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Project management is the application ofknowledge, skills, tools, and techniques to project activities to achieve the project requirements. There are various major and minor processes involved in project management which are directly responsible for the successful project management. Those processes can be categorized into following groups: Initiating process group, Planning process group, Executing process group, Monitoring Control process group, and Closing process group.
Construction industry is an important industry at both the global level and national level. It is second largest sector in India.take a look on concept of Project and Project Management. A project is an attempt temporarily undertaken to create a unique product, service, or result. The temporary nature of projects indicates that a project has a definite beginning and end. The end is reached when the project’s objectives have been achieved or when the project is terminated because its objectives will not or cannot be met, or when the need for he project no longer exists.
this paper, proposed an innovative and simple graphical framework for project control and monitoring, to integrate the dimensions of project cost and schedule with riskmanagement, therefore extending the Earned Value methodology (EVM). EVM allows Project managers to know whether the project has overruns (over-costs and/or delays), but project managers do not know when deviations from planned values are so important that corrective actions should be taken or, in case of good performance, sources of improvement can be detected. From the concept of project planned variability, authors build a graphical methodology to know when a project remains “out of control” or “within expected variability” during the project lifecycle. To this aim, authors define and represent new control indexes and new cumulative buffers: the cumulative maximum buffer and the sum of the cumulative minimum buffer and the cumulative maximum buffer.
The method of planning construction projects, taking into account risk, cannot be treated as a magic box, which solves all the problems involved in the prediction of potential risks and their influence on project implementation. However, it can be employed as a tool aiding the making of decisions related to planning the implementation of construction projects. A thorough analysis of project risks allows the contractor to assess the overall potential risk and should contribute to the effectiveness of project implementation. Moreover, an appropriate strategy of risk avoid an zero risk reduction can be worked out and the budget and time contingency can be accessed on the basis of such an analysis.