OVERVIEW * Understanding the meaning of project management. * Comprehend the importance and objectives of Project management. Discuss the rationale behind key issues concerned management. . with project Discuss the key steps to be taken for m: aximizing the value of the firm. In-depth understanding of various types of projects. A mini steel plant is considering building a new arc furnace; an insurance company is planning to install a computer system for information Processing; the Government of India is thinking of an ambitious plan to link the Ganges and Cauvery rivers. All these decisions involve a capital investment decision. Essentially each of them represents a scheme for investing resources which can be analysed and upraised reasonably independently. The basic characteristics of capital expenditure is that it typically involves a current outlay of funds in expectation of a stream of benefits extending far into the future. CAPITAL INVESTMENTS: IMPORTANCE AND DIFFICULTIES A capital expenditure, from the accounting point of view, is an expenditure which is shown as an asset in the balance sheet. This asset, except in the case of a non-depreciable asset like land, is depreciated over its life. There are12 Project Management capital expenditures and revenue expenditures, where, outlays on research and development, major advertising campaign, and reconditioning of plant and machinery maybe treated as revenue expenditure for accounting purposes, even though they are expected to generate a stream of benefits in the future and qualify for being capital expenditures. Importance represent the most important decisions Capital Expenditure decisions often e major factors which makes capital taken by a firm Following are th investment decisions more relevant: « Long Term Effects - ‘The consequences of capital expenditure decisions extend far into the future. The scope of current manufacturing activities ofa form is governed largely by capital expenditures made in the past. Likewise, current capital expenditure decisions have an enormous bearing on the basic character of a firm. Irreversibility - The market for used capital equipment in general is ill-organised. Further, for some types of capital equipment, custom made to meet specific requirements, the market be virtually be non- existent, Once such an equipment is acquired, reversal of decision may mean scrapping the capital equipment. Thus, a wrong decision may incur huge losses. Substantial Outlays - Capital expenditure usually involves huge outlays. An Integrated steel plant, for example involves several thousand crores. Capital cost tends to increase with technological advancement. Difficulties © Measurement Problems - Identifying and measuring the costs and benefits of a capital expenditure proposal tend to be difficult. This is more so when a capital expenditure has a bearing on the other activities of the firm (like cutting into the sales of some existing product) oF has some intangible consequences (like improving the morale of workers): ind * Uncertainty - A capital expenditure decision involves costs benefits that extend far into the future. It is impossible to predict a what will happen in the future. Hence, there is usually a great i a iture uncertainty characterising the costs and benefits of capital expend decisions,Overview 13 * Temporal Spread - The costs and benefits associated with a capital expenditure decision are often spread out over a long period of time, usually 10-20 years for industrial projects and 20-50 years for infrastructural projects. Such a temporal spread creates some problems in estimating discount rates and establishing equivalences. PROJECT MANAGEMENT In brief, project management objectives are the successful development of the project’s procedures of initiation, planning, execution, regulation and closure as well as the guidance of the Project team’s operations towards achieving all the agreed upon goals within the set scope, time, quality and budget standards. Projects are temporary and, in a sense, unique endeavours. Temporary because they only happen once and have a specific duration and unique in that they are not routine enterprises, but a set of procedures intended to produce a singular product, outcome, service or result. At the core of all projects lies the element of collaboration and communication, with all stakeholders, the clients, the project team, the organization or even the wider community. To this end, project management is where all processes meet, the central focal point from which all procedures derive, are specifically defined, scheduled and organized, following which they are communicated and assigned and subsequently followed up on and evaluated. Objectives of Project Management ¢ The Successful Development and Implementation of all the Phases of a Project - A project, regardless of its size, generally involves five distinctive phases of equal importance: Initiation, Planning and Design, Construction and Execution, Monitoring and Control, Completion. The smooth and uninterrupted development and execution of all the above phases ensures the success of a project. © Productive Guidance, Efficient Communication and Apt Supervision of the Project Team - Always keep in mind that the success or failure of a project is highly dependent on teamwork, thus, the key to success is always in collaboration. To this end, the establishment of good communication is of major importance. On one hand, information needs to be articulated in a clear, unambiguous and complete way, so everything is comprehended fully by everyone and on the other hand,. a os Project Managemen is the ability to be able listen and receive constructive feedback, The Achievement of the Project’s Main Goal within the Biv Constraints - The most important objective of the project is “ complete the desired goal within the estimated Time, while being i the expected Quality and within the estimated Budget. Staying withi, the agreed limitations always feeds back into the measurement as project's performance and success. mization of the Allocated Necessary Inputs - and thei application to meeting the project's pre-defined objectives, is a matter where is always space for improvement. All processes and Procedures can be reformed and upgraded to enhance the sustainability of a lead the team through the strategic change process, Opti project and to I Production of a Complete Project which Follows the Client’s Exclusive Needs and Objectives - This might mean that you need to shape and reform the client’s vision or to negotiate with them as regards the project's objectives, to modify them into feasible goals, Once the client’s aims are clearly defined they usually impact on all decisions made by the project's stakeholders. Meeting the client's expectations and keeping them happy not only leads to a successful collaboration which might help to eliminate surprises during project execution, but also ensures the sustainability of your professional status in the future. Project management is a flourishing field that keeps growing in knowledge and interest at a considerable rate. Understanding project management objectives in-depth is the first step to success, as you will fully realize what it takes to be efficient, effective and competitive in a shifting, complex and at times unpredictable environment. Due to the which differs from typical management nature of project management, character of most by the innovative, unique and multidisciplinary projects, it is generally agreed that it requires its own tools and hniques do not apply techniques. Keep in mind that these tools and tec : to all projects, so make sure you choose wisely and adjust accordingly: Importance of Project Management (a) Strategic Alignment sures what is ate P ‘roject management is important because it en * business delivered, is right, and will deliver real value againstf- L- 15 Overview (b) (¢) opportunity. Every client has strategic goals and the projects that we do for them advance those goals. Project management is important because it ensures there's rigor in architecting projects properly so that they fit well within the broader context of our client's strategic frameworks Good project management ensures that the goals of projects closely align with the strategic goals of the business. In identifying a solid business case, and being methodical about calculating ROI, project management is important because it can help to ensure the right thing is delivered, that’s going to deliver real value. Of course, as projects progress, it is possible that risks may emerge, that turn into issues or even the business strategy may change. But a project manager will ensure that the project is part of that realignment. Project management really matters here because projects that veer off course, or which fail to adapt to the business needs may end up being expensive and/or unnecessary. Leadership Project management is important because it brings leadership and direction to projects. Without project management, a team can be like a ship without a rudder; moving but without direction, control or purpose. Leadership allows and enables a team to do their best work. Project management provides leadership and vision, motivation, removing roadblocks, coaching and inspiring the team to do their best work. Project managers serve the team but also ensure clear lines of accountability. With a project manager in place there’s no confusion about who’ in charge and in control of whatever's going on in a project. Project managers enforce process and keep everyone on the team in line too because ultimately, they carry responsibility for whether the project fails or succeeds. Clear Focus & Objectives Project management is important because it ensures there's a proper plan for executing on strategic goals. Where project management is left to the team to work out by themselves, you'll find teams work without proper briefs, projects lack focus, can have vague or nebulous objectives, and leave the team not quite sure what they're supposed to be doing, or why.(d) (e) Project Manageme i t such a Situatio, we position ourselves to prevent s eesishment of tasks, by breaking up 2 projec the foresight to take such ay Oftentimes, es good project management from bad As project managers, and drive the timely acco’ into tasks for our teams- i ifferentiat ae en sale chunks of work enables teams f° remain focused on clear objectives, ge4F their efforts towar' “| eving the ultimate goal through the completion of smaller steps and to quickly identify risks, since risk management is important in project management. have to change in line with a materializing risk. ed oversite and management, a project could ment (and a good project and when necessary Often a project's goals without dedicat swiftly falter but good project manage: manager) is what enables the team to focus, refocus, on their objectives. Realistic Project Planning Again, ortant because it ensures proper what can be delivered, by when, ect management, budget Project management is imp expectations which are set around, and for how much. Without proper proj estimates and project delivery timelines can be set that are over- ambitious or lacking in analogous estimating insight from similar projects. Ultimately this means without good project management, projects get delivered late, and over budget. Effective project managers should be able to negotiate reasonable and achievable deadlines and milestones across stakeholders, teams, and management. Too often, the urgency placed on delivery compromises the necessary steps, and ultimately, the quality of the project's outcome. We all know that most tasks will take longer than initially anticipated; a good project manager is able to analyze and balance the available resources, with the required timeline, and develop a realistic schedule. Project management really matters when scheduling because it brings objectivity to the planning. A good project manager creates a clear process, with achievable deadlines, that enables everyone within the project team to work within reasonable bounds, and not unreasonable expectations. Quality Control Projects management is important because it ensures the quality ofOverview 17 (f) whatever is being delivered, consistently hits the mark. Projects are also usually under enormous pressure to be completed. Without a dedicated project manager, who has the support and buy-in of executive management, tasks are underestimated, schedules tightened and processes rushed. The result is bad quality output. Dedicated project management ensures that not only does a project have the time and resources to deliver, but also that the output is quality tested at every stage. Good project management demands gated phases where teams can assess the output for quality, applicability, and ROI. Project management is of key importance to Quality Assurance because it allows for a staggered and phased process, creating time for teams to examine and test their outputs at every step along the way. Risk Management Project management is important because it ensures risks are properly managed and mitigated against to avoid becoming issues. Risk management is critical to project success. The temptation is j to sweep them under the carpet, never talk about them to the client and hope for the best. But having a robust process around the identification, management and mitigation of risk is what helps prevent risks from becoming issues. Good project management practice requires project managers to carefully analyze all potential risks to the project, quantify them, develop a mitigation plan against them, and a contingency plan should any of them materialize. Naturally, risks should be prioritized according to the likelihood of them occurring, and appropriate responses are allocated per risk. Good project management matters in this regard, because projects never go to plan, and how we deal with change and adapt our plans is a key to delivering projects successfully. Orderly Process Project management is important because it ensures the right people do the right things, at the right time - it ensures proper project process is followed throughout the project lifecycle. Surprisingly, many large and well-known companies have reactive planning processes. But reactivity - as opposed to proactivity - can often cause projects to go into survival mode. This is a when teams(hy) (i) Project Managemen, i i comes reactive creat; fracture, tasks duplicate, and planning be ating inefficiency and frustration in the team. Proper planning and process can make a massive difference as the team knows who's doing what, when, and how. Proper Process helps to clarify roles, streamline processes and inputs, anticipate risks, and creates the checks and balances to ensure the project is continually aligned with the overall strategy. Project management matters here because without an orderly, easily understood process, companies risk project failure, attrition of employee trust and resource wastage, Continuous Oversight Project management is important because it ensures a project's progress is tracked and reported properly. Status reporting might sound boring and unnecessary ~ and if everything's going to plan, it can just feel like documentation for documentation’s sake. But continuous project oversight, ensuring that a project is tracking properly against the original plan, is critical to ensuring that a project stays on track. When proper oversight and project reporting is in place it makes it easy to see when a project is beginning to deviate from its intended course. The earlier you're able to spot project deviation, the easier it is to course correct. Good project managers will regularly generate easily digestible Progress or status reports that enable stakeholders to track the project. Typically, these status reports will provide insights into the work that was completed and planned, the hours utilized and how they track against those planned, how the project is tracking against milestones, risks, assumptions, issues and dependencies and any outputs of the project as it proceeds, This data is invaluable not only for tracking progress but helps clients Bain the trust of other stakeholders in their organization, giving them €asy oversight of a project's Progress. Subject Matter Expertise Project management is important because someone needs to be able ‘ounderstand if everyone's doing what they should. With a few yea"8 oe under their belt, project managers will know a little about t of aspects of delivering the projects they manage. They'll knowOverview 19 everything about the work that their teams execute; the platforrns and systems they use, and the possibilities and limitations, and the kinds of issues that typically occur. Having this kind of subject matter expertise means they can have intelligent and informed conversations with clients, team, stakeholders, and suppliers. They're well equipped to be the hub of communication on a project, ensuring that as the project flows between different teams and phases of work, nothing gets forgotten about or overlooked. Without subject matter expertise through project management, you can find a project becomes unbalanced - the creatives ignore the limitations of technology or the developers forget the creative vision of the project. Project management keeps the team focussed on the overarching vision and brings everyone together forcing the right compromises to make the project a success. (j) Managing and Learning from Success and Failure Project management is important because it learns from the successes and failures of the past. Project management can break bad habits and when you're delivering projects, it’s important to not make the same mistakes twice. Project managers use retrospectives or post project reviews to consider what went well, what didn't go so well and what should be done differently for the next project. This produces a valuable set of documentation that becomes a record of “dos and don'ts” going forward, enabling the organization to learn from failures and success. Without this learning, teams will often keep making the same mistakes, time and time again. These retrospectives are great documents to use at a project kickoff meeting to remind the team about failures such as underestimating projects, and successes such as the benefits of a solid process or the importance of keeping time sheet reporting up to date! CLASSIFICATION OF PROJECTS Every Project is different. Projects can be classified on several different points. The classification of projects in project management varies according to a number of different factors such as complexity, source of capital, its content, those involved and its purpose. Projects can be classified on the following factors.a 1.10 Project Managemen, According to complexity: © Easy: A project is classified as easy when the relationships between aoe basic and detailed planning or organisation are not required, A small work team and few external stakeholders and collaborators are common in this case. Complicated: The project network is broad and complicated. Thee are many task interdependencies. With these projects, simplification where possible is everything. Cloud-based apps such as Sinnaps wil] immensely help to simplify complicated projects by automatically calculating the project's best work path and updating any changes introduced through its use of different types of project management tools. According to source of capital: « Public: Financing comes from Governmental institutions. © Private: Financing comes from businesses or private incentives. « Mixed: Financing comes from a mixed source of both public and private funding. According to project content: * Construction: These are projects that have anything to do with the construction of a civil or architectural work. Predictive methods are used along with agile techniques which will be explained later on. IT: Any project to do with software development, IT system etc. The types of project management information systems vary across the board, but in today’s world are very common. Business: These projects are involved with the development of @ business, management of a work team, cost management, etc., and usually follow a commercial strategy. Service or Product Production: Projects that involve themselves with the development of an innovative product or service, design of a new Product, etc. They are often used in the R & D department. According to those involved: * Departmental: Whe Na certain organisation is involved, department or area of an org:rr rr Overview Lil Internal: When a whole company itself is involved in the project's development. « External: When a company outsources external project manager or teams to execute the project. This is common in digital transformations, process improvements and strategy changes, for example. According to its objective: ¢ Production: Oriented at the production of a product or service taking into consideration a certain determined objective. * Social: Oriented at the improvement of the quality of life of people. « Educational: Oriented at the education of others. « Community: Oriented at people too, however with their involvement. « Research: Oriented at innovation and the gaining of knowledge. According to Strategies involved: ¢ Strategic: A strategic project is the one that has a significant impact on the direction of the firm. Mercedes Benz’s decision of investing in passenger buses may be regarded as strategic investment project. © Tactical: A tactical project is meant to implement a current strategy as efficiently or as profitably as possible. For E.g. Replacing old machinery to improve productivity. Other methods to classify projects is: © Open project or ‘Walking in the fog’ © Semi-open project or ‘Making movies’ * Closed project or ‘Painting by numbers’ ¢ Semi-closed project or ‘Going on a quest’ (a) Open Project or “walking in the fog”: Strict control over costs and on time-scale is important. Projects may not achieve anything as in semi- closed project. Neither is it known what to do nor how to do it. But the project can be altered and act differently. Usually these are reactions to change in certain circumstances like political, competitive). A lot of quest and speed is required in projects. Not all the projects are closed projects with definite mission. However, as the projects passes through phases of a life cycle they usually change from ‘Fog’ to ‘Paint by112 (b) ( (d) Project Managemen, leader to decide whether he has to stop at a ctives or means; there are no rules to s the benefit is achieved. Numbers. It is up to the | particular phase for lack of objes be followed in a project as long a Semi-open Project or “making movies”: In this type, commitment to use of method adopted becomes essential. It can be known how to do something but what is to be to achieve is unknown. The organization might have expertise and capability but are looking for ways to apply it. It is like we have actors but no script but interested to make movie, Closed Project or “Painting by Numbers”: Traditional projects are suitable example for this type of project. They have clear goals and a well-defined set of activities to be carried out. You can know what you want to achieve and how you will achieve it. It is so clear-cut that you can paint the numbers on it. Semi - closed Project or “Going ona quest”: In this type, strict control over the costs and time-scale at the same time allowing freedom to explore is the main feature. The organization knows what they want to achieve but how to achieve it is unknown. Hence, they send employees on a quest to explore ‘out of the box possibilities . These types of project will lead to overspending, getting delayed, or getting nothing from the project. . What is the meaning of project management? What are the key issues in project management? . What are the difficulties faced by project manager while selecting a project for investment? . What is capital expenditure? Why capital expenditure decisions are so crucial? How project management is different from capital expenditure? What are different types of projects?TOOLS AND TECHNIQUES OF PROJECT MANAGEMENT Comprehending the techniques used by project mangers while handling a project. Analyzing the suitability of different techniques under various circumstances. Discussing the role of financial tools while managing projects. Techniques in project management range from traditional to innovative ones. Which one to choose for running a project, depends on project specifics, its complexity, teams involved, and other factors. Most of them can be used in various fields, however, there are techniques that are traditionally used in certain areas of activity, or are developed specifically for certain fields. TECHNIQUES OF PROJECT MANAGEMENT Following are the most extensively employed techniques which are widely accepted by project managers worldwide: (A) Classic Technique The simplest, traditional technique is sometimes the most appropriate for running projects. It includes preparing a plan of upcoming work, estimating tasks to perform, allocating resources, providing and getting feedback from the team, and monitoring quality and deadlines. Where to use: this technique is ideal for running projects performed by22 Project Manageme, small teams, when it’s not really necessary to implement a comple : x process. (B) Waterfall Technique This technique is also considered traditional, but it takes the simple clasig approach to the new level. As its name suggests, the technique is based on the sequential performance of tasks, The next step starts when the previous oe is accomplished. To monitor progress and performed steps, Gantt chatty are often used, as they provide a clear visual representation of phases and dependencies. Where to use: this technique is traditionally used for complex projects where detailed phasing is required and successful delivery depends on rigid work structuring. Waterfall Technique Cr Analysis CD¥ 9 SS (aa) Design Database tS Y % Integrated v System Modules “(yy (:aED), 1 CY 9 Simply Put, waterfall project management is a sequential, linear process of Project management. It consists of several discrete phases. No phase begins until the prior phase is complete, and each phase’s completion is terminal— ae management does not allow you to return to a previous phase. The only way to revisit a phase is to start over at phase one. plea methodology sounds strict, that’s because the system's history industries fe teaia Project management has its roots in non-softwar’ of necessi manufacturing and construction, where the system arose OU ecessity. In these fields, Project phases must happen sequentially. YouTools and Techniques of Project Management = its impossible to foundation, As you can imagine, proper planning is a must in the waterfall system, A rroject's requirements must be clear upfront, and everyone involved in a project a be well aware of those requirements. Each team member should also understand what their role will be in the Project and what that role entails, it put up drywall if you haven't framed a house. Likewise, oa a phase. There's no good way to un-pour a concrete re’ All of this information must be thoroughly documented to everyone on the project. It is recommended to outlin a flowchart, as shown below, so the team can quickl requirements as needed. You may also want to show which tasks go to which team member, template can be a great place to start, and then distributed e this information as ly understand and reference try adding s lanes to This waterfall Project plan Team members will refer to the documentation process. When followed properly, is expected, thus guiding the cre: project milestones that will make you provide throughout the this document makes clear Precisely what ation of the product. It will also Provide it simple to determine Progress, Consequently, thorough documentation isa management methodology. Documentation should take place throughout every phase of the process, ensuring that everyone involved is on the same Page despite the sequential Progression of the project. Priority in the waterfall project Send in request for ROI Landing Page Design Send page to QA and prep for A/B Testing eenee > 24 Project Managemen, it Phases of Waterfall Project Management The specific phases of the system vary som ewhat from source to source, but they generally include: Requirement Gathering and ie . : ou should gather comprehensive information about In this stage, y ires. You can gather this information in a varie what this project "interviews to questionnaires to interactiyg of ways, from end of this phase, the project requirements aie a you should have a requirements document i = been distributed to your team. System Design Using the established requirements, your team designs the system, No coding takes place during this phase, but the team establishes specs such as programming language or hardware requirements, Implementation Coding takes place in this phase. Programmers take information from the previous stage and create a functional product. They typically implement code in small Pieces, which are integrated at the end of this phase or the beginning of the next. Testing Once all coding is done, testing of the Product can begin. Testers methodically find and report any problems. If serious issues arise, Your project may need to return to phase one for re-evaluation. Delivery/deployment In this phase, deliverables to Maintenance the product is complete, and your team submits the be deployed or released. T The product has been delivered to the client and is being used. As issues arise, to address th our team may need to Create patches and updates may ae s them. Again, big issues may necessitate a return to phase—- us and Techniques of Project Management pols and 25 Benefits of Waterfall Project Management se « Keeps Training Simple This methodology could ensure your project's success even if there are unanticipated changes in bandwidth. Because waterfall Project management emphasizes thorough documentation, you can easily and seamlessly add new team members to any project. There's no need to intuit what an absent programmer was trying to do, as everything— from the project's conception to its completion—is recorded. New team members can simply refer to documentation to get quickly up to speed. « Shows Progress Waterfall project management also shows Progress simply. The clear milestones delineated in the first phase make it easy to determine ifa Project is moving forward on schedule. Likewise, indicate how close a project is to overall completios as the waterfall system does not allow for revis: This eliminates much of the guesswork related to Makes the Project Easy to Manage the discrete phases Nn at any given time, iting a prior phase. a project's timeline. These benefits, combined with the linear nature of the system, make waterfall projects easy to manage. Because of the sequential you'll know where the project is at any given time and if that’s should be. Rather than scrambling to manage a large team, can focus exclusively on team members Participating in a given phase. And should there be unexpected outside delays or personnel changes, waterfall documentation allow you to quickly get your team back on track. system, where it a manager Saves Time and Money Whether you decide to fully commit to waterfall project management, there's no question that certain aspects of this methodology—namely, thorough conceptualization and detailed documentation—better Prepare you to execute a project the right way the first time. Taking the time early on to discover and plan for requirements can save you time and money down the line. When to Use Waterfall Methodology Subject matter expert Patrick Rockwell advises on the types of situations inProject Managem, 26 | method can be beneficial. which using the waterfall your end product's requirements are “Though less common these days, when fixed vet time and money are variable, choose the waterfall method. I like 1, imagine a scientist doing research for a big company—through trial and erro, hell likely restart his whole process many times and at different stages to get the coveted final result. Through waterfall project management is behaviour ig anticipated and even preferred! This enables members to adjust and re-thing their approach time and time again.” As Patrick mentions, waterfall project management can be problematic if the project requirements are not perfectly clear, which happens when a user has a general idea of what they want but can’t nail down specifics. The waterfall system's linear nature is not suited to discovery, and the project will likely suffer without more specific requirements. makes any revision a serious undertaking. In fact, strict adherents to the waterfall system would argue that a need for revision means the product requirements were not clear, and therefore the project must return to stage one. This can be a serious problem in many industries, such as the ever-changing world of software. ‘An agile approach is more likely to suit your project if you suspect that requirements could change during production or that revision will be necessary. Realistically, most software development fits in this category. Late-stage testing Because of its inability to adapt to change, the waterfall methodology is best suited to short projects that are well-defined from the beginning. If you are certain that the project requirements are static, then waterfall project management provides a straightforward way to push a project through a clearly defined process. It’s simple to manage and easy to track. (C) Agile Project Management Agile project management method is a set of principles based on the value- centered approach. It prescribes dividing project work into short sprints using adaptive planning and continual improvement, and fostering teams self-organization and collaboration targeted to producing maximum aa oe frameworks include such techniques as Scrum, Kanban, DSDM, FDD. Where to use: Agile is used in software development projects that involve ly collaborative frequent iterations and are performed by small and high teams.is and Techniques of Project Management ay (TEAR ees Manatee eT) 7 Pian Improve N. Feedback Agile is a project management methodology that uses short development cycles called “sprints” to focus on continuous improvement in the development of a product or service. I 27 o% \a Although incremental software development methods 0 as far back as 1957, agile was first discussed in depth in the 1970s by William Royce who published a paper on the development of large software systems. Later in 2001, the Agile Manifesto, a “formal proclamation of four key values and 12 principles to guide an iterative and people-centric approach to software development?” was published by 17 software developers. These developers gathered together to discuss lightweight development methods based on their combined experience. Principles of Agile Project Management Technique * Customer satisfaction is always the highest priority and is achieved through rapid and continuous delivery. Changing environments are embraced at any stage of the process to provide the customer with a competitive advantage. A product or service is delivered with higher frequency. Stakeholders and developers collaborate closely on a daily basis. All stakeholders and team members remain motivated for optimal Project outcomes, while teams are provided with all the necessary tools and support, and are trusted to accomplish project goals. A i: t Face-to-face meetings are deemed the most efficient and effective format for project success. * A final working product is the ultimate measure of success. * Sustainable development is accomplished through agile processes7 Project Managemen, ders are able to maintaj, wherel na constant and ongoing pace. Agility isenhanced through a conti and proper design. by development teams and stakehol inuous focus on technical excellency Simplicity is an essential element. st likely to develop the best architectures Self-organizing teams are mo: and designs and to meet requirements. Regular intervals are used by teams to improve efficiency through fine-tuning behaviours. The Benefits of Agile Agile was originally developed for the software industry to streamline and improve the development process in an effort to rapidly identify and adjust for issues and defects. It provides a way for developers and teams to deliver a better product, in a faster manner, through short, iterative, interactive sessions/sprints. In the era of digital transformation, with many companies migrating to a digital workplace, agile is a perfect fit for organizations looking to transform how they manage projects and operate as a whole. Agile can help ensure company-wide process and methodological alignment. In terms of business benefits, both the digital workplace and agile provide: © Increased flexibility © Increased productivity Increased transparency © Higher quality deliverables * Decreased risk of missed objectives * Increased stakeholder engagement and satisfaction Advantages of Agile for Project Management In th ji i i pal ea Bee field, agile provides project teams, sponsors, " customers many project-specific benefits, including: © More rapid deployment of solutions © Reduced waste through minimization of resources © Increased flexibility and adaptability to change © Increased success through more focused effortsTools and Techniques of Project Management 29 Faster turnaround times Faster detection of issues and defects. Optimized development processes ¢ A lighter weight framework ¢ Optimal project control * Increased focus on specific customer needs * Increased frequency of collaboration and feedback The Drawbacks of Agile As with any other methodology, agile is not well-suited for every project, and sufficient due diligence is always recommended to identify the best methodology for each unique situation. Agile may not work as intended if a customer is not clear on goals, the project manager or team is inexperienced, or if they do not function well under significant pressure. Throughout the development process, agile favours the developers, project teams and customer goals, but not necessarily the end user's experience. Due to its less formal and more flexible processes, agile may not always be easily absorbed within larger more traditional organizations where there are significant amounts of rigidity or flexibility within processes, policies, or teams. It may also face problems being used with customers who similarly have rigid Processes or operating methods. Combining Agile with Other Methodologies The opportunity exists to combine agile with other methodologies such as waterfall to create a hybrid solution. Companies sometimes use waterfall to handle one or more phases — such as planning — where these do not require rapid or repetitive steps. Planning in particular requires a more comprehensive, methodical, often slower approach to defining, analysing, and documenting aspects of a project. This makes waterfall a better approach. Once a project enters the development phase, rapid and repetitive changes require a different approach and this is where agile kicks in to deliver the best results in the shortest amount of time. This hybrid approach aids in making agile even more adaptable within various industries or to suit the more unique nature of a project, product, or service. Again, due diligence is required to determine the suitability and capacity of the different methods and processes available.ee SC =—=SEE—EEhmclL 2.10 Project Management Agile Project Management and Scrum Scrum is a powerful framework for implementing agile processes in software development and other projects. This highly adopted framework utilizes short iterations of work, called sprints, and daily meetings, called scrums, to tackle discrete portions of a project in succession until the project as a whole is complete. There are three key roles within Scrum: the Scrum master, product owner, and Scrum team members: © The product owner creates and prioritizes a product backlog (work to be done). © Teams select items from the backlog and determine how to complete the work. © Work must be completed within a sprint (usually two to four weeks). ¢ The Scrum master meets with teams briefly each day to get progress updates. © Sprint reviews are conducted at the end of each sprint. © The process starts again until all work or backlog is complete. Organizational Hurdles to Adopting Agile Organizations looking to adopt agile for project management my encounter any of a number of common hurdles, such as the following: ¢ A Company Structure or Culture that does not Adequately Support Agile: Although project teams may be ready for agile development, the rest of the company may not be on board. Sponsors, executives, and functional leaders must also buy into and support agile for it to be truly effective. * Unclear Understanding of the Impact to the Overall Business Goals: Simply executing projects using agile methodology isn’t enough to reap the desired benefits. Projects can still be executed in ways that don't provide the entire business with the results that help achieve sustainable growth. Strategic alignment is still critical, © Rushed Testing Cycles: Sprints can create a risk of rushed testing cycles. In the process of trying to get through sprints as quickly as possible, teams can become more focused on the timeline and miss simple aspects of the testing cycle, which can have potential significant repercussions. Defects can go undetected or are detected too late.‘Tools and Techniques of Project Management Qual « Limited Agile Skill: Although agile is rapidly taking root, top agile talent can be hard to find and attract. Limited agile talent means limited benefits for companies wanting to execute projects using this methodology. Key Agile Skills There are six key agile project management skills or attributes that all project managers should have: ¢ Anability to cut through unnecessary work and focus only on essential work ¢ Sound judgment under pressure and the ability to remain calm under stress ¢ Strong motivation and coaching skill to guide and support teams throughout a project ¢ Exceptional organizational abilities to keep everything straight and prioritize ¢ The ability to think and make decisions quickly as circumstances change rapidly ¢ A high level of adaptability in order to accept change and reduce unnecessary confusion and risk (D) Rational Unified Process Rational Unified Process (RUP) is a framework designed for software development teams and projects. It prescribes implementing an iterative development process, where feedback from product users is taken into account for planning future development phases. Where to use: RUP technique is applied in software development projects, where end user satisfaction is the key requirement. The Rational Unified Process is a Software Engineering Process. It provides a disciplined approach to assigning tasks and responsibilities within a development organization. Its goal is to ensure the production of high-quality software that meets the needs of its end-users, within a predictable schedule and budget. The Rational Unified Process is a process product, developed and maintained by Rational* Software. The development team for the Rational Unified Process22 Project Managemen, are working closely with customers, partners, Rational’s product Btoups well as Rational’s consultant organization, to ensure that the Process j continuously updated and improved upon to reflect recent experiences and evolving and proven best practices. The Rational Unified Process enhances team productivity, by Providing eve team member with easy access to a knowledge base with guidelines, templates and tool mentors for all critical development activities. By having al] team members accessing the same knowledge base, no matter if you work with requirements, design, test, project management, or configuration management, we ensure that all team members share a common language, process and view of how to develop software. The Rational Unified Process activities create and maintain models. Rather than focusing on the production of large amount of paper documents, the Unified Process emphasizes the development and maintenance of models— semantically rich representations of the software system under development. The Rational Unified Process is a guide for how to effectively use the Unified Modeling Language (UML). The UML is an industry-standard language that allows us to clearly communicate requirements, architectures and designs. The UML was originally created by Rational Software, and is now maintained by the standards organization Object Management Group (OMG). The Rational Unified Process is supported by tools, which automate large parts of the process. They are used to create and maintain the various artifacts—models in particular—of the software engineering process: visual modelling, programming, testing, etc. They are invaluable in supporting all the bookkeeping associated with the change management as well as the configuration ‘management that accompanies each iteration. The Rational Unified Process is a configurable process. No single process is Suitable for all software development. The Unified Process fits small development teams as well as large development organizations. The Unified Process is founded on a simple and clear process architecture that provides commonality across a family of processes. Yet, it can be varied t© accommodate different situations. It contains a Development Kit, providing Support for configuring the process to suit the needs of a given organization. The Rational Unified Process captures many of the best practices in moder” software development in a form that is suitable for a wide range of project® and organizations. Deploying these best practices using the Rational Unified Process as your guide offers development teams a number of key advantages:pols and Techniques of Project Management oa In next section, we describe the six fundamental best Practices of the Rational Unified Process. Effective Deployment of 6 Best Practices The Rational Unified Process describes how to effectively proven approaches to software development for software development teams. These are called “best practices” not so much because you can precisely quantify their value, but rather, because they are observed to be commonly used in industry by successful organizations. The Rational Unified Process provides each team member with the guidelines, templates and tool mentors necessary for the entire team to take full advantage of among others the following best practices: deploy commercially * Develop software iteratively © Manage requirements ¢ Use component-based architectures * Visually model software * Verify software quality * Control changes to software (a) Develop Software Iteratively: Given today’s sophisticated software systems, it is not possible to sequentially first define the entire problem, design the entire solution, build the software and then test the product at the end. An iterative approach is required that allows an increasing understanding of the problem through successive refinements, and to incrementally grow an effective solution over multiple iterations. The Rational Unified Process supports an iterative approach to development that addresses the highest risk items at every stage in the lifecycle, significantly reducing a project's risk profile. This iterative approach helps you attack risk through demonstrable progress frequent, executable releases that enable continuous end user involvement and feedback. Because each iteration ends with an executable release, the development team stays focused on producing results, and frequent status checks help ensure that the Project stays on schedule. An iterative approach also makes it easier to accommodate tactical changes in requirements, features or schedule. (b) Manage Requirements : The Rational Unified Process describes how to elicit, organize, and document required functionality and214 Project Managemen, decisions; and easj constraints; track and document trade-offs and The notions o sy cant i? i 7 capture and communicate business eee camel we case and scenarios proscribed in the proces pn = cas s excellent way to capture functional requireme! ofofivere ca t these drive the design, implementation and ae ee pag aa : the . They | system fulfils nore likely that the final j we a coherent and traceable threads through both the de elopment provide c and the delivered system. Use Component-based Architectures : The process focuses on early ° den | i and baselining of a robust executable architecture, prior ne resources for full-scale development. It describes how to design a resilient architecture that is flexible, accommodates change, is intuitively understandable, and promotes more effective software reuse. The Rational Unified Process supports component-based software development. Components are non-trivial modules, subsystems that fulfil a clear function. The Rational Unified Process Provides a systematic approach to definin, and existing components. These ar architecture, either ad hoc, the Internet, CORBA, and components is emerging, ig an architecture using new € assembled in a well-defined or in a component infrastructure such as COM, for which an industry of reusable tails and write code ” Visual abstractions help you pects of your software; see how the elements Using “graphical building blocks.” communicate different as} (©) Verify Software Qu i reliability are co, hich a ™MOn facto, acceptability of today’s Softw; veh € Teviewed wi Tespect i tionality, pplication per Rational Unified Process imp! MENtation, Xecution, a ality: Poor app! Performance and poor ich dramatically inhibit the cations. Hence, quality should uirements based on reliability, Ormance and system per 48Sists you in the plan ‘nd evaluation of these tes appli, ‘0 the req rf formance. The ning, design, t types. Quality_ Tools and Techniques of Project Management - assessment is built into the process, in all activities, involving all participants, using objective measurements and criteria, and not treated as an afterthought or a separate activity performed by a separate group. (f) Control Changes to Software : The ability to manage change is making certain that each change is acceptable, and being able to track changes is essential in an environment in which change is inevitable. The process j describes how to control, track and monitor changes to enable successful iterative development. It also guides you in how to establish | secure workspaces for each developer by providing isolation from changes made in other workspaces and by controlling changes of all software artifacts (e.g., models, code, documents, etc.). And it brings a team together to work as a single unit by describing how to automate integration and build management. Process Overview Two Dimensions The process can be described in two dimensions, or along two axis: + The horizontal axis represents time and shows the dynamic aspect of the process as it is enacted, and it is expressed in terms of cycles, phases, iterations, and milestones. + The vertical axis represents the static aspect of the process: how it is described in terms of activities, artifacts, workers and workflows. Organization along time Ses PHASES Felimiaey neat eave tern erry wevaed een Nerations a ITERATIONS. The Iterative Model Graph Showing how the Process is Structured along Two DimensionsProject Managemen, 216 8 Phases and Iterations- The Time Dimension _ time. ‘This is the dynamic organization of the process along i i les, each cycle working on a new ft ifecycle is broken into cycles, each go a a The Rational Unified Process divides one generatio: 3. : development cycle in four consecutive phases. + Inception phase + Elaboration phase + Construction phase + Transition phase Each phase is concluded with a well-defined milestone—a point in time at which certain critical decisions must be made, and therefore key goals must have been achieved . << Inception | “Elaboration Construction] Transition a The Phases and major Milestones in the Process Each phase has a specific Purpose as explained below. (A) Inception Phase ; 8s case includes success ent, and estimate of the resources needed, and a phase Plan showing dates of major milestones, The outcome of the inception phase ig; * Avision document; a a general visi, ject’ ™ key features, and main constraints stihecor “mee ens * A initial 'se-case mode] * An initial (10% -20%) complete), domain moda (may °Ptionally be partially expressed as @pols and Techniques of Project Management 217 ‘An initial business case, which includes business context, success criteria (revenue projection, market recognition, and so on), and financial forecast. An initial risk assessment. A project plan, showing phases and iterations. A business model, if necessary. One or several prototypes. Milestone: Lifecycle Objectives Lifecycle Objective At the end of the inception phase is the first major project milestone: the Lifecycle Objectives Milestone. The evaluation criteria for the inception phase are: Stakeholder concurrence on scope definition and cost/schedule estimates. Requirements understanding as evidenced by the fidelity of the primary use cases. Credibility of the cost/schedule estimates, Priorities, risks, and development process. Depth and breadth of any architectural Prototype that was developed. Actual expenditures versus planned expenditures. The project may be cancelled or considerably re-thought if it fails to pass this milestone. (B) Elaboration Phase The purpose of the elaboration Phase is to analyse the problem domain, establish a sound architectural foundation, develop the project plan, and eliminate the highest risk elements of the project. To accomplish these objectives, you must have the “mile wide and inch deep” view of the system. Architectural decisions have to be made with an understanding of the whole. 7 Project Manageme 2 t system: its scope, major functionality and non-functional requirements Such as performance requirements. It is easy to argue that the elaboration phase is the most critical of the four phases. At the end of this phase, the hard “engineering” is considered complete and the project undergoes its most important day of reckoning: the decision on whether or not to commit to the construction and transition phases, For most projects, this also corresponds to the transition from a mobile, light and nimble, low-risk operation to a high-cost, high-risk operation with substantial inertia. While the process must always accommodate changes, the elaboration phase activities ensure that the architecture, requirements and plans are stable enough, and the risks are sufficiently mitigated, so yoy can predictably determine the cost and schedule for the completion of the development. Conceptually, this level of fidelity would correspond to the level necessary for an organization to commit to a fixed-price construction phase. In the elaboration phase, an executable architecture prototype is built in one or more iterations, depending on the scope, size, risk, and novelty of the Project. This effort should at least address the critical use cases identified in the inception phase, which typically expose the major technical risks of the Project. While an evolutionary prototype of a production-quality component is always the goal, this does not exclude the development of one or more exploratory, throwaway prototypes to mitigate specific risks such as design/ requirements trade-offs, component feasibility study, or demonstrations to investors, customers, and end-users. The outcome of the elaboration phase is: + A use-case model (at least 80% complete) — have been identified, and most use case d developed. all use cases and actors lescriptions have been Supplementary requirement: requirements and an) Specific use case, S capturing the non-functional Y requirements that are not associated with @ A Software Architecture Description. An executable architectural Prototype. A revised risk list and a revised business case. A development plan for the overall Project, including the coarse-Tools and Techniques of Project Management 2.19 pools grained project plan, showing iterations” and evaluation criteria for each iteration. + An updated development case specifying the process to be used. + A preliminary user manual (optional). Milestone: Lifecycle Architecture [inception] [iaboraton [on eiricon) [Transition | Lifecycle Architecture At the end of the elaboration phase is the second important project milestone, the Lifecycle Architecture Milestone. At this point, you examine the detailed system objectives and scope, the choice of architecture, and the resolution of the major risks. The main evaluation criteria for the elaboration phase involves the answers to these questions: + Is the vision of the product stable? + Is the architecture stable? Does the executable demonstration show that the major risk elements have been addressed and credibly resolved? Is the plan for the construction phase sufficiently detailed and accurate? Is it backed up with a credible basis of estimates? Do all stakeholders agree that the current vision can be achieved if the current plan is executed to develop the complete system, in the context of the current architecture? Is the actual resource expenditure versus planned expenditure acceptable? The project may be aborted or considerably re-thought if it fails to pass this milestone. (C) Construction Phase (Caso oa NN Cana During the construction phase, all remaining components and ae i are features are developed and integrated into the product, and all atures : thoroughly tested. The construction phase is, in one sense, a manutfact igay Project M, 2.20 age, process where emphasis is placed on managing Tesources and contro} operations to optimize costs, schedules, and quality. In this Sense, th management mindset undergoes a transition from the development 4 intellectual property during inception and elaboration, to the developmen, of deployable products during construction and transition. Many projects are large enough that parallel construction increments can be spawned. These parallel activities can significantly accelerate the availability of deployable releases; they can also increase the complexity of resource management and workflow synchronization. A robust architecture and an understandable plan are highly correlated. In other words, one of the critical qualities of the architecture is its ease of construction. This is one reason why the balanced development of the architecture and the plan is stressed during the elaboration phase. The outcome of the construction phase is a product ready to put in hands of its end-users. At minimum, it consists of: + The software product integrated on the adequate platforms. ¢ The user manuals. + A description of the current release. Milestone: Initial Operational Capabilities [neepton "| [Eiaboration] 7 Initial Operational Capability At the end of the construction phase is the third major project milestone (Initial Operational Capability Milestone). At this point, you decide if the software, the sites, and the users are ready to go operational, without exposing the project to high risks. This release is often called a “beta” release. The evaluation criteria for the construction phase involve answering these questions: 'sthis product release stable and mature enough to be deployed in the user community? ity? Are all stakeholders ready for the transition into the user communitY? Are the actual resource expenditures versus planned expenditures still acceptable? re , Saar slits to be postponed by one release if the project failsTools and Techniques of Project Management 221 foo (D) Transition Phase The purpose of the transition phase is to transition the software Product to the user community. Once the product has been given to the end user, issues usually arise that require you to develop new releases, correct some problems, or finish the features that were postponed. The transition phase is entered when a baseline is mature enough to be deployed in the end-user domain. This typically requires that some usable subset of the system has been completed to an acceptable level of quality and that user documentation is available so that the transition to the user will provide positive results for all parties. This includes: + “beta testing” to validate the new system against user expectations. + parallel operation with a legacy system that it is replacing. * conversion of operational databases. * training of users and maintainers. + roll-out the product to the marketing, distribution, and sales teams. The transition phase focuses on the activities required to place the software into the hands of the users. Typically, this phase includes several iterations, including beta releases, general availability releases, as well as bug-fix and enhancement releases. Considerable effort is expended in developing user- oriented documentation, training users, supporting users in their initial Product use, and reacting to user feedback. At this point in the lifecycle, however, user feedback should be confined primarily to product tuning, configuring, installation, and usability issues, The primary objectives of the transition phase include: + Achieving user self-supportability. Achieving stakeholder concurrence that deployment baselines are complete and consistent with the evaluation criteria of the vision. + Achieving final product baseline as rapidly and cost effectively as practical. This phase can range from being very simple to extremely complex, depending2.22 . f an existing deskto le, a new release of on the type of product. For example, : ion’s air-traffic cont product a be very simple, whereas replacing a nation’ rol system would be very complex. Milestone: Product Release Release At the end of the transition phase is the fourth important tie milestone, the Product Release Milestone. At this point, you decide if the objectives were met, and if you should start another development cycle. In some cases, this milestone may coincide with the end of the inception phase for the next cycle, The primary evaluation criteria for the transition phase involve the answers to these questions: + Is the user satisfied? + Are the actual resources expenditures versus planned expenditures still acceptable? Iterations Each phase in the Rational Unified Process can be further broken down into iterations. An iteration is a complete development loop resulting in a release (internal or external) of an executable product, a subset of the final Product under development, which grows incrementally from iteration to iteration to become the final system, Benefits of an iterative approach Compared to the traditional waterfall Process, the iterative process has the following advantages: + Risks are mitigated earlier * Change is more manageable + Higher level of reuse + The project team can learn along the way + Better overall quality (E) Program Evaluation and Review Technique Program Evaluation and Review Techni js que (PERT) j i d approaches in various areas. It involves ¢, yolae of oy oe “Omplex and detailed planning, anda sar muni ols and Techniques of Project Management 2.23 visual tracking of work results on PERT charts. Its core part is the analysis of tasks performed within the project. Originally, this technique was developed by the US Navy during the Cold War to increase efficiency of work on new technologies. Where to use: this technique suits best for large and long-term Projects with non-routine tasks and challenging requirements. Design Hardware Release Prototype Release Hardware Time | Date Ls! Date | Time Date }} Date Pairs, | Date [>| Date ben —— = Create Specifications Test Hardware Date | Time Date Period Start Date Date] Time ] Da Time st | Period | Pt? Date | period Date - White Tutorials dit Tutorials Publish Tutorials Time te] Time |p, Date | Time [pap Date | period | Date [>| Date | Time | Date >} Date Pane, | Date m (F) Critical Path Technique Actually, this technique is an algorithm for scheduling and planning project works that is often used in conjunction with the PERT method discussed above. This technique involves detecting the longest path (sequence of tasks) from the beginning to the end of a Project, and defining the critical tasks. Critical are tasks that influence the deadlines of the entire project, and require closer attention and thorough control._ Project Manageme, t 2.24 ique i r complex projects w) Where to use: Critical Path technique is used fo i soe her ere to use: C are critical, in such area: Uction delivery terms and deadlines are cri ; ss defence, software development, and other: (G) Critical Chain Technique i i t derives from PERT a i i tive technique tha‘ " Critical Chain is a more innova re a C =) Path methods. It is less focused on rigid task order and Scheduling id prescribes more flexibility in resource allocation an ‘more attention t, te = is used. This technique emphasizes prioritization, dependeng; es ow F analysis, and optimization of time expenses. Where to use: like the previous two techniques, it is used in complex projects, As it is focused on time optimization and wise resource allocation, it suits best for projects where resources are limited, (H) Extreme Project Management Extreme project mana gement technique (XPM) emphasizes elasticity in planning, open appro. ach, and reduction of formalism and deterministic ig from extreme Programming methods, it is focused on human factor in Project management rather than on formal methods and rigid phases, Where to use: XPM is used for large, complex and uncertain Projects where managing uncertain and unpredictal ble factors is require New User Story Requirements Projet Velocity Latest Iteration | Version Confident Estimates, Acceptance Test PROJECT ANAGEM, When applyin, ENT TooLs any of you al 8 any o; the techni, ju 5 s 50 need to use SPecific es the project you need to accomplish, OF successfully implementing thepole and Techniques of Project Management A technique. Here's a list of software tools that are used in project management ec ; on different work steps. + Organizing Workflow & Planning This step is the core part of starting a project: it defines how the project will be performed, and how the quality of its outcome will be ensured. Large companies often use such comprehensive solutions as MS Project. For smaller teams, various alternatives are available. They don't provide all the rich functionality typical to complex and expensive tools, but they have planning and roadmap features that are sufficient for visualizing future project progress. + Communication Being the key point in many techniques and methodologies, communication within a project team needs to be properly organized. While using email for formal communication and important messages, it’s also essential to have a corporate messenger - Slack and Skype are the most popular ones. And, if your team members use different tools to communicate, eliminate the pain of having multiple messengers by integrating them. Scheduling When allocating resources and planning for future, it’s crucial to know who on the team is available for specific dates. Use scheduling software for that! Such tools as actiPLANS provide a clear visual chart of. absences for upcoming dates, and allow to see all necessary details to team members’ leaves and time off. + Time Management Knowing where your team’s time goes not just helps managing current Project risks. It also provides valuable information for future planning and estimating. Time management tools, such as actiTIME, help managers understand both individual time expenses and team’s results for any period. Informative reports with time & cost summaries and notes to the logged time provide insights into how time is used and what can be optimized. Finance & Accounting For any project manager and business owner, understanding financial outcome of the projects is crucial for analysis and future planning.2.26 J Project Mana, Semen, QuickBooks, Zoho, FreshBooks ~ }, el Most used accounting tools - ‘oject teams, other account; collect this information. For smaller pr A They require less investment, but a So solutions can be reasonable. a : provide insights 0” project profitability, teams performance, ang estimation accuracy: _ What are various techniques use! _ Explai . How project manag d by project managers for the smooth conduct of a project? nin brief the circumstances under which different techniques of project management can be applied. _ What are the most popular tools used for project management? ement tools support in the successful completion of project? . Why choosing an appropriate project management technique is so important?HUMAN RESOURCE ASPECTS OF PROJECT MANAGEMENT e Understanding the role of human resource in project management. « Identifying the key factors for the successful completion of a project. e Comprehending the role of project manager in project implemen- tation. Successful projects are usually the result of careful planning and the talent and collaboration of a project's team members. Projects can’t move forward without each of its key team members, but it’s not always clear who those members are, or what roles they play. Here, we'll describe five roles — project manager, project team member, project sponsor, executive sponsor and business analyst - and describe their associated duties. PROJECT TEAM The project team involves the following parties who contribute in the successful completion of the project: (a) Project Manager The project manager plays a primary role in the project, and is responsible for its successful completion. The manager's job is to ensure that the project proceeds within the specified time frame and under the established budget, while achieving its objectives. Project managers make sure that projects are given sufficient resources, while managing relationships with contributors and stakeholders,——— 32 Project Mang Project manager duties: ™ * Develop a project plan ‘© Manage deliverables according to the plan © Recruit project staff © Lead and manage the project team ‘* Determine the methodology used on the project * Establish a project schedule and determine each phase Assign tasks to project team members © Provide regular updates to upper management (b) Project Team Member Project team members are the individuals who actively work on one or phases of the project. They may be in-house staff or external consular: working on the project on a full-time or part-time basis, Team membernje can vary according to each project. Project team member duties may include: © Contributing to overall project objectives © Completing individual deliverables * Providing expertise © Working with users to establish and meet business needs © Documenting the process (0) Project Sponsor ‘The project sponsor is the driver and in-house champion of the prot They are typically members of senior management ~ those with astakeintte project’s outcome. Project sponsors work closely with the project man! ‘They legitimize the project's objectives and participate in high-level poet planning. In addition, they often help resolve conflicts and remove © that occur throughout the project, and they sign off on advance each phase. r Project sponsor duties: «Make key business decisions for the project eo ae approvals needel” ee fanagement 33 ects of Project Manage Resource ASP Human «Approve the project sure availability of budget resources . & * Cor municate the project's goals througout the organization mi (a) Executive Sponsor sponsor is ideally a high-ranking member of management. He ie champion of the project with the management team and ‘aker, with final approval on all phases, deliverables The executive § is the visi or sh decision-m isthe ultimate and scope changes: ative sponsor duties typicall Carry ultimate responsibility for the project ly include: Exec 4 «Approve all changes to the project scope + Provide additional funds for scope changes «Approve project deliverables (e) Business Analyst ‘The business analyst defines needs and recommends solutions to make an organization better. When part of a project team, they ensure that the project's “objectives solve existing problems or enhance performance, and add value to the organization. They can also help maximize the value of the project deliverables. Business analyst duties: Assist in defining the project Gather requirements from business units or users Document technical and business requirements Verify that project deliverables meet the requirements * Test solutions to validate objectives RO} LE AND RESPONSIBILITIES OF PROJECT MANAGER (®) Activity and Resource Planning Planning is Fae sh nema! for meeting project deadlines, and many projects its arers ce ning. First and foremost, good project managers define pe and determine available resources. Good projecti = rok! Mong managers know how to realistically set time estimates and “4 evaluat or teams’ capabilities. =i They then create a clear and concise plan to both execute the pret monitor its progress. Projects ae naturally unpredictable, so gel managers know how to make adjustments along the way as needa et the project reaches its final stages seded bef (b) Organizing and Motivating a Project Team Good project managers dorit get their teams bogged down with ‘ spreadsheets, long checklists, and whiteboards. Instead, they purge front and center They develop clear, straightforward plans chap their teams to reach their fll potential. They cut down on buresgse™ steer their teams down a clear path to the final goal a6} ang (c) Controlling Time Management Clients usually judge a projects successor failure on whether i has ag delivered on time. Therefore, meeting deadlines is non-negot iable, project managers know how to set realistic deadlines, and | communicate them consistently to their teams. They know how to effectively do the following: © Define activity © Sequence activity Estimate the duration of activity © Develop a schedule ¢ Maintain a schedule (d) Cost Estimating and Developing the Budget “ ieee Good project managers know how to keep a project ai ie pe Even if a project meets a client's expectations and is Sas oa still be a failure if it goes wildly over-budget. Good Foe, frequently review the budget and plan ahead to a) overruns. (e) Ensuring Customer Satisfaction os ows In the end, a project is only a success if the customer aa to minimize responsibilities of every project manager is ement vs resource Aspects of Project Management Human rises and involve their clients in the project as much as is se. Good project managers know how to maintain effective «d keep the company’s clients up-to-date. any unwanted st reasonably possibl communication an alysing and Oe the project is, the more likely there are to be hurdles and pitfalls ‘The bigger jart of the initial plan. Hiccups are inevitable, but good project ae, fe how meticulously and almost intuitively, identify and cee eoteal risks before the project begins. They know how to then ore risks or at least minimize their impact Managing Project Rrisk avoid ris {g) Monitoring Progress During the initial stages, project managers and their teams have a clear vision and high hopes of producing the desired result. However, the path to the finish line is never without some bumps along the way. When things don't go according to a plan, a project manager needs to monitor and analyse both expenditures and team performance and to always efficiently take corrective measures, (h) Managing Reports and Necessary Documentation Finally, experienced project managers know how essential final reports and Proper documentation are. Good project managers can present comprehensive reports documenting that all project requirements were fulfilled, as well as the projects’ history, including what was done, who was involved, and what could be done better in the future. DETERMINANTS OF A SUCCESSFUL PROJECT (a) Smart People With i are oe sah team in place, any strategy and plan have the potential of resources, pot Patt: Because of this, the core project staffs, expert oe areata stakeholders should be part of the team dynamic. All of thos Visions for the ed BUSt have commitment to the group, share similar Projects and strive for overall success,Project Management 3.6 team should be completely informed and involved a order to me the most successful outcome, which means that communication has to be on par. Use a software tool to get everyone online and using a central repository of information. Tools like Copper Project not only allow you to manage the To-Dos and Project plans, but will also allow you to set the availability of your resources, and then book their time on specific tasks/projects. Once they've logged their time, you have a powerful system that not only automates time-sheets/invoicing, but stops your project processes falling apart when your staff move on. (b) Smart Planning Comprehensive planning sets up a project for success from the start. All stakeholders should be on board during the planning process and always know in which direction the project is going to go. Planning can help the team to meet deadlines and stay organized. Good planning not only keeps the project team focused and on track, but also keeps stakeholders aware of project progress. There are many benefits to smart planning. This first step in the project Process allows for a reliable and realistic time-scale to be created, Assuring accurate time for cost estimates to be produced and for clear documentation of milestones and deliverables will make things much easier as the project progresses. A proficient plan details all resource requirements and doubles as a warning system. If task slippage is at risk, then a warning system will Provide clear visibility of what to expect. Use a tool that offers a full drag and drop timeline so that you can quickly and effectively build a project plan and establish an accurate end date. Use Previously completed projects as templates for your future projects. In this way not only can you avoid redundancies associated with creating a new Project from scratch each time, but the more often you reuse a template Project the closer you'll be to accurate timelines and budget estimates (c) Open Communication Looking closely at details and listening to outside sources of information is vital to the success of a project. Keeping open communication within the team is absolutely essential. When working under a specific timetable, it is important that the team remains well-informed, If a problem arises on one part of a project, it can negatively impact other parts as well. Communication is the best way to prevent problems from occurring.suman Resource Aspects of Project Management m a ~.amunication should also be focused internally within the Organization. our an organizational history of major projects will give convenient ei improved policies and business processes. If this isn’t done, then a Wee repeat mistakes that have already occurred. Listening to ial era and paying attention is a very important ingredient for success, Good communication also includes knowing when to say no. A Project team should never promise anything, they know they can’t deliver, Saying no in the beginning could save an overabundance of unnecessary problems later. Always be honest about what your team can do and when it can be done by. Aside from using a tool that allows draggable timelines, also find one that allows you to use previous projects as templates for establishing your new timeline. Not only will you improve your processes over time (becoming more accurate with your estimates and setting client expectations accordingly), but you also improve communications between all your project participants. (d) Careful Risk Management Project managers know that things rarely go off exactly as planned. During the planning process, it is vital to produce a risk log with an action plan for the risks that the Project could face. Make sure all key stakeholders are aware of your risk log and know where they can find it. If something happens, then the team can quickly resolve the issue with the management plan that has already been set in place. This will Project risks and hel: Progression, Heving 4 central online database of project information is vital to ensure u don't lose crucial project momentum during the project, but also in the ev ; or oo ng key Participants you can quickly get your new team members give the team confidence when facing p the clients feel comfortable with the project’s (¢) Strong Project Closure f . “Project does not have Onsy, us me Tesources, t that all de livery, strong closure, then it has the potential to continue The project team must be firm and agree eS Project stitical success factors have been met. Confirms eS Sati ion testing, and release must be agreed upon and Bear a ture Ieleten are good forms of documentation to log an nce and Valuable information for use in the future.