JAD Financial Management Services – Project Management feature

Taking responsibility

Imagine being asked to take responsibility for successfully installing an enormous wind turbine into the bed of the North Sea

It’s likely that your first thought would begin with ‘Oh….!’ The second’s likely to be ‘How am I going to do this well?’

Definition

CIMA defines Project Management as: “Integration of all aspects of a project, so that the proper knowledge and resources are available when and where needed and above all, [it will] ensure that the expected outcome is produced in a timely, cost-effective and quality controlled manner.”

Managing the installation of any equipment such that the end result fulfils its economic destiny requires the same attention to detail as any basic manufacturing function.

Deming’s approach to any system’s or project’s management would be to adopt the PDCA approach (plan–do–check–act or plan–do–check–adjust). It is an iterative four-step management method used in business for the control and continual improvement of processes.

Your thoughts should constantly have this acronym resounding incessantly. You should have complete understanding of the importance of each constituent ‘package’ required to allow implementation of the whole and be able to sequence them in the order in which they must be completed. Management of the completion of each package is vital.

Duration and sequencing

The estimates of duration and the sequencing of packages should be used to construct a Critical Path Analysis, whereby several key deadlines are identified.

These include…

  • Start – the earliest a package can start
  • Finish – the earliest a package can be completed
  • Late Start – the latest a package can be started to avoid delaying the project
  • Late Finish – the latest a package can be finished and not delay the project
  • Slack – the amount of time a package can be delayed and not impact the project

Flexibility has to be managed – risk has to be minimised

Projects require people. A team is as strong as its weakest member. Ensuring the right person is the square peg to ensure completion of each corner of the square hole at every step.

Jim Doyle
JAD Financial Management Services Limited

 

 

 

Leave a Reply

Your email address will not be published.