Steel Project and Phases in its life cycle...

Steel Project and Phases in its life cycle Steel project consists of activities through which a steel plant is conceptualize, designed, constructed and handed over for operation for the production of steel products. Steel project being a large scale in nature requires considerable time period as well as funds for its execution. Further, steel project is normally driven by the triple constraints which represent the balance of time, resources (human and otherwise), and technical performance (quality). Every steel project is unique in nature. This is because one steel project differs from other steel project with respect to its composition and the nature of the triple constraints. Also, steel project does not involve repetitive processes which are very common with the operation of the steel plant. Time scale of a steel project is well defined and it has a clear specified start and end date within which the project is to be completed and handed over for its operations. Steel project has an approved budget and the project is required to be completed within the allocated level of financial resources. Other resources needed for the project execution such as equipment and materials as well as human resources are also usually limited. Steel project also involves an element of risk. It has to overcome several uncertainties as it moves forward during its execution. Many of these uncertainties are caused by external factors and cannot be foreseen. The uncertainties generally result into disruption in the process of project planning as well as in the execution of the project. Every steel project has a life cycle. It starts with the initiation of the project and ends with the handing over of the plant for operation. There are some of the project activities, which extend beyond the handing over...