Introduction Project Objectives when obtained / achieved by the application/use of processes, methods, knowledge, skills and experience leads to Project Management. Project management is the handling of separate & distinct discrete packages of work to obtain the project targets / objectives. The process of work depends upon numerous factors. Why do we use project management? An effective project management is beneficial to both organization and the people engaged in the project handover. It will provide: • High possibility in accomplishing the anticipated result • Optimum utilization of resources. • Fulfilling various necessities of the project’s investors. Work break down structure (WBS) Work Breakdown Structure: Means “breaking the work into different parts”. It divides the entire project into its component elements in order to establish a framework for effective management control of the project. To develop any project schedule we have to break down the project to a certain detail on information (Level of Planning – WBS) to allow us to control the Project. This detail is decided based on the information we need to produce in the control phase. It has been agreed that we can reach till level 4 of Planning. PDM diagram The precedence diagram method (PDM) is a tool for scheduling activities in a project plan. It is a method of constructing a project schedule network diagram that uses boxes, referred to as nodes, to represent activities and connects them with arrows that show the dependencies. It is also called the activity-on-node (AON) method. I used the Primavera (P6) software applications to make the time schedule which calculates the building construction duration and to determine the critical path during construction. I have discovered that Primavera (P6) is an amazing project management software tool for anyone who is involved in planning, monitoring and reporting on the progress of any big task, development or venture. Critical Path Method (CPM) • The critical path is the path going through all critical activities and starts with project start and finishes with project finish. • The critical activity is the activity which if delayed will cause a delay to whole the project. • The critical path method is a method of analysis to calculate project duration and activities dates. • For each project we should assign a) Activity ID b) Activity Description c) Activity Duration d) Relationship between activities (Successor/ predecessor) dependency Firstly, I defined the activity list from the work break down structure and the activity list. Work Package: The lowest level in the WBS, and from that we can creat the activity list. Activity List: The daily progress lists that are developed and maintained by each individual department or section which include the reports of monitoring, expenditure, areas in progress, testing programs etc. Activity: An activity is a task the requires time to execute a certain amount of work in a project. Time analysis Accurate time schedule is a skill essential for good project management. I have realized that time schedule is very useful based on two main reasons. Firstly, it determines the deadlines for delivery and planning of the project which will impact on the project manager and other people assessment. Secondly, it also determine the pricing of contracts and hence the profitability of the contract/project in commercial terms. Gantt chart A Gantt chart, commonly used in project management, is one of the most popular and useful ways of showing activities (tasks or events) displayed against time. On the left of the chart is a list of the activities and along the top is a suitable time scale. Each activity is represented by a bar; the position and length of the bar reflects the start date, duration and end date of the activity. This allows you to see at a glance: Resources analysis and resources histogram The resource histogram is a tool that is often used by the project management team and or as a means of providing a visual representation to the team and to all of those interested parties. Specifically speaking, the resource histogram is specifically a bar chart that is used for the purposes of displaying the specific amounts of time that a particular resource is scheduled to be worked on over a predetermined and specific time period. Resource histograms may also contain the comparative feature of resource availability, used for comparison on for purposes of contrast. Cost estimate Cost estimation is part of the cost engineering profession. It is used to predict the quantity, cost and price of the resources required by the scope of a project. A project might be any process that is started to perform work activities and/or create assets. The accuracy of the estimate depends heavily on the level of project scope definition: as the design and conditions of the project become better defined, so do the estimated values. Cost estimation is needed to provide decision makers with the means to make investment decisions, choose between alternatives and to set up the budget during the front end of projects. For this, estimates made by vendors and contractors need to be validated by clients as well. In later phases of the project, the budget estimate is used as a baseline to assess the performance of a project. A cash flow analysis for the project and a cash flow diagram A display of cumulative costs, labor hours or other quantities plotted against time. The name derives from the S-like shape of the curve, flatter at the beginning and end and steeper in the middle, which is typical of most projects. The beginning represents a slow, deliberate but accelerating start, while the end represents a deceleration as the work runs out. Risk management Project risk management is an integrated process which includes activities to identify project uncertainty, estimate their impact, analyze their interactions, control them in the execution stage, and even provide feedback to the maintenance of collective knowledge asset. Risk management based on consensus in the literatures, used the following three-step approach: • Identify Risk & Risk Allocation Issues A growing awareness of risk led to the development of traditional risk management. This discipline includes any systematic approach to manage insurable and non-insurable hazard exposures. • Evaluate risk analysis • Information gathering Undertaking a market survey, or research and development to obtain more information. • Business continuity planning Creating and testing a practical plan for how an organization will recover and restore partially or completely interrupted critical functions within a predetermined time after a disaster or disruption • Probability or statistical analysis Managers may gauge the probability (or likelihood or chance) of some event occurring by assigning a range of numeric probabilities. • Risk Mitigation The instruments/risks each trader is entitled to commit the firm to should be well defined, with particular attention being paid to a proper and sound delineation between traders and desks; such “trader mandates” should be properly documented and communicated. Crashing the Project