What do you mean by Implementation phase in capital budgeting ? The implementation phase for business project that involves setting up of industrial facilities that consists of several stages such as 1. project and engineering designs 2. negotiations and contracting 3. construction 4. training, and 5. plant commissioning Translating an investment suggestion into a material [...]
Basics of Project Management
What do you mean by Selection in capital budgeting ?
What do you mean by Selection in capital budgeting ? Selection follows, and usually overlaps, analysis. It addresses that -Whether the project worthwhile? A broad range of appraisal criteria have been suggested to evaluate the worth while ness of a project. They are usually divided into two broad categories, viz, non- discounting standard and discounting [...]
Basics of Project Management
What do you mean by Analysis in capital budgeting ?
What do you mean by Analysis in capital budgeting ? If the preliminary screening proposes that the project is prima facie meaningful, a detailed analysis of the marketing, technical, financial, economic, and ecological aspects is undertaken. The questions and issues aroused in a detailed analysis are described in the following section. The center of this [...]
Basics of Project Management
What do you mean by Planning in capital budgeting?
What do you mean by Planning in capital budgeting process ? The planning phase of a firm’s capital budgeting process is concerned with verbalization of its wide investment strategy and the creation and preliminary screening of project proposals. The investment strategies of the firm describe the wide areas or types of investments the firm plants [...]
Basics of Project Management
What are the different phases of capital budgeting?
What are the different phases of capital budgeting? Capital budgeting is a very complex process which can be divided into five phases: Planning Analysis Selection Implementation Review
Basics of Project Management
When is a Project Needed?
When is a Project Needed? Project Management can efficiently and effectively be applied to any undertaking. If such an undertaking is unique or not familiar then the need for project management is intensified. In some other cases, like that of an undertaking whose successful accomplishment involves complex and interdependent activities, a project manager may put [...]
Basics of Project Management
How does project management becomes a part of strategic planning?
How does project management becomes a part of strategic planning? Strategic planning sets the mission, objective, goal and strategy of organization. Strategic design and implementation are related with planned use of resource by an organization. Strategies can include short term action plans, policies, procedures, resource allocation directions, programs and projects. Thus project becomes a part [...]
Basics of Project Management
What is the termination phase?
What is the termination phase? In the termination phase, the system is transferred to organization. And thus commitments been completed, personnel rewarded, resources released, and team members are reassigned.
Basics of Project Management
What is the execution phase?
What is the execution phase? The execution phase consists of full scale development phase and production phase. In the full scale development phase, design, fabrication and testing are completed. Costs are assessed to make sure that the program is very much ready for the production phase. In production phase the system is produced and delivered [...]
Basics of Project Management
What is the planning phase?
What is the planning phase? In this phase, major program characteristics are validated and refined and risks and costs of programs are assessed, resolved or minimized. The project organization is well defined with targets set, schedule of execution been drawn, tasks and resources been defined and allocated and project teams built.