Project Management Part I

A project is “a temporary endeavor undertaken to create a unique product, service, or result. Temporary means that every project has a definite beginning and a definite end. Unique means that the product or service is different in some distinguishing way from all similar products or services.

A project ,

Has a unique purpose.
Is temporary.
Is developed using progressive elaboration.
Requires resources, often from various areas.
Should have a primary customer or sponsor.
Involves uncertainty.

Advantages of Managing Projects –

• Better control of financial, physical, and human resources.

• Improved customer relations.

• Shorter development times.

• Lower costs.

• Higher quality and increased reliability.

• Higher profit margins.

• Improved productivity.

• Better internal coordination.

• Higher worker morale (less stress)

Examples of projects

•Developing a new product or service

•Acquiring/Implementing a software product

•Constructing a building or facility

•Running a campaign for political office

•Implementing a new business process

Projects vs. Operations

• Projects – Temporary,Unique • Operations - Ongoing,Repetitive

• Common Characteristics - Performed by people, Limited Resources, Planned, Executed and Controlled.

Project management is “the application of knowledge, skills, tools and techniques to project activities to meet project requirements.”

Project management tools and techniques -

Project charters, scope statements, and WBS (scope).
Gantt charts, network diagrams, critical path analyses, critical chain scheduling (time).
Cost estimates and earned value management (cost).
Many organizations support an emerging business strategy of project portfolio management. Organizations group and manage projects as a portfolio of investments that contribute to the entire enterprise’s success.