Project management can be defined as the application of knowledge, skills, tools, and techniques to

project activities to meet project requirements effectively and efficiently. In simple words, project
management involves planning, organizing, motivating, and controlling resources to achieve specific
goals within a defined timeline and budget.

The meaning of project management lies in its structured approach towards handling tasks and
activities that are unique, temporary, and progressively elaborated. Unlike routine operations,
projects are temporary endeavors designed to create a unique product, service, or result.

The primary objective of project management is to ensure that the project's goals are achieved
within the predefined constraints such as time, cost, and scope. It seeks to optimize the allocation
and integration of inputs to meet pre-defined objectives. Other important objectives include
enhancing customer satisfaction, managing risks, improving project quality, and ensuring the
optimum use of organizational resources.

The process of project management typically involves several phases: initiation, planning, execution,
monitoring & controlling, and closing. Each phase ensures that the project progresses logically
towards completion. Effective project management is crucial in the BBA (Bachelor of Business
Administration) curriculum because it provides foundational skills necessary for managing business
operations, leading teams, and delivering organizational goals efficiently.

Project Life Cycle: Phases

The project life cycle refers to the sequence of phases that a project goes through from its initiation
to its closure. These phases provide a framework for managing the project systematically. There are
typically four major phases in a project life cycle:

1. Initiation Phase: This is where the idea for the project is explored and elaborated. Project
objectives are defined, feasibility is assessed, and necessary approvals are obtained to move
forward.

2. Planning Phase: Once the project is approved, detailed planning occurs. Resources are
allocated, tasks are scheduled, budgets are estimated, and risk management strategies are
devised. This phase creates a roadmap for project execution.

3. Execution Phase: The actual work of the project is performed in this phase. Resources are
coordinated, tasks are assigned, and deliverables are produced. Regular monitoring ensures
that the project stays on track.

4. Closure Phase: This final phase involves completing the project, handing over deliverables,
releasing resources, and conducting post-project evaluations. Lessons learned are
documented for future reference.

Generation and Screening of Ideas

The generation and screening of project ideas is the first step in the project life cycle. Idea generation
involves brainstorming new project opportunities based on market needs, technological
advancements, or organizational capabilities.
Screening, on the other hand, is the process of evaluating these ideas to determine their feasibility
and strategic fit. Factors such as resource availability, market potential, alignment with organizational
goals, and risk factors are considered during screening. Only the most viable ideas move forward for
further development.

Project Identification and Selection

Project identification is the process of recognizing and documenting potential projects that align with
organizational strategy. It involves understanding market demands, competitor activities, customer
needs, and internal capabilities.

Selection follows identification and involves choosing the most appropriate project among the
alternatives. Techniques such as cost-benefit analysis, risk-return analysis, and strategic alignment
assessments are used during selection. Effective identification and selection ensure that limited
resources are invested in projects with maximum potential returns.

Project Planning

Project planning is one of the most critical phases of project management. It involves defining
project scope, setting goals and objectives, scheduling tasks, allocating resources, budgeting costs,
and establishing risk management strategies.

Planning serves as the blueprint for the entire project. It helps in aligning the team's efforts,
managing stakeholders' expectations, and providing clear guidelines for execution. Detailed plans
enhance coordination, communication, and control, ultimately leading to successful project
outcomes.

PERT, CPM, and Gantt Charts

Project managers use several tools and techniques for effective project scheduling and control. Some
important ones are:

• PERT (Program Evaluation and Review Technique): PERT is a statistical tool used to analyze
and represent the tasks involved in completing a project. It deals with uncertain activities
and is useful in projects where time estimates are not definite. It uses optimistic, pessimistic,
and most likely time estimates to determine the expected duration of activities.

• CPM (Critical Path Method): CPM is a deterministic tool used for project planning where the
time estimates are known. It identifies the longest path of dependent activities and
calculates the minimum project duration. Activities on the critical path cannot be delayed
without delaying the entire project.

• Gantt Charts: A Gantt chart is a visual project management tool that displays the project
schedule. It shows tasks or activities against time. Each activity is represented by a bar, and
the length of the bar represents the duration of the activity. Gantt charts are excellent for
tracking progress and maintaining visibility on project timelines.
Definition:
PERT is a project management tool used to schedule, organize, and coordinate tasks within a project.
It is particularly useful for projects where the time required to complete different activities is
uncertain.

Features of PERT:

• Focuses on time.

• Uses probabilistic time estimates.

• Suitable for research and development projects.

• Helps identify the critical path (longest time path through a network).

Key Elements of PERT:

• Events (Nodes): Milestones in the project.

• Activities (Arrows): Tasks that consume time and resources.

Three Time Estimates in PERT:

1. Optimistic Time (O): The shortest time in which the task can be completed.

2. Most Likely Time (M): The best estimate of the time required.

3. Pessimistic Time (P): The longest time the task might take.

Expected Time (TE) is calculated by:

TE=O+4M+P6TE = \frac{O + 4M + P}{6}TE=6O+4M+P

This formula gives a weighted average.

Simple Diagram for PERT:

scss

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(Start) → [Activity A] → [Activity B] → (End)

Each arrow represents an activity, and each node (point) represents an event.

CPM (Critical Path Method)

Definition:
CPM is a step-by-step project management technique for process planning that defines critical and
non-critical tasks with the goal of preventing time-frame problems.

Features of CPM:

• Focuses on time and cost.

• Uses deterministic time estimates (fixed time).

 • Suitable for construction, manufacturing, and routine projects.

• Highlights the critical path (the longest path through the network, which determines project
duration).

Key Concepts of CPM:

• Critical Path: The sequence of activities that determine the minimum time required to
complete the project.

• Slack Time: The amount of time that a task can be delayed without affecting the project
completion date.

Simple Diagram for CPM:

Let's assume a small project with the following sequence:

scss

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(Start) → A(3 days) → B(2 days) → D(4 days) → (End)

C(5 days) ↗

Explanation:

• Activity A leads to B and C.

• Both B and C must be completed before D starts.

Critical Path Calculation:

• Path 1: A → B → D = 3 + 2 + 4 = 9 days

• Path 2: A → C → D = 3 + 5 + 4 = 12 days

Critical Path is A → C → D, taking 12 days.

Gantt Chart

Definition:
A Gantt chart is a type of bar chart that represents a project schedule. It shows the start and finish
dates of the elements of a project.

Features of Gantt Charts:

• Visual representation of tasks over time.

• Simple to understand.

• Useful for tracking project progress.

• Helps in resource allocation and deadline management.

How to Read a Gantt Chart:

• Each task is represented as a horizontal bar.

• The length of the bar indicates the duration of the task.

• Tasks can be dependent on each other.

Simple Diagram for Gantt Chart:

Let's imagine a small project with three activities:

• Activity A: 3 days

• Activity B: 2 days (after A)

• Activity C: 5 days (can start with A)

Task Day 1 Day 2 Day 3 Day 4 Day 5 Day 6 Day 7

Activity A █ █ █

Activity B █ █

Activity C █ █ █ █ █

Explanation:

• Activity A starts on Day 1 and ends on Day 3.

• Activity B starts after A finishes, from Day 3 to Day 4.

• Activity C runs independently from Day 1 to Day 5.

Comparison of PERT, CPM, and Gantt Charts

Feature PERT CPM Gantt Chart

Time and cost Scheduling and

Focus Time uncertainty
optimization tracking

Probabilistic (Optimistic,
Time Estimates Deterministic (Fixed) Not needed
Pessimistic, Most Likely)

Research and Development Construction and Routine All types of

Suitable for
Projects Projects projects

Shows Limited (unless

Yes Yes
Dependencies linked)

Simple to
Complexity Complex Complex
moderate
Together, PERT, CPM, and Gantt charts help project managers plan, schedule, coordinate, and control
project activities systematically.

Risk Analysis

Risk analysis in project management involves identifying, analyzing, and responding to potential
project risks. Risks are uncertain events or conditions that, if they occur, can have a positive or
negative effect on project objectives.

Risk analysis involves two main types:

• Qualitative Risk Analysis: This assesses the impact and likelihood of identified risks using a
descriptive scale.

• Quantitative Risk Analysis: This numerically estimates the effects of risks on overall project
objectives.

Effective risk analysis allows project managers to develop mitigation strategies, allocate reserves, and
plan contingencies. It reduces the chances of project failure and ensures preparedness for
unforeseen circumstances.

Implementation

Project implementation refers to the phase where the project plans are put into action. It involves
coordinating people and resources, managing stakeholder expectations, and ensuring that project
deliverables are produced as per defined quality standards.

Implementation requires strong leadership, communication, and decision-making skills. Regular

monitoring and reporting mechanisms are crucial to track progress and address deviations promptly.
Successful implementation ensures that project objectives are achieved, and the desired outcomes
are delivered within the planned scope, time, and cost.