Prerequisites for Successful Project Implementation

In order to minimize time and cost over-runs during the implementation of a project it is necessary to study about the prerequisites for successful project implementation. Keeping checks on these prerequisites help to improve prospects of successful completion of projects. The Prerequisites for successful project implementation are as follows:

1. Adequate formulation
2. Sound project organisation
3. Proper implementation planning
4. Advance action
5. Timely availability of funds
6. Judicious equipment tendering and procurement
7. Better contract management
8. Effective monitoring

An adequate system of feedback and monitoring must be established in order to keep tabs on the progress of project. Creating a document of your budget, procedure, and objectives will ensure higher success of your project management because it will keep you on track and meet your goals on time. 

Prerequisites for successful project implementation

Adequate Formulation – A project may be improperly formulated due to the following reasons:

• Poor assessment of input requirements
• Superficial field investigation
• Using faulty procedures for computing costs and benefits
• Omission of project linkages
• Poor Decisions due to lack of experience and expertise
• Over-estimation of Benefits and underestimating costs

 

Sound Organisation – A prerequisite for successful project implementation is a sound organization. Few Characteristics of a sound organization are:

• It is led by a competent leader
• Authority and Responsibility are equitably distributed
• Adequate attention is paid to designing jobs and work procedures
• All work methods and systems are clearly defined
• A culture of Rewards and Punishment on the basis of performance is established

 

Proper Implementation Planning – Proper Planning is necessary for all projects therefore before the implementation of any project a project manager must:  

• Develop a comprehensive plan for various activities related to the project
• Estimate the resource requirement and time plan for each activity
• Define inter linkages between different activities of the project
• And Specify cost standards

 

Advance Action – Another prerequisite for successful project implementation is taking advance action on the following activities:

• Acquisition of land
• Securing essential clearances
• Identifying technology collaborators/consultants
• Arranging for infrastructure facilities
• Preliminary design and engineering
• Calling of tenders

 

Timely availability of funds – In order to be successfully completed a project must have adequate funds available to meet its requirements as per the implementation plan. Therefore applications for loans, tie- ups with suppliers and contractors must be done in advance. Proper allocation of funds must be done with the help of experts.

 

Judicious Equipment Tendering and Procurement – An optimum balance must be maintained between foreign suppliers and indigenous suppliers keeping in mind time and cost factors. Procurement must be done in such a way that outflow of foreign exchange is minimum, however the business must not also be highly dependent on indigenous suppliers. Importing foreign technology must be considered only when it compliment development of indigenous technology and capabilities or helps in speedy development or due to non-availability in local market..

 

Better contract management – Proper management of contracts is critical to successful project implementation. Therefore:

• Competence and capability of the contractors must be ensured before entering into a contract.
• All parties to contract must be treated as partners in common pursuit.
• Discipline must be established between all intermediaries
• Help must be extended to intermediaries when they have a genuine problem
• Project authorities must retain the power to transfer a contract to third parties when delays are anticipated.

 

Effective Monitoring – An adequate system of feedback and monitoring must be established in order to keep tabs on the progress of project. Critical aspects must be focused on, Physical and financial milestones must be set, working standards must be established. This helps in:  

• Anticipating deviation from implementation plan
• Analyzing emerging problem
• Taking corrective action