Hello Friends, in this technology-driven environment every organization is trying to take a competitive edge on others by using various techniques like optimization, Process planning, analytics, AI and many more. Similarly, project management is such a technique used for better planning, monitoring, andcontrol of the project.
As per PMI (Project Management Institute)
Project Management is “the art of directing and coordinating human and material resources throughout the lifecycle of a projectby using modern management and mathematical techniques to achieve pre-determined objectives of scope, cost, time, quality, and participating objectives.”
The life cycle Iof a Project
Initial Phase: The project inception starts by identifying client needs, feasibility analysis of the project (technical as well as financial).
Planning Phase: It involves scheduling, resource and financial planning and its distributions over the project duration. The phase also involves identifying the risk during the execution period and its mitigation.
Execution Phase: In this phase,the concept comes into action and the activities related to the project starts. The phase analyses the deviations from initial plan via regular monitoringand thus controlling the delays and the cost overruns.
Closure Phase: In the final phase, formally accepting all deliverables and closing all the phases. The review of the project is donewith the team members.
What is MSP?
MS Project (MSP) is a tool widely used for Project Management for scheduling, resource planning, cash flow analysis, activity tracking, etc. It also provides the flexibility to reschedule the activities in case of delays and automaticallyit distributes the resources as per the updated schedule. So it provides a relationship between the time, cost, and resources. It enables us to load fixed cost, estimated cost, baseline cost so that we can compare it with the actual cost.
To start working in MSP, we first need to install it, andthere are various ways to get it for free for the beginners.
After the intallation you will get a new blank MSP interface, with default view of Gnatt Chart.
I will discuss it in detail in the next blog under these series.
Till then a good bye….