Project manament Article Example | Topics and Well Written Essays - 500 words

Project manament - Article Example Before the initiation of a project, a feasibility study is usually conducted in order to assess the viability of the project. The study helps organization understands the potential benefits of a project keeping in view company constraints. The study helps organizations understand the required capital resources for the project and the time it would take to complete the project. It helps them to plan the project more effectively in order to achieve desired results1. The study also helps understand where the project must be initiated, what measures must be taken, and what are the potential benefits of the project for company. Hence, it is very important to conduct a comprehensive feasibility study that helps an organization to achieve the desired goals of the project. Project evaluation is carried out after the completion of project in order to judge the effectiveness of the project. This process is carried out to understand whether the desired objective of the project has been achieved or not. Evaluation helps organizations to be aware of the corrective actions they need to take. There are two main kinds of evaluation 1) Ongoing evaluation and 2) Post project evaluation. Ongoing evaluation is carried out during the course of the project in order to assess whether deadlines are being met and whether interim objectives are achieved or not. On the other hand, post project evaluation assesses the success of project completed. It evaluates whether the laid down objectives before the project were achieved or not. Cash flows are the term used for the expected cash inflows and outflows during the completion of the project and post completion. Cash flows give a clue about the expected revenues and costs for project completion. Evaluating expected cash flows is one of the most important factors of accepting or rejecting a project. Like all other aspects of a project, risk