Project
Management
Why the Emphasis on Project Management?
1. • Many tasks do not fit neatly into business-as-usual
2. • Organizations need to assign responsibility and authority
for the achievement of their goals
Characteristics of Projects
1. • Unique
2.
• Specific deliverables
3. • Specific due date
Other Common Characteristics of Projects
1.
• Multidisciplinary
2.
• Complex
3. • Often involve conflicts
4.
• Part of programs
Formal Definition of a Project
“A project is a temporary endeavor undertaken to create a
unique product or service.”
-Project Management Institute, 2007
Formal Definition of Project Management
“The application of knowledge, skills, tools, and techniques
to a broad range of activities in order to meet the
requirements of a particular project.”
-Project Management Institute, 2007
Comparison of Project Management and
General Management
1.
2.
3.
4.
5.
6.
7.
What in not a Project?
1. • Emergency response to operations
problems
o Callouts
o Repairs and troubleshooting
2. • Routine operations support
o Maintenance of equipment
o Minor modifications and tuning
of equipment
Three Goals of Project Management
1. • Scope
2. • Cost
3.
• Time
Project Parameters
These five parameters, which are often known as the ‘control factors’-
1. • Time: estimating how many personnel will be needed within a given
period to arrive at a good distribution of workers across the project
teams.
2. • Money: determining whether projects are financially feasible
3. • Quality: determining whether the goals of a project are consistent
with the strategy of the organization
4. • Organization: arriving at mutual agreements concerning the
hierarchy among projects and between the projects and other
departments
5. • Information: establishing who will report what about the project
and when to the management team
Project Components
1. • Team: A project team is comprised of a group of people who will
realize the project result.
2. • Goal: A product result (or goal) is desired. After a project has been
completed, something has been achieved. In many projects, it is
necessary to adapt the goal as the project proceeds.
3. • Limited resources: The amount of time and money that is available
for completing a project is always limited. No project is completely
free of time pressure.
4. • Uncertainty (risk): One characteristic feature of projects is that
their success is never guaranteed beforehand. Even if the desired
goal is already being reached, it is uncertain whether it will be
achieved within the available budget or within the proposed time.
Uncertainty
1. • All projects are always carried out under conditions of uncertainty
• Projects are all about uncertainty
2. • Effective project management requires an ability to deal with
uncertainty
3. • Projects are complex and include interfaces, interdependencies,
and assumptions, which may turn out to be wrong
• People add to the uncertainty
Can Uncertainty be Eliminated?
• No, uncertainty cannot be eliminated
1.
2. • However, if managed properly, it can be minimized
Uncertainties/ Challenges Encountered in
Project Management
1.
• Time required to complete a project
2. • Availability and cost of key resources
3.• Timing of solutions to technological problems
4. • Macroeconomic variables
5.
• The whims of clients
6.
• Actions taken by competitors
Fourth Project Goal
• There is a relationship between uncertainty and the three
traditional project goals
• Therefore, we adopt the view in this book that managing
uncertainty is a fourth goal of project management
• Thus, the primary role of the project manager is to
effectively manage the trade-offs between cost, time,
scope, and risk
The Project Life Cycle
There are typically five project life cycle phases:
1. • Initiation: The initiation phase marks the beginning of a project,
with the project manager defining the scope and objectives.
During this phase, it’s vital to align stakeholders on common goals
and lay the foundation for a successful project.
2. • Planning: During the planning phase, the project manager
develops a detailed project plan and roadmap. This involves
determining key scheduling details, resource allocation, and risks
that could impact the project. The goal is to create a
comprehensive map of how the team will execute the work.
3.
• Execution: During the execution phase, the team puts the project plan
into action. The project manager plays a key role in coordinating
resources, including people, tools, and materials, while also ensuring the
team is well-informed about their individual tasks and timelines.
4.
• Monitoring and controlling: The monitoring and controlling phase
involves regularly checking project progress and team performance to
ensure everything adheres to the project plan. During this phase, the
project manager identifies any deviations from the plan and budget,
determining the cause to take corrective action.
5. • Closure: The closing phase marks the formal end of a project. During this
phase, the focus is on getting final approvals [Link]-offs,[Link] a
1.
post-project review, 4. identifying what went well, 5. determining areas for
improvement, and [Link] lessons learned. These activities foster a
culture of continuous learning and promote accountability and
transparency.
The Project Life Cycle An Alternate Project
Life Cycle
Here the expenditure
Here percentage of project
of resources has little
completion is closely
correlation with
correlated with cost, or the
progress, at least in
use of resources.
terms of final benefit.
Selecting Projects To Meet Organizational Objectives
• Project selection is process of evaluating projects and choosing
them so firm objectives are met
• Ensure that several conditions are considered
1.o Is the project potentially profitable
2.o Is the project required
3.o Does firm have the skills to complete the project
4. o Does the project involve building strategic competencies
5. o Does it have capacity to carry out the project
6. o Can project be economically successful
Quasi-projects
• A quasi-project is an imprecise project
• Quasi-projects are poorly defined projects
• There is a disconnect between the timeframes and project
objectives
• Non-project refers to activities or tasks that are ongoing
and do not stop when the project is completed.
• A quasi-project is a project that does not have specific
tasks, a specific budget, and a specific deadline