4. Forecasting
Making assumptions about what will happen in the
future.
Qualitative forecasting uses expert opinions.
Quantitative forecasting uses mathematical and
statistical analysis.
All forecasts rely on human judgment.
5. Contingency
Identifying alternative courses of action that can be
implemented to meet the needs of changing
circumstances.
Contingency plans anticipate changing conditions.
6. Scenario
A long-term version of contingency planning.
Plans made for each future scenario.
Increases organization’s flexibility and preparation
for future shocks.
7. Benchmarking
Use of external comparisons to better evaluate
current performance and identify possible actions
for the future.
Adopting best practices of other organizations that
achieve superior performance.
11. Constructing Gantt Chart
The steps to construct a GANTT chart are:
1. Schedule the critical tasks in the correct
position.
2. Place the time windows in which the non-
critical tasks can be scheduled.
3. Schedule the non-critical tasks according to
their earliest starting times.
4. Indicate precedence relationships between
tasks.
12. Constructing Gantt Chart
Example of an early GANTT chart construction:
Step 1. Schedule critical tasks.
Step 2. Place time windows for non-critical tasks.
18. Closing
Closing includes the formal acceptance of the project
and the ending thereof. Administrative activities
include the archiving of the files and documenting
lessons learned.
Project close
Contract closure
Thus we can conclude that the project management involves planning , scheduling, controlling and closing stage. Each stage is equally important.If we fail in any of these stages it affects the project. The successful companies follow these steps to implement and execute their projects successfully.
