Definition of Project:-There are loads of on paper definitions of a project.

For persons
looking for a proper definition of a project, the Project Management Institute defines a
project as a provisional venture undertaken to create an exclusive product, service, or
outcome. The provisional nature of projects depicts an accurate beginning and end. The end
is reached when the project objectives have been realised or when the project is ended
because its objectives will not or cannot be realised, or when the requirement for the project
is no longer.

Characteristics of a project

Projects have numerous characteristics: • Projects are only one of its kinds. • Projects are
momentary in nature and have a specific beginning and ending. • Projects are completed
when the project objectives are achieved or it is understood that the project is no longer
required. A flourishing project is one that meets or exceeds the prospect of the shareholders.

Project portfolio management:-

Portfolio management has become a main concern for many organisations allowing them to
really improve their exercise of project management in current years. To be unbeaten, a
company must accurately manage its projects. But first and primary, we must handle good
projects. It is the aim of portfolio management: selecting the correct projects. It includes the
identification, prioritization, authorization, management and control of the component
projects and programs and the associated risks, resources and priorities.

This concept allow: • New projects are tested and prioritized • Existing projects can be
prevented, cancelled or delayed • Resources are distributed and redistributed based on
ongoing projects.

At any given time, an organization has numerous ideas coming up to be considered as a

project. However, it is nearly as well as monetarily not possible to consider each and every
thought as a project and work on it. This does not indicate that the thoughts that are not taken
up as a project do not have power of generating any income.

Due to inadequate resources, it is not realistic for you to convert each thought into a project
and follow it. As a result you lose on the converting an opportunity to understand the possible
revenue from all such thoughts. The income that you lose by not taking up an idea and
converting another thought to a project is known as opportunity cost.

Opportunity cost is nothing but a value and not an advantage. Moreover, you do not add
opportunity costs of all projects to turn up at a value. Opportunity cost is just a value of the
project you drop for not selecting it. When you imagine about the opportunity cost of a
project, it is always the cost of the value of the subsequently best another project and not the
collective value of all projects.

As a result, you can too define the opportunity cost as the relative cost because it is a cost of
one project relative to the other project.
 Project undertaken by me is as under and it’s procedures as under.

Identification Section
Project Name: College Computer Store formation
Project Manager: Fred
Overview of the Project
College is scheduling to create a store to sell computer equipment.
Objective
This project is to apply a college store that is prepared to sell computer equipment such as
memory sticks, mouse pads, and cables, when class starts, with adequate stock to last through
the first two weeks of classes.
Scope
The scope of the college is to supplies store project includes the activities listed below:

1. Settle on what supplies will be sold in the store.

2. Set up competitive prices for the computer supplies.
3. Starting place and secure supply vendors.
4. Set up marketing, procurement, operations, and any other essential departments, schools,
centers, and institutes.

It is evenly important to contain in the scope what is not included in the project.
The scope of the project do not include:

 Development of any other college store departments

 Store plan or construction

Major Milestones

 All vendors selected

 Contracts or orders finished with all vendors
 Supplies delivered to the store
 Pricing decided

Major Deliverables

 Supplies received
 Operations, procurement, marketing, and other teams established
 Store supplies stocked and displayed
 Store recruitment completed, including work plans
 Store operations policies, including hours of working, established

Assumptions

 Only computer equipment will be sold in the store.

 Consumers will be the college student and staff.
 College students will run the project and be accountable for ongoing operations.
 A store sponsor from the college staff will be assigned to guide students and provide
oversight.
 Store hours of working will be agreed by the college students or store sponsor.
 Merchant deliveries will be arranged or the sponsor will select them up with students.
 Students will have the right to contact vendors for placing order and inquiries through phone.

Constraints

 Student convenience to meet for project planning is restricted to school hours.

 Software is not obtainable for project planning and control.

Business Need or Opportunity (Benefits)

Example:
The objective of this project is to make available revenue for the college Student Center
while supplying essential items to students and staff at cutthroat prices. The college store will
be at ease to students given that essential equipment will be available within the college. This
will help students learn to run their individual supplies.
Opening Cost for the Project
The supply team will bring jointly an idea based on predictable expenses for evaluation by
the principal of apprentice study.
Project Risks
1. There is a state election approaching and the new government may change the taxation
policy for private college retail stores.
2. There is changing student order for media such as flash drives in somewhat
unpredictable ways. If this happens earlier than we predict, we may be building a store that
students do not need.
3. Delivery of store shelf will be postponed if a major storm occurs.
Project Charter Acceptance
Provide the names, titles, and signature lines of the individuals who will sign on the project
charter.
Project Stakeholders
Provide the key shareholders and team members by function, name, and role.

DMBA 620 is a project:-Yes, as defined a project as a provisional venture undertaken to

create an exclusive product, service, or outcome. The provisional nature of projects depicts an
accurate beginning and end. The end is reached when the project objectives have been
realised or when the project is ended because its objectives will not or cannot be realised, or
when the requirement for the project is no longer. As the DMBA 620 is there for learning of
the student and the objective is reached when students understands its and also it is of
temporary nature.
Function Name Role

Project Manager Monica Leads the project

Sponsor Adrienne Project sponsor

etc.