Project Management Tools and techniques- Tutorsindia.com

Project Management Tools and Techniques

An Academic presentation by Dr. Nancy Agens, Head, Technical Operations, Tutors India Group www.tutorsindia.com Email: info@tutorsindia.com

Today's Discussion OUTLINE In brief What Is Project Management?

Different Tools And Techniques of Project Management Pre-Project Study Triple Constraint of Project Logical Framework Approach (LFA)

Work Breakdown Structure (WBS) CPM GANT T PERT Responsibility Assignment Matrix Agile Project Management

In brief In this article, we are going to discuss some of the major project managent tools and techniques which will make project management much easier than before. In order to identify future research topics, we have reviewed business & management field (recent peer-reviewed studies).

It is accomplished through the application and integration. Technological advancements also plays a significant role in the creation of new project.

Project management is vital in any private, public and nonprofit organization.

What Is Project Management ?

Project management essentially makes it possible for the organization to do various activities within the planned budget and time without compromising on the quality of the outcome.

The Project Management Institute (2004) defines project management as the “application of knowledge, skills, tools and techniques to project activities to meet project requirements.

It is accomplished through the application and integration of the project management processes of initiating, planning, executing, monitoring and controlling, and closing�.

Different Tools And Techniques of Project Management The project management tools are developed one after another based on the area of interest which can be utilized in both theory and practice that are enhanced and modified based on the application.

With the continuous technological changes, it is difficult to provide a single tool or technique for project management.

Technological advancements also plays a significant role in the creation of new project management tools and techniques.

Each of the tools are utilized based on the management areas in which some tools are specialized only for specific phases of the project cycle while others are used for whole project cycle.

The first and foremost project management tool is the PreProject Study, which is used to formulate a structure and to check the feasibility of the project.

PreProject Study

It incorporates the utilization of SWOT analysis.

The feasibility study is done to compare the appropriate in which the purpose of the project can be implemented.

This feasibility study involves the cost and time estimation, availability and requirements of sources and the possible risks in the project cycle.

Triple Constraint of Project is one of the important project management tools utilized since it showcases the three fundamental elements which decides the success or failure of a project: the scope of the project, time and cost/budget.

These three factors significantly affect the quality of the project and an imbalance among the three elements creates complexities in the project cycle.

Therefore, management of these factors is enhanced as risk management, which represents the success and failure of the project.

Triple Constraint of Project

Logical Framework Approach (LFA) Another project management tool is the Logical Framework Approach (LFA) is implemented at the beginning of the project.

LFA is primarily an analytical tool, which is oriented with the objectives of project planning and management.

This tool is used to define the purpose of the project clearly, identify the necessary requirements, key elements needed for the project, analyze and facilitate the flow the communication between the parties and analyzing possible risks which affects the success and failure of the project.

Work Breakdown Structure (WBS) The Work Breakdown Structure (WBS) is another project management tool which is used in the phases of the project cycle.

WBS is utilized to breakdown the project into individual activities such that each of the individual activity is assigned with time duration, labor and responsibilities based on the nature of the activity.

Thus with the help of WBS, the project can be viewed from a perception of simple activities listed in an order to multiple activities grouped into extensive work packages.

CP M

The Critical Path Method (CPM) is used to analyze the duration of a project wherein the project is broken down into individual activities.

When CPM is utilized, it calculates the earliest start and latest finish time of the individual activity based on which the duration of the project can be planned for subsequent activities.

GANT T Another effective tool is the Gantt chart, which utilizes the graphical representation of the start, elapsed and completion times in terms of days, weeks and months of each individual task within a project.

These Gantt charts are excellent for keeping track of the progress of the project.

The estimated time period for completion of the project can be compared with the number of milestones completed by the individual activity.

Also, Gantt charts are essential for formulating budget in a project.

PER T PERT stands for Program Evaluation Review Technique is a planning tool which is used for controlling the tasks in a project.

PERT involves the estimation of time period based on three different time periods namely: Optimistic time which is the shortest time period in which the task/activity can be completed; Most likely time which has the highest probability of completion within the specified time; Pessimistic time which is the longest time an activity takes for completion.

Responsibili ty Assignment Matrix (RACI Matrix)

The Responsibility Assignment Matrix (RACI Matrix) or the Linear Responsibility Chart is the project management tool used in assigning and displaying different responsibilities and time frames for each of the individual tasks assigned to the respective individual (Melnic & Puiu, 2011).

Agile Project Management The Agile Project Management tool is one of the new project management techniques used in the areas of software projects and also can be used in other areas of research with suitable enhancement.

This tool is essentially utilized to enhance the project outcomes and it facilitates higher rates of changes during the project implementation.

This technique mainly focuses on the contribution to customer and stakeholders by providing high rates of flexibility and feedback and checking systems.

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