Project is a temporary endeavor undertaken to create a unique product and services.

Temporary means that every project has a definite beginning and a definite end. Unique means that a project or service is different in some distinguishing way from all other products and services. Features of project

Unique: they do not involve any repetitive processes. Timescale: projects have a clearly specified start and end date within which the deliverables must be produced to meet a specified customer requirements. Budget : projects are allocated a level of financial expenditure within which the deliverables must be produced to meet a specified customer requirements. Resources : at a start of project an agreed amount of labor , equipments and materials is allocated to the project. Risk : project entails a level of uncertainty and therefore carry business risk. Change: the purpose of project is to improve an organization through the implementation of business changes. Types of projects

National and international projects Infrastructure projects Public, private and joint sector projects Industrial and non industrial projects Modernization projects Expansion projects Factors affecting project

General factors(labor problems, lockouts etc.) Availability of finance Shortage of resources Location issues Transportation problems Vendors/ suppliers problems Infrastructure facilities

Project management Project management is the skills , tools and management processes required to undertake a project successfully. It comprises:

1. Skills: Specialist knowledge , skills and experience are required to reduce the level of risk within a project and thereby enhances its likelihood of success. 2. Tools: Various tools are used by project managers to improve their chances of success. Example: document templates, registers , planning models etc. 3. Processes : Various management techniques and processes are required to monitor and control time , cost, quality and scope of projects. Example : time management, change management, quality management etc.

Project Initiation It is the first phase of the project. In this phase a business problem is identified and a business case which provides various solution options is defined. A feasibility study is then conducted to investigate the likelihood of each solution option addressing the business problem and final recommendation solution is put forward.

Project planning Once the project is defined, the project enters the detailed planning phase. This involves the creation of: Project plan(outlining the activities , tasks , dependencies and time frames) Resource plan(listing the labor , equipments and materials required) Financial plan(identifying the labor, equipments and materials costs) Quality plan (providing quality targets , assurance and control measures) Risk plan(highlighting potential risks and actions taken to mitigate them) Acceptance plan(listing the criteria to be met to gain customer acceptance) Communications plan(listing the information needed to inform stakeholders)

Procurement Plan (identifying products to be sourced from external suppliers).

Project Execution This phase involves the execution of each activity and task listed in the Project Plan. While the activities and tasks are being executed, a series of management undertaken to monitor and control the deliverables being output by the project. processes are

This includes the identification of changes, risks and issues, the review of deliverable quality and the measurement of each deliverable being produced against the acceptance criteria. Once all of the deliverables have been produced and the customer has accepted the final solution, the project is ready for closure.

Project Closure Project Closure involves releasing the final deliverables to the customer, handling over project documentation, terminating supplier contracts releasing project resources and communicating the closure of the project to all stakeholders. The last remaining step is to undertake a Post Implementation Review to quantify the overall success of the project and list any lessons learnt for future projects.

Initiation The initiation phase essentially involves the project start-up. It is the phase within which the business problem or opportunity is identified, the solution is agreed, a project formed to produce solution and a project team appointed. The following diagram depicts the activities undertaken:

Develop a business case

Undertake a feasibility study

Establish the terms of reference

Appoint a project team

Setup a project office

Perform phase review

Develop Business Case Once a business problem or opportunity has been identified, a Business Case is prepared. This includes: A detailed definition of the problem or

Opportunity. An analysis of the potential solution options

available. For each option, the potential benefits, costs, risks and issues are documented. Perform Feasibility Study At any stage during (or after) the development of a Business Case, a formal Feasibility Study may be commissioned. The purpose is to assess the likelihood of a particular solution options achieving the benefits outlined in the Business Case.

The Feasibility Study will also investigate whether the forecast costs are reasonable, the solution is achievable, the risks are acceptable and/or any likely issues are avoidable.

Establish Terms of Reference After the solution has been agreed and funding allocated, a project is formed. The Terms of Reference defines the vision, objectives, scope and deliverables for the project. It also provides the organization structure (roles and responsibilities) and a summarized plan of the activities, resources and funding required to undertake the project. Finally, any risks, issues, planning assumptions and constraints are listed.

Appoint Project Team At this point the scope of the project has been defined in detail and the project team are ready to be appointed. Although a Project Manager can be appointed at any stage of the project, s/he will need to be appointed prior to the establishment of the project team. The Project Manager documents a detailed Job Description for each project role and appoints a human resource to each role based on his/her relevant skills and experience. Once the team are fully resourced, the Project Office is ready to be set -up.

Set up Project Office Project Office is the physical environment within which the team will be based. Although it is usual to have one central project office, it is possible to have a virtual project office environment, with project team members in various locations around the world. The components: Location (either physical or virtual) Communications (telephones, computer network, email, internet access, file storage, database storage and backup facilities) Documentation (methodology, processes, forms and registers) Tools (for accounting, project planning and risk modeling).

Perform Phase Review At the end of the Initiation Phase, a Phase review is performed. This is basically a checkpoint to ensure that the project has achieved its stated objectives as planned.

Planning It is now time to undertake detailed planning to ensure that the activities performed in the execution phase of the project are properly sequenced, resourced executed and controlled.

Develop Project Plan Work Breakdown Structure (WBS) is identified which in cludes a hierarchical set of phases, activities and tasks to be undertaken on the project. After the WBS has been agreed, an assessment of the effort required to undertake the activities and tasks is made. The activities and tasks are sequenced, resources are allocated and a detailed project schedule is formed.

Develop Resource Plan Types of resources (labor, equipment and materials) Total quantities of each resource type Roles, responsibilities and skill-sets of all human resources Items, purposes and specifications of all equipment resource Items and quantities of material resource.

Develop Financial Plan A Financial Plan is prepared to identify the quantity of money required for each stage in the project. The total cost of labor , equipment and materials is quantified and an expense schedule is defined which provides the Project Manager with an understanding of the forecast spending vs. the actual spending throughout the project.

Major Compititor : Some of the major competitors for SBI in the banking sector are ICICI Bank, HDFC Bank, Axis Bank, Punjab National Bank, UCO Bank and Bank of Baroda. However in terms of average market share, SBI is by far the largest player in the market.[13]