The iron and steel industries have undergone a technological revolution in the last 30 years. In a relatively short time, the steel industry has observed the almost complete disappearance of few old technologies and wide spread adoption of new modern, cost effective, state of-the-art technologies. These replacements of technologies deal with great challenges at every step of implementation. A traditional phased approach identifies a sequence of steps to be completed. In the traditional approach, different components of a project have been distinguished in the development of a project. Each new project involves unique challenges that require unique solutions with aim to deliver new products to markets. This new project in context of steel industry may be either green field project, gray field project, merger project or internal project. All the projects mentioned are different in nature. Greenfield projects will need different treatment as compared to gray field projects or merger project or internal project. These undergo great changes along either dimensions and need extra resources. Research and Developmental projects are creative, high-end process; companies have different expectations about results and different strategies for funding and managing it than they do for other commercial projects. In present scenario, timely completion of the projects is of great challenge. In this paper, based on previous experience of project implementation is discussed with probable difficulties which may hinder for timely completion of projects with minimum capital investment for new projects in steel industry.
Cite this article:
Santosh Kumar, Vikash Kumar. Effective Project Management in Steel Industry. Asian J. Management; 2017; 8(4):1379-1386. doi: 10.5958/2321-5763.2017.00210.4