A project is a temporary assignment to create a unique product or service. The output can either be tangible or non tangible. It has defined objectives along with a definite beginning and end. The work in a project is usually a repetitive process like some activities and project deliverables. A touch of uniqueness is added depending on the outcome of the project. Ex: Although bridge building projects can generally be done with the same materials, teams, duration etc., it can differ and be unique in terms of design, location, stakeholders.
Project Management is how you apply skills, knowledge, tools and techniques
to get the work done in a project. They help to organize, process and analyze the
data of the project. With the aid of project management all project data from
the initiation of a project until completion is organized at one place and the
information flow can be categorized into several processes.
A brief description of the processes involved in IFS/Project Management is given
below.
This is the main planning stage where you can enter the basic information and determine the scope of the project. Once you start to define the project plan you can add subprojects, activities and tasks.
Comprehensive project management includes project budgets and forecasts versions which can run in parallel to project execution. IFS/Project Budgeting and Forecasting gives a static view of a project at a particular time and allows forecasting from that point onwards. Some of the features in project budgeting and forecasting are work break down structures, cost/revenue breakdown structures, user-defined cost/revenue elements and multi currency budgeting and forecasting.
In this process you are able to add resources to your project activities. Aside from the regular planning and assigning resources you are provided with the ability to create project resource forecasts which predict the hours and its costs to the project.
The project plan can also be created using third party planning integration tools such as Microsoft Project, Primavera Project Planner and then be integrated with IFS/Project or vise versa.
You are able to specify and connect the results expected from executing an activity otherwise known as the project deliverables or connected objects. For each activity, information on cost and progress are retrieved from the connected objects.
A tender process allows you to define information from prospective suppliers on how the project requirements can be fulfilled. Once you have decided to go ahead with the project you can approve it to start financial transactions on the project.
A project is in its execution phase when the work that has been broken down into activities commence. As activities execute, their incurred cost/revenue and progress are automatically updated to the project using cost/revenue elements. You are able to meet the project demand using netting, purchase orders, shop orders, DOP (Dynamic Order Processing), PMRP (Project Material Request Planning) according to your requirement.
You can begin the process of acquiring critical material even before the project demands are exactly defined using manually connected objects.
There are many ways of executing an activity. For example, you can perform
the connected tasks, purchase/manufacture project specific demand or report
time. You are also able to evaluate the cost and revenue that is automatically
updated on the activities.
In the execution phase IFS/Project Management collaborates with processes in
other product areas of IFS Applications to provide a better solution to perform
the work on the activity. Some of them are:
Once the work on activities have been completed and closed you are able to complete a project, after which you can hand over the deliverables of the project to the customer.
You are able to restart a project if there is any over looked work remaining to be done on a completed project.
Once all the financial transactions have been completed the project can be closed.
While analyzing a project will enable you with knowledge for future projects
it also helps to decide on any required corrective actions during the executing
phase of the project.
Analyzing project performance involves comparing performance indicators such as
Scheduled Work and Earned Value with the budget values and the committed, used
and actual values. History logging is another performance measure during the
execution phase of the project. You are also able to analyze project or activity
exceptions such as whether allocated budget has been exceeded.
The follow up and analysis regarding a project is done by analyzing the resource
capacity usage of the project activities and analyzing project or activity
exceptions such as whether the allocated budget has been exceeded.
IFS Business Analytics can also be used to create and analyze information
based on the project management data available in IFS Applications.