Why Specialization in Project Management:- According to the experts and current facts of the business market, it can be seen that project management has great scope now. Probably new business students have problems in choosing the right specialization field. So what should be done and what experts are now days suggested?
Slack Time = TL – TE is the slack time formula that is used to find the slack or float time of activities in project management.
Statement of work definition: – The narrative specification of the needed work for the project is referred to as the Statement of Work (SOW). The desires of the top management, the customer, and/or the user group ascertain the complexity of the Statement of Work. Project office prepares the Statement of Work by taking input from the user groups in case the considered project is internal to the company. It is because the user groups try to write in some scientific terms whose meanings can only be understood by the user groups.
The business idea should be defined at the first step of the feasibility assessment, if it is a new product, service or project. The feasibility of the business idea or project can then be ascertained. The feasibility demands to account for the current conditions of the proponent. For example, the intender of the business should take into account the personal readiness, resources, knowledge, skills and objectives. For developed business, connections to current lines of business, employees, customers, suppliers and other stakeholders demand to be accounted for.
Feasibility Assessment process and project feasibility analysis both are interrelated with each other. Project feasibility analysis is an analytical tool employed during the project planning process which reflects how the company will function in the light of the clearly specified set of assumptions. The financial aspect (cost of goods, capital needs, volume, wages etc) of the project as well as the technology used (types of equipment, the facilities, manufacturing process etc) is included in these assumptions.