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One of the most exciting things in life is to change our ideas into tangible achievements using whatever means are available to us. Every time ideas are transformed into facts an elementary process called project execution has taken place.

Projects may be developmental as in the case of a new idea or well-known when all the parameters involved in its execution have been experienced before.

Projects are omnipresent in human activity. They may be simple things such as :

  • Studying for an examination;
  • Saving for buying a favorite thing;
  • Making travelling arrangements;
  • Transforming a bathroom;
  • Repairing an electric appliance at home; and
  • Assembling your own personal computer.

They can be medium size propositions as:

  • Designing a new house;
  • Building a house;
  • Investing in a new idea;
  • Developing a new consumer product;
  • Writing a book; and
  • Introducing further education courses.

They may be large and super large sized ideas such as:

  • Building a multi-storey facility;
  • Developing a new airplane;
  • Designing a new petrochemical complex;
  • Building an oil refinery;
  • Designing and building a dam; and
  • Designing and building a nuclear plant.

Regardless of their nature, projects invariably follow a common disciplined approach comprising the following stages:

1.-Getting well informed about the subject

2.-Establishing a plan of action

3.-Cost estimating the plan of action

4.-Finding out the time required to develop the project

5.-Instituting the means of accounting for all expenses

6.-Generating a system to measure progress and revise plans accordingly

7.-Organizing a system to store all data concerning the project

8.-Executing the plan of action

 

For small projects the above-mentioned procedure may be developed without the help of sophisticated management science procedures.

For medium and large projects the situation changes dramatically due to the fact that it is almost impossible to keep in mind the amount of information that may be accumulated by the number of activities included in these kinds of undertakings.

 

Management and computer science provide the means to handle projects:

 

For getting well informed about the project:

 

Historical information, databases, economic indexes, brain storms, statistical information, market research, learning curves.

 

Establishing a plan of action:

Work breakdown structure, organization breakdown structure, planning and scheduling procedures

 

Cost estimating the plan of action:

 

  • Index estimating;
  • Cost factors estimating;
  • Cost capacity estimating;
  • Unitized cost estimating;
  • Parametric cost estimating; and
  • Range cost estimating.

 

 

Finding out the time required to develop a project:

Critical path methods, Project evaluation and review techniques

 

Instituting the means of accounting for all expenses:

Code of accounts facilitates gathering of all expenses incurred in an organized manner.

 

Generating a system to measure progress and revise plans accordingly:

 

Clearly specifying how progress and productivity measurements will be certified periodically as a percentage of the total project and procedures to be followed when the project:

  • Has to be accelerated;
  • Falls behind schedule;
  • Has to include changes; and
  • Productivity is lower than expected.

 

Organizing a system to store all data concerning the project:

 

Specifying computer and management science applications to be used to store, organize, and report all relevant information to the project. After recognizing all the above elements, a definition for project management may be drawn as an organized effort dedicated to the attainment of a goal.

The goal usually is the successful completion of  a  product or service when it is required in time, within a previously approved budget and in compliance with performance specifications. Project management may be seen as planning, organizing, directing and controlling an engineering effort to achieve an objective.

The essential function of every human endeavour is planning and it consist of deciding what to do, setting goals, determining strategy and selecting alternative courses of action.

 

Planning involves:

  • Determining short- and long-term objectives;
  • Formulating programs, policies and procedures; and
  • Reviewing information from periodic reporting systems and adjusting plans accordingly.