Functions, Objectives, Characteristics, Importance of PM

Functions of project manager:
 1. Developing a unique product or process and manage change.
2. Identification of the need for project.
 3. Finding different alternatives of the project.
 4. Developing a plan of action.
5. Training operators.
6. Establishment of quality assurance cell to control quality.
 7. Incorporation of changes as and when needed while implementing project.
8. Selection of suitable equipment.
9. Finding suitable financial resources.
10. Assessment of alternatives and obtaining approval to proceed.
11. Measuring performance of the project.
12. Transfer of material, funds and settling all accounts after completion of project.
13. Monitoring progress and reporting to higher authorities.
14. Closing all records, submission of final report and transfer of responsibility after completion of specified project.

Objectives of project management
The successful development of the project’s procedures of initiation, planning, execution, regulation and closure as well as the guidance of the project team’s operations towards achieving all the agreed upon goals within the set scope, time, quality and budget standards.
Ø The successful development and implementation of all project’s procedures
Ø Productive guidance, efficient communication and apt supervision of the project’s team.
Ø The achievement of the project’s main goal within the given constraints.
Ø Optimization of the allocated necessary inputs.

Characteristics of project
1. Temporary: Projects are temporary in nature. Every project has a beginning and end. The word ‘temporary’ here may refer to an hour, a day or a year. Operational work is an ongoing effort which is executed to sustain the business. But projects are not ongoing efforts. A project is considered to end when the project’s objectives have been achieved or the project is completed or discontinued.
2.  beginning and completion: Project is said to be completed when the project’s objectives have been achieved. When it is clear that the project objectives will not or cannot be met the need for the project no longer exists and the project is terminated.
3. Definite Objective, Scope & Unique: All the projects have their own defined scopes/objectives for which they are carried out. Every Project is undertaken to create a unique product, service, or result.
4. Defined Time & Resource: As the projects have definite beginning and end, they are to be carried out within the time and resources constraints. Each project will have defined time and resources for its execution.
5. Multiple Talents: As projects involve many interrelated tasks done by many specialists, the involvement of people from several  departments is very much essential. Thus, the use of multiple talents from various departments (sometimes from different organizations and across multiple geographies) becomes the key for successful project management.

Importance of project management
1. Strategic Alignment: Project management is important because it ensures what is being delivered, is right, and will deliver real value against the business opportunity..
2. Leadership: Project management is important because it brings leadership and direction to projects.
3. Clear Focus & Objectives: Project management is important because it ensures there’s a proper plan for executing on strategic goals.
4. Realistic Project Planning: Project management is important because it ensures proper expectations are set around what can be delivered, by when, and for how much.
5. Quality Control: Project management is important because it ensures the quality of whatever is being delivered, consistently hits the mark.
 6. Risk Management: Project management is important because it ensures risks are properly managed and mitigated against to avoid becoming issues.
7. Orderly Process: Project management is important because it ensures the right people do the right things, at the right time – it ensures proper project management process is followed throughout the project life cycle.
8. Continuous Oversight: Project management is important because it ensures a project’s progress is tracked and reported properly.
9. Subject Matter Expertise: Project management is important because someone needs to be able to understand if everyone’s doing what they should.
10. Managing and Learning from Success and Failure: Project management is important because it learns from the successes and failures of the past. 

Basic elements of project
•Operation
•Resource
•Conditions and Restrains
•White Elephant(overruns)