Difference between Projects and Operational work & Concepts of Project Management

[Audio] Hi, My Name is Amritpal Singh and this is my group we are three members in our group let me introduces you with other to members one of them is Spurav and other one is Arun Kumar. Our Presentation is about Difference between Projects and Operational work & Concepts of Project Management. So lets begin..

[Audio] What is a project? Projects are described as special, short-term activities with a clear beginning and finish. Projects are undertakings with a set start and end date and rely on using defined resources. Innovative projects aim to create value-added services for the company. And what is the operational work? Operations are an organization's continuous, repeated operations, such as administration or production. Operations are continuous and repeated. Operations involve the systems, methods, and procedures that are most effective for a company's success..

[Audio] now we know what is a definition of Project and Operation work so lets focus on the purpose of it. Projects- Projects have a defined lifespan that might range from weeks to years, depending on their extent and complexity. Operations- Operational work, also known as continuing or daily duties, consists of the everyday tasks and procedures required to maintain the organization's regular operations and supply its products or services to clients..

[Audio] Projects- Projects are temporary and can last from a few days to years, depending on the objectives. Employee hiring and training, regulatory difficulties, or equipment availability can all cause delays in timelines. Operational work- Operational work is ongoing and usually lasts as long as the organization operates. It comprises repetitive tasks carried out regularly to support business activities..

[Audio] There are few risk related to our topic which are: For Project Projects are frequently associated with greater risk than operations since the ideas are unique and lack demonstrated capabilities. A business takes a risk when it invests time, energy, money, and other resources to create a new product or service. And for Operational work Projects are frequently associated with greater risk than operations since the ideas are unique and lack demonstrated capabilities. A business takes a risk when it invests time, energy, money, and other resources to create a new product or service..

[Audio] Projects are created to meet certain aims within a set budget. Project managers focus their efforts by creating a project plan that contains objectives, timelines, demands from customers, and partners. Operations prioritise metrics, such as key performance indicator targets, because they serve as quality standards for companies to ensure efficient operational operations. Operational metrics may help organisations decide what they want to do to improve performance..

[Audio] In this slide there is a comparison between Projects and Operations. As we can see that project is temporary and operations are permanent or on going. Projects Delivers unique output and operations Delivers the same output continuously. Project are innovative in nature but operations are repetitive in nature. Project Exists before a product and Exists after a product. Projects are Transformational but Operations Enhances the performance of normal practice..

[Audio] Project management is the use of processes, methods, skills, knowledge, and experience to achieve specific project goals within established constraints. Project management creates the final products within a certain timetable and budget..

[Audio] Lets discuss about the concepts our topic Project management is the use of processes, methods, skills, knowledge, and experience to achieve specific project goals within established constraints. Project management creates the final products within a certain timetable and budget..

[Audio] Project Execution: Execution comprises performing the project plan, allocating resources, and organizing the project team's efforts to complete the project activities specified in the plan. This phase focuses on achieving the project's objectives and providing the project's outputs. Quality management refers to the methods necessary to guarantee that projects meet the requirements for which they are done. These methods should ensure that a project does not vary from the determined parameters..

[Audio] Risk management- Risk is defined as an exposure to a situation that often has a negative outcome. Project risk is a sudden occurrence or collection of variables that, if they occur, have a positive or negative influence on at least one of the project's goals. Project Monitoring and Control: Monitoring involves evaluating the project's progress against the project plan, discovering deviations, and taking corrective steps as needed to keep the project on track..

[Audio] Resource management It includes people resources, equipment, materials, and funds, are critical to project success. This includes resource allocation, scheduling, and optimization to ensure that resources are used efficiently to meet project goals. Project Communication Effective communication is necessary throughout the project lifecycle to keep all stakeholders up to date on project progress, changes, risks, and other important information. Communication channels and procedures are designed to facilitate regular updates and feedback..

[Audio] Our next topic is about Necessity for project management..

[Audio] Managing project is fast becoming a standard way of executing business strategies. Some of the reasons for deploying project management practices are: knowledge economy increased competition due to free market philosophy constraints of cost, time, and scope (quality) client focus resource constraints.

[Audio] Whether a company needs formal project management procedures or informal ones depends on the type and frequency of its projects. The answers to some of the following queries will reveal if formal project management is necessary in what kind of company. Does the endeavor come with a lot of doubts and complexity? Are the technological and external factors changing quickly enough to force organizational changes? Are there limitations like time, money, scope, and quality that control it?.

[Audio] Now what are the Key drivers of project performance. By definition, projects are new, and learning anything new is linked to behavioral changes. Working in groups, integrating, learning, and cooperating are therefore crucial traits for project teams. As such, the effectiveness of it depends greatly on efficient communication. Generally speaking, as a project grows in scope, so does the number of individuals engaged. when a result, when projects get bigger, effective communication is harder..

[Audio] Outline The Responsibilities And Procedures For The Project Adopt Standardized Procedures Let All Parties Involved Know What Is Expected Of Them. Make Communication More Clear Encourage Support From The Organization Develop Trust Control The Result Be Creating Evaluation Metrics Pm Effectiveness And Maturity.

[Audio] What are the main concepts of project management?.

[Audio] And the answer is: Project Definition Project Planning Project Execution Project Monitoring and Control Risk Management Quality Management Stakeholder Management Communication Management Change Management Benchmarking Closure and Evaluation.

[Audio] Here in this slide project is defined in brief..

[Audio] Project Planning . This process includes outlining tasks, setting schedules, assigning resources, estimating costs, and recognizing potential risks..

Project Execution. During this stage, the project plan is implemented. Tasks are carried out based on the timetable, and resources are controlled to keep the project on schedule. Good communication and coordination are essential to handle any problems and keep stakeholders updated..

[Audio] Project Monitoring and Control This involves tracking key performance indicators (KPIs), identifying deviations from the plan, and taking corrective actions as necessary to keep the project on course..

[Audio] Risk Management Risk management in project management involves identifying, assessing, prioritizing, and mitigating potential risks that could impact project success..

[Audio] Quality Management Quality management refers to the processes, techniques, and methodologies used to ensure that project deliverables meet or exceed the specified quality standards and requirements. It encompasses activities aimed at preventing defects, reducing variability, and continuously improving the overall quality of project outcomes..

[Audio] In this slide the process of project planning is discribed..

[Audio] Stakeholder Management Primary and Secondary Stakeholders: Primary Stakeholders: Those directly affected by the project and its outcomes, such as project sponsors, team members, and customers. Secondary Stakeholders: Those indirectly affected, such as government agencies, competitors, or the general public..

[Audio] Communication is a key to every business for success so it should be effective and clear. Clear and timely communication is essential for keeping stakeholders informed, managing expectations, and resolving issues effectively..

[Audio] As we can see this is a basic diagram of 5 W of the Communication Management..

[Audio] Change management in project management refers to the systematic process of planning, implementing, and managing changes within a project to ensure that they are effectively adopted and contribute positively to project outcomes. As projects evolve, changes may be necessary to address shifting requirements, external factors, or emerging challenges..

[Audio] Now in this slide we can see the in the diagram the cycle of change management..

Benchmarking. Benchmarking in project management involves comparing a project's processes, performance, and outcomes against best practices, industry standards, or successful projects to identify areas for improvement and enhance overall project performance. The goal is to learn from the successes and failures of others, adopting effective strategies and techniques to drive better results in your own projects..

Closure and Evaluation. Project closure and evaluation are essential steps in any project management process. They help you finalize the deliverables, document the lessons learned, celebrate the achievements, and improve your future performance..

[Audio] Completion of Deliverables: Verify that all project deliverables have been produced and meet the predefined quality standards. Customer or Stakeholder Acceptance: Obtain formal acceptance from the customer or key stakeholders that the project outputs meet their expectations. Approval of Final Documentation: Ensure that all project documentation, reports, and manuals are completed and approved. Formal Handover: Complete the formal handover of project deliverables to the appropriate stakeholders or end-users..

[Audio] Hope you liked our content Thank you for your time..