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A project consists of a series of tasks or activities that have several distinguishing characteristics: -The project has specific starting and ending dates -It has well defined objectives -It achieves a specified product or result -It is unique in that it is not a routine operation, but a specific set of operations designed to accomplish a singular goal -Cost, time schedules and resources are consumed
A project has an expected output, a start and end date, and limited resources. The unique characteristic of output of the project does not mean that a project will not include various repetitive tasks. Projects are composed of processes: A process is a series of actions bringing a result or an output.
Project Management is the art of managing all the aspects of a project from inception to closure using a structured methodology. The term project may be used to define any endeavor that is temporary in nature and with a beginning or an end. The project must create something unique whether it is a product, service or result and must be progressively elaborated.
Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements .
PMI Definition
A temporary endeavor undertaken to create a unique product or service
Project management is the discipline of planning, organizing, motivating, and controlling resources to achieve specific goals. A project is a temporary endeavor with a defined beginning and end (usually time-constrained, and often constrained by funding or deliverables),1.undertaken to meet unique goals and objectives,2. typically to bring about beneficial change or added value.
Project Attributes
A project:
Has a unique purpose. Is temporary. Is developed using progressive elaboration. Requires resources. Should have a primary sponsor.
The project sponsor usually provides the direction and funding for the project.
Involves uncertainty.
Project managers work with project sponsors, project teams, and other people involved in projects to meet project goals.
Successful project management means meeting all three goals (scope, time, and cost) and satisfying the projects sponsor.
Project Management Basics No matter what the type of project, project management typically follows the same pattern: Definition Planning Execution Control Closure
Defining the Project -In this stage the project manager defines what the project is and what the users hope to achieve by undertaking the project. This phase also includes a list of project deliverables, the outcome of a specific set of activities
Planning the Project - In this stage, the project manager lists all activities or tasks, how the tasks are related, how long each task will take, and how each tasks is tied to a specific deadline. - for example, if one task is x number of days late, the project tasks related to it will also reflect a comparable delay. -Likewise, the project manager can set milestones, dates by which important aspects of the project need to be met.
Executing the Project -In this phase, the project manager knows how many resources and how much budget he or she has to work with for the project. -The project manager then assigns those resources and allocates budget to various tasks in the project. Now the work of the project begins.
Controlling the Project -The project manager is in charge of updating the project plans to reflect actual time elapsed for each task. -By keeping up with the details of progress, the project manager is able to understand how well the project is progressing overall.
Project Management
Complex and numerous activities Unique - a one time set of events Finite - a begin and end date Limited resources and budget Many people involved Sequenced activities End product or service must result
Scope
Quality
Project
A project is an endeavor to accomplish a specific objective through a unique set of interrelated tasks and the effective utilization of resources. It has a well-defined objective stated in terms of scope, schedule, and costs. Project s are born when a need is identified by the customer the people or organization willing to provide funds to have the need satisfied. It is the people (project manager and project team), not the procedures and techniques, that are critical to accomplishing the project objective. Procedures and techniques are merely tools to help the people do their jobs.
Examples of Projects
Planning a wedding Designing and implementing a computer system Hosting a holiday party Designing and producing a brochure Holding a high school reunion Performing a series of surgeries on an accident victim
The Project Team is the group responsible for planning and executing the project. It consists of a Project Manager and a variable number of Project Team members, who are brought in to deliver their tasks according to the project schedule .
-The Project Manager is the person responsible for ensuring that the Project Team completes the project. -The Project Manager develops the Project Plan with the team and manages the teams performance of project tasks.
The Project Team Members are responsible for executing tasks and producing deliverables as outlined in the Project Plan and directed by the Project Manager, at whatever level of effort or participation has been defined for them
The Project Sponsor is a manager with demonstrable interest in the outcome of the project who is responsible for securing spending authority and resources for the project.
Customers comprise the business units that identified the need for the product or service the project will develop.
Stakeholders are all those groups, units, individuals, or organizations, internal or external to our organization, which are impacted by, or can impact, the outcomes of the project.
Deadlines: A project manager must always be able to carry out his role in a very effective manner. Client Satisfaction: Satisfaction of the client however does not mean that you rush to finish the work on time without ensuring that standards are met.
No Budget Overrun Requirements Coverage: Another goal of a project manager involves meeting all requirements of the client Team Management
PROJECT
The word project was first used in or around the sixteenth century and derives from the Latin projicere (= throw forward). The Latin root thus suggests movement, a trajectory, a certain relationship with space and time. The implied process involves: a point of departure used as a base, from which one throws oneself forward towards a goal
The Oxford English Dictionary defines project as An individual or collaborative enterprise that is carefully planned and designed to achieve a particular aim. As per PMI: A project is a temporary endeavor undertaken to create a unique product, service, or result. Project is a concept which serves to organise action.
Projects have a purpose Projects are realistic Projects are limited in time and space Projects are complex Projects are collective Projects are unique Projects can be assessed Projects are made up of stages
Projects are authorized as a result of one or more of following strategic considerations: A market demand (e.g., a telecom service provider authorizes a project to install a new tower in response to customer needs in an area) An organizational need (e.g., a training company authorizes a project to create a new course in order to increase its revenues) A customer request (e.g., an electric utility authorizes a project to build a new substation to serve a new industrial park) A technological advance (e.g., a software firm authorizes a new project to develop a new generation of video games after the introduction of new game playing equipment by electronics firms) A legal requirement (e.g., a paint manufacturer authorizes a project to establish guidelines for the handling of a new toxic material).
TRIPLE CONSTRAINT Triple Constraint is the balance of the projects scope, schedule (time) and cost. It is sometimes called Dempsters triangle wherein one of the sides or corners represent the scope, time and cost of a project being managed by the project managers. Triple constraint is used to gauge whether a projects objectives are being met.
Project Initiation
Before a project manager begins working on a project, he or she needs to understand how and why the organization decided to spend valuable resourcesmoney and time-on the project.
Project selection is the process of evaluating individual projects or groups of projects, and then choosing to implement some set of them so that the objectives of the organization will be achieved. For example: - A television station can select which of several syndicated comedy shows to rerun in its 7:30 p.m. weekday time-slot. - A hospital can find the best mix of psychiatric, orthopedic, obstetric, and
Each project will have different costs, benefits, and risks. Rarely are these known with certainty. Project selection is only one of many decisions associated with project management
Project Selection
Project selection is the process of evaluating individual projects or groups of projects, and then choosing to implement some set of them so that the objectives of the parent organization will be achieved Managers often use decision-aiding models to extract the relevant issues of a problem from the details in which the problem is embedded Models represent the problems structure and can be useful in selecting and evaluating projects
Realism: For example, Project A may strengthen a firm's market share by extending its facilities, and Project B might improve its competitive position by strengthening its technical staff. Other things being equal, which is better? The model should take into account the realities of the firm's limitations on facilities, capital, personnel, and so forth. The model should also include factors that reflect project risks, including the technical risks of performance, cost, and time as well as the market risks of customer rejection etc.
Capability: The model should be sophisticated enough to deal with multiple time periods, simulate various situations both internal and external to the project and optimize the decision.
Flexibility: It should have the ability to be easily modified, or to be self-adjusting in response to changes in the firm's environment; for example, tax laws change, new technological advancements alter risk levels, and, above all, the organization's goals change.
Ease of Use: The model should be reasonably convenient, not take a long time to execute, and be easy to use and understand. It should not require special interpretation, data that are difficult to acquire, excessive personnel, or unavailable equipment.
Cost: Data gathering and modeling costs should be low relative to the cost of the project and must surely be less than the potential benefits of the project. All costs should be considered, including the costs of data management and of running the model.
Nonnumeric Models
Models that do not return a numeric value for a project to be compared with other projects. These are really not models but rather justifications for projects.
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Nonnumeric Models
Sacred Cow - project is suggested by a senior and powerful official in the organization Operating Necessity - the project is required to keep the system running Competitive Necessity - project is necessary to sustain a competitive position Product Line Extension - projects are judged on how they fit with current product line, fill a gap, strengthen a weak link, or extend the line in a new desirable way. Comparative Benefit Model - several projects are considered and the one with the most benefit to the firm is selected
SACRED COW
Sacred cow decisions are made because someone-generally in upper management really wants a particular project to be done. These decisions are not always in the best interest of the organization but of one individual or a group.
SACRED COW
A senior manager from a non-IT department picks up a trade magazine and reads about show all the best companies are doing XYZ to be competitive. He then schedules a meeting with an IT manager and explains that XYZ is something we have to implement.
The Operating Necessity: If a flood is threatening the plant, a project to build a protective dike does not require much formal evaluation. If the project is required in order to keep the system operating.
The Competitive Necessity: Using this criterion, XYZ Steel undertook a major plant rebuilding project in the late 1960s in its steel bar manufacturing facilities near Chicago. It had become apparent to XYZ's management that the company's bar mill needed modernization if the firm was to maintain its competitive position in the Chicago market area. Although the planning process for the project was quite sophisticated, the decision to undertake the project was based on a desire to maintain the company's competitive position in that market. In a similar manner, many business schools are restructuring their undergraduate and Masters in Business Administration (MBA) programs to stay competitive with the more forward looking schools.
The Product Line Extension: In this case, a project to develop and distribute new products would be judged on the degree to which it fits the firm's existing product line, fills a gap, strengthens a weak link, or extends the line in a new, desirable direction.
Comparative Benefit Model: -Assume that an organization has many projects to consider, perhaps several dozen. Senior management would like to select a subset of the projects that would most benefit the firm, but the projects do not seem to be easily comparable. -For example, some projects concern potential new products, some concern changes in production methods, others concern computerization of certain records etc. -The organization has no formal method of selecting projects, but members of the selection committee think that some projects will benefit the firm more than others, even if they have no precise way to define or measure "benefit."
Numeric Models
Models that return a numeric value for a project that can be easily compared with other projects
Payback Period
The length of time until the original investment has been recouped by the project A shorter payback period is better
Payback Period: -The payback period for a project is the initial fixed investment in the project divided by the estimated annual net cash inflows from the project. The ratio of these quantities is the number of years required for the project to repay its initial fixed investment. The faster the investment is recovered, the less the risk to which the firm is exposed
A Company wishes to buy a machine for a fouryear project. The manager has to choose between machine A or machine B. Although both projects have the same initial cost ($35, 000) their cash flows perform differently over the four-year period. To calculate the payback period, simply work out how long it will take to recover the initial outlay
Machine A Machine B Payback period 2 years 3 years Machine A will recover its outlay one year sooner than Machine B. Where machines are ranked by the shortest Payback period, machine A is selected in preference to machine B.
The Net Present Value (NPV) of a project is defined as the difference between present value of cash inflow (revenue PV in) and present value of cash outflow (cost PV out) of that project over the project life cycle time.
The Profitability Index of a project is the ratio of present value of cash inflow and present value of cash outflow of that project over the project life cycle time.