Table of Contents:-
- Meaning of Project Implementation
- Prerequisites for Successful Project Implementation
- Steps to Successful Project Implementation
- Resource Requirements for Project Implementation
- Types of Resources required for project implementation
Meaning of Project Implementation
Project implementation is the process of putting the project plan into action. The project plan is the road map of how the project should progress; the implementation phase is where the plan is turned into reality.
Implementation is a crucial stage in the life of a project. The objectives of the project are achieved through implementation. Before implementation, a project represents an idea and an expectation. Through implementation, the idea achieves a physical form. Benefits start flowing from the project after implementation However, implementation presents a challenging situation for project management. The effectiveness of project implementation determines the success of management.
Prerequisites for Successful Project Implementation
The perquisites for successful project implementation are as follows:
1) Project Mission: A mission statement defines the philosophy of a project organisation, what a project seam wants to achieve, and the values or principles on which the work of a team is based. It should be clearly defined.
2) Top Management Support: Willingness of top management to provide necessary resources and power for project success.
3) Project Schedule: A detailed specification of individual action steps required for project implementation.
4) Client Consultation: Communication, consultation, and active listening to all impacted parties involved are essential components of successful client consultations therefore, they must be always there. If there is no proper interaction, the project will not implemented effectively.
5) Personnel: Recruitment, selection and training of necessary personnel for the project team.
6) Technical Tasks: Availability of the required technology and technical steps to accomplish the specific technical action steps.
7) Client Acceptance: The act of “selling” the final project to its ultimate intended users, defined as the Department of Defence component as a safeguard against unlawful entry or overstaying visa validity.
8) Monitoring and Feedback: At each (stage) of the implementation, comprehensive control information is provided in a timely fashion.
9) Communication: In the project implementation effective communication is essential for providing a suitable network and required data to all key stakeholders involved.
10) Troubleshooting: It involves the ability to manage unexpected crises and deviations from the plan.
Steps to Successful Project Implementation
Project implementation involves the following key steps:Â
Assess the Project Plan
The first step is to evaluate the project plan that was first established during the planning phase of project implementation. Ensure that the project plan aligns with the organisational goals, objectives and expectations of the management, stakeholders and clients. Make all necessary adjustments required to meet the objectives of the project.
Define Goals
Develop a list of goals and objectives of the project that have to be achieved in future. Make a clear understanding of what is expected from the final project after its completion. A clear vision of the goals will enable to guide the efforts that have to be put into project implementation.
Conduct Proper Research
Collect required data from the market related to the project using tools such as surveys, interviews, questionnaires, etc. Market research is done to analyse the competitor’s strategies, industry standards, or other requirements. Proper research will reduce the chance of uncertainty, target the specific audience, provide a competitive advantage and help to make informed decisions during the project implementation.
Find Out Risks
Identify the risks associated with the project implementation as the nature of businesses is dynamic, and many times, it is impossible to predict future changes. Many internal factors may also hinder the performance of the project such as a limited budget, inefficient human resources, time limitations, etc. Develop strategies that may reduce the internal and external risks associated with the project.
Schedule Milestones
Create timelines for the project to effectively complete the tasks associated with the project and before the deadline. Divide the whole project into smaller and manageable sections for effective and timely performance. Assign a specific date to each section for its timely delivery.
Define Roles and Allocate Resources
Clearly define the roles and responsibilities of the project manager and the project team members. Divide the task of the projects to its team members according to their expertise, interest, and qualifications. Allocate the resources required for the completion of the project including personnel, budget, and technology.
Resource Requirements for Project Implementation
Project resources refer to the elements available in our environment required for the execution and completion of a project. Project resources include factors such as Human Resources, tools, machinery, computers, raw materials, construction materials, office supplies, Budgets, funding, financial reserves, legal advice, consulting, etc. Managers effectively use these resources to achieve the organisational objectives and for proper project implementation.Â
Usually, there is a gap between the investment reach (available funding) and the project demands (total resources needed). This gap arises due to Missing cost elements, Inaccurate quotes, Market fluctuations, Economic downturns, Unforeseen complexities, Investor rejections, and many more. This gap between the two factors (investment reach and project demand) is shown in the following diagram:
To ensure a cost-effective application of required resources a proper needs analysis must be performed to define the project goals and objectives. The project’s baseline that must be resourced will be known after a requirement specification has been completed.
Project Implementation Resource RequirementsÂ
Physical and human resources are the most important resources required to achieve the project performance objectives. The amount of resources that are allocated depends upon the timely allocation and the effective supply of resources available for the same limited resource.
The amount of resources that can be allocated depends on the timing of the allocation as well as on the total supply of resources available for the same limited resource.
Projects can compete with each other for the same resources in two different ways leading to challenges in project management.Â
1) Reusable Resources – A resource that is limited but is not consumed when used, they don’t deplete with each use. For example, the services of a specific technical specialist, project manager, software licenses etc.
2) Expendable Resources – A resource that is limited and is consumed when used, they deplete with each use. For example, a specific chemical reagent, Raw materials, or funds for a project.
In both cases, of reusable and consumable resources, the project that has to wait for a resource may suffer a schedule delay that makes project implementation late. Two or more concurrent activities might require the same personnel, equipment, or even more workspace. When one activity will be given priority, and the other must wait.
A resource plan describes the physical resources required to complete a project. This includes a list of the types of resources required, such as human resources, equipment and materials, as well as a schedule identifying when each resource will be utilised. A resource plan is created after the project plan has been defined. A detailed resource plan requires a well-defined structure of the project plan to ensure efficient and effective resource allocation for project success.
Types of Resources
Resources include people, materials, finances and more, that can be drawn on to achieve something. In projects, the availability or unavailability of resources will often influence the way projects are managed. There are mainly three types of resources:
Project management is based on understanding and management of different types of resources. Generally, three types of resources influence how projects are managed:
Human resource
Human resources is the most skilled and important for a project. They are usually classified by the skills and experience they have brought to the project. For example programmer, mechanical engineer, welder, inspector, marketing director, and supervisor. In some cases, skills might seem interchangeable at first glance, usually due to a loss of productivity. Human resources are usually classified by the skills they bring to the project, e.g., programmer, mechanical engineer, welder, inspector, marketing director, and supervisor.
Human resources are the assets of the firm. These include the skills, knowledge, capabilities, and talent of the employees. This includes the Board of Directors, CEO, Managers at all levels and employees as a whole. Human resources provides the company with considerable experience and expertise.
The top management of an organisation is responsible for developing a mission, and strategies and making sure that the strategic mission aligns with shareholder interests.
Materials
Project materials cover a large spectrum: for example, chemicals for a scientific project, concrete for a road project, and survey data for a marketing project. Material unavailability and shortages have been the reasons for the delay of many projects. When there’s a known risk of shortage of material, it is essential to include those materials in the project network plan and schedule.
For example, each type of material required by the project and their per-unit costs are:
- Material Item
- Stationery
- Unit Cost
- Computer consumables
- Cost per item Cost per item
- Building materials
- Cost per item
- Power
- Cost per item
- Water
- Cost per item
Finance
After analysing the cost of a project including its direct and indirect costs, the next step is to find out the sources of funds that will finance the project. some common financing functions may include internal funding, debt financing, equity financing etc.
The project sometimes may be funded through the promoter himself and loans from other sources such as banks and financial institutions. If finance is readily available, a project manager may work on many activities concurrently. It is one of the most important resources for conducting any project.
Financial resources are the firm’s borrowing capability, credit rating, credit lines, ability to generate cash, and relationship with investment bankers. Companies with higher credit ratings can borrow money from the market at a lower rate than companies with low-quality ratings.
Therefore, companies must maintain a proper balance between credit and equity markets when raising funds. A company with strong, continuous cash flow has the advantage of being able to finance growth projects using its funds rather than borrowing. This is the usual financial-growth strategy used by small business organisations.
Project finance is the process of raising the required funds for a capital investment proposal. Lenders mainly depend on the estimated future cash flows from that specific project to serve their loans. It is different from traditional financing in the following ways:
1) The utilisation of borrowed money is not strictly controlled and monitored by the lenders. But in project finance, it is. Funds are released in stages, as and when assets are created.
2) Cash flow from different assets and businesses is accumulated, whereas, in project finance, only cashflows from specific project-related assets are considered for evaluating the capacity of repayment.