What are the strategies & plans to be considered before the executing a project?

The strategies considered before the execution of the project are pre-project evaluation, sources of finance, qualities of the project, planning helps for the successful project implementation. In the large organizations, execution of projects and operation activities continue concurrently.

New projects are sanctioned every year and similarly already sanctioned projects are completed. During the execution process, certain problems are faced and at the same time, certain facilitating factors also come across.

 

These favourable and unfavorable factors become important lessons for ongoing as well as future projects. Therefore it becomes necessary to examine the aspects on completion of the projects. The objectives and policies guiding the project planning exercise must be articulated. It is the practice in many organizations to prepare the pre project evaluation and reports.

 

§ Purpose of the project as per sanction.
§ Having a clear vision of project objectives.
§ Project approval and execution of the project.
§ Strategies of implementation.
§ Time schedule for the project.
§ Estimated cost of completion of the project.
§ Resource requirement.
§ Setting up an effective control and monitoring the progress of the project.

 

Project financing is considered in some way or the other right from the time of project conception. Indeed project financing is intertwined with project planning, analysis and selection. As the project proposal progresses through the stages of planning, analysis and selection, the contours of project financing becomes clearer. To select a particular source of finance, it will depend on the policy of the organization as well as government policy. To decide a particular source will depend on some factors.

 

1. Policy of the organization.
2. Availability of fund from particular source.
3. Rate of interest.
4. Repayment period and other terms and conditions.

 

Essentials for successful project implementation:

§ Adequate formulation.
§ Sound project organization.
§ Proper implementation planning.
§ Advance action.
§ Timely availability of funds.
§ Better contract management.

 

Projects involving few activities, resources, constraints and inter-relationship can be visualized easily by the human mind and planned informally. The need for formal planning is indeed much greater for project work than the normal operations. Without effective planning, there may be chaos. Functions of planning:

 

§ Planning a vital aspect of management, serves several important functions.
§ It provides basis for organizing the work on the project and allocating responsibilities for the individuals.
§ It is a means of communication and coordination between all those involved in the project.
§ It instills a sense of urgency and time consciousness.
§ It establishes the basis of monitoring and control.

 

Strategies for project planning:

§ Setting the project objectives.
§ Identifying the work activities.
§ Creating the project organization.
§ Preparing project schedule.
§ Making budget and resource plan.
§ Preparing forecast of time, work, cost and performance projections.

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