Definition:

A project is a sequence of unique, complex and connected activities having one goal or purpose

that must be completed by a specific time, within budget and according to specification.

Characteristics of project:

Has definite start and end dates or duration

Has only one goal

Product or result is unique

One time effort

Has interrelated activities

Involves consumption of human and non-human resources

Involves a certain amount of risk

Project vs operation/process:

1. Projects are a one-time effort whereas processes occur on a daily basis or regularly

2. Projects usually require a unique or a new set of resources whereas operations work

with the already existing resources

What is project management?

Applying a set of skills, knowledge, tools and techniques to project activities to meet project

requirements.

It involves:

Ensuring and identifying the requirements of stakeholders are met as the project moves

forward

Balancing different constraints for optimum results e.g. money, time, specifications

Identifying errors and correcting them

5 stages or process groups of project management:

Initiation

Planning

Execution

Monitoring

Closeout

Triple constraints: (also called the proj. mgmt. triangle)

Time – budget – Scope

Project success is defined as project completion:

Within the allocated time period Within the budgeted cost At the proper performance or specification level With acceptance by the customer/user When you can use the customers name as a reference With minimum or mutually agreed upon scope changes Without disturbing the main workflow of the organization Without changing the corporate culture

Program management: A program is defined as a group of related projects managed in a coordinated way to obtain benefits and control which cannot be achieved by managing them individually. Program management is defined as the centralized coordinated management of a program to achieve the program’s strategic objectives and benefits. Projects within a program are related through the common outcome or collective capability. Projects within a program may have different objectives but they share a common GOAL.

Programs Projects

Similarities: Both have goals and objectives Both have definite life spans Both involve risk Both incur costs Both require proper management for success

Differences: A program contains a set of projects A program costs more than any of its component projects A program continues to use the result of a finished project for a specified time Projects have only one prime goal whereas programs can have more goals A program is obviously more difficult to manage than its component projects

Portfolio consists of programs that may not have common objectives but serve specific goals of

an organization e.g. maximizing profits, gaining strategic benefits.

Portfolio mgmt. is the centralized and coordinated mgmt. of an organization’s resources to find

new project opportunities, gain knowledge about these opportunities and be able to rank these

opportunities according to a set of criteria such as risk, strategic importance, cost and returns

etc. It also involves monitoring of programs and projects, in different stages of development,

within the portfolio and adjusting their ranks on the priority scale according to a specific

criteria.

Proj. mgmt.. office or PMO is an organizational body which has been assigned responsibilities to

effectively manage projects within its domain.

PMO :

provides standards for performance check and quality control

provides communication channels between personnel on different projects

manages shared resources across different projects

Coaches and trains personnel

Sets management standards

Duties of PM:

Planning:

Scheduling, Giving an outline of how the project will proceed, estimations, establishment of

scope of work, establishment of communication channels between personnel, contingency

planning

Organizing:

Organize personnel or departments according to their responsibilities, Organize plans showing

the outline of the project, Develop a work breakdown structure.

Staffing:

Hiring personnel for different departments, Explaining their responsibilities to all personnel,

encourage personnel to express their views on proj. mgmt.

Directing:

Complimenting personnel on good work, work proactively to avoid problems, guide personnel

when needed, coordinate all aspects of the project

Controlling:

Keeping milestone chart, expenditure records, work records, records of meetings and

telephonic conversations, Keep everyone informed about the pace of the project.

Objectives must be:

Specific

Measurable

Attainable

Realistic

Time bound

Objectives are specific, measurable, tangible

Goals are generic, not necessarily measureable or tangible