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HPS 234: Project and Contract Management Notes

Institution: University/College

Course: Bachelor/Diploma in Supply Management

Posted By: csolutions24

Document Type: PDF

Number of Pages: 41

Price: KES 1000
  
    

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Summary

PSM234. PROJECT AND CONTRACT MANAGEMENT
What is a project?
A project is an and endeavour in which human (or machine), material and financial resources are
organised in a novel way, to undertake a unique scope of work, or given specification, within
constraints of cost and time, so as to deliver beneficial change by quantitative and qualitative
objectives”
Therefore, a project is a set of activities with a fixed budget or cost, a fixed period of time with
set objective that require to achieve within a given tie and cost.
Projects have several characteristics:
? Projects are unique.
? Projects are temporary in nature and have a definite beginning and ending date.
? Projects are completed when the project goals are achieved or it’s determined the project
is no longer viable.
? Project have objectives which are smart.
When articulating the project objectives you should follow the SMART rule:
? Specific – get into the details. Objectives should be specific and written in clear, concise,
and understandable terms.
? Measurable – use quantitative language. You need to know when you have successfully
completed the task.
? Acceptable – agreed with the stakeholders.
? Realistic – in terms of achievement. Objectives that are impossible to accomplish are not
realistic and not attainable. Objectives must be centered in reality.
? Time based – deadlines not durations. Objectives should have a time frame with an end
date assigned to them.
If you follow these principles, you’ll be certain that your objectives meet the quantifiable criteria
needed to measure success.
Project management
Project Management is the application of knowledge, skills, tools and techniques to project
activities to meet project requirements and objectives.
Project management provides an organization with powerful tool that improves ability to plan,
implement, and control its activities as well the way in which it utilizes the people and resources.
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