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Projects, Essays (university) of Financial Accounting

Aberystwyth UniversityFinancial Accounting

useful - useful

Typology: Essays (university)

2015/2016

Uploaded on 11/09/2016

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Projects can be further defined as temporary rather than permanent social systems or work
systems that are constituted by teams within or across organizations to accomplish particular tasks under
time constraints. An on-going project is usually called ( or evolves into ) a program .
CLASSIFICATION OF PROJECTS
♦Techno- Economic Projects
Based on their techno- economic characteristics
• Factor intensity- oriented classification
• Capital intensive
• Labour- intensive
• Causation-oriented classification
• Demand based or,
• Raw materials based
•Financial Institution Classification
All India and state financial institutions classify projects according to
their age, experience and the purpose:
New projects
Expansion projects
Modernization projects
Diversification projects
These projects are invariably are profit- oriented.
♦Services Projects:
• Welfare projects
• Research and development projects
• Educational projects
PROJECTS
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Projects can be further defined as temporary rather than permanent social systems or work systems that are constituted by teams within or across organizations to accomplish particular tasks under time constraints. An on-going project is usually called ( or evolves into ) a program.

CLASSIFICATION OF PROJECTS

♦ Techno- Economic Projects Based on their techno- economic characteristics

  • Factor intensity- oriented classification
  • Capital intensive
  • Labour- intensive
  • Causation-oriented classification
  • Demand based or,
  • Raw materials based
  • Financial Institution Classification All India and state financial institutions classify projects according to their age, experience and the purpose: New projects Expansion projects Modernization projects Diversification projects These projects are invariably are profit- oriented. ♦ Services Projects:
  • Welfare projects
  • Research and development projects
  • Educational projects

PROJECTS

INTERNAL AND EXTERNAL CAUSES

  • the project at hand that are internal to the organization. When looking internally, risks to the project may involve the financial solvency of the company, the ability for the company to have required equipment and other resources on hand in time to support the project. Personnel issues such as the sickness or unanticipated termination of a key team member also can be considered as internal risks to the project.
  • Internal risks can also involve infrastructure problems such as the availability of servers, software, and IT support as well as more elementary ingredients such as the supply of electricity to team members. Obviously, the volatility of essential infrastructures will vary depending on the location of the team, so it may or may not warrant consideration during the risk assessment process
  • External Risks
  • External risks are outside the control of the project team and its host organization.

Because of this, external risks are generally more difficult to predict and control. Factors

such as a key vendor going bankrupt, economic upheaval, wars, crime, and other events

may directly impact the project's effectiveness. Some risk may be difficult to foresee such

as a mine in a foreign country providing essential elements for the project being taken

over by a revolutionary government. This kind of event directly threatens the project, but

often takes project managers by surprise because of a deficient analysis of external

threats.

Internal and External Risks in Project Management Because an effective assessment of internal and external risks is a prerequisite for effective project management, steps should be taken to ensure a circumspect evaluation of each. Essential is the assembly of a team with members of diverse backgrounds. The availability of numerous perspectives on the same problem will serve to analyze both internal and external factors that may impact the project. By creating an environment conducive to brainstorming, team members will be comfortable with the free expression of their thoughts, leading to a thorough examination of both the internal and external risks to the project. When considering internal vs. external risks in project management it's important to recognize that internal risks are usually easier to identify and manage than external risks, but an accurate assessment of both will go a long way toward the successful completion of the project.

PROJECTS