Techno-economic feasibility analysis

It is a method of analyzing the economic performance of an industrial process, product, or service.

It typically uses software modeling to estimate capital cost, operating cost, and revenue based on
technical and financial input parameters.

Techno - Economic feasibility analyzes the project on individual criteria or different aspects and
sets the stage for detailed design development.

This assessment focuses on the technical resources available to the organization. It helps
organizations determine whether the technical resources meet capacity and whether the technical
team is capable of converting the ideas into working systems. It also involves the evaluation of the
hardware, software, and other technical requirements of the proposed system.

 Economic and financial feasibility analysis

Economic feasibility typically involves a cost/ benefits analysis of the project, helping organizations
determine the viability, cost, and benefits associated with a project before financial resources are
allocated. It also serves as an independent project assessment and enhances project credibility—
helping decision-makers determine the positive economic benefits to the organization that the
proposed project will provide.

Financial feasibility describes whether or not your project is fiscally viable. A financial feasibility
report includes a cost/benefit analysis of the project. It also forecasts an expected return on
investment (ROI), as well as outlines any financial risks. The goal at the end of the financial
feasibility study is to understand the economic benefits the project will drive.

Project Integration Management

Project integration management is the coordination of all elements of a project. This includes
coordinating tasks, resources, stakeholders, and any other project elements, in addition to
managing conflicts between different aspects of a project, making trade-offs between competing
requests, and evaluating resources. One example would be if a project is not on track, you may
need to choose between going over budget and finishing the project late. Assessing the situation
and making an informed decision is a key part of project integration management. Integrated
project management ensures projects are not managed in isolation. It takes into account not only
how aspects of your project relate to each other but also how other parts of the organization relate
to your project. Project integration management is one of the ten key knowledge areas in the
PMBOK (Project Management Book of Knowledge). It’s considered a critical success factor for
project managers and their projects

Seven processes of project integration management

Seven processes should be followed for successful project integration management. These are:

1. Develop the project charter

2. Develop the project management plan

3. Direct and manage project work

4. Manage project knowledge

5. Monitor and control project work

6. Perform integrated change control

7. Close the project (or project phase)

These integration management processes occur throughout the entire project lifecycle. This is
because managing project integration is an ongoing task that needs to happen continuously.

The Project Plan

A project plan is a series of formal documents that define the execution and control stages of a
project. The plan includes considerations for risk management, resource management and
communications, while also addressing scope, cost and schedule baselines.

As mentioned above, the project plan consists of the following documents:

Project Charter: Provides a general overview of the project. It describes the project’s reasons,
goals, objectives, constraints, stakeholders, among other aspects.

Statement of Work: A statement of work (SOW) defines the project’s scope, schedule, deliverables,
milestones, and tasks.

Work Breakdown Structure: Breaks down the project scope into the project phases, subprojects,
deliverables, and work packages that lead to your final deliverable.

 Project Plan Execution

A Project Execution Plan (PEP) is a governing document that defines how a project is to be
executed, monitored, and controlled. It establishes exactly how the project execution phase of the
project will be managed to meet the requirements of the project or contract

The project management techniques related to the project execution phase include:

Executing the baseline project plan. The job of the project manager is to initiate the execution of
project activities, acquire and assign resources; orient and train new team members, keep the
project on schedule, and assure the quality of project deliverables.

Monitoring project progress against the baseline project plan. Using Gantt and PERT charts, which
will be discussed in detail further on in this paper, can assist the project manager in doing this.

Managing changes to the baseline project plan.

Maintaining the project

workbook. Maintaining complete
records of all project events is
necessary. The project workbook is
the primary source of information
for producing all project reports.

Communicating the project

status. This means that the entire
project plan should be shared with
the entire project team and any
revisions to the plan should be
communicated to all interested
parties so that everyone
understands how the plan is evolving.

Execution Kick-Off:-

The Project Manager can begin the phase activities following the completion of all planning
activities including approval of the PMP, functional specifications & project funding.

Acquire Project team:-

The project manager follows necessary steps to obtain the human resources needed to complete
the project. Resource calendars are built and resource allocation for the project is done based on
the negotiations and acquisitions with the involved business units and resource pool managers.

Develop Project Team:- The project manager evaluates each individual skill sets to ensure that the
each team member has the proper skill sets for each upcoming project phase. Note: your training
plan, schedule and costs come in handy as described in the planning phase. Project leaders that can
align their vision and work with their teams will successfully deliver key programs and projects. The
alignment of vision and strategy to implementation will help you close those gaps.

Executing THE Project Management Plan: - The project manager executes the project management
plan activities by performing the activities contained within each of the plans such as
Communication Plan, Risk management plan, etc. The project manager will direct the various
technical and organizational resources that exist in the project to execute the work defined in the
project management plans.

Conducting Status Review Meetings (PSR):- Project status meetings help project managers in
reviewing the status collected from the team members. They help the project managers in
assessing what has been accomplished till date and compare them with the planned activities. They
allow project managers in the assessment of current problem areas and project risk areas; as well
as communicating critical project information with quick feedback. Having these project status
meetings also eliminates the communication problem that arises out of an assumption or belief
that "everyone knows what's going on in this project". Often team members do not know, because
they are busy with their own tasks. The project execution phase will reveal unanticipated problems
or issues, so project leaders must be prepared to pivot and make tactical changes.

Update Project Schedule and Management plans:- In most organizations, the project management
team is the group of people responsible for updating the project plan. The project plan is many
things to the project manager. It is a record of what has occurred on the project. It illustrates what
is happening on the project right now. And, it prepares the project team by showing what will be
coming up. Keeping the plan current is an important role of the project manager (or project
administrator). Project updates focus on the three project management constraints, cost, time and
scope. An effective project manager knows that a change in one of these areas results in changes in
the other two. A current project plan will show the effect of these changes on the overall project.
Therefore, any changes and updates from the previously defined plan must be duly recorded and
approved by the relevant parties along with revision history info for audit trail. Any lapse in
maintaining an accurate plan or one that is outdated has significant impact to the overall project
success.

Quality Assurance:- In the Project Management Body of Knowledge (PMBOK), Quality Assurance is
part of the Executing process group and is performed throughout the duration of the project.
Quality Assurance is the process of auditing the quality requirements and the results from quality
control measurements to ensure that appropriate quality standards and operational definitions are
used. The key benefit of this process is that it facilitates the improvement of quality processes.

Acceptance of Deliverables:- Acceptance criteria for project deliverables establishes in advance an

agreed upon standard of performance or capability that the user will accept in a specific deliverable
The Performance Plan developed in the Project Planning Phase articulates the project deliverables
and acceptance criteria.

Complete Execution Phase Review:- The project manager contacts all participating stakeholders to
review and document lessons learned in the execution phase. A formal Phase Review form is duly
filled and sent to the Project Sponsor for approval. It is basically to seek permission to proceed to
the next phase and closure of the existing phase. All deliverables are reviewed, accepted &
approved, any pending issues are documented along with their resolution plan and all relevant
plans and documents are updated accordingly.

Project Execution Tools and Techniques

Project execution tools and techniques are defined as a series of systems and methodologies
designed to ensure teams are able to accomplish both short- and long-term projects. It includes
charts and graphs designed to track progress, repetition-based approaches to testing and adjusting
everyday processes, and other actions that allow organizations to manage and improve important
projects.

1 Critical Chain Methodology

The idea of Critical Chain Methodology was introduced in 1997 in Eliyahu M. Goldratt’s

book, Critical Chain, where he described the methodology as a technique of planning and managing
projects that strives to keep resources leveled. It is different from other methodologies in a way
that it focuses on resources than on the method itself and makes sure that the project plan is
feasible enough and completed on time.

2 Waterfall

This is one of the simplest, not to forget, oldest project management techniques known to manage
projects. It is also referred to as Software Development Life Cycle (SDLC) that focuses on making a
solid plan and effective execution. The Waterfall methodology is sequential, which means one task
has to be completed before the next starts in the pipeline. Here, all the requirements must be
defined in the beginning so that there is proper planning and organization of a project plan.

3 Work Breakdown Structure (WBS)

Every project is made up of various small and big tasks that can overwhelm both project managers
and team members at first glance. This is why planning is essential and more essential than that, is
project breakdown before the execution process starts. This project management technique makes
bigger, complex tasks organized by breaking them into smaller, more manageable chunks. WBS is a
key project deliverable that defines a detailed cost or time estimate to help managers have a clear
understanding that your estimate will exceed the intended budget or deadline.

4 Critical Path Method (CPM)

The Critical Path Method of managing projects and visualizing the project plan includes mapping
out all the sequential steps that are going to help you achieve the end result. While figuring out the
smartest way to the ultimate goal, you will realize that there might be more than one pathway
leading to the resulting goal. While pursuing this method of project management, though, we
always choose the shortest path. Therefore, in the Critical path method, you take up the plan that
has the least amount of milestones and also takes the least amount of time for project completion.
It is an extension of PERT where the emphasis is placed on strategic scheduling and smart decision-
making.

5 Scrum

The Scrum framework is a part of the Agile methodology. Scrum helps teams focus on real priorities
and the immediate requirements of the clients. This technique helps you leverage effective
communication, teamwork, and speed of development in a project. In Scrum methodology, a team
is often led by a scrum master that is also called Subject Matter Expert (SME), who is responsible
for inculcating the values of the agile methodology within the team. This way the team is able to
make way for seamless collaboration and a goal-oriented mindset where the team members are
easily able to deliver results accurately and quickly at the same time.

6. Agile

Agile methodology is one of the most popular project management techniques. It uses the ‘sprint
approach’ where you can break a project in the form of sprints or cycles. As the word ‘agile’ means
the ability to move quickly and respond swiftly to changes, likewise, this methodology makes way
for flexibility and collaboration. It is extensively used in software development and is best suited for
small software projects that require frequent communication and the need to work together for
working on innovative projects.

7. Process-Based Project Management

Process-based project management is a systematic and strategic strategy that recognizes the
project’s goal and aligns it with the mission, vision, and core values of the company. This
methodology emphasizes better collaboration between various departments within the company
to achieve common goals. Process-based project management helps project managers to view all
the activities within an organization as a collection of standardized processes, which are managed
to achieve the desired result.

8. PERT (Program Evaluation and Review Technique)

PERT is a project management technique that helps with calculating the estimated time it will take
to complete a project. Both scheduling and budgeting are essential components of any project.
 PERT charts are tools used to schedule tasks in a project, which makes it easier for team members
to coordinate to accomplish the work. With PERT, you get three different time estimates for the
project: the most optimistic time estimate, the most probable time estimate, and the most
pessimistic time estimate.

Overall change control

Change control is a methodology used to manage any change requests that impact the baseline of your
project. It’s a way to capture that change from the point where it’s been identified through every step of
the project cycle. That includes evaluating the request and then approving, rejecting or deferring it. The
purpose of this process is to make sure that you’re not changing things in the project that don’t need to
be changed. The last thing you want to do is disrupt the project for no good reason, wasting valuable
time and resources. Any changes that are approved are then documented. The change control process is
part of the larger change management plan.

Key Elements of Overall Change Control

There are some key elements that build a change control framework for project management.
Here’s a brief description of them.

Change Control Board: A change control board is a group of representatives from the project team that
regularly meet to approve or disapprove change requests. If they approve a change request, it can turn
into a change order.

Change Requests: A change request is a formal petition for change in a project. It’s a document that
explains what the changes to be made are and the main reasons why they should be implemented.
Change requests can either be submitted by internal or external project stakeholders. Our free change
request template can help you streamline this process.

Change Orders: Once the change control board has approved a change request, a change order is signed
by the board and the clients or stakeholders. This is an agreement from both parties to change the
conditions that were first drafted in the original contract. Our free change order template is a great tool
to create your change orders.

Change Log: A change log is a change management tool that’s used to document all the changes made
to a project plan or any contracts. It’s a must-have tool for any project manager.