Project Management
1. Why do we have to study project management?
To effectively manage working schedules against deadlines
To learn specific techniques, skills and programs needed for project execution
To be able to foresee challenges and manage risks
To prioritize tasks and keep focus on end goals
When projects are planned well, you can anticipate and handle challenges
proactively
Project management provides tools and methods to ensure projects are completed
on time, within budget, and to expected quality
It helps identify and mitigate risks and manage resources effectively
It ensures stakeholders are well informed and involved throughout the project
2. Reasons to study project management (According to
National University California):
1. Project management helps ensure projects are completed:
On time
Within budget
To the expected quality of work
2. It helps identify and mitigate risks and manage resources effectively
3. It ensures stakeholders are well informed and involved throughout the project
lifecycle
3. Benefits of studying project management:
1. Work smarter, not harder:
Develop effective working strategies
Learn planning and budgeting skills
Master time management
Develop stakeholder management skills
2. Improve chances of achieving desired results:
Learn to break down projects into manageable parts
Develop ability to delegate effectively
React to issues with greater agility
Direct teams more effectively
3. Gain competitive advantage through developing critical skills:
Analytical thinking and innovation
Active learning
Problem solving
Critical thinking
Leadership and social influence
Reasoning and ideation
Resilience and stress management
4. Improve quality of work:
Learn to develop and monitor KPIs
Ensure quality control
Anticipate and respond to issues
Develop innovative solutions
5. Gain skills in a growing industry with applications across multiple sectors:
Engineering and Construction
Healthcare
Banking and Financial Services
Infrastructure
Manufacturing
Information Technology
Government and Defense
Education and Training
4. Success factors contributions made by management:
1. The Project Manager:
Must have diverse array of skills
Needs strong leadership capabilities
2. Project Team:
Must have variety of skills and experience
Needs to work collectively under proper guidance
3. Project Elements:
Clear scope definition
Realistic timeline
Well-defined objectives
4. Organization:
Must provide support to project manager
Must support project team
Ensure necessary resources
5. External Environment:
Management of external constraints
Having backup plans
Risk management
5. Key points learned from first 4 lectures:
1. Project Definition and Characteristics:
A project is a temporary endeavor to create unique product/service/result
Has specific deliverables, timeframe, budget
Works across organizational boundaries
Has unique specifications
2. Project Management Fundamentals:
Application of knowledge, skills, tools, and techniques
Involves initiating, planning, executing, monitoring/controlling, and closing
Manages constraints of Performance, Time, Cost, and Scope
3. Project Phases:
Conception and initiation
Definition and planning
Launch and execution
Performance and control
Project close
4. Core Components:
Defining project necessity
Capturing requirements
Preparing business case
Securing funding
Developing management plan
Leading project team
Managing risks and changes
Monitoring progress
Managing budget
Stakeholder communication