A New Philosophy of Project Management - Essay Example

The study helps the organization understands the potential benefits of a project keeping in view company constraints. The study helps organizations understand the required capital resources for the project and the time it would take to complete the project. It helps them to plan the project more effectively in order to achieve the desired results1. The study also helps understand where the project must be initiated, what measures must be taken, and what are the potential benefits of the project for the company.

Hence, it is very important to conduct a comprehensive feasibility study that helps an organization to achieve the desired goals of the project.Project EvaluationProject evaluation is carried out after the completion of the project in order to judge the effectiveness of the project. This process is carried out to understand whether the desired objective of the project has been achieved or not. Evaluation helps organizations to be aware of the corrective actions they need to take. There are two main kinds of evaluation 1) Ongoing evaluation and 2) Post-project evaluation.

Ongoing evaluation is carried out during the course of the project in order to assess whether deadlines are being met and whether interim objectives are achieved or not. On the other hand, post-project evaluation assesses the success of the project completed. It evaluates whether the laid down objectives before the project were achieved or not. Cash flows Cash flows are the term used for the expected cash inflows and outflows during the completion of the project and post-completion. Cash flows give a clue about the expected revenues and costs for project completion.

Evaluating expected cash flows is one of the most important factors of accepting or rejecting a project. Risk ManagementLike all other aspects of a project, risk management is also an important part of project management. Project risk is any activity or event that can have an impact on the outcome or progress of the project. Risk management involves two phases that are the probability of any particular risk and the impact of that particular risk. A project may face various kinds of risks with different probability having a significant impact on the outcome of the project.

When the risks are identified, measures are taken to minimize risks arising from various aspects of the project. Depending on the risks, different techniques are used to minimize them. For example, in order to ensure efficient usage of machinery, technicians are required to have a regular check so they function properly. Project ReviewIn the last step of project management, the project is evaluated. This step reviews the success of the project as a lot of time and effort have been put in for the particular project.

Project Review also presents strong insights and recommendations for future projects.