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Evolution Of Project Management

The history of project management is often
asssociated with the construction of the massive
Egyptian Pyramids and the Great Wall of China. Later
these techniques were improved and modified for
usage on other forms of construction projects, such as
shipbuilding. Modern day project management is
associated with Henry Gantts development of bar
chart and special project management techniques
developed during military and aerospace projects of
the 1950s and 1960s in America and Britain.

Project Management during 1950s and 1960s

By the 1950s, the size and complexity of many projects had
increased so much that even these techniques proved inadequate.
Hence, during 1950s and 1960s, almost all the special project
management techniques, which we use today, were developed by
the U.S. defence aerospace industry (DOD and NASA). These
include Programme Evaluation and Review Techniques (PERT),
Earned Value (EV); Configuration Management Value; Value
Engineering; Work Breakdown Structures (WBS). Motivated by
scheduling urgency and engineering management, the
construction industry made its contribution to the development
of Critical Path Method and Precedence Diagram Method using
network diagrams resource smoothing.

Project Management during 1970s to 2000s

The Vietnam war, the OPEC oil embargoes and environmental
pressure featured in 1970s to constrain projects across a wide range
of industries and commerce. Environmental matters become a
project issue impacting on pollution, nuclear waste, noise pollution
and roads. In the 1990s fierce competition from the Far East
encouraged large companies to use management by project
approach. During this period the TOTAL QUALITY
MANAGEMENT emerged as a comprehensive project management
techniques emphasising the importance of clients, continuous
improvement, team work, and management through the project lifecycle. The last three decades of the twentieth century witnessed the
increased computerization of project management.

Project Management during 21st Century

Leading researchers and scholars perceive the
twenty-first century as a upcoming age of project
management. The globalization of markets, the
merging of many European economies, increased
expenditure of money on capital investment for
the purpose of rapid infrastructure expenditure
enhanced the popularity of project management
as a technique of improving the efficiency and
effectiveness of organizational operations.

Risk Management
The process involved with
identifying, analyzing , and
responding to risk . It includes
maximising the results of positive
risks and minimizing the
consequences of negative events

Why Do We Manage Risks?

Project problems can be reduced as much as
90% by using risk analysis .
Positives :
More info available during planning
Improved probability of success/optimum
project
Negatives :
Belief that all risks are accounted for project
cut due to risk level

Key Terms
Risk Tolerance The amount of
acceptable risk
Risk adverse Someone that does not
want to take risks
Risk Factors
Probability of occurence
Impact of event
Range of outcomes
Timing of event

Risk Monitoring and Control

Risk monitoring and control is required in
order to:
Ensure the execution of the risk plans and
evaluate their effectiveness in reducing risk.
Keep track of the identified risks, including
the watch list.
Monitor trigger conditions for contingencies
Monitor residual risks and identify new risks
arising during project execution.
Update the organizational process assets.