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. Now for more detail Special, Short-term Activities with Clear Beginning and Finish: Projects are distinct endeavors with a specific purpose or goal. They are not ongoing operational tasks but rather have a defined scope and duration. They typically begin with the initiation phase, where the objectives, scope, and stakeholders are identified, and end with the closure phase, where the project's success is evaluated and documented. The timeline for a project is predetermined, with a clear start date and end date, which helps in planning and resource allocation. Undertakings with Set Start and End Date, Relying on Defined Resources: Projects require various resources such as human resources, finances, equipment, and materials to achieve their objectives. These resources are allocated based on the project's requirements and constraints. The project management team is responsible for effectively managing these resources to ensure the project's success within the given constraints of time, budget, and scope. Innovative Projects Aim to Create Value-added Services for the Company: Innovative projects focus on introducing new ideas, products, or services that bring value to the company or its stakeholders. They often involve creativity, research, and development efforts to come up with unique solutions or improvements. Value-added services refer to those that enhance the company's offerings, differentiate it from competitors, or better meet the needs of customers, thereby potentially increasing revenue or market share. 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. Continuous and Repeated Activities: Operations encompass the day-to-day functions and activities that are ongoing and repetitive in nature. These activities are essential for the functioning of the organization and are carried out regularly to maintain the business's continuity. Examples of operational activities include administrative tasks like payroll processing, customer service operations, manufacturing processes, inventory management, and sales operations. Systems, Methods, and Procedures: Operations rely on established systems, methods, and procedures to ensure efficiency, consistency, and effectiveness in carrying out tasks. Systems refer to the integrated processes, tools, and technologies used to streamline operations. This could include software systems for inventory management, customer relationship management (CRM), or enterprise resource planning (ERP) systems. Methods involve the specific approaches or techniques employed to execute tasks within the operations. These methods could be standardized procedures, best practices, or industry-specific methodologies. Procedures are the step-by-step instructions or guidelines that dictate how tasks should be performed. They provide a structured framework for employees to follow, ensuring uniformity and quality in operations. Effective for Company Success: The ultimate goal of operations is to contribute to the overall success and sustainability of the organization. Effective operations management ensures that resources are utilized efficiently, costs are minimized, and customer needs are met or exceeded. By optimizing operations, companies can enhance productivity, increase profitability, maintain quality standards, and gain a competitive edge in the market..

[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. The purpose of a project can vary depending on the specific goals and objectives set by the organization or stakeholders involved. However, there are several common purposes that projects aim to achieve: Achieving Specific Objectives: Projects are often initiated to accomplish specific goals or objectives that are not part of the organization's regular operations. These objectives could be related to developing a new product, implementing a system or process improvement, conducting research, or achieving a particular milestone. Addressing a Need or Problem: Projects may be launched to address a particular need or problem within the organization or its environment. For example, a project might aim to solve an operational inefficiency, address a customer demand, or respond to changes in regulations or market conditions. Creating Value: Projects are often undertaken with the aim of creating value for the organization or its stakeholders. This value could be in the form of increased revenue, cost savings, improved customer satisfaction, enhanced brand reputation, or strategic positioning in the market. Innovation and Growth: Projects frequently focus on innovation and growth by introducing new products, services, processes, or technologies. Innovation projects aim to drive competitive advantage, foster creativity, and position the organization for long-term success in a dynamic business environment. Meeting Strategic Objectives: Projects are aligned with the strategic objectives of the organization and contribute to its overall mission and vision. They help organizations execute their strategic plans, adapt to changes in the business landscape, and capitalize on emerging opportunities. Managing Change: Projects often involve significant changes to the organization's structure, processes, or culture. They serve as vehicles for managing change effectively, facilitating smooth transitions, and ensuring that stakeholders are engaged and committed to the desired outcomes. 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. The purpose of operational works within an organization is to ensure the smooth and efficient functioning of the day-to-day activities necessary for its ongoing operations and delivery of products or services. Here are some key purposes of operational works: Maintaining Business Continuity: Operational works are essential for sustaining the organization's core functions and processes on a continuous basis. This includes tasks such as production, distribution, customer service, administrative support, and other routine activities that keep the business running smoothly. Meeting Customer Demands: Operational works aim to meet customer demands by ensuring timely delivery of products or services. This involves managing inventory levels, production schedules, order processing, and distribution channels efficiently to fulfill customer orders and maintain satisfaction. Optimizing Resource Utilization: Operational works focus on optimizing the use of resources such as manpower, materials, equipment, and technology to maximize efficiency and minimize waste. This includes streamlining processes, improving workflow, and implementing cost-effective measures to enhance productivity. Ensuring Quality and Compliance: Operational works are responsible for maintaining high standards of quality and compliance with regulatory requirements, industry standards, and internal policies. This involves implementing quality control measures, conducting inspections, and adhering to relevant guidelines to deliver products or services that meet or exceed expectations. Managing Risks and Mitigating Disruptions: Operational works involve identifying potential risks, uncertainties, and disruptions that may impact business operations and developing strategies to mitigate them. This includes contingency planning, disaster recovery measures, and.

[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. Project Duration: Projects have a defined start and end date, and they typically have a finite duration. This duration can vary widely depending on the complexity, scope, and objectives of the project. Projects are temporary endeavors undertaken to achieve specific goals or deliverables. Once these goals are achieved or deliverables are completed, the project is considered finished, and resources are reallocated elsewhere. Project durations can range from a few weeks to several years, depending on factors such as project size, resources available, and the nature of the work involved. Operational Work Duration: Operational work is ongoing and continuous, without a predetermined end date. It involves the day-to-day activities necessary for sustaining the organization's core functions and delivering products or services. Operational work is not limited by a specific timeframe and is essential for maintaining business continuity. It encompasses routine tasks, processes, and activities that are performed regularly to keep the organization functioning smoothly. Operational work continues indefinitely as long as the organization exists and requires ongoing attention and management..

[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. Both projects and operational work involve inherent risks that organizations need to identify, assess, and manage effectively. Here's a breakdown of the risks associated with each: Risks in Projects: Scope Creep: The project's scope may expand beyond its original boundaries, leading to increased costs, delays, and resource constraints. Schedule Slippage: Delays in project milestones or tasks can result in missed deadlines, impacting project timelines and delivery schedules. Budget Overruns: Projects may exceed their allocated budgets due to unforeseen expenses, changes in scope, or inaccurate cost estimations. Resource Constraints: Inadequate availability or allocation of resources, such as skilled personnel, technology, or equipment, can hinder project progress. Quality Issues: Poor quality deliverables may arise due to insufficient testing, inadequate resources, or misalignment with stakeholder expectations. Stakeholder Management: Conflicting interests, lack of communication, or resistance to change among stakeholders can impede project success. Technology Failures: Dependence on new or complex technologies may lead to technical failures, system malfunctions, or integration challenges. External Dependencies: Reliance on external vendors, suppliers, or partners can introduce risks related to delays, quality issues, or contractual disputes. Regulatory Compliance: Non-compliance with legal or regulatory requirements may result in penalties, fines, or legal liabilities for the project. Environmental Factors: External factors such as natural disasters, geopolitical events, or economic downturns can disrupt project operations and timelines. Risks in Operational Work: Operational Disruptions: Equipment failures, power outages, or supply chain disruptions can disrupt regular operations, leading to downtime and productivity losses. Security Breaches: Cybersecurity threats, data breaches, or unauthorized access to sensitive information pose risks to operational continuity and data integrity. Human Error: Mistakes, negligence, or lack of training among employees can result in errors, accidents, or operational inefficiencies. Compliance Violations: Failure to adhere to regulatory standards, industry guidelines, or internal policies may lead to legal consequences or reputational damage. Market Volatility: Fluctuations in market conditions, demand patterns, or competitive dynamics can impact operational performance and financial stability. Supply Chain Risks: Dependency on suppliers, logistics providers, or manufacturing partners exposes organizations to risks related to disruptions, delays, or quality issues in the supply chain. Natural Disasters: Events such as earthquakes, floods, or pandemics can disrupt operations, damage infrastructure, and pose safety risks to employees. Financial Instability: Economic downturns, currency fluctuations, or financial mismanagement can affect cash flow, profitability, and operational sustainability. Reputational Damage: Negative publicity, customer complaints, or ethical lapses can harm brand reputation and undermine trust in the organization. Strategic Misalignment: Lack of alignment with organizational goals, ineffective decision-making, or poor leadership can lead to strategic drift and operational inefficiencies..

[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. The focus of projects and operations differs based on their distinct characteristics and objectives: Focus of Projects: Temporary Nature: Projects have a defined start and end date, focusing on achieving specific objectives within a finite timeframe. Unique Deliverables: Projects aim to create unique outputs, such as a new product, service, system, or result that is distinct from the organization's ongoing operations. Cross-functional Teams: Projects often involve assembling cross-functional teams with diverse skills and expertise to tackle specific challenges or opportunities. Innovative Solutions: Projects focus on innovation and creativity to develop novel solutions, address problems, or capitalize on emerging trends in the market. Risk and Uncertainty: Projects deal with inherent risks and uncertainties, requiring proactive risk management and adaptive strategies to navigate potential obstacles. Change Management: Projects often entail significant changes to processes, systems, or organizational structures, necessitating effective change management practices to ensure successful implementation. Progressive Elaboration: Projects follow a progressive elaboration approach, where details are refined and decisions are made iteratively as the project progresses and more information becomes available. Measurable Outcomes: Projects focus on delivering tangible, measurable outcomes or deliverables that can be evaluated against predefined success criteria. Focus of Operations: Ongoing and Continuous: Operations focus on the day-to-day activities necessary for sustaining the organization's core functions and delivering products or services on a continuous basis. Routine Tasks: Operations involve executing routine tasks, processes, and procedures aimed at maintaining business continuity and meeting customer demands. Efficiency and Effectiveness: Operations prioritize efficiency and effectiveness in resource utilization, workflow management, and quality control to optimize performance and productivity. Stability and Reliability: Operations emphasize stability and reliability in delivering consistent products or services, meeting service level agreements (SLAs), and ensuring customer satisfaction. Standardization and Repetition: Operations rely on standardized processes, procedures, and best practices to streamline workflows, minimize variation, and ensure consistency in output. Risk Mitigation: Operations focus on identifying and mitigating risks that may impact day-to-day activities, such as equipment failures, supply chain disruptions, or cybersecurity threats. Continuous Improvement: Operations adopt a continuous improvement mindset, seeking opportunities to enhance processes, reduce waste, and increase efficiency through initiatives like Lean or Six Sigma. Performance Monitoring: Operations involve monitoring key performance indicators (KPIs), metrics, and operational benchmarks to assess performance, identify areas for improvement, and drive operational excellence..

[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. Project management is the discipline of planning, organizing, securing, and managing resources to achieve specific goals within a defined timeframe and budget. It involves overseeing all aspects of a project from initiation to completion, ensuring that it is delivered successfully and meets the desired objectives. Here are some key components of project management: Initiation: This phase involves defining the project's purpose, objectives, scope, and stakeholders. Project managers identify the need for the project, conduct feasibility studies, and obtain approval to proceed. Planning: In this phase, project managers develop a detailed project plan outlining the activities, timelines, milestones, resources, budget, and risks associated with the project. Planning also involves establishing communication channels, roles, responsibilities, and procurement strategies. Execution: During the execution phase, project managers coordinate and oversee the implementation of the project plan. They allocate resources, monitor progress, manage stakeholders, and resolve any issues or conflicts that arise during the project lifecycle. Monitoring and Controlling: Project managers continuously monitor project performance against the established metrics, KPIs, and objectives. They track progress, manage changes, and take corrective actions to keep the project on track and within budget. Risk Management: Project managers identify, assess, and mitigate risks throughout the project lifecycle. They develop risk management plans, implement risk response strategies, and monitor risk factors to minimize the impact of potential threats on project success. Communication: Effective communication is crucial in project management to ensure stakeholders are informed, engaged, and aligned with project goals. Project managers facilitate communication among team members, stakeholders, and external partners to foster collaboration and transparency. Quality Management: Project managers establish quality standards, metrics, and processes to ensure that deliverables meet or exceed stakeholder expectations. They implement quality assurance and control measures to monitor and improve the quality of project outputs. Closure: The closure phase involves formally closing out the project, documenting lessons learned, and transitioning deliverables to the appropriate stakeholders. Project managers conduct project reviews, assess performance, and celebrate successes before closing the project..

[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. The project scope defines the boundaries, objectives, deliverables, and requirements of a project. It outlines what will be included and what will not be included in the project, providing clarity and direction to stakeholders involved. Here are the key components of a project scope: Objectives and Goals: The project scope begins by clearly stating the objectives and goals that the project aims to achieve. These objectives should be specific, measurable, achievable, relevant, and time-bound (SMART). Deliverables: Deliverables are the tangible or intangible outputs, results, or products that the project will produce. The project scope identifies and describes each deliverable in detail to ensure a common understanding among stakeholders. Features and Requirements: The scope outlines the features, functionalities, and requirements that the deliverables must fulfill to meet stakeholder expectations. It specifies any technical, performance, or quality standards that need to be adhered to. Constraints: Constraints are the limitations or restrictions that may impact the project's execution or outcomes. Common constraints include budgetary constraints, time constraints, resource limitations, and regulatory requirements. Assumptions: Assumptions are the factors or conditions that are believed to be true but have not been verified. The project scope may document any assumptions made during the planning phase that could affect the project's success. Exclusions: Exclusions refer to the elements or activities that are explicitly not included in the project scope. By clearly defining exclusions, the project scope helps manage stakeholder expectations and avoids misunderstandings about the project's boundaries. Boundaries: Boundaries define the limits of the project scope, including what falls within the project's jurisdiction and what lies outside of it. This helps prevent scope creep and ensures that the project remains focused on its defined objectives. Acceptance Criteria: Acceptance criteria are the criteria that must be met for the deliverables to be accepted by stakeholders. The project scope may include specific acceptance criteria for each deliverable to ensure that they meet stakeholder requirements. Strategic alignment refers to the harmonization of an organization's activities, resources, and initiatives with its strategic objectives and long-term vision. It ensures that all aspects of the organization are working cohesively towards the achievement of overarching goals. Here's a closer look at strategic alignment: Mission, Vision, and Goals: Strategic alignment begins with a clear understanding of the organization's mission, vision, and strategic goals. These define the purpose of the organization, its desired future state, and the specific outcomes it aims to achieve. Organizational Strategy: Organizational strategy outlines the approach and initiatives that the organization will pursue to achieve its strategic goals. This may include market expansion, product diversification, cost leadership, or innovation strategies, among others. Functional Alignment: Each functional area within the organization, such as marketing, finance, operations, and human resources, must align its activities, priorities, and resources with the overarching organizational strategy. This ensures that all departments are contributing effectively to the achievement of strategic objectives. Resource Allocation: Strategic alignment involves allocating resources—including financial, human, and technological resources—in a way that supports the organization's strategic priorities. This may involve reallocating resources from low-priority activities to high-priority initiatives that directly contribute to strategic goals. Performance Metrics: Establishing key performance indicators (KPIs) and metrics that align with strategic objectives allows the organization to measure progress and success accurately. These metrics provide feedback on the effectiveness of strategies and help identify areas for improvement. Leadership and Culture: Leadership plays a crucial role in.

[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?.