Corporate Learnings

What is a Project ?
A project is a problem scheduled for solution. - J. M. Juran
A project is a temporary endeavour undertaken to create a unique product, service or result.
Project management is the process of:
Planning,
Organizing,
Managing task and resources
To accomplish a defined objective, within constraints on:
• Time,
• Resources
• Cost.
What is the Project Triangle?
Time
Money
Scope
Scope
• Most projects have a specific finish date( time), budget (money), and Scope.
• Trio of time, money and scope is called as the Project Triangle.
• If we adjust any one of these elements, the other two are affected. While all three elements are important, typically one will have the most influence on our project.

Quality in project triangle
• What does quality have to do with the project triangle
• Any changes we make to any of the three sides of the triangle is likely to affect quality. Quality is not a factor of the triangle; it is a result of what we do with time, money, and scope

Project Quality Standards- Objectives
• Achieving all project goals
• Prevent costly mistakes,
• Provide the resources needed to complete the project successfully,
• Meet project schedule objectives,
• Improve productivity and meet customer requirements.
• Failure to set and meet quality standards can result in a loss of customers, money, and trust

CIP Quality Standard
• Wartsila O&M CIP Project Quality standard applied are :
• 3E (Values)
• Energy
• Excitement
• Excellence
• Project deliverables which satisfy customer needs.

Benefit/Cost Analysis
• Compares financial benefit to the company with costs of implementing the project
• Cost Elements for analysis:
• Cost to produce the product/service
• Cost of marketing
• Cost of operational support
• Demand Projections/ projected Revenue:
• Over chosen period (as per Co. norms)

Scoring Models
• Weighted Scoring Model:
• A Benefit Measurement Technique.
• Criteria on the scoring model to be decided by Project Selection Committee
• Profit potential
• Marketability
• Ease to produce/ support
• Each criteria assigned a weightage depending on the importance of the criteria to the project sponsor/Entrepreneur.
• More important criteria carry a higher weight.

Cash Flow Analysis Techniques
• Payback Period
• Discounted Cash flows
• Net Present Value
• Internal Rate of Return