Question

Exercise #

1. Analyze an actual project recently built in your area. Identify the major activities that occurred in each of the project phases and who accomplished them. Develop a flowchart or network diagram and present it to your class.

2. Class members should each examine a different local project and determine the following: • Project cost per square foot • Economic Life • Design-construction time • Income in dollars per square foot • Compare the viability of different project types at different interest rates.

Answer 1

the reality is that whether or not you use project management software, you must understand the activities that await you, as the five phases of project management unfold:

1. Conception and initiation.
2. Definition and planning.
3. Launch and execution.
4. Monitor and control.
5. Project close.

Conception and Initiation--All projects begin with an impetus. This impetus could take the form of a problem-We need to put a stop to this. It could take the form of an opportunity- it appears that a new market share is developing over here. It could be driven purely by a quest for greater profits- We must expand in this way to achieve our two-year sales goals.

Definition and Planning--If the contents of the two studies pass muster with you, then you're ready to start planning your project. This is the phase in which the project begins to take shape- it's that exciting leap when it goes from being a concept to a work-in-progress.

Launch and Execution---It may help to remember that all things are tentative at this point in your project. In fact, it may even help to use the word “tentative” as an adjective in front of each of the project steps. This doesn't mean that you're being non-committal; it just means that you're being open to the very real possibility that like all plans, your project plan is fluid and should be changed as conditions warrant.

Monitor and Control---No project runs on “automatic pilot,” but if you and your team have worked diligently to set up a realistic work plan and a proactive communication plan, yours should proceed with a minimal amount of drama. With any luck, you may even find this phase to be somewhat tedious by comparison. As any embattled project manager would tell you: Accept the tedium as a blessing; it reinforces the fact that you are indeed a master organizer.

Project Close---It is nearly all-too-easy to minimize the importance of this phase and everything that it involves. No matter how enthused everyone may be to see an end in sight, and no matter how many red check marks they may show you on their to-do list, you are in the best position to assess whether a project is more than over; it should be complete.

2) ~> project cost per square foot-- Typical B class construction costs around 1000 to 1100 per square foot. So a 1000 square foot house should cost between 10 to 11 lakhs. Typical A class construction costs anywhere from 1500 to 2500 per square foot. So a 1000 square foot house would cost between 15 to 25 lakhs.

Economic life~>  Economic life is the period over which an entity expects to be able to use an asset, assuming a normal level of usage and preventive maintenance. Economic life can also refer to the number of units produced; for example, the economic life of a vehicle may be 100,000 miles, rather than three years.

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