas is a crucial process for ensuring the success of a
project. It involves brainstorming potential ideas, evaluating their feasibility, and selecting the
most promising ones. Here’s a step-by-step approach to effectively generate and screen
project ideas:

### Step 1: Generation of Project Ideas

1. **Brainstorming Sessions:**
- Gather a diverse team for brainstorming sessions.
- Encourage free thinking and record all ideas, no matter how unconventional.

2. **Market Research:**
- Analyze market trends, customer needs, and industry reports.
- Identify gaps or opportunities in the market.

3. **Competitive Analysis:**
- Study competitors to understand what they are doing and identify areas where you can
innovate or improve.

4. **Customer Feedback:**
- Engage with customers through surveys, interviews, and focus groups to understand their
pain points and preferences.

5. **Technology Trends:**
- Keep up with the latest technological advancements that can inspire new project ideas.

6. **SWOT Analysis:**
- Conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to identify
potential areas for projects.

7. **Internal Suggestions:**
 - Solicit ideas from employees within the organization, especially those who interact with
customers or deal with products and services directly.

8. **Idea Banks:**
- Maintain a repository of ideas that can be reviewed and updated periodically.

### Step 2: Screening of Project Ideas

1. **Feasibility Study:**
- Conduct a preliminary analysis to check the technical, financial, and operational
feasibility of each idea.

2. **Alignment with Strategic Goals:**

- Ensure the project ideas align with the organization’s strategic objectives and long-term
vision.

3. **Resource Availability:**
- Assess the availability of necessary resources (time, budget, personnel, technology) for
each project idea.

4. **Risk Analysis:**
- Identify potential risks associated with each idea and evaluate their impact and likelihood.

5. **Cost-Benefit Analysis:**
- Compare the expected benefits of each project with the associated costs to determine
potential ROI.

6. **Market Potential:**
- Evaluate the market potential and demand for the project idea.

7. **Scalability:**
 - Consider whether the project can be scaled up or adapted for future growth.

8. **Regulatory Compliance:**
- Ensure the project complies with relevant laws, regulations, and industry standards.

9. **Stakeholder Analysis:**
- Analyze the impact on and support from key stakeholders.

10. **Scoring and Ranking:**

- Develop a scoring system based on various criteria (e.g., impact, feasibility, cost,
alignment with goals) and rank the ideas.

### Step 3: Selection and Planning

1. **Shortlisting:**
- Shortlist the top-ranked ideas based on the screening criteria.

2. **Detailed Proposal:**
- Develop detailed project proposals for the shortlisted ideas, including scope, objectives,
timelines, budget, and resource requirements.

3. **Approval:**
- Present the proposals to decision-makers for approval.

4. **Pilot Testing:**
- Consider running a pilot test for the selected project to validate assumptions and refine the
approach.

5. **Implementation Plan:**
- Create a comprehensive implementation plan outlining all the steps, milestones, and
responsibilities.
By following this structured approach, you can generate a wide array of project ideas and
effectively screen them to select the ones with the highest potential for success.
Generation of ideas
Generating ideas for projects involves various creative and analytical techniques to tap into
new opportunities and address existing challenges. Here are some detailed methods to
effectively generate project ideas:

### 1. Brainstorming Sessions

- **Team Brainstorming:** Gather a diverse group of people from different departments or
backgrounds. Encourage free thinking and no criticism during the idea generation phase.
- **Individual Brainstorming:** Allow team members to brainstorm on their own first, and
then share their ideas with the group.

### 2. Market Research

- **Trend Analysis:** Examine current and emerging trends in your industry. Look for shifts
in consumer behavior, technological advancements, and new regulations.
- **Customer Needs:** Conduct surveys, interviews, and focus groups to understand
customer pain points, needs, and desires.

### 3. Competitive Analysis

- **Benchmarking:** Study competitors' products, services, and strategies. Identify areas
where you can innovate or improve upon their offerings.
- **Gap Analysis:** Look for gaps in the market that competitors are not addressing or
where they are underperforming.

### 4. Customer Feedback

- **Direct Feedback:** Collect feedback from customers through surveys, reviews, and
direct communication. Use this feedback to identify areas for improvement or new
opportunities.
- **Social Media Listening:** Monitor social media platforms for discussions about your
products or industry. Identify common issues or desires expressed by users.
### 5. Technology Trends
- **Tech Watch:** Stay informed about the latest technological developments. Consider how
new technologies can be applied to your industry or products.
- **Innovation Labs:** Set up a dedicated team or space to experiment with emerging
technologies and their potential applications.

### 6. SWOT Analysis

- **Internal Analysis:** Identify your organization’s strengths and weaknesses.
- **External Analysis:** Identify opportunities and threats in the external environment. Use
this analysis to generate ideas that leverage strengths and opportunities or address weaknesses
and threats.

### 7. Internal Suggestions

- **Employee Suggestion Programs:** Create a formal program where employees can
submit their ideas. Recognize and reward valuable contributions.
- **Cross-Departmental Teams:** Form teams from different departments to generate ideas
from multiple perspectives.

### 8. Idea Banks

- **Digital Repositories:** Maintain an online platform where ideas can be submitted, stored,
and reviewed periodically.
- **Regular Review:** Schedule regular sessions to review and update the idea bank.

### 9. Scenario Planning

- **Future Scenarios:** Develop different scenarios about how the future might unfold based
on current trends and uncertainties. Use these scenarios to brainstorm potential project ideas.
- **Backcasting:** Start with a desired future outcome and work backward to identify the
steps and projects needed to achieve that outcome.

### 10. Workshops and Hackathons

- **Innovation Workshops:** Conduct workshops focused on creative problem-solving and
innovation.
- **Hackathons:** Organize hackathons where teams work intensively for a short period to
develop innovative solutions or prototypes.

### 11. Partner and Stakeholder Engagement

- **Collaboration with Partners:** Engage with business partners, suppliers, and other
stakeholders to generate ideas that benefit all parties involved.
- **Customer Co-creation:** Involve customers directly in the ideation process through co-
creation workshops.

### 12. Mind Mapping

- **Visual Idea Generation:** Use mind maps to visually organize and connect different
ideas. This can help in exploring various aspects of a concept and generating new ideas.

### 13. Reverse Engineering

- **Analyze Success Stories:** Look at successful projects or products in your industry.
Deconstruct them to understand what made them successful and how similar principles can
be applied to new ideas.

By employing a mix of these techniques, you can generate a diverse and robust set of project
ideas. The key is to foster an environment that encourages creativity, open communication,
and continuous learning.

Monitoring of environment
Monitoring the environment is essential for understanding the state of natural resources,
detecting changes, and managing impacts on ecosystems. It involves systematic collection,
analysis, and interpretation of data on various environmental parameters. Here’s a detailed
approach to monitoring the environment:

### 1. Define Objectives

- **Identify Goals:** Determine what you aim to achieve with the monitoring program (e.g.,
pollution control, biodiversity assessment, climate change tracking).
- **Set Specific Objectives:** Define specific, measurable, achievable, relevant, and time-
bound (SMART) objectives.
### 2. Select Indicators
- **Environmental Indicators:** Choose indicators that effectively represent the aspects of
the environment you want to monitor (e.g., air quality, water quality, soil health,
biodiversity).
- **Relevance and Sensitivity:** Ensure the indicators are relevant to your objectives and
sensitive to changes.

### 3. Design Monitoring Program

- **Sampling Strategy:** Develop a sampling strategy that includes the location, frequency,
and methods of sampling.
- **Spatial and Temporal Scale:** Decide on the spatial and temporal scale of the monitoring
(e.g., local, regional, global; daily, monthly, annually).

### 4. Data Collection Methods

- **Field Surveys:** Conduct field surveys to collect data on flora, fauna, and physical
environmental parameters.
- **Remote Sensing:** Use satellite imagery, drones, and other remote sensing technologies
to gather large-scale environmental data.
- **Automated Sensors:** Deploy automated sensors for continuous monitoring of air, water,
and soil quality.

### 5. Data Management

- **Database Systems:** Set up a robust database system to store and manage collected data.
- **Data Quality Control:** Implement procedures for ensuring data quality, including
calibration of equipment and validation of data.

### 6. Data Analysis and Interpretation

- **Statistical Analysis:** Use statistical tools to analyze data and identify trends, patterns,
and anomalies.
- **Modeling:** Apply environmental models to simulate scenarios and predict future
conditions.
- **Geographical Information Systems (GIS):** Utilize GIS to visualize spatial data and
assess spatial patterns.
### 7. Reporting and Communication
- **Regular Reports:** Prepare regular reports summarizing findings and providing insights
into environmental conditions and trends.
- **Stakeholder Engagement:** Communicate findings to stakeholders, including
government agencies, local communities, and the general public.
- **Decision Support:** Provide data and analysis to support decision-making processes for
environmental management and policy formulation.

### 8. Evaluation and Adaptation

- **Program Evaluation:** Regularly evaluate the effectiveness of the monitoring program
and make necessary adjustments.
- **Adaptive Management:** Use the results from monitoring to inform and adapt
management strategies and actions.

### Examples of Environmental Monitoring

1. **Air Quality Monitoring**

- **Pollutants:** Measure concentrations of pollutants such as particulate matter (PM10,
PM2.5), nitrogen dioxide (NO2), sulfur dioxide (SO2), carbon monoxide (CO), and ozone
(O3).
- **Methods:** Use air quality monitoring stations and portable air quality monitors.

2. **Water Quality Monitoring**

- **Parameters:** Test for pH, dissolved oxygen, turbidity, temperature, nutrients
(nitrogen, phosphorus), heavy metals, and microbial contamination.
- **Methods:** Collect water samples from rivers, lakes, and groundwater for laboratory
analysis and use in-situ sensors.

3. **Soil Quality Monitoring**

- **Indicators:** Monitor soil pH, organic matter content, nutrient levels, contamination
(e.g., pesticides, heavy metals), and soil erosion.
- **Methods:** Collect soil samples for laboratory analysis and use field sensors.
4. **Biodiversity Monitoring**
- **Species Richness:** Track the number of different species in a given area.
- **Population Dynamics:** Monitor population sizes and health of key species.
- **Habitat Quality:** Assess the quality and extent of habitats.

5. **Climate Monitoring**
- **Weather Stations:** Use weather stations to collect data on temperature, precipitation,
wind speed, humidity, and solar radiation.
- **Climate Models:** Employ climate models to analyze and predict climate change
impacts.

### Challenges and Considerations

- **Data Accuracy:** Ensure data collection methods are accurate and reliable.
- **Funding and Resources:** Secure adequate funding and resources for long-term
monitoring programs.
- **Technological Integration:** Integrate new technologies to improve data collection and
analysis.
- **Stakeholder Involvement:** Engage stakeholders in the design and implementation of
monitoring programs to ensure relevance and support.

By following these steps and using a combination of traditional and modern techniques,
effective environmental monitoring can be achieved, providing essential information for
managing and protecting the environment.
Preliminary screening
Preliminary screening is a critical step in the project idea evaluation process. It involves a
quick assessment of potential project ideas to determine which ones are worth further
consideration and detailed analysis. This step helps to filter out ideas that are not feasible or
aligned with strategic goals early in the process, saving time and resources. Here’s how to
conduct a thorough preliminary screening:

### Steps for Preliminary Screening of Project Ideas

1. **Establish Screening Criteria**
- **Alignment with Strategic Goals:** Check if the idea aligns with the organization’s
mission, vision, and strategic objectives.
- **Feasibility:** Assess whether the project is technically and operationally feasible with
the available resources and capabilities.
- **Market Need:** Determine if there is a clear market need or demand for the project.
- **Potential Impact:** Evaluate the potential impact and benefits of the project, including
financial, social, and environmental aspects.
- **Risks and Challenges:** Identify any significant risks and challenges associated with
the project idea.

2. **Initial Evaluation**
- **Quick Assessment:** Conduct a rapid evaluation of each project idea based on the
established criteria.
- **Rating System:** Use a simple rating system (e.g., high, medium, low) to assess each
criterion for every idea.
- **Scorecard:** Create a scorecard to document the ratings and provide a visual
comparison of the ideas.

3. **Shortlisting**
- **Rank Ideas:** Rank the project ideas based on their overall scores from the preliminary
evaluation.
- **Top Performers:** Select the top-performing ideas for further detailed analysis and
development.
- **Eliminate Weak Ideas:** Discard ideas that do not meet the minimum threshold for any
of the critical criteria.

### Example Screening Criteria and Scorecard

#### Criteria for Preliminary Screening

1. **Alignment with Strategic Goals**

- High: Directly supports key strategic initiatives.
 - Medium: Supports some strategic initiatives.
- Low: Does not align with strategic goals.

2. **Feasibility**
- High: Technically feasible with current resources and capabilities.
- Medium: Feasible with some additional resources or capabilities.
- Low: Not feasible with available resources.

3. **Market Need**
- High: Strong, clearly defined market demand.
- Medium: Moderate market demand.
- Low: Uncertain or weak market demand.

4. **Potential Impact**
- High: Significant positive impact (financial, social, environmental).
- Medium: Moderate impact.
- Low: Minimal impact.

5. **Risks and Challenges**

- High: Low risk and manageable challenges.
- Medium: Moderate risk and challenges.
- Low: High risk and significant challenges.

#### Example Scorecard

| Project Idea | Alignment (1-5) | Feasibility (1-5) | Market Need (1-5) | Impact (1-5) |
Risks (1-5) | Total Score |
|-------------------|-----------------|-------------------|-------------------|--------------|-------------|-------
------|
| Idea A |5 |4 |3 |5 |4 | 21 |
| Idea B |3 |3 |4 |4 |3 | 17 |
| Idea C |2 |2 |3 |2 |2 | 11 |
| Idea D |4 |5 |5 |5 |3 | 22 |

### Tips for Effective Preliminary Screening

1. **Engage a Diverse Team:** Involve stakeholders from different departments to provide

diverse perspectives and insights.
2. **Use Objective Criteria:** Ensure that the criteria are objective and quantifiable to
reduce bias in the screening process.
3. **Keep it Simple:** Avoid overcomplicating the preliminary screening process; aim for a
quick and efficient assessment.
4. **Document Rationale:** Record the rationale for each rating to provide transparency and
facilitate future reviews.
5. **Be Open to Re-evaluation:** Be prepared to revisit and re-evaluate ideas if new
information becomes available.

### Conclusion

Preliminary screening is a crucial step in managing project ideas, helping to focus efforts on
the most promising opportunities. By using clear criteria and a systematic approach,
organizations can efficiently filter out less viable ideas and concentrate resources on those
with the highest potential for success.
Meaning of Technical Analysis

Technical analysis seeks to determine whether the pre-requisites for the

successful functioning of the project have been considered and reasonably good
choices have been made with respect to location, size, process etc

Important aspects of Technical analysis

Technical analysis is concerned primarily with:

1. Material inputs and utility

2. Manufacturing process / technology

3. Product mix
The choice of product mix is guided by market requirements. In the
production of most of the items variation in size and quality are aimed at
satisfying a broad range of customers.

Example : A garment manufacturer may have of wide range in terms of

size and quality to cater to different customers.

4. Plant capacity

5. Location and site

The choice of location and site follows an assessment of demand, size, and
input requirements. Location refers to a fairly broad area like a city; an
industrial zone, or a coastal area, site refers to a specific piece of land where
the project would be set up.

The choice of location is influenced by a variety of considerations: proximity

to raw materials and markets, availability of infrastructure, governmental
policies, environment pollution, labour situation, climatic conditions, and
 general living conditions.

6. Machineries and equipments

The requirement of machineries and equipments is dependent on
production technology and plant capacity. It is also influenced by the type of
project.

The equipments required for the project may be classified into the following
types:
1. plant (process) equipments,
2. mechanical equipments,
3. electrical equipments,
4. instruments,
5. controls,
6. internal transportation system, and
7. others.

7. Structures and civil works

any construction developed by civilians (engineers, architects, builders, etc.) to be used for civilian
purposes

8. Project charts and layouts

Once data is available on the principle dimensions of the project – market
size, plant capacity, production technology, machineries and equipments,
buildings and civil works, conditions obtaining at plant site, and supply of
inputs to the project then project charts and layouts may be prepared. These
define the scope of the project and provide the basis for detailed project
engineering and estimation of investment and production costs.

9. Work schedule
The work schedule reflects the plan of work concerning installation as well
as initial operation. The purpose of the work schedule is:
1. To anticipate problems likely to arise during the installation phase and
suggest possible means for coping with them.
2. To establish the phasing of investments taking into account the
availability of finances.
3. To develop a plan of operation covering the initial period (the running –
in period).
Plant Location: 11 Factors that Influence
the Selection of Plant Location
Entrepreneurs set up their businesses where they can produce goods at the lowest
cost, which is called "location of industries." When a specific industry is concentrated
in one area, it's called "localization of industries," like the textile industry in Mumbai.
"Planned location of industries" means strategically planning industrial locations to
spread out large industries and create diversity in industrial areas. Alfred Weber
created the theory of industrial location in 1929. Early theories focused on adjusting
the location and transportation costs of inputs and outputs, but industrial location
considerations have changed over time. Today, many factors influence industrial
location decisions, making it a significant one-time decision with substantial costs.

Nonetheless, regardless of the type of business/enterprise, there are host

of factors but not confined to the following only that influence the
selection of the location of an enterprise:
(i) Availability of Raw Materials

(ii) Proximity to Market

(iii) Infrastructural Facilities

(iv) Government Policy

(v) Availability of Manpower

(vi) Local Laws, Regulations and Taxation

(vii) Ecological and Environmental Factors

(viii) Competition

(ix) Incentives, Land costs. Subsidies for Backward Areas

(x) Climatic Conditions

(xi) Political conditions.

Let us discuss these in some details.

(i) Availability of Raw Materials:

When selecting an industrial location, one of the most important factors is the
availability of raw materials. Industries tend to locate nearer to raw material sources,
especially if the raw materials are perishable. This reduces transportation costs and
is particularly relevant for small-scale industries such as food processing and
canning.

(ii) Proximity to Market:

The proof of production lies in consumption. An industry cannot exist without a

market. Entrepreneurs must assess existing and potential market segments, regions,
and competitors. Proximity to the market is crucial for fragile products or those with
high transportation costs. For widely scattered markets, finding a central location
with low distribution costs is important. For export goods, consider availability of
processing facilities and Export Promotion Zones (EPZ).

(iii) Infrastructural Facilities:

Of course, the degree of dependency upon infrastructural facilities may vary from
industry to industry, yet there is no denying of the fact that availability of
infrastructural facilities plays a deciding role in the location selection of an industry.
The infrastructural facilities include power, transport and communication, water,
banking, etc. Power situation should be studied with reference to its reliability,
adequacy, rates (concessional, if any), own requirements, subsidy for standby
arrangements etc. Similarly, adequate water supply at low cost may become a
dominant decisional factor in case of selection of industrial location for leather,
chemical, rayon, food processing, chemical and alike. Similarly, location of jute
industry on river Hoogly presents an example where transportation media becomes a
dominant decisional factor for plant location. Establishing sea food industry next to
port of embarkation is yet another example where transportation becomes the
deciding criteria for industrial location.

(iv) Government Policy:

In order to promote the balanced regional development, the Government also offers
several incentives, concessions, tax holidays for number of years, cheaper power
supply, factory shed, etc., to attract the entrepreneurs to set up industries in less
developed and backward areas. Then, other factors being comparative, these factors
become the most significant in deciding the location of an industry.

(v) Availability of Manpower:

When deciding on the location for skill-intensive industries, availability of skilled
labor, technical training institutes, labor relations, rural or urban labor, and wage
rates are important factors to consider. Cheaper labor in industrially backward areas
may be tempting, but the cost of training and potential drop in production quality
should also be taken into account.

(vi) Local Laws, Regulations and Taxes:

Laws prohibit setting up polluting industries in environmentally sensitive areas to

control industrial growth and encourage development in other areas.

For example, while taxation on a higher rate may discourage some industries from
setting up in an area, the same in terms of tax holidays for some years may become
the dominant decisional factor for establishing some other industries in other areas.
Taxation is a Centre as well as State Subject. In some highly competitive consumer
products, its high quantum may turn out to be the negative factor while its relief may
become the final deciding factor for some other industry.

(vii) Ecological and Environmental Factors:

When considering enterprise location, industries that may harm the environment
will not be allowed in sensitive areas. This includes those that produce solid waste or
pollute water and air. Strict waste disposal laws also add to manufacturing costs.

(viii) Competition:

In case of some enterprises like retail stores where the revenue of a particular site
depends on the degree of competition from other competitors’ location nearby plays
a crucial role in selecting the location of an enterprise. The areas where there is more
competition among industries, the new units will not be established in these areas.
On the other hand, the areas where there is either no or very less competition, new
enterprises will tend to be established in such areas.

(ix) Incentives, Land Costs, Subsidies for Backward Areas:

The Government decentralizes industries to less developed and backward areas in
the country to foster balanced economic development. Incentives, concessions, tax
holidays, and other benefits are offered to make these areas conducive for setting up
industries. However, lack of infrastructural facilities like communication and
transportation can still deter entrepreneurs from establishing industries in these
areas

x) Climatic Conditions:

The climate varies across India and affects both people and manufacturing. Certain
industries require specific climatic conditions for production, such as jute and
textiles needing high humidity. Precision manufacturing, like watchmaking, thrives
in cold climates and may be established in locations like Kashmir and Himachal
Pradesh.

(xi) Political Conditions:

The text discusses the importance of political stability, community attitudes, law and
order, and other factors in determining the location of industries. It also emphasizes
the significance of home land factor and infrastructural facilities in the location of
industries.
Technology selection

What is technology selection?

Technology selection is one part of the larger technology strategy of the company.
It is a methodology that involves analysing the business case and choosing a
technology or technology stack that will solve it most effectively. A business case
usually consists of non-quantifiable objectives such as:

 Better customer retention

 Workspace morale development
 Reduced prospects of litigation

Having a strong business case will make sure that companies do not just select
technology for its own sake. If this happens, it leads to what is known as shelfware
—a purchased software tool that is never put to use regardless of its inherent quality. To
generate maximum value, enterprises must highlight their business priorities before picking a
technology.

The fundamentals of the technology selection process are:

 Before investing in any new technology, a company must benchmark the

basic capacity of their existing IT environment so that any modifications
they make to it are necessary improvements. This will allow companies to
inspect the intricacies of the new technologies they procure and reap their
benefits whilst avoiding the perils of their old system.
 A company has numerous departments and teams, each with its own end
goal. Before proceeding with software selection, some common ground
needs to be established between the many working parts of an organisation.
 To achieve this, a company must embrace a robust hierarchy of internal
leadership and executive support in tandem with a governance framework
that represents all departments as evenly as possible.

3 Steps to select the right integration technology for your

organisation
Any technology selection process follows some version of the following steps:

1. Technical discovery or technology exploration

2. Technology assessment or technology evaluation
3. IT expenses, costs, and budgets

Let’s expand these steps further to understand them in detail, particularly within
the domain of integration.

Step 1: Technical discovery or technology exploration

When a company needs to integrate its IT systems, the technical discovery step is
the initial phase of the integration project. A team of experts gathers information
about the company’s use case, including functional and non-functional
requirements, people involved, processes, policies, and more. This step provides an
initial analysis to visualize the integration project and its outcomes based on the
needs of stakeholders and end users. It doesn't result in a final solution
immediately but helps the team understand the project's landscape and potential
solutions.

During this stage, the team will try to answer questions such as:

Remember to consider:

- Available and emerging technologies in the marketplace category that

matches the company’s business case.

- Advantages and disadvantages of existing technologies.

- Technical constraints, such as on-premises or cloud hosting.

- Training for integration specialists.

- Interoperability of the new technology with existing tools.

- Partner ecosystems and support.Step 2: Technology assessment or
technology evaluation

In this step, the team might do a number of different tasks that lead up to finally
choosing the right technology:

1. Create a long list of potential technology vendors based on factors like location,
costs, and expertise.

2. Narrow down the long list to a shortlist by considering the ideal scenario for the
software and checking alignment with the company's use case.

3. Solicit vendors' attention through a Request for Information (RFI), Request for
Proposal (RFP), or Request for Quote (RFQ), or a combination of these.

4. Use a Q&A cycle to bridge the gap between company requirements and vendor
offerings.

5. Critically assess bidding vendors' proposals and run demos and proof of
concepts (PoCs) to witness the technology in action.

Step 3: IT expenses, costs, and budgets

When evaluating IT expenses, it's important to consider both short-term and long-
term costs. Negotiating pricing starts early in the project to signal its importance to
potential vendors. While cost is important, the ultimate technology choice should
prioritize high business value within a reasonable budget.

sources of technology
Alternative technology

MARKET ANALYSIS
Conduct of market survay

Market Survey Definition

Market survey is the survey research and unit of analysis of the market for a particular
product/service which includes the investigation into customer inclinations. A study of
various customer capabilities such as investment attributes and buying potential. Market
surveys are tools to directly collect feedback from the target audience to understand their
characteristics, expectations, and requirements.
Marketers develop new and exciting strategies for upcoming products/services but
there can be no assurance about the success of these strategies. For these to be
successful, marketers should determine the category and features of
products/services that the target audiences will readily accept. By doing so, the
success of a new avenue can be assured.

Most marketing managers depend on market surveys to collect information that

would catalyze the market research process. Also, the feedback received from
these surveys can be contributory in product marketing and feature enhancement.

Market surveys collect data about a target market such as pricing trend analysis,
customer requirements, competitor analysis, and other such details.

Purpose of Market Survey

 Gain critical customer feedback: The main purpose of the
market survey is to offer marketing and business managers a platform to
obtain critical information about their consumers so that existing
customers can be retained and new ones can be got onboard.
 Understand customer inclination towards purchasing products: Details
such as whether the customers will spend a certain amount of money for
their products/services, inclination levels among customers about
upcoming features or products, what are their thoughts about the
competitor products etc.
 Enhance existing products and services: A market survey can also be
implemented with the purpose of improving existing products, analyze
customer satisfaction levels along with getting data about their perception
of the market and build a buyer persona using information from existing
clientele database.
 Make well-informed business decisions: Data gathered using market
surveys is instrumental in making major changes in the business which
reduces the degree of risks involved in taking important business
decisions.

Market Survey Templates

Product Surveys: New products/concept testing survey templates offer questions to
obtain insights about products and concepts. These survey questions are curated by
market research experts and can help in analyzing which kind of products or
features will work in a market.

Conference Feedback Surveys: Conference feedback survey templates provide

questions that can be asked to participants of a conference. An organization
can organize better conferences by implementing feedback received from these
surveys such as enhancing overall conference management, improved IT
infrastructure, better content coverage or other such factors.

Focus Group Surveys: Focus group survey templates can be implemented during
and after the recruitment of the focus group. Gaining insights from a dedicated
group of 8-10 people can be done easily with this existent survey template.

Hardware And Software Surveys: Hardware and software survey templates offer
editable questions about software product evaluation, hardware product evaluation,
pre-installation procedure, technical documentation quality and other such factors.

Website Surveys: Website survey templates are customizable as per application

and consist of questions pertaining to website customer feedback, visitor profile
information, online retail audit information etc.

Importance of Market Survey

There are 5 factors that depict the importance of a market survey.

1. Understanding the demand and supply chain of the target market: A

product is most likely to be successful if it is developed by keeping in mind the
demand and supply of the target market. This way, marketers can obtain insights
about market capabilities to absorb new products and concepts to develop
customer-centric products and features.

2. Developing well-thought marketing plans: The World is a target market for an

organization, especially a well-established one. Getting data from the target market
through thorough market research using market surveys and segmentation can be a
source of creating concrete and long-term marketing plans.

3. Figure out customer expectations and needs: All marketing activities revolve
around customer acquisition. All small and large organizations require market
surveys to gather feedback from their target audience regularly, using customer
satisfaction tools such as Net Promoter Score, Customer Effort Score, Customer
Satisfaction Score (CSAT) etc. Organizations can analyze customer feedback to measure
customer experience, satisfaction, expectations etc.

4. Accurate launch of new products: Market surveys are influential in

understanding where to test new products or services. Market surveys provide
marketers a platform to analyze the scope of success of upcoming products and
make changes in strategizing the product according to the feedback they receive.
5. Obtain information about customer demographics: Customer
demographics form the core of any business and market surveys can be used to
obtain intricate and sensitive details about customer demographics such as race,
ethnicity or family income.

Types of Market Survey with Examples

Multiple types of market surveys are used by enterprises to collect data depending
on the objective of their market research. The information collected can be used to
study various aspects of the market to address topics such as the right time to
launch the product/service, to understand the trends in the market, to measure
customer loyalty, to study their competitors and many more.

There are various types of market surveys out of which we will talk about the top
10 to get information from customers about their demands, expectations and what
they opine about the competitors. Each one of these market surveys has a different
approach and has a marking impact on the various aspects of a business.

In order to conduct various types of market surveys, successful enterprises in

today’s world, use powerful market research survey software to get actionable
market insights through real-time data collection and robust analytics. Following
are the top 10 types of market surveys that are conducted by successful enterprises.

1. Market Surveys for segmentation: An organization can spot existing and

prospective customers and understand why the customers have chosen their
products/services and the prospects have not yet made a purchase. This can lead to
a structured market segmentation and analysis.

2. Market Surveys for exploring various aspects of the target market: Get
information about factors such as market size, demographic information such as age,
gender, family income etc. to lay out a roadmap by considering growth rate of the market,
positioning, and average market share.

3. Market Surveys to probe into purchase procedure: How does a customer

deciding on making a purchase? What are the factors that convert product
awareness into sales? This type of market survey will unveil awareness,
information, free trial, purchase, and repeat.

4. Market Surveys to establish buyer persona: These surveys are to build a

buyer persona by knowing about customer preferences, inclination, and capabilities
of purchasing a product.
5. Market Surveys to measure customer loyalty: What is the degree of loyalty
that the customers have towards and organization? The answer to this question can
be obtained by conducting a market survey.

6. Market Surveys to analyze a new feature or concept: It is essential for an

organization to include market-compliant features and concepts. By carrying out a
market survey to understand which features to launch, will help all the teams
involved in the feature development process to do that with proper research.

7. Market Surveys for competitor analysis: Healthy competition is always good

for an organization’s progress. Market surveys done with the motive of competitor
analysis will produce results about how does the target market weigh the
organization’s products/services in comparison to the others in the market.

8. Market Surveys to understand the impact of sales activities: Sales activities

are the backbone of an organization and it becomes crucial to keep track of these
activities. Market surveys for sales activities will produce a report of the impact of
sales activities, whether their frequency needs to increase or any changes the
audiences think should be inculcated in the sales process.

9. Market Surveys to assess prices for new products/services: Affordability of

products also is an aspect that drives the market for organizations. Price ranges,
product variants to cater multiple price ranges, target customers for each of the
products etc.

10. Market Surveys for evaluation of customer service: Good customer service
can lead to enhanced satisfaction levels among customers. Factors such as time
taken to resolve issues, the scope of improvement, best practices of customer
service etc.

Characterization of market

Characterisation of the market

Based on the information gathered from secondary sources and through the
market survey, the market for the product / service may be described in terms of
the following:

Effective demand in the past and present: To gauge the effective
demand in the past and present, the starting point typically is apparent
 consumption which is defined as:

 Production + imports + exports – changes in stock level.

In a competitive market, effective demand and apparent consumption are
equal.

 Breakdown of demand: To get a deeper insight into the nature of demand,

the aggregate (total) market demand may be broken down into demand for
different segments of the market. Market segments may be defined by
 Nature of product
 Consumer Groups
 Geographical division

 Price
Price statistics must be gathered along with statistics pertaining to physical
quantities. It may be helpful to distinguish the following types of prices:
 manufacturer’s price quoted as FOB (free on board) price or CIF
(cost, insurance, and freight) price,
 landed price for imported goods,
 average wholesale price, and
 average retail price.

 Methods of distribution and sales promotion

The method of distribution may vary with the nature of product. Capital
goods, industrial raw materials or intermediates, and consumer products
tend to have differing distribution channels. Further, for a given product,
distribution methods may vary. Likewise, methods used for sales promotion
(advertising, discounts, gift schemes, etc.) may vary from product to protect.

The methods of distribution and sales promotion employed presently and

their rationale must be specified. Such a study may explain certain patterns of
consumption and highlight the difficulties that may be encountered in
marketing the proposed products.

 Consumers
Consumers may be characterized along two dimensions as follows:

Demographic and sociological Attitudinal

Age Preferences
Sex Intentions
Income Habits
Profession Attitudes
Residence
 Social background Responses

 Supply and competition

It is necessary to know the existing sources of supply and whether they are
foreign or domestic. For domestic sources of supply, information along the
following lines may be gathered: location, present production capacity,
planned expansion, capacity utilization level, bottlenecks in production, and
cost structure.
Competition from substitutes and near-substitutes should be specified
because almost any product may be replaced by some other product as a
result of relative changes in price, quality, availability, promotional effort, and
so on.

 Government policy
The role of government in influencing the demand and market for a product
may be significant. Governmental plans, policies, legislations, and fiats which
have a bearing on the market and demand of the product under examination
should be spelt out. These are reflected in: production targets in national
plans, import and export trade controls, import duties, export incentives,
excise duties, sales tax, industrial licensing, preferential purchases, credit
controls, financial regulations, and subsidies / penalties of various kinds.

Market planning

What Is a Marketing
Plan and How Do I
Make One? (Template
Included)
by William Malsam | Oct 15, 2021
Marketing planning doesn’t get the respect that it’s due. No matter how
great the product or service, it will wither on the vine and die if no one
knows about it. That’s where marketing comes in. But marketing doesn’t
just happen: You’ll need to create a marketing plan. You might even say it’s
like a project because it is. And any project manager can tell you that
without a marketing plan, a project is aimless and destined for failure.

All businesses need a marketing plan to succeed. Yet so many businesses

think they don’t have the time or money to invest in one. When funds get
tight, it’s usually the marketing budget that suffers the cuts. This is
unfortunate because a marketing plan it’s what can return a business to
profitability.

If you’re looking to get the most out of your marketing strategies, then take
the time to learn how to create a marketing plan for your business.

What Is a Marketing Plan?

A marketing plan consists of all the strategies that a company will execute
to reach its marketing goals over a period of time. Marketing plans usually
outline marketing activities on a monthly, quarterly or annual basis.

Therefore, the first thing to know about a marketing plan, as any project
manager will tell you, is to do the research. A plan is not created in a
vacuum. It must have context. For one thing, there are likely to have been
similar marketing efforts in the past. These can provide valuable historic
data to guide your new plan.

Project management software can help you make a marketing plan more
effectively. ProjectManager is software with multiple project views to help
you plan, schedule and track your marketing plan. To get started, list all
your marketing activities, due dates, assignees and more on the list view.
Once you’ve organized your marketing plan, you can view it as a Gantt
chart to allocate resources and share it as a kanban board for your
marketing team to execute their work. All views are updated in real time to
keep everyone working better together. Get started with ProjectManager
today for free.

Elements of a Marketing Plan

Some examples of marketing strategies that can be part of a marketing

plan are online advertising, email marketing, content marketing, social
media management, events, etc. Marketing plans vary greatly but they all
share these basic elements:

 Executive Summary: Summarizes the content of your

marketing plan. It’s also used for business cases and
project proposals.
 Marketing Goals: Define the goals that your marketing
plan will achieve, and how those align with the strategic
goals of your business plan.
 Key Performance Indicators (KPI): Every marketing
strategy needs key performance indicators you can use
to measure its success.
 Brand Strategy: Here you’ll need to define important
aspects of your brand’s strategy such as your value
proposition, marketing mix and growth strategy.
 Market Research: Market research is critical for the
success of your marketing plan. You’ll need to define
what’s the total addressable market for your product,
what’s your market share and what’s your target market.
Additionally, you need to conduct a competitive analysis
to identify your competitors and how to outperform them.
 SWOT Analysis: This analysis allows you to do an
assessment of your strengths and weaknesses and how
 those relate to the opportunities and threats of your
market.
 Marketing team: Assemble a marketing team to
achieve your goals.
 Marketing Budget: Create a marketing budget to
manage the resources and costs associated with each
marketing activity. You can use our free marketing
budget template to get started.
 Marketing Strategies: Some marketing plans may
require several marketing strategies that are executed
simultaneously. Here you’ll want to describe all the
marketing activities that you’ll execute, such as your
content marketing plan, social media marketing, search
engine optimization, email marketing, and other
marketing channels.
Structure & Approval Process
The marketing plan is part of the larger business plan and focuses on
advertising, marketing efforts, and specific marketing goals. It
includes historic data, future predictions, and activities to achieve set
goals. The marketing department creates the plan, which must be
approved by the department executive before being presented to
higher-ups.
How to Create a Marketing Plan

When making a strategic marketing plan it’s helpful to seek the help of the
experts within your marketing team. Marketing managers are responsible
for planning big and small projects and their expertise is helpful to guide a
marketing plan. The emphasis here is on the plan, which regardless of the
industry, shares a common marketing plan template.

Here are 7 steps to creating a marketing plan.

1. Identify Stakeholders

In project management, the stakeholders are like the clients or customers.

When creating a marketing plan, your stakeholders are the executives you
are reporting to in your organization. They’re the ones who are the reason
for the marketing plan. Think of this as the market research part of the plan.
You want to identify the stakeholders within your organization, so you can
tailor a marketing plan to meet their requirements and achieve the
marketing goals of the company.

Assemble Your Team

Any plan must be executed and that’s where the team comes in. You need
to ensure that your marketing team members have the skills that you
require to get the job done. For example, you’ll need digital marketing
experts if you intend to execute a content marketing plan that involves
social media marketing, paid advertising, search engine optimization and
blog posting.

2. Create a Communication Plan

Project managers, like marketers, understand the importance of effective

communications. The project manager is not only managing their team and
making sure the project is on course, they also have to communicate the
project’s progress to the stakeholders and directions to the marketing team.
How this is done and with what frequency is decided in your
communication plan. You can easily make your own with
this communication plan template.

3. Create Task List

Every marketing campaign is made up of smaller projects, called marketing

strategies or marketing activities. For example, if your marketing goal is to
increase sales by 10 percent, then you’d put that on top of a work
breakdown structure, which allows you to break down the marketing
activities that build up to it.

This is how you define the marketing efforts that your plan must take in
order to achieve your marketing goals. These tasks can be collected into
what project managers call milestones, which are phases of the project.
Once done, these marketing activities are prioritized.

4. Make a Schedule for your Marketing Plan

Once you have a thorough list of all the marketing activities and their
priority, you can set them up on a project timeline, with start dates and end
dates. The schedule is the backbone of any marketing plan and requires a
lot of thinking through to make sure you give everything the time it needs to
get done while remaining on a timetable that suits the business plan.

5. Generate a Risk Management Plan

Marketing projects, no matter how well they’re planned, never go as

intended. There are risks inherent in everything we do, but with so much at
stake in your marketing plan, you’ll need to think about what could go
wrong and then have a risk management plan in place to resolve it if and
when it does.

6. Monitoring and Reporting

Each marketing activity is tied to a deliverable, whether that’s typography

for a print ad, casting a commercial or printing direct mail. You’ll want to
track those deliverables as you move through the marketing plan to make
sure they’re staying within budget and on schedule. This is best done with
thorough reporting that can track various project metrics to measure your
progress. It also helps to have good reporting when presenting to your
stakeholders.

Marketing Plan Example

The best way to explain how to create a marketing plan is an example.

Let’s create a marketing plan for a small business. Here’s the marketing
plan outline for an email campaign for company XYZ.

XYZ Marketing Plan

Brand Strategy

 Value Proposition: Increase sign-ups by 20 percent.

 Marketing Mix: Email 75 percent, 10 percent paid online
ads and 15 percent banner ads on our website.
 Growth Strategy: Click-through rate of 50, free trial 25
percent and 20 percent sign-ups.

Marketing Goals

 Increase revenue by 10 percent for the quarter.

 Key Performance Indicators (KPI): Click-through rate,
sign-ups.

Market Research

 Total Addressable Market: Customer base and those

who engage on our LinkedIn group and other
communities that would benefit from our product.
 Market Share: Only 25 percent, room to grow.
 Target Market: Mid-level executives.
 Buyer Personas: Management, mid-level executive in
the financial division of a company.
  Competitive Analysis: Niche is wide open as competition
targets leadership.

SWOT Analysis

 Strengths and weaknesses are internal factors.

Strengths are the capabilities that allow the company to
compete such as its intellectual property and R&D while
weaknesses are the internal limitations that the
company might have such as lack of production
capacity. Opportunities and threats refer to external
factors. An opportunity could be an untapped market
and a threat could be new competitors.

Marketing Planning

 Marketing team: Part in-house and contract with the

agency
 Marketing Budget: $10,000
 Marketing Strategies: Blog posting, social media
marketing, webinars and virtual events.
 Content Marketing Plan: Create email content and art,
banner ads for our website and posts targeting LinkedIn
groups and other online communities.
 Target Audience: Mid-level financial executives.
 Social Media Marketing: Post to all social platforms.
 Search Engine Optimization: Keyword research.
 Email Marketing: Delivered by the agency.
 Marketing Channels: Email, online communities, social.
NETWORK TECHNIQUES
Network analysis > cpm,pert

Identifying critical path

Probability of completing the project within given time

 Technical Analysis
Technical analysis
Technical analysis of a project is concerned primarily with:
1. Material Inputs and Utilities
2. Manufacturing Process/Technology
3. Product Mix
4. Plant Capacity
5. Location and Site Development
6. Machineries and equipment
7. Structures and Civil works
8. Projects Charts and Layouts

Technical Analysis of a Project

1) Material input & utilities
Please remember the following points about materials and utilities:
- Define the requirements for materials and utilities, specify their properties, and establish a
supply channel.
- Materials and utilities can be categorized as raw materials, processed industrial
materials/components, auxiliary materials and factory supplies, and utilities.
- When making decisions, take into account the physical properties of the material,
transportation, handling and storage costs, quantity available from domestic/foreign sources,
and past/future price trends.

(2) Manufacturing process/Technology –

Taking a decision on manufacturing process and technology to be used is one of the most
important decisions in technical analysis of a project. There are various options and
alternatives available for manufacturing a product or service. It is the task of the project
manager to select that process or technology that is easy to acquire, appropriate for the
project and feasible with budget and technical requirements of the proposed project. The
choice of technology is influenced by the following considerations:
 Plant Capacity  Material Inputs 
Production cost

 Product mix  Technological Obsolescence  Ease of

adoption

(3) Product Mix – Remember, in technical analysis of a project, deciding on the right mix of
products is crucial. Different customers have different preferences and needs, so it's important
to choose a product mix that meets market requirements. When making these decisions,
project managers should consider product quality and production flexibility.

(4) Plant capacity – It refers to the volume or no. of units that can be manufactured during
given time period. It is also known as production capacity. It is the task of the project
manager to determine the feasible normal capacity and nominal maximum capacity for the
project.
Feasible Normal Capacity –
It refers to the capacity attainable under normal working condition. It is computed keeping in
mind the following factors:

 Installed capacity (machinery and equipment)

 Technical conditions of the plan

 Normal stoppages

 Holidays, shift patterns

 Downtime for maintenance etc.

The feasible normal capacity is the actual production capacity of a plant and usually depends
upon the following factors:

 Technical Requirements

 Input Constraints

 Cost of Investment
 Market Conditions

 Resources of the company

 Government policy Nominal Maximum Capacity – It refers to capacity that is technically

obtainable through use of machines. It is usually the capacity guaranteed by the supplier of
machinery.

(5) Location & Site –

Location refers to a broad area within the city and while site means a specific piece of land
where project would be set-up. For the purpose of site selection a critical assessment of the
demand, size of plant and input requirements is conducted which involves examining the
following factors:

 Proximity of Land to Markets

 Availability of raw materials

 Availability of Labour

 Existing Infrastructure i.e. roads, electricity, power, water supply

 Cost of land

 Government Policies Miscellaneous other factors like

 Climatic conditions

 General living conditions

 Proximity to auxiliary inputs / units

 Ease of Waste disposal and dumping

(6) Machinery & Equipment –The machinery and equipment requirement depends on the
production technology and plant capacity of the proposed project. When conducting a
technical analysis of a project, the following steps are used to select machinery and
equipment:
1. Estimate production levels over time
2. Define various machining and operations
3. Calculate machine hours required for each type of operation
4. Select equipment and machinery for each function
Types of machinery and equipment include plant equipment (process), mechanical
equipment, electrical equipment, instruments, controls and internal transportation system, and
spare parts and tools required with the original equipment for operational wear and tear.

Considerations for selecting machinery and equipment include:

- Availability of power to run machines
- Transporting heavy equipment
- Ease of use
- Import policies if the machines are to be imported
Machinery may be procured by placing different orders to different suppliers or through a
turn-key contract.

Factors affecting procurement of machinery:

1. Quality of machinery
2. Level of technical sophistication
3. Reputation of the supplier
4. Expected delivery schedule
5. Payment terms
6. Performance guarantees

(7) Structure and Civil Works –Technical analysis of a project for buildings, structures, and
civil works involves site preparation, including grading and leveling of land, demolition of
existing structures, relocation of utilities, reclamation of sewers and drainage, and
connections for utilities. It also includes construction of various buildings and outdoor works
such as supply and distribution of utilities, handling of emissions and wastes, outdoor
lighting, transportation, landscaping, and environmental compliance.

(8) Projects Charts & Layout – The project manager creates charts and layouts for the
proposed project. This helps define the scope, provides a basis for detailed project
engineering, and assists in estimating investment and production costs. The types of layout
include general function layout, materials flow diagram, production line diagram, transport
layout, utility consumption layout, and organizational layout.
Plant layout involves the physical arrangement of the factory. It considers factors such as
consistency with the production process and technology, smooth flow of goods, space
utilization, potential for expansion, minimizing production costs, and ensuring personnel
safety.

After conducting a technical analysis, a project implementation schedule is prepared. This

schedule reflects the plan of action regarding machinery installation and plant operation..

Factors affecting technical analysis, Factors affecting coice of locations, need of considering
alternatives,
technology selection
Selecting the right technology for a project is a crucial decision that can significantly impact
its success. The process involves evaluating various technologies to determine which one best
meets the project’s requirements and aligns with the organization’s goals. Here’s a detailed
guide on how to select the appropriate technology for your project:

### Steps for Technology Selection

1. **Define Project Requirements**

- **Functional Requirements:** Identify what the technology needs to accomplish in terms
of features and capabilities.
- **Non-functional Requirements:** Consider performance, scalability, security, usability,
and compatibility.
- **Budget and Time Constraints:** Determine the budget and timeline available for
implementing the technology.

2. **Identify Potential Technologies**

- **Market Research:** Conduct research to identify potential technologies that could meet
the project requirements.
- **Technology Trends:** Stay updated on the latest technology trends and advancements
in your industry.
- **Vendor Analysis:** Evaluate vendors that provide the technologies under consideration.

3. **Evaluate Technologies**
 - **Technical Feasibility:** Assess whether the technology can technically meet the project
requirements.
- **Cost Analysis:** Analyze the total cost of ownership, including initial costs, licensing
fees, maintenance, and support.
- **Compatibility:** Ensure the technology is compatible with existing systems and
infrastructure.
- **Scalability:** Consider if the technology can scale with your project as it grows.
- **Security:** Evaluate the security features and compliance with relevant regulations and
standards.

4. **Create Evaluation Criteria**

- Develop a set of criteria to objectively evaluate each technology. Criteria might include:
- **Performance:** Speed, efficiency, and reliability.
- **Cost:** Initial investment, ongoing costs, and potential cost savings.
- **Ease of Use:** User-friendliness and learning curve.
- **Support and Maintenance:** Availability of vendor support, community support, and
documentation.
- **Vendor Reputation:** Track record and reliability of the technology provider.

5. **Conduct Proof of Concept (PoC)**

- Implement a small-scale version of the technology to test its functionality and
performance in a real-world scenario.
- Gather feedback from users and stakeholders to assess its effectiveness and identify any
potential issues.

6. **Analyze and Compare Technologies**

- Use the evaluation criteria to compare the technologies. Consider using a weighted
scoring system to prioritize criteria based on their importance.
- **SWOT Analysis:** Perform a SWOT analysis (Strengths, Weaknesses, Opportunities,
Threats) for each technology.

7. **Make a Decision**
 - **Consensus Building:** Involve key stakeholders in the decision-making process to
build consensus and ensure all perspectives are considered.
- **Final Selection:** Choose the technology that best meets the evaluation criteria and
aligns with project requirements and organizational goals.

8. **Plan for Implementation**

- **Implementation Strategy:** Develop a detailed plan for implementing the selected
technology, including timelines, resource allocation, and risk management.
- **Training:** Provide training for team members to ensure they are proficient with the
new technology.
- **Monitoring and Evaluation:** Establish metrics to monitor the performance of the
technology and evaluate its impact on the project.

### Example: Technology Selection for a Web Application Project

#### 1. Define Project Requirements

- **Functional Requirements:** User authentication, data storage, real-time updates,
responsive design.
- **Non-functional Requirements:** High performance, scalability, security compliance
(e.g., GDPR), user-friendly interface.
- **Budget and Time Constraints:** $50,000 budget, 6-month timeline.

#### 2. Identify Potential Technologies

- **Backend:** Node.js, Django, Ruby on Rails.
- **Frontend:** React, Angular, Vue.js.
- **Database:** PostgreSQL, MongoDB, MySQL.

#### 3. Evaluate Technologies

- **Node.js:**
- **Performance:** High performance for real-time applications.
- **Cost:** Open-source, community support.
- **Compatibility:** Compatible with many frontend frameworks.
 - **Scalability:** Highly scalable.
- **Security:** Requires additional security measures for data protection.

- **Django:**
- **Performance:** Excellent for data-driven applications.
- **Cost:** Open-source, strong community support.
- **Compatibility:** Integrates well with frontend frameworks.
- **Scalability:** Scalable but may require additional setup.
- **Security:** Built-in security features, good compliance with standards.

#### 4. Create Evaluation Criteria

| Criteria | Weight | Node.js Score | Django Score | Angular Score | React Score |
PostgreSQL Score | MongoDB Score |
|-------------------|--------|---------------|--------------|---------------|-------------|-------------------|-----
----------|
| Performance | 30% |8 |7 |8 |9 |9 |7 |
| Cost | 20% |9 |9 |9 |9 |9 |8 |
| Ease of Use | 15% |8 |7 |8 |8 |8 |7 |
| Support & Maintenance | 15% | 9 |8 |9 |9 |9 |8
|
| Scalability | 10% |9 |7 |9 |8 |9 |7 |
| Security | 10% |7 |9 |9 |8 |9 |7 |

#### 5. Conduct Proof of Concept (PoC)

- Implement a small feature using Node.js and React with PostgreSQL.
- Test performance, user feedback, and ease of integration.

#### 6. Analyze and Compare Technologies

- **Node.js + React + PostgreSQL** emerges as the top combination based on the evaluation
criteria and PoC results.
 #### 7. Make a Decision
- **Consensus Building:** Discuss findings with stakeholders and obtain approval.
- **Final Selection:** Choose Node.js for the backend, React for the frontend, and
PostgreSQL for the database.

#### 8. Plan for Implementation

- **Implementation Strategy:** Define the project plan, including timelines and milestones.
- **Training:** Arrange for training sessions on Node.js, React, and PostgreSQL for the
development team.
- **Monitoring and Evaluation:** Set up performance metrics and regular evaluation
checkpoints.

### Conclusion

Selecting the right technology for a project involves careful evaluation of various options
based on defined criteria and project requirements. By following a structured approach, you
can ensure that the chosen technology aligns with your goals and provides the best foundation
for your project's success.
Sources of technology

In project management, technology sources can be broadly classified into two categories: internal and
external.

Internal Sources

Internal sources refer to technology that already exists within the organization or can be developed by the
project team itself. This includes:

 Existing technology:This could be software, hardware, or processes that are already being used by the
organization. Project managers can leverage these existing technologies to complete project tasks more
efficiently.
 Research and development (R&D): Organizations may have their own R&D departments that develop
new technologies for internal use. Project managers can collaborate with R&D teams to see if there are any
new technologies that can be applied to their projects.

External Sources

External sources refer to technology that is obtained from outside the organization. This can include:
 Commercial off-the-shelf (COTS) software:COTS software is pre-written software that can be purchased
and used by organizations. There is a wide variety of COTS software available, so project managers can
usually find a product that meets their needs.
 Open-source software: Open-source software is software that is freely available for anyone to use and
modify. Open-source software can be a good option for project managers who are on a tight budget or who
need a software product that can be customized to meet their specific needs.
 Cloud-based technologies:Cloud-based technologies are technologies that are delivered over the
internet. Cloud-based technologies can be a good option for project managers who need to access their
data and applications from anywhere.
 Contractors and consultants: Organizations can hire contractors and consultants who have expertise in
specific technologies. This can be a good option for project managers who need to use a technology that
they are not familiar with.

Appropriate technology

The concept of "appropriate technology" in project management applies the same core principles but
focuses on choosing the most fitting technology for the specific project context. Here's how it works:

Traditional vs. Appropriate Technology:


Traditional: Focuses on the latest and most powerful technologies, regardless of project needs, budget, or
user skills.



Appropriate: Selects technology considering these factors:


o Project needs: Does the technology directly address the project goals and tasks?
o Budget: Is the cost of acquiring, implementing, and maintaining the technology feasible?
o User skills: Can the project team and stakeholders comfortably use the technology? Is training required?
o Scalability: Can the technology handle the project's size and complexity, and can it grow with the project if
needed?
o Sustainability: Does the technology have a low environmental impact and consider long-term
maintenance needs?

Benefits of Using Appropriate Technology:

 Increased Efficiency: The right tool for the job saves time, reduces errors, and optimizes workflows.
 Improved Cost Management: Avoiding unnecessary technology keeps project costs under control.
 Enhanced Team Productivity: User-friendly technology promotes better adoption and reduces training
burdens.
 Reduced Risks: Implementing familiar or well-supported technologies minimizes technical risks during the
project.
 Sustainability: Choosing eco-friendly options aligns with environmental responsibility.

Examples of Applying Appropriate Technology:

 Construction project in a remote location: Instead of complex project management software, a simple
communication app and offline planning tools might be more suitable.
 Marketing campaign with a limited budget: Utilizing free or open-source design software could be a
better choice than expensive design suites.
 Data analysis for a small team: Leveraging cloud-based data visualization tools with user-friendly
interfaces might be more appropriate than complex data analysis software.

By considering "appropriate technology" in project management, you ensure you leverage the power of
technology while keeping your project goals, resources, and context at the forefront.

Market Analysis

 Conduct of market survey

While market surveys aren't a core project management activity, they can be valuable tools during specific
project phases to inform technology decisions. Here's how you might conduct a market survey within the
project management context:

Understanding the Purpose:

 Project needs: Identify the technology gap or problem your project is trying to solve.
 Target audience: Who are you surveying? Potential users, industry experts, or competitors?

Designing the Survey:

 Focus on technology selection: Craft questions that gather insights on existing technologies, user needs,
and preferences relevant to your project.
 Question types: Use a mix of close-ended (multiple choice, rating scales) and open-ended questions (for
more detailed feedback).
 Survey length: Keep it concise and focused to avoid survey fatigue.

Delivery Methods:

 Online surveys: Utilize online survey platforms like Google Forms or SurveyMonkey for easy distribution
and data collection.
 Email surveys: Send targeted surveys to relevant stakeholders or industry contacts.
 In-person interviews: Conduct in-depth interviews with key users or experts for richer qualitative data.
 Data Analysis and Action:

 Analyze results: Identify trends, user preferences, and pain points regarding existing technologies.
 Action plan: Based on the findings, shortlist appropriate technologies that align with project needs, user
skills, and budget constraints.

Integration with Project Management:

 Project initiation: Conduct initial surveys to understand market needs and competitor offerings during
project scoping.
 Requirement gathering: Surveys can help identify user needs and pain points to define technology
requirements.
 Risk management: Survey insights can highlight potential technology adoption challenges or user
resistance.

Additional Considerations:

 Sample size: Ensure you have a sufficient number of respondents to generate reliable data.
 Pilot testing: Test your survey with a small group before full deployment.
 Maintaining anonymity: Guarantee respondent confidentiality to encourage honest feedback.

By strategically using market surveys during project management, you gain valuable market intelligence to
select the most appropriate technology for your project's success.

 characterization of market

Under project management, characterizing the market serves a specific purpose: informing decisions about
technology selection and project feasibility. Here's how market characterization factors into project
management:

Focus on Target Market:

 Project scope: The market relevant to your project could be the end-users of the project's deliverables or
the market for the product or service the project aims to create.
 Market size and growth: Understanding the size (potential customer base) and growth trajectory of the
target market helps assess project viability and potential return on investment (ROI).

Competitive Landscape:

 Existing solutions: Analyze existing technologies or solutions addressing similar needs in the market.
This helps identify potential gaps and opportunities for your project.
 Competitor analysis: Evaluate the strengths and weaknesses of existing competitors in the market. This
can inform your project's unique value proposition and technology selection.

Customer Needs and Trends:

 User needs and preferences: Conduct market research to understand the needs, preferences, and pain
points of your target users. This helps ensure the chosen technology aligns with user expectations.
 Emerging trends: Identify any emerging trends in the market that might impact technology selection or
project requirements. Staying ahead of the curve can give your project a competitive edge.

Market Dynamics:

 Regulations and standards: Consider any relevant regulations or industry standards that might influence
the technology choice or project execution.
 Economic factors: Economic factors like market fluctuations or resource availability can impact project
costs and timelines.

Benefits of Market Characterization:

 Improved technology selection: Understanding market needs and competition ensures you choose the
most suitable technology for project success.
 Enhanced project feasibility: Knowing the market landscape helps assess project viability and identify
potential risks or opportunities.
 Informed resource allocation: Accurate market characterization allows for better resource allocation
based on project needs and market demands.
 Reduced project risks: Proactive consideration of market dynamics helps mitigate potential risks
associated with technology adoption or market changes.

Techniques for Market Characterization:

 Market research reports: Utilize existing market research reports to gain insights into market size, growth,
and trends.
 Industry analysis: Conduct an analysis of industry publications and news to stay updated on market
dynamics and competitor activity.
 Customer surveys: Conduct surveys or focus groups to gather direct feedback from your target market
about their needs and preferences.
 Competitive analysis tools: Utilize online tools or resources to analyze competitor websites, marketing
strategies, and product offerings.

By effectively characterizing the market, project managers gain valuable insights that contribute to informed
technology selection, improved project decision-making, and ultimately, project success.

Market Planning?

Market planning is the process of organizing and defining the marketing aims of a
company and gathering strategies and tactics to achieve them. A solid marketing plan
should consist of the company’s value proposition, information regarding its target
 market or customers, a comparative positioning of its competitors in the market,
promotion strategies, distribution channels, and budget allocated for the plan. All
relevant teams in the organization should refer to the marketing plan.

Market Planning for Small Businesses

Over the last few decades, more individuals have been starting a journey as a small business
entrepreneur. Unfortunately, many fail to reflect on their marketing strategy and plan. Like
other things in a project, marketing the organization is an essential decision that starts with a
plan every time. In order to get noticed in the market with a unique and consistent
promotional strategy, becoming knowledgeable about market planning and its facets is
crucial.

Stages of Market Planning

The first stage of market planning involves sales projections and evaluations of past
promotional activities to assess their effectiveness. The process of analyzing a product
enables a company to identify which areas of the plan should carry a heavier focus or which
areas should be adjusted. The analysis not only involves evaluating the company’s
competitive position in its respective market but also considering how to implement new
strategies for its business goals.

The second stage is to organize marketing objectives and strategies. It is crucial here to
establish the relationships between the proposed activities so the plan can be carried out
efficiently.

Top Market Planning Concepts

Although there are a number of marketing planning concepts to be considered, the following
are a few important aspects that should be included:

Market Segmentation and Target Markets

Knowing who makes up the market the product or service plays in is crucial, yet the
importance of this aspect is often overlooked. Market segmentation involves assessing the
whole population that could be potential customers of your product and then segmenting
them based on varying criteria. Some examples of aspects to filter for are purchase behavior,
psychographics, age, and average income.

After the market has been segmented, the company must choose the group that it believes its
product can best serve and is within the budget to advertise to. This segment then forms your
target market. It is generally recommended for businesses to have one target market and then
a few secondary ones if they see fit.

To illustrate, a company that sells colored contacts may have a primary target market of
makeup artists in the film and theater industry. However, they may find that there is
significant revenue to be found in entering more mainstream channels and marketing to
women in their twenties who wish to experiment with new eye colors on special occasions.
They would then spend the majority of their resources marketing to their primary target
market, but also allocate some marketing budget to the latter segment for additional revenue.

The main reason why market segmentation and targeting is important is that a company
should always be focusing its resources on the most profitable group of customers, so
knowing which group that is, is a prerequisite.

Budget

Budgeting may be the most important term in marketing planning when it comes to
execution. Often, in order to secure funds from top management or banks, sufficient proof of
your advertising plan’s success is needed. It requires accurate forecasting of returns generated
by individual advertising expenditures. It is important that returns are not overestimated to
avoid spending too much and running out of money early on.

Marketing Mix

The marketing mix is a combination of elements that influence customers to purchase a

product. The marketing mix includes four main factors – Product, Price, Place, and
Promotion. Product refers to either the tangible good that your business offers or the
intangible good, referring to services. Key decisions made under this umbrella are branding,
product design, package and labeling details, warranties, and more.

Price can quite simply be the quantitative price the company’s customers must pay to acquire
its product. However, thorough marketing plans will also consider other sacrifices a customer
must make, such as travel time, shipping costs, or research time before they find the product.
Customer perceived value is also a key consideration when it comes to price. Key decisions
under this umbrella include price-setting, pricing strategies, discounts, accepted payment
methods, and more.

Place refers to where customers can contact the business and purchase its products. Providing
convenience and access to the company’s customers is the goal. Key decisions under this
umbrella include distribution, channels, partnerships, locations, transportation, and logistics.

Promotion covers all the marketing communications the company undertakes to make its
product known and shape the customers’ image of its product. Key decisions here involve
promotional mix, message content, message frequency, media strategies, and more.

Customer Relationship Management (CRM)

Customer relationship management (CRM) is a key factor in maintaining loyalty after a

company has achieved a sustainable number of customers. There are numerous software
solutions on the market to handle CRM for a company. For small businesses, however,
keeping such activities in-house may be recommended to keep the company lean. Things
such as offering warranties and return policies can help keep customers satisfied and let them
know that the company cares about their use of the product post-purchase.

Key Takeaways
Market planning is a constructive process that facilitates careful consideration of a company’s
marketing objectives and product mix so that resources allocated to advertising plans and
branding yield optimal returns. While some facets may be unique for each business, key
concepts such as market segmentation, target markets, marketing mix, budgeting, and CRM,
are applicable in all cases.

Unit 3
Financing of projects
Capital Structure

What Is Capital Structure?

Capital structure is the particular combination of debt and equity used by a company to
finance its overall operations and growth.
Equity capital arises from ownership shares in a company and claims to its future cash flows
and profits. Debt comes in the form of bond issues or loans, while equity may come in the
form of common stock, preferred stock, or retained earnings. Short-term debt is also
considered to be part of the capital structure.

 Capital structure is how a company funds its overall operations and growth.
 Debt consists of borrowed money that is due back to the lender, commonly with
interest expense.
 Equity consists of ownership rights in the company, without the need to pay back any
investment.
 The debt-to-equity (D/E) ratio is useful in determining the riskiness of a company's
borrowing practices.

Both debt and equity can be found on the balance sheet. Company assets, also listed on the
balance sheet, are purchased with debt or equity. Capital structure can be a mixture of a
company's long-term debt, short-term debt, common stock, and preferred stock. A
company's proportion of short-term debt versus long-term debt is considered when analyzing
its capital structure.

When analysts refer to capital structure, they are most likely referring to a firm's debt-to-
equity (D/E) ratio, which provides insight into how risky a company's borrowing practices
are. Usually, a company that is heavily financed by debt has a more aggressive capital
structure and, therefore, poses a greater risk to investors. This risk, however, may be the
primary source of the firm's growth.
Sources of long term finance
long-term financing means financing by loan or borrowing for more than one year by issuing
equity shares, a form of debt financing, long-term loans, leases, or bonds. It is usually done
for big projects, financing, and company expansion. Such long-term financing is generally of
high amount.

 The fundamental principle of long-term finances is to finance the strategic capital

projects of the company or to expand the company’s business operations.
 These funds are normally used for investing in projects that will generate synergies
for the company in the future years.
 Long-term financing refers to borrowing or issuing equity shares for more than one
year. It is typically used for large projects, financing, and company expansion. Long-
term financing usually involves a high amount of capital.
 The sources of long-term financing include equity capital, preference capital,
debentures, term loans, and retained earnings.
 To maintain a healthy asset-liability management (ALM) position, a company’s
management should ensure a mix of short-term and long-term financing sources.
Depending too heavily on long-term funding may not always benefit the company.
 Sources of Long-Term Financing
 

#1 – Equity Capital

It represents the interest-free perpetual capital of the company raised by public or private
routes. The company may either raise funds from the market via IPO or opt for a private
investor to take a substantial stake in the company.

 There is a dilution in the ownership and the controlling stake with the largest equity
holder in equity financing.
 The equity holders have no preferential right in the company’s dividend and carry a
higher risk across all the buckets.
 The rate of return expected by the equity shareholders is higher than the debt holders
due to the excessive risk they bear in repayment of their invested capital.
#2 – Preference Capital

 Preference shareholders carry preferential rights over equity shareholders in terms of

receiving dividends at a fixed rate and getting back invested capital in the company if
the same is wound up.
 It is a part of the company’s net worth, thus increasing its creditworthiness and
improving its leverage compared to its peers.

#3 – Debentures

Is a loan taken from the public by issuing debenture certificates under the company’s
common seal? Debentures can be placed via public or private placement. Suppose a company
wants to raise money via NCD from the general public. In that case, it takes the debt IPO
route where all the public subscribing to it gets allotted certificates and are the
company’s creditors. If a company wants to raise money privately, it may approach the
major debt investors in the market and borrow from them at higher interest rates.

 They are entitled to a fixed interest payment per the agreed-upon terms mentioned in
the term sheet.
 They do not carry voting rights and are secured against the company’s assets.
 In case of any default in debenture interest payment, the debenture holders can sell the
company’s assets and recover their dues.
  They can be redeemable, irredeemable, convertible, and non-convertible.

#4 – Term Loans

Banks or financial institutions generally give them for more than one year. They have
mostly secured loans offered by banks against strong collaterals provided by the company in
the form of land and building, machinery, and other fixed assets.

 They are a flexible source of finance provided by the banks to meet the long-term
capital needs of the organization.
 They carry a fixed interest rate and give the borrower the flexibility to structure the
repayment schedule over the tenure of the loan based on the company’s cash flows.
 It is faster than the company’s equity or preference shares issue as there are fewer
regulations to abide by and less complexity.

#5 – Retained Earnings

These are the profits the company has kept aside over time to meet the company’s future
capital needs.

 These are the company’s free reserves, which carry nil cost and are available free of
charge without any interest repayment burden.
 One can safely use it for business expansion and growth without taking additional
debt burden and diluting further equity in the business to an outside investor.
 They form part of the net worth and directly impact the equity share valuation.

Advantages of Long-Term Financing

 Align specifically to the long-term capital objectives of the company

  Effectively manages the asset-liability position of the organization
 Provides long-term support to the investor and the company for building synergies
 Opportunity for equity investors to take controlling ownership in the company
 Flexible repayment mechanism
 Debt diversification
 Growth and expansion

Limitations of Long-Term Financing

 The regulators lay down strict regulations for the repayment of interest and principal
amounts.
 High gearing on the company may affect the valuations and future fundraising.
 High gearing on the company may affect the valuations and future fundraising.
 Stringent provisions under the IBC Code for non-repayment of the debt obligations
may lead to bankruptcy.
 Monitoring the financial covenants in the term sheet is very difficult.

What Is Debt Financing?

Debt financing occurs when a firm raises money for working capital or capital expenditures
by selling debt instruments to individuals and/or institutional investors. In return for lending
the money, the individuals or institutions become creditors and receive a promise that the
principal and interest on the debt will be repaid.1 The other way to raise capital in debt
markets is to issue shares of stock in a public offering; this is called equity financing.

KEY TAKEAWAYS

 Debt financing occurs when a company raises money by selling debt instruments to
investors.
 Debt financing is the opposite of equity financing, which entails issuing stock to
raise money.
 Debt financing occurs when a firm sells fixed income products, such as bonds, bills,
or notes.
  Unlike equity financing where the lenders receive stock, debt financing must be paid
back.
 Small and new companies, especially, rely on debt financing to buy resources that
will facilitate growth.

How Debt Financing Works

When a company needs money, there are three ways to obtain financing: sell equity, take
on debt, or use some hybrid of the two. Equity represents an ownership stake in the
company. It gives the shareholder a claim on future earnings, but it does not need to be paid
back. If the company goes bankrupt, equity holders are the last in line to receive money.

A company can choose debt financing, which entails selling fixed income products, such
as bonds, bills, or notes, to investors to obtain the capital needed to grow and expand its
operations. When a company issues a bond, the investors that purchase the bond are lenders
who are either retail or institutional investors that provide the company with debt financing.
The amount of the investment loan—also known as the principal—must be paid back at
some agreed date in the future. If the company goes bankrupt, lenders have a higher claim
on any liquidated assets than shareholders.

Advantages and Disadvantages of Debt Financing

One advantage of debt financing is that it allows a business to leverage a small amount of
money into a much larger sum, enabling more rapid growth than might otherwise be
possible. Another advantage is that the payments on the debt are generally tax-deductible.
Additionally, the company does not have to give up any ownership control, as is the case
with equity financing. Because equity financing is a greater risk to the investor than debt
financing is to the lender, debt financing is often less costly than equity financing.

The main disadvantage of debt financing is that interest must be paid to lenders, which
means that the amount paid will exceed the amount borrowed. Payments on debt must be
made regardless of business revenue, and this can be particularly risky for smaller or newer
businesses that have yet to establish a secure cash flow.
Advantages of debt financing
 Debt financing allows a business to leverage a small amount of capital to create
growth

 Debt payments are generally tax-deductible

 A company retains all ownership control

 Debt financing is often less costly than equity financing

Disadvantages of debt financing

 Interest must be paid to lenders

 Payments on debt must be made regardless of business revenue

 Debt financing can be risky for businesses with inconsistent cash flow

What is Debt Financing?

Debt financing meaning translates to the practice of raising capital by borrowing money or
issuing debt instruments. In this financial arrangement, individuals, businesses, or
governments acquire funds from external sources with an obligation to repay the principal
amount and interest over a predetermined period. Debt financing is an alternative to equity
financing, where funds are raised by issuing shares.

Some instruments for raising debt are bond issuance, business credit cards, term loans, peer-
to-peer lending and invoice factoring.

How Debt Finance Works

The workings of debt finance involves a borrower entering into an agreement with a lender, a
bank, an NBFC, or a financial institution to receive a specific amount of money. This
agreement outlines the terms and conditions of the loan, including the interest rate, repayment
schedule, and other relevant terms. Once the borrower receives the funds, they are expected
to make periodic payments, typically monthly or quarterly, to repay the principal and interest.

The repayment structure of debt financing can vary. In some cases, borrowers may make
equal installments throughout the loan tenure, while others might opt for balloon payments,
where a significant portion of the principal is paid at the end of the term.

Types of Debt Finance

Debt financing comes in various forms, each customized to meet specific financial needs and
circumstances. Here are some common types of debt finance:
Bank Loans:

Traditional bank loans are a common form of debt finance. Businesses or individuals borrow
funds from commercial banks at fixed or variable interest rates and repay over a
predetermined period.

Corporate Bonds and Debentures:

Companies often issue bonds to raise capital. Investors purchase these bonds, essentially
lending money to the company. The company agrees to pay periodic interest and return the
principal amount upon maturity.

Mortgages:

Mortgages are a type of debt financing commonly used in real estate. Homebuyers secure a
mortgage loan to purchase a property, which is secured using the property itself.

Convertible Notes:

Startups and early-stage companies may use convertible notes, a form of short-term debt that
can be converted into equity at a later stage, usually during a subsequent financing round.

Lines of Credit:

Businesses often secure lines of credit, which allow them to borrow up to a predetermined
limit as needed. Interest is paid only on the amount borrowed, providing flexibility.

Government Bonds:

Governments raise capital by issuing bonds to investors. These bonds serve as a form of debt
for the government, and interest payments are made to bondholders.

Credit cards:

Credit cards are a form of debt financing as they allow individuals to borrow up to a
predefined credit limit to make purchases or cover expenses. When a person uses a credit
card, they essentially enter into a short-term borrowing arrangement with the credit card
issuer.

Factoring:

Though meant for a short-term period, factoring is a way of debt financing for short-term
financing needs. Here, enterprises sell their accounts receivable to another party to obtain the
necessary funds. The other party pays the equivalent amount less their commission/fees.

Advantages of Debt Financing

Given the many ways of debt financing, it is also helpful to understand the advantage of debt
financing as follows:
Preservation of Ownership: Unlike equity financing, debt financing does not dilute existing
shareholders' ownership stake. Borrowers retain control over their business operations and
decision-making.

Tax-Deductibility: One of the primary advantages of debt financing is the tax deductibility
of interest payments. Businesses can often deduct interest expenses from their taxable
income, reducing the overall tax liability.

Predictable Repayment Structure: Debt financing involves a fixed repayment schedule,

providing borrowers a clear understanding of their financial obligations. This aids in financial
planning and budgeting.

Leverage: Debt allows businesses to use borrowed funds and leverage their operations to
invest in projects with the potential for higher returns. This leverage can amplify profits if the
return on investment exceeds the cost of debt.

Access to Capital: Debt financing provides access to immediate capital without diluting
ownership. This is particularly beneficial for businesses with strong cash flow and a need for
funds to support growth initiatives.

Disadvantages of Debt Finance

Nevertheless, it also comes with some disadvantages. Some of the cons are:

Interest Payments: Debt financing is an obligation to make regular interest payments. This
can be a financial burden, especially if the business faces challenges or experiences a
downturn.

Risk of Insolvency: Excessive debt levels can increase the risk of insolvency, especially if a
business struggles to meet its debt obligations. Defaults on loans can lead to severe
consequences, including bankruptcy.

Fixed Repayment Obligations: The fixed nature of debt repayments can be a disadvantage
during periods of economic downturn or financial stress. Businesses must meet their
repayment obligations regardless of their financial performance.

Collateral Requirements: Lenders often require collateral to secure the loan, and failure to
repay may result in the loss of assets. This requirement can limit the borrowing capacity of
businesses with insufficient collateral.

Interest Rate Risk: Fluctuating interest rates can impact the cost of debt financing. Rising
interest rates can increase interest expenses, affecting the profitability of the borrowing entity.

When speaking of financing, there are two other concepts that one may find helpful. One is
short-term financing, and the other is long-term debt financing.
 Unit 4

Project evaluation and control

Project monitoring and controlling

What is the monitoring and controlling phase?

In the project life cycle, the project monitoring and control phase happens in tandem with the
execution phase. It involves actively reviewing the project's status, evaluating potential
obstacles, and implementing necessary changes. Responsibilities include keeping to the
schedule, staying within budget, avoiding scope creep, and managing risk.

Why monitoring and controlling is important.

The controlling phase of project management allows a project manager to receive live
feedback on the progress, successes and failures of an ongoing project. It’s an important tool
to avoid some of the most common project management pitfalls.

Extracting data on project progress helps you avoid making assumptions, for instance. This
may help to identify a real-world problem, even with project planning techniques that have
worked before.

Without monitoring and controlling, it’s also easy to find yourself unable to track down the
cause of a problem.

 Did your IT project throw up more bugs than anticipated?

 Was there a process breakdown?
 Did ad-hoc projects distract your core team?

The controlling phase helps you find out the answers to these questions, often while
resolutions are still possible. Correct controls put in place may also help project managers to
delegate responsibilities more effectively.

Report key performance indicators (KPIs).

During your planning phase, you may have established a series of checkpoints or milestones
for your project. Alternatively, you might have set goals of completing a specific number of
deliverables per day, week, or month.

Quantifiable measures like these, which are used to evaluate the success of your project, are
called Key Performance Indicators (KPIs).
During the project monitoring and controlling phase, keeping tabs on KPIs is essential to
ensure your team is on the right track. If you start falling behind on production, you may not
make your deadline for your deliverables.

One way to keep your entire team up to date is to set up automated status reports that go out
to all interested parties. Instead of relying on someone to send out daily updates, you can
systematize the entire process using work management software.

Monitor change requests.

Even the best planning can’t eliminate all challenges. During the monitoring and controlling
phase, you’ll need to review and address change requests from team members, clients, and
other stakeholders. In some cases, you may have to overhaul entire processes.

Using a centralized request hub can make monitoring change requests a breeze. In many
cases, work management software enables your team to create intuitive request queues that
organize input from internal and external sources.

Whitepaper: The Complete Guide to Request Management

Demo: Workfront Request Queue

Keep track of scope.

In some cases, your client may decide to change their mind about the project’s scope after
you’ve begun work. During the project management monitoring and controlling phase, you
may need to rethink your strategy, to evaluate whether you can accommodate increased scope
within the original timeline or budget.

If not, you need to circle back to your planning phase to:

 Clarify expectations
 Update your project charter
 Clarify new roles and responsibilities

Once these steps have been taken, you can then continue on with your project execution.

Control costs, quality, and risk.

Managing costs is an essential part of successful project management. However, change

orders, expanded scope, and unforeseen circumstances can put your budget at risk.

During the project management monitoring and controlling phase, make sure to clearly and
consistently track and report updates to your projected budget. That way you can keep a close
watch on what has changed and how this will affect the profitability of a project.
Tracking the end product from your product is crucial too. Quality management ensures your
deliverables will meet your client’s expectations, keeping you in control. You should look to
periodically review quality-related KPIs and processes, to ensure you’re on track to meet
stated objectives.

During the planning phase, it’s common to identify project risks that could potentially hinder
your progress. As part of your project management monitoring and controlling efforts, take
time to:

 Regularly review your list of potential risks

 Evaluate their likelihood of occurring
 Enact mitigation measures as needed

Facilitate stakeholder communication.

Effective project management monitoring and controlling requires keeping everyone in the
loop and communication is key. Regular meetings with stakeholders, clients, and team
members can help prevent misunderstandings and missed deadlines.

For constant and consistent transparency that will keep remote teams on the same page, and
save hours of time spent in status meetings, look to a centralized work management platform.
This can empower teams to take advantage of dynamic reporting and enables asynchronous
work that is vital for project success.

How to use tools for project monitoring and controlling.

Project management tools can be integral at every stage of the life cycle, including the
monitoring and controlling phase. Great systems help you to dig deeper and gain insights
more efficiently.

You can keep an eye on tasks to check they remain within scope, prioritize to control costs
and dig into project data.

In Adobe Workfront, try the following:

 Click the ‘agile storyboard’ icon to view each task’s live status and collaborate
directly with other team members. This lets you view the progress percentage and
identify any delays.
 Use the portfolio optimizer tool to prioritize and deprioritize subtasks. When the pedal
is to the metal, this can help you to invest resources where it makes sense. Uncheck
the projects with lower scores to eliminate the high cost and low priority activities.
 View all comments and file versions in tandem for a smoother quality control phase.
Click ‘make a decision’ to notify all stakeholders.

Managing parallel workflows can be challenging, especially when clients request scope
changes. However, with an enterprise work management solution, keeping an eye on
variables, and encouraging open communication, you can successfully monitor and control
even the most complex projects.

What’s the difference between monitoring and controlling?

Monitoring involves collecting and analyzing data gathered from the project. Controlling uses
these findings to make changes.

With this data, project managers can actively tweak performance to maintain alignment with
the original plan. This can help ensure a project remains on track and stays true to the original
objectives and goals set.

What happens after monitoring and controlling?

When all monitored data has been gathered, and then used during the controlling phase,
the closing phase begins. This is the final stage of the project lifecycle and is performed in
tandem with the execution phase.

What is project evaluation?

Project evaluation is a process that is used in monitoring and evaluation practice to assess the
effectiveness and efficiency of a project. It involves systematically collecting and analyzing
data on project activities, outputs, outcomes, and impacts in order to determine the extent to
which project objectives have been achieved and identify areas for improvement.

Project evaluation typically involves the following steps:

1. Planning the evaluation: This involves defining the evaluation questions, identifying
the data sources and methods, and developing a plan for data collection and analysis.
2. Collecting data: This involves gathering data on project activities, outputs, outcomes,
and impacts using various methods such as surveys, interviews, and focus groups.
3. Analyzing data: This involves organizing and examining the data collected during the
evaluation, to identify patterns, trends, and relationships, and to determine the degree
to which project objectives have been met.
4. Drawing conclusions and making recommendations: Based on the analysis of the
data, conclusions are drawn about the effectiveness and efficiency of the project, and
recommendations are made for improving future project implementation.
5. Reporting the findings: The evaluation findings are communicated to stakeholders in
a clear and concise manner, highlighting the strengths and weaknesses of the project
and providing recommendations for improvement.
Project evaluation is an important part of monitoring and evaluation practice, as it helps to
ensure that projects are achieving their intended outcomes and that resources are being used
efficiently and effectively. It provides valuable information that can be used to inform
decision-making and improve future project design and implementation.

Principles of project evaluation

There are several guiding principles that serve as the basis for M&E project evaluation
(Monitoring and Evaluation). The following are some of the fundamental concepts:
 1. Relevance: The evaluation should be relevant to the project and the needs of the
stakeholders. It should be designed to address the key questions and concerns of the
stakeholders.
2. Credibility: The evaluation should be based on sound and credible evidence. The
methods used to collect and analyze data should be rigorous and appropriate for the
project.
3. Validity: The evaluation should be valid, meaning that it accurately measures what it
is intended to measure. The evaluation should use reliable and valid data collection
methods and should be designed to minimize bias.
4. Reliability: The evaluation should be reliable, meaning that the results can be
replicated. The methods used to collect and analyze data should be consistent and
transparent.
5. Utility: The evaluation should be useful to the stakeholders. The results should be
presented in a clear and concise manner and should provide practical
recommendations for improving the project.
6. Ethical considerations: The evaluation should be conducted in an ethical and
responsible manner.
7. Evaluate continually: Building an organizational habit of evaluation serves to equip
and improve teams and project outcomes. The rights and dignity of participants
should be respected, and confidentiality should be maintained.
8. Cost-effectiveness: The evaluation should be cost-effective, meaning that it should
provide value for the resources invested. The costs of the evaluation should be
balanced against the potential benefits.
When these guiding principles are adhered to during project evaluation in M&E, it is possible
to gain valuable insights into the success of a project as well as offer recommendations for its
further development. It helps to build trust and transparency while also ensuring that project
managers and stakeholders are accountable for the outcomes of the project.

Importance of the project evaluation for the monitoring and evaluation practice
Project evaluation is a critical component of monitoring and evaluation (M&E) practice, and
it plays a vital role in ensuring the success of projects. The following are some of the key
reasons why project evaluation is important:

1. Accountability: Project evaluation helps to ensure that project stakeholders are

accountable for the use of resources and the achievement of project
objectives. Accountability provides a mechanism for measuring and reporting on
project performance, which can help to build trust and credibility with stakeholders.
2. Learning: Project evaluation provides an opportunity for learning and
improvement. M&E for Learning helps to identify what worked well, what did not
work, and what could be done differently in future projects. This information can be
used to improve project design, implementation, and management.
3. Decision-making: Project evaluation provides important information that can be used
to inform decision-making. It helps to identify project strengths and weaknesses, and
 can provide insights into how best to allocate resources, adjust project strategies, and
make decisions about project continuation or termination.
4. Communication: Project evaluation provides a mechanism for communicating
project progress and performance to stakeholders. This helps to build trust and
transparency and can help to mobilize support for the project.
5. Continuous improvement: Project evaluation is an ongoing process that allows for
continuous improvement of project performance. By monitoring progress and making
adjustments as needed, project managers can ensure that projects stay on track and are
achieving their intended outcomes.
In summary, project evaluation is essential for ensuring the success of projects. It provides
valuable information for decision-making, accountability, learning, communication, and
continuous improvement. By conducting project evaluations regularly and using the
information generated to improve project performance, project managers can ensure that their
projects are effective, efficient, and sustainable.

What is post-project evaluation?

Post-project evaluation is a comprehensive review conducted after the completion of a

project. The main objective of this review is to determine the effectiveness and efficiency of
project management and to provide valuable insights and lessons that can be utilized for
future initiatives. This process is not just a mere bureaucratic formality but a well-structured
approach that enhances informed decision-making and knowledge within the organization.

The process of post-project evaluation

To start a post-project evaluation, it is important to identify the people who should participate
in the process. This usually includes the project team members, stakeholders, and
management representatives. It is crucial to schedule the session at the right time, ideally
soon after project completion, when the experiences and insights are still fresh.

After that, the evaluation criteria and Key Performance Indicators (KPIs) need to be
established, in line with the project's initial objectives. These benchmarks serve as the basis
for objective analysis, guiding the focus of the evaluation and reducing subjectivity.

Components of a post-project evaluation

A comprehensive evaluation of a project should include a review of the original project

objectives and deliverables. This involves assessing whether the end product matches the
initially defined objectives and determining if these deliverables were satisfactorily achieved.

In addition, a rigorous analysis of the project management processes should be conducted.

Reviewing resource allocation, risk management, communication strategies, and other
management activities is important to determine their effectiveness.

The evaluation should also assess the project's outcomes and impact. It is crucial to examine
both anticipated and unexpected results. However, it can be challenging as some impacts
might not be immediately observable.
Also, gathering feedback from stakeholders is vital. It is essential to understand their
perspective as it can provide valuable insight into the project's effectiveness.

Financial analysis is another significant part of the evaluation process. A comparison of the
budget projections versus actual spending can reveal important information about the
accuracy of financial planning and control.

Lastly, the evaluation process is all about learning. So, it is crucial to document lessons
learned and best practices. Doing this can help to replicate success and avoid past mistakes in
future projects.

Tools and techniques for effective post-project evaluation

The success of a post-project evaluation largely depends on the tools and techniques
employed to gather and analyze data. There are a number of these that are widely used and
have proven their effectiveness over time. Let's take a closer look at each one:

1. Surveys and questionnaires

These are handy when capturing input from many stakeholders. They are best used for
capturing quantitative data, and they allow for anonymity, which can encourage more honest
feedback. The key here is to design your questions carefully to ensure they are clear,
unbiased, and cover all the areas you want to evaluate. Additionally, today's technology
offers several tools for online surveys, making data collection, analysis, and interpretation
much easier and more efficient.

2. Interviews and focus groups

For a more in-depth understanding of specific issues, consider conducting one-on-one

interviews or focus group discussions. These techniques provide qualitative insights and
allow for follow-up questions to clarify or expand upon responses. Use trained facilitators to
guide these discussions and ensure that all participants feel heard and understood.

3. Document and data analysis

Reviewing project-related documents such as project plans, status reports, risk logs, and
change requests can yield a wealth of information about how the project was managed.
Similarly, analyzing project data can reveal trends, patterns, and outliers that might go
unnoticed. Be sure to consider both quantitative data (like cost and time metrics) and
qualitative data (such as stakeholder feedback or team communication).

4. Benchmarking against similar projects

By comparing your project to similar ones, either within your organization or externally, you
can gain insights into where you stand in terms of industry standards. This can help you
identify best practices to adopt and common pitfalls to avoid.

5. Project management software tools

 Project management software tools, like Miro, have many features that facilitate project
evaluation. They offer capabilities like task tracking, time logging, resource allocation,
budget monitoring, and more. Some tools even offer integrated survey and data analysis
features, making gathering and interpreting post-project data easier.

6. Post-project review meetings

These are meetings where project teams and stakeholders come together to discuss the
project's successes and failures. These sessions can be instrumental in creating a culture of
transparency and continuous improvement. To get the most out of these meetings, it's
important to create a non-threatening environment where participants feel comfortable
sharing their opinions and learning from each other.

Combining these tools and techniques to align with your project and organizational needs
allows you to conduct a comprehensive, effective post-project evaluation that will provide
valuable insights for future project management success.

ABANDONMENT ANALYSIS

In project management, abandonment analysis is a crucial decision-making tool used to assess whether to
continue or terminate a project before its completion. It involves a thorough evaluation of the potential
benefits and drawbacks of both continuing and abandoning the project.

Why Conduct Abandonment Analysis?

 Save resources: By identifying projects that are unlikely to succeed, resources like time, money, and
personnel can be reallocated to more promising endeavors.
 Minimize losses: Early termination can prevent further investment in a failing project, mitigating potential
financial losses.
 Improve risk management: It provides a structured approach to handling unforeseen circumstances that
might jeopardize project viability.
 Strategic decision making: It allows for a data-driven decision on project continuation, considering the
impact on overall organizational goals.

When to Conduct Abandonment Analysis?

There isn't a one-size-fits-all approach, but some common scenarios trigger abandonment analysis:

 Significant cost overruns: When project expenses exceed initial estimates by a substantial margin.
 Schedule delays: When project milestones are consistently missed, and completion timelines become
unrealistic.
 Scope creep: When project requirements keep expanding beyond the original scope, impacting budget
and timelines.
 Technological advancements: When new technologies emerge that render the project's approach
obsolete.
 Market changes: When significant shifts in the target market make the project's goals irrelevant.
 Steps in Abandonment Analysis

1. Identify Warning Signs: Look for indicators suggesting project challenges, such as cost overruns,
schedule delays, or scope creep.
2. Gather Data: Collect relevant project data like budgets, timelines, resource allocation, and risk
assessments.
3. Evaluate Alternatives: Analyze the potential consequences of both continuing and abandoning the project.
This includes:
o Cost of Completion: Estimate the additional resources required to finish the project.
o Salvage Value: Determine the potential value of any completed work or usable project assets if
abandoned.
o Opportunity Cost: Consider the potential benefits that could be realized by investing resources in
alternative projects.
4. Develop a Decision Model: Create a framework to compare the financial implications of continuing versus
abandoning the project. Techniques like Net Present Value (NPV) analysis can be used to assess project
value over time.
5. Make a Decision: Based on the analysis, make a well-informed decision on whether to continue or
abandon the project.

Effective Communication

Following an abandonment decision, clear and transparent communication is essential for stakeholders.
Explain the rationale behind the decision and outline the next steps, such as salvage operations or
resource redeployment plans.

By incorporating abandonment analysis into project management practices, organizations can ensure
informed decision-making, optimize resource allocation, and ultimately, achieve higher project success
rates.

SOCIAL COST BENEFIT ANALYSIS

In project management, a social cost-benefit analysis (SCBA) is a tool that goes beyond traditional financial
considerations to evaluate the broader societal impact of a project. It helps assess the project's social,
economic, and environmental consequences to determine its overall welfare contribution.

Why Conduct a Social Cost-Benefit Analysis?

 Comprehensive Decision-Making: SCBA considers the project's impact on all stakeholders, not just the
immediate financial gains. This allows for a more well-rounded evaluation for project approval.
 Sustainability Assessment: It helps identify potential negative social and environmental impacts, allowing
for mitigation strategies to be incorporated into the project plan.
 Prioritization of Public Projects: For government projects, SCBA helps prioritize initiatives that deliver the
greatest social good while minimizing negative externalities.

What Does a Social Cost-Benefit Analysis Consider?

 Social Costs:
o Impact on employment and income levels
o Changes in community well-being and social cohesion
o Potential health risks or safety concerns
o Displacement of communities or disruption of cultural heritage
 Social Benefits:
o Improved access to education or healthcare
o Creation of jobs and economic opportunities
o Enhanced social equity and inclusion
o Improved quality of life for the target population
 Economic Costs:
o Project construction and operational costs
o Potential strain on public resources
o Impact on local businesses or industries
 Economic Benefits:
o Increased economic activity and productivity
o Generation of tax revenue
o Improved infrastructure and long-term economic growth

Challenges of Social Cost-Benefit Analysis

 Quantifying Social Impacts: Assigning monetary values to social costs and benefits can be challenging.
 Data Availability: Finding reliable data on social and environmental impacts can be difficult, requiring
additional research efforts.
 Stakeholder Involvement: SCBA requires considering diverse stakeholder perspectives, making it crucial
to involve relevant groups in the analysis process.

Despite these challenges, SCBA offers valuable insights for project managers by:

 Identifying potential conflicts: Highlighting potential social or environmental issues that might arise
during project execution.
 Informing mitigation strategies: Guiding the development of plans to address negative impacts and
maximize positive ones.
 Enhancing project sustainability: Ensuring projects contribute to long-term social and environmental
well-being alongside economic benefits.

By incorporating SCBA into project management, organizations can make more informed decisions,
promote sustainable development, and contribute to a better future for society as a whole.
 SOCIAL COST

Social cost project management refers to incorporating the concept of social cost-benefit analysis (SCBA)
into your project management practices. It broadens the traditional focus on financial considerations to
encompass the project's wider societal impact.

Here's how social cost factors into project management:

Traditional vs. Social Cost Project Management:


Traditional: Primarily focuses on financial costs, budgets, and return on investment (ROI).



Social Cost: Considers the broader societal impact, including social, economic, and environmental
consequences, alongside financial aspects.

Benefits of Social Cost Project Management:

 Well-rounded decision making: Considers the project's impact on all stakeholders, not just financial
gains.
 Sustainability: Identifies potential negative social and environmental impacts, allowing for mitigation
strategies.
 Public project prioritization: Helps governments choose initiatives with the greatest social good and
minimal negative externalities.

Social Costs and Benefits in Project Management:

 Social Costs:
o Impact on employment and income levels (e.g., job creation vs. displacement)
o Changes in community well-being (e.g., disruption of social fabric)
o Health risks or safety concerns (e.g., pollution from construction)
o Displacement of communities or cultural heritage (e.g., building a dam)
 Social Benefits:
o Improved access to education or healthcare (e.g., building a new school)
o Creation of jobs and economic opportunities (e.g., infrastructure development)
o Enhanced social equity and inclusion (e.g., improving accessibility for people with disabilities)
o Improved quality of life for the target population (e.g., providing clean water)

Integrating Social Cost into Project Management:

 Project Scoping: Consider the social implications during project definition.
 Stakeholder Identification: Identify all stakeholders who might be impacted by the project, including the
community.
 Impact Assessment: Conduct a social cost-benefit analysis to evaluate potential social costs and benefits.
 Mitigation Strategies: Develop plans to address negative social impacts and maximize positive ones.
 Monitoring and Evaluation: Monitor the project's social impact throughout the project lifecycle and make
adjustments as needed.

Challenges of Social Cost Project Management:

 Quantifying Social Impacts: Assigning monetary values to social costs and benefits can be difficult.
 Data Availability: Finding reliable data on social and environmental impacts can be challenging.
 Stakeholder Involvement: Effectively engaging diverse stakeholders throughout the process is crucial.

Moving Forward with Social Cost:

Despite the challenges, social cost project management offers a more holistic approach. By considering the
broader societal impact, you can:

 Make more informed decisions that benefit society as a whole.

 Promote sustainable development by minimizing negative social and environmental impacts.
 Contribute to a more just and equitable society by ensuring projects benefit everyone involved.

By integrating social cost considerations into your project management practices, you can contribute to
creating a positive and lasting impact on society.

SOCIAL ANALYSIS\

In project management, social analysis is a powerful tool that helps you understand the social context of
your project and its potential impact on people and communities. It goes beyond the technical aspects and
delves into the human side of the equation. Here's how social analysis benefits project management:

Understanding Stakeholders:

 Identifying stakeholders: Social analysis helps identify all individuals and groups who might be affected
by the project, directly or indirectly. This includes the project team, beneficiaries, community members, and
even those potentially impacted by unintended consequences.
 Stakeholder engagement: By understanding stakeholder perspectives and concerns, you can develop
effective communication strategies and build trust for smoother project execution.

Assessing Social Impact:

 Social cost-benefit analysis (SCBA): Social analysis feeds directly into SCBA, helping you evaluate the
project's potential social costs (displacement, disruption of social fabric) and benefits (improved access to
education, job creation).
 Risk management: By identifying potential social conflicts or disruptions early on, you can develop
mitigation strategies to minimize negative impacts and maximize positive ones.

Promoting Social Sustainability:

 Community buy-in: Social analysis fosters a sense of community ownership when projects address local
needs and concerns. This increases the likelihood of long-term project success and sustainability.
 Ethical considerations: Social analysis encourages you to consider the ethical implications of the project,
ensuring it aligns with social justice principles and doesn't exacerbate existing inequalities.

Social Analysis Techniques:

 Stakeholder mapping: Identify all stakeholders and their interests in the project.
 Focus groups and interviews: Gather firsthand information from stakeholders about their needs,
concerns, and expectations.
 Community needs assessments: Analyze existing data on the community's social and economic
conditions.
 Literature reviews on similar projects: Learn from past experiences and potential social impacts faced
by similar projects.

Benefits of Using Social Analysis:

 Informed decision-making: By understanding the social context, you can make better decisions that
consider the project's impact on all stakeholders.
 Reduced project risks: Proactive identification of social issues helps mitigate potential problems later in
the project lifecycle.
 Improved stakeholder relationships: Effective stakeholder engagement builds trust and collaboration for
a smoother project journey.
 Sustainable project outcomes: Projects with a positive social impact are more likely to be embraced by
the community and have lasting benefits.

Incorporating Social Analysis:

 Integrate social analysis throughout the project lifecycle, from planning and stakeholder identification to
implementation and monitoring.
 Allocate resources for conducting social analysis activities, even if it's a smaller project.
 Build a team with diverse skills, including those with expertise in social analysis or community engagement.

By embracing social analysis, project managers can ensure their projects not only achieve technical goals
but also contribute positively to the social fabric and well-being of the communities they involve.
EMERGING CONCEPTS AND ISSUES IN PROJECT MANAGEMENT

ROLE OF IT IN PROJECT MANAGEMENT

Task management teams have traditionally used project management processes to plan and
execute large-scale projects. However, modern technology and cloud-based software
solutions are rapidly changing the game. Recent advances in technology have provided
project management tools that make projects more successful, easier to manage, and enhance
collaboration among team members..

Using the right technologies can help you significantly improve the project management
process. Here are some ways to use technology in project management that can enhance
project execution.

Collaboration Enhancement

Collaborative technology will make the team more efficient in the long run as team members
work together and when they are not in the same place at the same time. The technology
helps in sharing thoughts and ideas and team sometimes feel more comfortable collaborating
through technology tools than face to face.

Instant Communication

Team members in the same area could be considered accessible in the past. However,
technology has changed this pattern in recent years. Different projects do not require team
members to be located in the same area or company. They can be co-located in other parts of
the world. The project management platform enables instant communication with team
members and clients, enabling faster decision-making and project execution. When
communication is not instantaneous, people stop working through a dedicated system while
waiting for a response. Communications can often get lost in e-mail or voice mail inboxes,
reducing the time spent.

Data Storage And Backup

Gone are the days when businesses used filing cabinets as an essential organizational tool as
they became obsolete with the advent of project management technologies. Storing data on
the cloud or the hard drive has made it possible to back up all data and securely maintain
records on file even when the computer encounters issues that needs to be resolved.

Data Management

Data collected during the completion of a project can be analyzed and measured to promote
future improvements in your process. Numerous tools have been developed for collecting and
analyzing project data, even providing ways to improve an existing project based on metrics.
Exploring data can be complicated and leave you wondering how to handle it all, but many
data management tools are easy to use and break down data in simple ways.

Keep the team up with deadlines

It cannot be argued that project management platforms have helped project teams meet
deadlines. Maintaining deadlines is sometimes extremely difficult, but with the help of
technology and software, teams can quickly complete their tasks on a schedule that is
convenient for everyone.

Track Activities Of Team Members

Project management platforms allow project managers and other team members to know
what each team member is working on (or not working) on, to get team members back on
track, or it can be helpful to know which tasks have been completed without. You would need
then to ask each team member to know, what activities are they currently working on. Quick
adjustments are even faster when you know immediately who is doing what and can see the
big picture through the platform.

Budget Tracker

Excel spreadsheets have long helped the purpose of tracking business expenses. Even so,
some organizations still use Excel spreadsheets to track their costs and revenue. However,
new project management software has now simplified budgeting challenges that Excel has
not addressed, such as complex formulas for various expenses.

Effective Risk Management

Unnecessary delays result from poor communication within the team. Thanks to project
management tools, this is a rare problem today. The project management can identify
potential problems during different stages of development. They can pressure a team member
to work harder or make the necessary changes to the team before any delays.

Workflow Automation

Workflow automation is about reducing the need for repetitive tasks so that your team can
spend more time moving the project forward. Workflow automation tools are now spread
over dozens or hundreds, so check out this particular experience that you need to free up your
team members to complete essential tasks. Florida Tech's Project Management Degree
Program explores the role of technology in project management, introducing students to the
innovative tools they can use in their project leadership roles and providing a platform for
project management that can configure the framework.

Track The Activity Time

It was difficult to calculate the time spent on a particular activity in the past. Today's project
management programs have characteristics that make it easier for team members to calculate
or track the time spent on each project.

Future of Project Management

So what does this mean for the future of project management? On the one hand, it spells good
aspects for project managers, which helps speed up the planning and execution of complex
projects and provides reporting tools for forecasting planning. Here are some of the top trends
for the forthcoming years :
Artificial Intelligence

In recent years, AI and machine learning algorithms have taken the private sector by storm.
The ability to use the computing power of machines to speed up decision-making has made
business strategies more agile and more profitable. AI has already been used in various
functional fields, especially resource management. Because its primary function is to analyze
and report complex datasets, AI-powered software can effectively parse real-time data to
improve resource deployment in a project, no matter how difficult.

It is also being utilized to automate daily administrative activities. It can simplify and speed
up the initial stages of project management. This allows project leaders to focus on high-level
strategies and minimize wasting of valuable time and resources.

The Internet of Things

Google has reported that mobile search has officially surpassed desktop search. In the years
that followed, the advent of intelligent devices, next-generation wireless networks, and the
growth of the remote workforce worldwide have enhanced connectivity. IoT, a combination
of physical devices on a shared wireless network, has played a significant role in the ongoing
development of project management software to date.

Much of this change can be seen in the focus on UX. The need for simple interfaces that are
responsive across different devices and a comprehensive yet centralized suite of apps and
tools for collaborative projects has shaped the way developers build and sell business
platforms. As the nature of work changes, so must the project management process.

Conclusion

The vital role of technology in project management cannot be discussed. Project management
programs have different features that contribute to more efficient project completion. As time
goes on, more additions will drastically change how project managers and teams handle tasks
and other aspects of their projects. Technology will always be of great help as it helps project
teams manage the various functions, roles, and responsibilities assigned to them.

IMPORTANT QUESTIONS
Project management, its objectives, determinants of projects success

Project life cycle, its phases and its example

Various sourses of finance (with startup enterprise)

Angel investors

Project control , process of project controlling, Techniques of project control

NOTES ON :”

Project Monitoring, Social Cost Benefit, Preliminary Screening, Abandonment

Analysis, Venture Capital, Project Manager (roles and responsibilities) , PERT vs CPM