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1 project
Gen Mgta set of activities designed to achieve a specified goal, within a given period of time. Projects focus on activities outside the routine operations of an organization. They vary immensely in size, scope, and complexity and often involve drawing together resources from different parts of an organization for the duration of the project. The process of planning and completing projects is known as project management. -
2 project management
Gen Mgtthe coordination of resources to ensure the achievement of a project. Project management includes the planning and allocation of financial, material, and human resources and the organization of the work needed to complete a project. Formal, structured approaches to project management began to emerge in the late 1950s in the construction and military industries, where methods such as PRINCE—PRojects IN Controlled Environments—developed to facilitate the process. -
3 project finance
Finmoney, usually nonrecourse finance, raised for a specific selfcontained venture, usually a construction or development project -
4 project costing
Fin -
5 capital project management
Gen Mgtcontrol of a project that involves spending an organization’s monetary resources for the purpose of creating capacity for production. Capital project management often involves the organization of major construction or engineering work. Capital projects are usually large scale, complex, need to be completed quickly, and involve capital investment. Different techniques have evolved for capital project management from those used for normal project management, including methods for managing the complexity of such projects, and for analyzing return on investment afterward.The ultimate business dictionary > capital project management
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6 capital project
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7 payback period
Finthe length of time it will take to earn back the money invested in a project.EXAMPLEThe straight payback period method is the simplest way of determining the investment potential of a major project. Expressed in time, it tells a management how many months or years it will take to recover the original cash cost of the project. It is calculated using the formula:Cost of project /annual cash revenues = payback periodThus, if a project cost $100,000 and was expected to generate $28,000 annually, the payback period would be:100,000 /28,000 = 3.57 yearsIf the revenues generated by the project are expected to vary from year to year, add the revenues expected for each succeeding year until you arrive at the total cost of the project.For example, say the revenues expected to be generated by the $100,000 project are:.jpg)
Thus, the project would be fully paid for in Year 4, since it is in that year the total revenue reaches the initial cost of $100,000. The precise payback period would be calculated as:((100,000 – 74,000) /(1000,000 – 74,000)) × 365 = 316 days + 3 yearsThe picture becomes complex when the timevalue-of-money principle is introduced into the calculations. Some experts insist this is essential to determine the most accurate payback period. Accordingly, the annual revenues have to be discounted by the applicable interest rate, 10% in this example. Doing so produces significantly different results:.jpg)
This method shows that payback would not occur even after five years.Generally, a payback period of three years or less is desirable; if a project’s payback period is less than a year, some contend it should be judged essential. -
8 critical-path method
Gen Mgt, Opsa network analysis planning technique used especially in project management to identify the activities within a project that are critical for its success.In critical-path method, individual activities within a project and their duration are recorded in a diagram or flow chart. A critical path is plotted through the diagram, showing the sequence in which activities must be completed in order to complete the project in the shortest amount of time, incurring the least cost. -
9 feasibility study
Gen Mgtan investigation into a proposed plan or project to determine whether and how it can be successfully and profitably carried out. Frequently used in project management, a feasibility study may examine alternative methods of reaching objectives or be used to define or redefine the proposed project. The information gathered must be sufficient to make a decision on whether to go ahead with the project or to enable an investor to decide whether to commit finances to it. This will normally require analysis of technical, financial, and market issues, including an estimate of resources required in terms of materials, time, personnel, and finance, and the expected return on investment. -
10 net present value
Finthe value of an investment calculated as the sum of its initial cost and the present value of expected future cash flows.Abbr. NPVEXAMPLEA positive NPV indicates that the project should be profitable, assuming that the estimated cash flows are reasonably accurate. A negative NPV indicates that the project will probably be unprofitable and therefore should be adjusted, if not abandoned altogether.NPV enables a management to consider the time-value of money it will invest. This concept holds that the value of money increases with time because it can always earn interest in a savings account. When the time-value-of-money concept is incorporated in calculation of NPV, the value of a project’s future net cash receipts in “today’s money” can be determined. This enables proper comparisons between different projects.For example, if Global Manufacturing Inc. is considering the acquisition of a new machine, its management will consider all the factors: initial purchase and installation costs; additional revenues generated by sales of the new machine’s products, plus the taxes on these new revenues. Having accounted for these factors in its calculations, the cash flows that Global Manufacturing projects will generate from the new machine are:.jpg)
At first glance, it appears that cash-flows total 45% more than the $100,000 initial cost, a sound investment indeed. But time-value of NPV calculation money shrinks return on the project considerably, since future dollars are worth less than present dollars in hand. NPV accounts for these differences with the help of presentvalue tables, which list the ratios that express the present value of expected cash-flow dollars, based on the applicable interest rate and the number of years in question..jpg)
In the example, Global Manufacturing’s cost of capital is 9%. Using this figure to find the corresponding ratios on the present value table, the $100,000 investment cost, expected annual revenues during the five years in question, the NPV calculation is shown below.NPV is still positive. So, on this basis at least, the investment should proceed. -
11 network analysis
Gen Mgt, Opsany of a set of techniques developed to aid the planning, monitoring, and controlling of complex projects and project resources. Network analysis is a tool of project management that involves breaking down a project into component parts or individual activities and recording them on a network diagram or flow chart. The resulting chart shows the interaction and interrelations between activities and can be used to determine project duration, time and resource limitations, and cost estimates. Constituent techniques include the criticalpath method and the program evaluation and review technique. -
12 Szilard, Leo
SUBJECT AREA: Weapons and armour[br]b. 11 February 1898 Budapest, Hungaryd. 30 May 1964 La Jolla, California, USA[br]Hungarian (naturalized American in 1943) nuclear-and biophysicist.[br]The son of an engineer, Szilard, after service in the Austro-Hungarian army during the First World War, studied electrical engineering at the University of Berlin. Obtaining his doctorate there in 1922, he joined the faculty and concentrated his studies on thermodynamics. He later began to develop an interest in nuclear physics, and in 1933, shortly after Hitler came to power, Szilard emigrated to Britain because of his Jewish heritage.In 1934 he conceived the idea of a nuclear chain reaction through the breakdown of beryllium into helium and took out a British patent on it, but later realized that this process would not work. In 1937 he moved to the USA and continued his research at the University of Columbia, and the following year Hahn and Meitner discovered nuclear fission with uranium; this gave Szilard the breakthrough he needed. In 1939 he realized that a nuclear chain reaction could be produced through nuclear fission and that a weapon with many times the destructive power of the conventional high-explosive bomb could be produced. Only too aware of the progress being made by German nuclear scientists, he believed that it was essential that the USA should create an atomic bomb before Hitler. Consequently he drafted a letter to President Roosevelt that summer and, with two fellow Hungarian émigrés, persuaded Albert Einstein to sign it. The result was the setting up of the Uranium Committee.It was not, however, until December 1941 that active steps began to be taken to produce such a weapon and it was a further nine months before the project was properly co-ordinated under the umbrella of the Manhattan Project. In the meantime, Szilard moved to join Enrico Fermi at the University of Chicago and it was here, at the end of 1942, in a squash court under the football stadium, that they successfully developed the world's first self-sustaining nuclear reactor. Szilard, who became an American citizen in 1943, continued to work on the Manhattan Project. In 1945, however, when the Western Allies began to believe that only the atomic bomb could bring the war against Japan to an end, Szilard and a number of other Manhattan Project scientists objected that it would be immoral to use it against populated targets.Although he would continue to campaign against nuclear warfare for the rest of his life, Szilard now abandoned nuclear research. In 1946 he became Professor of Biophysics at the University of Chicago and devoted himself to experimental work on bacterial mutations and biochemical mechanisms, as well as theoretical research on ageing and memory.[br]Principal Honours and DistinctionsAtoms for Peace award 1959.Further ReadingKosta Tsipis, 1985, Understanding Nuclear Weapons, London: Wildwood House, pp. 16–19, 26, 28, 32 (a brief account of his work on the atomic bomb).A collection of his correspondence and memories was brought out by Spencer Weart and Gertrud W.Szilard in 1978.CM -
13 cost-benefit analysis
Gen Mgta technique for comparing the tangible and intangible costs of a project with the resulting benefits. Cost-benefit analysis assigns monetary value to the costs and benefits (social, environmental, and monetary) associated with a project for the purpose of evaluating and selecting investment project opportunities. -
14 brief
Mktga document or set of instructions issued to somebody as guidance in developing a marketing or advertising proposal. A brief should be as comprehensive as possible, covering all aspects of the project: background, objectives, research, media, competitors, product information, and the target audience at which it is aimed. If possible, the objectives should be measurable, so the success or otherwise of the project can be assessed. -
15 consortium
Gen Mgta group of independent organizations that join forces to achieve a particular goal, for example, to bid for a project or to carry out cooperative purchasing. A consortium goes on to complete the project if its bid is successful and is often dissolved on completion. This form of temporary alliance allows diverse skills, capabilities, and knowledge to be brought together. -
16 Goldratt, Eliyahu M.
(b. 1948) Gen MgtIsraeli author and educator. Disseminator of theories, through the medium of novels, on optimizing production methods and project management. Goldratt explained the technique of optimized production technology in The Goal (1993, coauthored), and his theory later broadened into the Theory of Constraints. His third book applies the concept of the theory of constraints to project management. -
17 internal rate of return
Finthe annual percentage return achieved by a project, in which the sum of the discounted cash inflows over the life of the project is equal to the sum of the discounted cash outflows.Abbr. IRR -
18 matrix structure
Gen Mgta form of organization structure based on horizontal and vertical relationships. The matrix structure is linked closely to matrix management, and is related to project management. It emerged on an improvised rather than planned basis as a way of showing how people work with or report to others in their organization, project, geographic region, process, or team. -
19 prenancing
Finthe practice of arranging funding for a project before the project begins -
20 resource allocation
Opsthe process of assigning human and material resources to projects to ensure that they are used in the optimum way. Resource allocation is used in conjunction with network analysis techniques such as critical-path method. Basic data assembled for a project is displayed as a bar chart with start and finish times and resources required for each day of the project being easily identifiable. If there is a mismatch between planned resources and those available, resources can be reallocated or smoothed by manipulating start and finish times, or changing activities around. Resource allocation is usually computerized.
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