1. Fundamentals of Project
Management

2. Objective of this chapter
This chapter gives a brief introduction to basic project
management concepts, the processes involves and the stages
of managing a project.
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3. Definition of project
• A project is an endeavor to accomplish a specific objective
through a unique set of interrelated tasks and the effective
utilization of resources. It has a well-defined objective stated
in terms of scope, schedule, and costs.
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4. Definition of project
• Project s are “born” when a need is identified by the customer
– the people or organization willing to provide funds to have
the need satisfied. It is the people (project manager and
project team), not the procedures and techniques, that are
critical to accomplishing the project objective. Procedures and
techniques are merely tools to help the people do their jobs.
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5. Examples of project
•
•
•
•
•
•
•
Planning a wedding
Designing and implementing a computer system
Hosting a holiday party
Designing and producing a brochure
Executing an environmental clean-up of a contaminated site
Holding a high school reunion
Performing a series of surgeries on an accident victim
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6. Phases of Project Life Cycle
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7. Phases of Project Life Cycle
Phase 1
• The first phase involves the identification of a need, problem,
or opportunity.
Phase 2
• The second phase is the development of a proposed solution
to the need or problem.
Phase 3
• The third phase is performing the project.
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Phase 4
• The final phase is terminating the project.

8. Project Management Process
i.
ii.
iii.
iv.
Clearly define the project objective.
Divide and subdivide the project scope into major “pieces”
Define the specific activities for each piece (work package)
Graphically portray the activities that need to be performed
in order to accomplish the project objective – in the form of
network diagram.
v. Make a time estimate for how long it will take to complete
each activity
vi. Make a cost estimate for each activity.
vii. Calculate a project schedule and budget to determine
whether the project can be completed within the required
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time, with the allotted funds, and with the available
resources.

9. Project Management Process
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10. What is Project Management?
• The Project Management Institute (PMI) defines project
management as "meeting project requirement through the
application of knowledge, skills, tools and techniques to
project activities. This is accomplished through the use of
initiating, planning, executing, controlling and closing a
project."
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11. Most Important terms in Project Management
• Scope
• Assumptions
• Risk
• Scope
• Time
• Budget
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12. Assignments
1. What is a project? What are the four phases of Project
Management?
2. Find out the importance of project management in the real
estate business.
3. With reference to a real estate project, define and explain its
scope, risks and assumptions.
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