The success of a project is measured by its timely completion to specification within the budget allocated. However, in the execution of any project there is invariably an element of risk involved (Radhakrihnan, 1999): especially construction is a highly risky business, where the level of risk is considered much higher than in other types of Read more about Risks and the purpose of Bond in construction projects[…]
There aren’t many types of bonds and guarantees in IT sector in particular software development life cycle. This could be due to the facts that there were lack of maturity in this industry in particular developing applications and software for an organization. Prior to this, mostly software development is developed locally by the Electronic Data Read more about Project Bonds, Guarantees & Insurances; Information Technology (IT) Industry[…]
Cost is one of the three pillars supporting project success or failure, the other two being schedule and performance. Projects that go significantly “over budget” are often terminated without achieving the project goals because stakeholders simply run out of money or perceive additional expenditures as “throwing good money after bad.” Projects that stay within budget Read more about Cost Management in Project Management[…]
Many have attempted to define project management. One example, Oisen, referencing views from the 1950’s, may have been one of the early attempts. Project Management is the application of a collection of tools and techniques (such as the CPM and matrix organization) to direct the use of diverse resources toward the accomplishment of a unique, Read more about Project Management and Project Manager[…]
Schumpeter defined an entrepreneur as a person who destroys the existing economic order to create and benefit from the new structure by introducing new products and services, or by creating new forms of organization, or by exploiting new raw materials. An entrepreneur is a person who bears certain risks in order to take advantage of Read more about What is Entrepreneur?[…]
In 21st century, employees need different skills from those in the 20th century. They need to be equipped with skills to succeed in a competitive, complex, knowledge-based, information-age and technology driven economy and context. The required skills should be widely researched and identified and constantly updated and refined to reflect the changing world of 21st Read more about Necessity for new Training Paradigm[…]
TQM is the joint co-operation of everyone in an organization and related business processes to produce products and services, which hopefully, exceed the needs and expectations of customers. TQM is both a philosophy and a set of management guiding principles for managing an organization. However, Total Quality Management (TQM) cannot become a way of life Read more about Total Quality Management[…]
An official definition of project management is “the application of knowledge, skills, tools and techniques to project activities to meet project requirements.” A more tangible (but less interesting) description is that project management is everything you need to make a project happen on time and within budget to deliver the needed scope and quality. Project Read more about Project Management Principles[…]
FUNCTIONS OF THE MANAGER Function of the manager can be considered as a circle of actions wherein every component leads to the next level. The functions are separate sets of actions for analysis purposes and the manager perform these actions in a complex situation and integrated within the entire managing process. Based on the earlier Read more about Interrelations of Management Functions[…]
It seems to certain that the heart of the business lays at marketing strategy. The overall marketing umbrella in IT projects involves concentration in vendors and users perception toward each other. Unquestionably, end-user will be the crucial judge in terms of service which is provided. A framework for managing user expectations identified in terms of Read more about Effect of Marketing on IT Project Success[…]