B Com Exam > B Com Videos > Entrepreneurship & Small Businesses > Concept of Project Management, Entrepreneurship & Small Businesses
Concept of Project Management, Entrepreneurship & Small Businesses Video Lecture | Entrepreneurship & Small Businesses - B Com
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49 videos|74 docs|22 tests
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FAQs on Concept of Project Management, Entrepreneurship & Small Businesses Video Lecture - Entrepreneurship & Small Businesses - B Com
| 1. What is project management? |  |
Ans. Project management is the practice of planning, organizing, and executing a project's activities, resources, and deliverables within a specific timeframe and budget. It involves identifying goals, creating a project plan, assigning tasks to team members, monitoring progress, and ensuring successful completion.
| 2. How does project management benefit small businesses? | |
Ans. Project management provides several benefits to small businesses, including clear goal setting, improved communication and collaboration, efficient resource allocation, better risk management, and increased customer satisfaction. It helps small businesses streamline their operations, achieve project objectives, and enhance overall productivity and profitability.
| 3. What are the key skills required for successful entrepreneurship? | |
Ans. Successful entrepreneurship requires a combination of various skills, such as creativity, innovation, leadership, risk-taking, resilience, problem-solving, networking, and effective communication. Entrepreneurs need to be adaptable, able to identify opportunities, make strategic decisions, manage resources, and navigate challenges to build and grow their businesses.
| 4. How does project management contribute to the success of entrepreneurship? | |
Ans. Project management plays a crucial role in the success of entrepreneurship by providing a structured approach to planning, executing, and monitoring business initiatives. It helps entrepreneurs effectively manage their resources, timelines, and budgets, ensuring efficient project delivery. By implementing project management principles, entrepreneurs can minimize risks, meet customer expectations, and achieve their business objectives.
| 5. What are the common challenges faced by small businesses in project management? | |
Ans. Small businesses often face challenges in project management, such as limited resources, lack of expertise, unclear goals and objectives, inadequate planning, poor communication, and changing requirements. These challenges can result in project delays, cost overruns, and compromised quality. However, by prioritizing project management practices, small businesses can overcome these challenges and improve their project success rates.
Text Transcript from Video
welcome to the online unit on project
management and overview after completing
this unit you will be able to define
project identify project characteristics
examine the relation between projects
constraints examine the scope triangle
classify projects construction of dams
implementing a management information
person building a new space vehicle all
these are examples of different projects
any project needs a proper planning to
implement and achieve success the
current unit focuses on an overview of
project management project means a
temporary endeavor undertaken to create
a unique product or service as defined
in PMBOK PMI publication now let's see
the project characteristics every
project has a set of activities that are
unique these activities do not repeat in
the project under similar circumstances
projects are both specific it could be
constructing a new facility or
computerization of accounts department
any project follows a sequence of
activities to deliver the end product
based on the technical requirements and
interdependency of each activity every
project has a specified start and end
date which is either a small simple or
is specified by the client projects
consist of technically interrelated
activities where the output of one
activity becomes the input for another
activity projects constraints include
scope describes all activities resources
and products of high quality that are
required for successful completion of a
project a project is expected to meet
the quality requirements at product and
process or implementation levels time is
one of the major constraints as it is
inversely related to cost monetary
resources are required to perform
activities at various stages of the
project cycle a project needs to be
delivered with an estimated budget
project resources include people
finances information and other physical
infrastructure now let's look at the
project scope triangle the scope and
quality of a project are influenced by
constraints like time cost and
availability of resources the three
sides of the triangle represents the
constraints within which the objectives
of a project are to be accomplished this
dynamic system needs to be in
equilibrium which ultimately leads to
the success of the project
projects can be classified based on
their characteristics such as timespan
level of risk level of complexity
technology and probability of problems
once the project is classified it
becomes easy for the management to
select the project management style that
best suits that classic project
management and overview after completing
this unit you will be able to define
project identify project characteristics
examine the relation between projects
constraints examine the scope triangle
classify projects construction of dams
implementing a management information
person building a new space vehicle all
these are examples of different projects
any project needs a proper planning to
implement and achieve success the
current unit focuses on an overview of
project management project means a
temporary endeavor undertaken to create
a unique product or service as defined
in PMBOK PMI publication now let's see
the project characteristics every
project has a set of activities that are
unique these activities do not repeat in
the project under similar circumstances
projects are both specific it could be
constructing a new facility or
computerization of accounts department
any project follows a sequence of
activities to deliver the end product
based on the technical requirements and
interdependency of each activity every
project has a specified start and end
date which is either a small simple or
is specified by the client projects
consist of technically interrelated
activities where the output of one
activity becomes the input for another
activity projects constraints include
scope describes all activities resources
and products of high quality that are
required for successful completion of a
project a project is expected to meet
the quality requirements at product and
process or implementation levels time is
one of the major constraints as it is
inversely related to cost monetary
resources are required to perform
activities at various stages of the
project cycle a project needs to be
delivered with an estimated budget
project resources include people
finances information and other physical
infrastructure now let's look at the
project scope triangle the scope and
quality of a project are influenced by
constraints like time cost and
availability of resources the three
sides of the triangle represents the
constraints within which the objectives
of a project are to be accomplished this
dynamic system needs to be in
equilibrium which ultimately leads to
the success of the project
projects can be classified based on
their characteristics such as timespan
level of risk level of complexity
technology and probability of problems
once the project is classified it
becomes easy for the management to
select the project management style that
best suits that classic project
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Nov 15, 2024 Last updated |
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