importance of project management.doc

7/28/2019 Importance Of Project Management.doc

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IMPORTANCE OF PROJECT MANAGEMENT

The importance of project management is huge we can describe the things of

the importance in the following two categories. These are:

MICRO IMPORTANCE:

Compression of product life cycle;

To face global competition;

Increase in customer focus;

Knowledge explosion;

Corporate downsizing;

Rapid development of third world and closed economy;

Small projects represent big problem.

MACRO IMPORTANCE:

Project management is indispensable for economic development andgrowth of a country or an entrepreneur;

Project management ensures effective and efficient resourcesutilization and management;

Project management leads to GDP growth; Project management leads to increase of per capita income and

standard of living. Project management leads to optimum use of available resources; Project management helps to overcome the time and cost overrun; Project management should commensurate with national development

strategy. Five years plans are prepared for the development of thecountry and the project must be similar with the plan;

Project management involve substantial outlay with long term effort; Cost of prediction error is vary high which may lead to bankruptcy

and threaten the existence of project; Project management is the key to cost management of producing

goods and services;


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Project management is a pre-condition of getting assistance and loan;

Project management helps to achieve self-reliance in the country;

Project management is the base to implement the nationaldevelopment strategy;

Project management is also a pre-condition of transfer of technology;

Project management leads to a balanced growth of agriculture andindustry;

It is helpful towards exploration of resources ( say gas, oil);

It brings not only economic growth but also honor and prestige of anation.

Achieve economic prosperity of a country will lead to a capacity torender financial assistance to other poor and least developed country;

It also helps in cross-cultivation of cultural heritage and characteristic;

It creates worldwide understanding, co-operation and fellow filly.

Strength

Abundance of Natural Resources

Natural gas:

There are about 23 gas fields, most of them in eastern Bangladesh. producesabout 900 mcf of gas per day

Manpower adoptability

Receptiveness:

Industries, industrial and construction materialCommunication infrastructure:

Being a delta, Bangladesh is a network of waterways of roughly 8550 km.There is over 2800 km of railway line and about 11000 km of paved road. Itis jocundly said


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Banking Sector Performance, Regulation and Bank Supervision

Bangladesh Bank (BB) continued to focus on strengthening the financialsystem and improving functioning of the various segmentsBanking Sector Performance

The banking sector of Bangladesh comprises of four categories of scheduledbanksWriting-off Bad Debts

To impede unnecessarily and artificially inflated size of balance sheet,uniformguidelines of write-off has been introduced in 2003

Money and wages:

The Bangladeshi currency is called Taka and is divided into 1.00 paisa.US$ is approximately Taka 69.08 (Aug.09) .Government and administration

Local Government:

Annual development program:

Presence of National Executive Council (NEC):

Technical assistance aid:

Foreign delegations

Local consultants group:Presence of Ngos:

Export Promotion Zone

WEAKNESSProblems in Human Resource Development:

Health Care Challenges: Providing Nutrition and Basic Care:

Serious brain drain:

In every year. we get meritorious students hut we can not keep them in ourcountry because of our faint socio-economic framework.Poor and very inadequate technical base:

Very poor project planning:

Inadequacy of research:

Absence of Business ethics:


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We have lack of Business ethics Business man like to do anything which canbring money. For doing this, they careless about quality, legality or law ofthe country.

Imbalance between direct and indirect taxes :

In our country direct tax is about 157 and indirect tax is about 85%. But thescenario should be opposite. This happened because we have mentality ofevading tax.Very less contribution of service sector to GDP.

Hardly it is 8% of GDP in our country but In America it is about 60%.

Size of Market & Buying Capacities :

Though population is large but market size is small, Because vast of peoplelive under poverty line who have not capacity to fulfill their bare physicalneed.

Irrational fiscal Policy:

Tax, law & other incentives regarding Investment, export & import policies,industrial policies etc. Most of the policies are merely good sounding word

but implementation is less.

Inefficient monitoring and banking policy:

Interest rate UPS & down frequently, not effective monitoring system forthe credit seeker thats why default of bank loan has become a culture in ourcountry.

Inadequacy of basic, heavy and mother industry :

Lack of proper project implementation:

Improper nature of contract:

Inadequacy of Infrastructure Facility:


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Corruption:

Low savings and GDP ratio:

OPPAgricultureRaw jute, tea, tobacco, vegetables, spices and tropical fruits are the key

potential products. Agriculture is the biggest private sector operationcontributing 22% of GDP and sector also accommodate around 48.1% oflabor force

Agro-based Industry

Contribution of Ready Made Garments Industry to the Economy:

Natural Gas

The Non-Traditional Items of Bangladesh

Tourism in Bangladesh

Pharmaceuticals have a potential for Bangladesh

Air Transportation

In air transport, the government has given provisional domestic air transportoperating license to six private companies for STOL Services. Seven airports

have been refurbished to cater to their needs. international air & cargotransport in the private sector is now allowed for operation in Bangladesh.

Electronics

Bangladeshs experience in basic electronics spans over two decades. Inrecent years. European and Asian electronic firms have established technicalcollaboration with their Bangladeshi counterparts to produce some electronicgoods at competitive prices. This has tremendous potentiality for expansion.

Information Technology

Computer software development , data entry & data processing

scientific human resource development;

speedy communication;


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global accountability;

tissue culture;

animal cloning;

increasing awareness about human rights;

market economy based on efficiency and quality;

THREATS

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