Introduction to

Project Management - MGT 471

EPGDM PROGRAM Term-IV

Mohan. C
1) Indicate the emerging trends 2023 in Project/ Project
Management as discussed in online class & Analyze
expected issues and challenges in Managing Projects

Emerging trends 2023 in Project Management

1. Artificial Intelligence (AI) And Automation

Project Management Institute notes that 81% of professionals say that AI is impacting their organizations. By
automating low-value-add tasks, project managers may focus their efforts and energy on tasks that will most
dramatically benefit their businesses, allowing them to affect greater change, increasing the possibility of each
project reaching its strategic goals. Recent years have seen AI adoption on a larger scale by organizations to ensure
successful project completion in several ways such as:

● Generating performance insights

● Supporting the decision-making processes
● Making estimates and predictions
● Optimizing resource scheduling
● Enabling data visualization
● Performing risk analysis

2. Advanced Project Management System

It is observed that 54% of organizations lack access to real-time KPIs for their projects and over a third of them spend
over 1 day to collect data. This underlines how project management tools can no longer be ignored. Combined with
AI-based automation capabilities, project management software can bring about positive changes in the way
organizations go about managing their projects, no matter how complex they are.

● Here are some ways that the right software can make a massive difference:
● Leverage historical project data to make better bids and plans for future projects
● View resource availability, skills, and other details to simplify allocation
● Automatically track all time spent on tasks and projects through AI
● Capture all expenses with invoices for all projects in real time
● Track projects through customizable dashboards and make more informed decisions on the fly

3. Rise in Remote Working

Remote working was already on the rise but recent years have seen its adoption boosted to unprecedented levels.
While the global pandemic forced organizations to let employees telecommute due to safety concerns, it is likely that
remote working will continue for the foreseeable future. This brings up some interesting challenges for project
managers. According to Forbes, up to 97% of employees are not interested in going back to their offices full-time.

Cloud-based project management software can play a crucial role in these circumstances. These tools can be easily
deployed globally for hybrid or remote workforces, allowing them to stay on top of their tasks and projects
seamlessly. The software can capture all the relevant data that needs to be tracked, verified and used by project
managers to make more informed decisions in real time, irrespective of shift timings and locations.
4. Demand for Emotionally Intelligent Leaders and Increasing emphasis on Soft Skills

While organizational and analytical skills are necessary for project managers, there has been an increasing demand
for emotional intelligence in recent years. This is relevant for project managers since, in essence, their work involves
having a deep understanding of people. The ability to connect and empathize with others has become a lot more
important due to one of the other project management trends: the rise in remote working.

Traditionally, the value of project managers depended on their certifications and their skills in implementing different
methodologies. However, more and more organizations are now shifting their focus to soft skills. Managers are free
to focus on other responsibilities and that is where soft skills become necessary. Project managers now need to
focus and strengthen their soft skills such as conflict resolution, stakeholder engagement, negotiation, mentoring and
training, decision-making, and team building.

5. Focus on Data Analytics for Data-Driven Project Management

Data analytics and reporting can help project managers identify early signs of scope creep, measure project progress
rates and more. AI-powered analytics provide a complete picture of the entire organization and all projects. They
deliver granular-level visibility into the activities and generate custom reports to help visualize the data in the exact
way needed by the project managers. With these tools, project managers can make informed decisions in real time
instead of making gut-based decisions based on reports that are compiled manually.

6. Hybrid Project Management

In the post-pandemic era, there have been renewed efforts to find a more reliable and efficient methodology for
project success. To that end, organizations have begun to experiment with a hybrid approach in which different
elements from two or more methodologies are brought together. The hybrid concept extends to the development of
project team structures as well. A survey found that 37% of teams are cross functional led by a dedicated PM. In
addition to leveraging untapped skills from new team members, cross-functional teams can share their department’s
best practices for the project team to then decide whether or not they want to incorporate into their own processes.

7. Implementing Strong Cybersecurity Measures

With organizations moving towards digitizing their ecosystems and embracing remote and hybrid work models,
cybersecurity is more critical than ever. Protecting the organization from all forms of cyberattacks requires proactive
planning and training. Project managers can support cybersecurity initiatives by developing a culture of awareness
and shared responsibility.

Even seemingly simple measures such as leveraging role-based permissions for project management and other tools
can go a long way in safeguarding the organization and its data. These project management trends should also help
project managers understand the steps they must take to drive operational efficiency. This is particularly important
for organizations in the professional services industry.

Expected challenges in Managing Projects

1. Setting clear goals and objectives

Popular approaches to setting organizational goals are SMART and CLEAR.
SMART - specific, measurable, attainable, relevant, and time-bound.
CLEAR - collaborative, limited, emotional, appreciable, and refinable.
2. Scope creep

Scope creep is a classic project management challenge that refers to how the requirements of a project change from
what was originally agreed at project initiation. Using an Agile project management methodology like Scrum will allow
your team to focus on specific goals while continuously reviewing priorities and plans.

3. Budget restrictions and changes

Project managers must plan their budgets accurately and ensure that projects remain within budget. They should
adopt efficient cost management strategies to prevent straying from the agreed-upon budget. Project managers need
to consider all possibilities of scope creep during the planning stage and budget for them to prevent cost overruns.

4. Lack of communication

Communication can make or break a project. Good communication means team members work well together, tasks
are allocated efficiently, and stakeholders are kept in the loop about project progress.

5. Team conflict
Team conflict is caused by a lack of shared vision and miscommunication, leading to confusion and frustration.
Project managers need to bring clarity and cohesion to their teams to manage conflict effectively. Project
management software can be a helpful tool to tackle this challenge.

6. Mismatched team skills

A project manager should constantly be assessing their workforce to establish whether every member of the team is
being utilized effectively, based on their skills and workload. Project managers can easily see how much is on each
team member’s plate, and a color-coded interface makes it immediately visible.

7. Absence of accountability

Accountability means every member of your team is responsible for their decisions and actions. An effective project
manager enables accountability clearly from the start. Setting up goals and objectives helps build accountability as
everyone is clear on their responsibilities. Shared visibility of progress against team tasks can help build
accountability.

8. Impractical deadlines
Unrealistic deadlines are a classic way to overpromise. An effective project manager knows their teams’ strengths
and weaknesses, along with what their team can deliver within a specified duration. To determine a workable
deadline, break down the project into small tasks and assign each task sufficient time.

9. Poor risk management

Project managers have to evaluate and manage risks throughout the life cycle of their projects. As a project manager,
you need to make sure that your team can adapt if things get out of control. A project management platform that
helps you identify, manage, and mitigate risks can help.

10. Finding effective project management software

The biggest advantage of these platforms is that they can be accessed remotely, and project managers can track
progress in real-time. They also centralize data and enable access by all stakeholders via multiple devices. You can
automate many tasks and notifications so that project lags never occur. This includes email sends, status updates,
and much more.
3) Examine the Concept of Process groups/ Phases/
Process/ Knowledge areas & Project LifeCycle in
Projects. Are Process Groups same as Phases of Projects
A project life cycle is managed by executing various project management activities like develop project
charter, develop project management plan, identify stakeholders, plan scope management, etc. and are known as
project management processes. Every project management process will have one or more Inputs which will produce
one or more Outputs using appropriate Tools & Techniques.

Project Management Process Groups:

The Processes are grouped together into five process groups. The Logical grouping of project management
processes to achieve specific project objectives are called Project Management Process Groups. Below are the five
process groups:

● Initiating Process group: The processes part of initiating process group are performed at the time of new
project or new phase of existing project.
● Planning Process group: The processes part of planning process groups helps in defining the plan for the
project like defining scope, planning for schedule, cost, procurement, communications etc. This helps in
defining the course for the project to achieve its objectives.
● Executing Process group: The processes in the executing process group are performed to complete the
defined work as per plan to satisfy the project stakeholders.
● Monitoring & Controlling Process group: As part of monitoring & controlling process group, the performance
of the project is tracked, monitored, reviewed & controlled. The variation from plan is derived & identifies
what changes are required to bring the project back on track.
● Closing Process group: The processes part of the closing process group are done at the time of closing the
project to close the project formally.

Project Management Knowledge Areas:

In addition to the project management process group, processes are categorized into knowledge areas. Depending
upon the components, processes, inputs, outputs, tools & techniques knowledge areas are identified & processes are
grouped. There are ten knowledge areas:

● Perform Integration Management: Integration management is one of important knowledge in which

coordination of various processes & project management activities are combined, integrated .
● Project Scope Management: This knowledge area includes the processes to ensure scope is defined,
including all work required, only the required work to complete the project and achieve the project
deliverables.
● Project Schedule Management: In this knowledge area the processes help to define the activities and timely
completion of projects.
● Project Cost Management: As part of Cost management processes it helps in planning, estimating ,
budgeting , managing and controlling the cost of the project so that project can be completed within the
approved budget.
● Project Quality Management: The processes which are part of Project quality management knowledge area
helps in planning, managing and controlling the project quality as per customer expectations.
● Project Resource Management: Resource management previously called as Human resource management,
now considers both human and other resources. The process helps in identifying, acquiring and managing
resources for the project.
 ● Project Communication Management: The process is involved in planning , managing and monitoring
effective communication between stakeholders so that right information is reached to them.
● Project Risk Management: As part of Risk management processes risks in the projects are identified,
analyzed, responses are planned, implemented and monitored.
● Project Procurement Management: These processes are necessary for purchase of products , services etc
from outside the project.
● Project Stakeholder Management: The processes of stakeholder management knowledge are required to
identify stakeholder that impact the project positively or negatively, analyze the expectation & their power to
impact the project , and appropriate measures are taken to keep them satisfied.

Are Process Groups same as Phases of Projects

One of the most common misconceptions is that the 5 process groups (Initiating, Planning, Executing,
Monitoring & Controlling, Closing) are equivalent to Phases. This misconception has created a second one, that is,
that the 4 Methodology phases (Initiating, Planning, Executing, Closing) correspond to the 5 PMBOK Process groups.
However, both of these beliefs are incorrect.
5) Examine the Roles & Responsibilities of Project
Manager & enumerate the importance of Talent
Triangle and related skills of Project Manager.
The project manager plays a critical role in the leadership of a project team in order to achieve the project’s objectives
& GOALS this role is clearly visible throughout the project. These activities may include consulting with executive and
business unit leaders on ideas for advancing strategic objectives, improving organizational performance, or meeting
customer needs

Role of a Project Manager:

● Project definition
● Delivery and control
● Document management
● Budget management
● Stakeholder engagement
● Managing dependencies
● Project planning
● Attend governance meetings
● Resource allocation
● Quality assurance & control
● Leadership and motivation
● Change control
● Progress monitoring
● Risk & Issue management
● Review lessons learned

Responsibilities of the project manager:

● Designing and applying appropriate project management standards

● Managing the production of the required deliverables
● Planning and monitoring the project
● Adopting any delegation and use of project assurance roles within agreed reporting structures
● Preparing and maintaining project, stage and exception plans as required
● Liaison with related projects to ensure that work is neither overlooked nor duplicated
● Monitoring overall progress and use of resources, initiating corrective action where necessary
● Applying change control and configuration management processes
● Reporting through agreed lines on project progress through highlight reports and end-stage assessments
● Maintaining an awareness of potential interdependencies with other projects and their impact
● Adopting and applying appropriate technical and quality strategies and standards
● Identifying and obtaining support required for the management, planning and control of the project
● Managing project administration
● Conducting a project evaluation review to assess how well the project was managed
● Preparing any follow-on action recommendations
Importance of Talent Triangle and related skills of Project Manager

Ways of Working: Whether it’s predictive, agile, design thinking, or new practices still to be developed, it's clear that
there is more than one way that work gets done today. That’s why we encourage professionals to master as many
ways of working as they can - so they can apply the right technique at the right time, delivering winning results.

● Agile practices
● Data gathering and modeling
● Earned value management
● Governance (project, program, portfolio)
● Lifecycle management (project, program, portfolio, product)
● Performance management (project, program, portfolio)
● Requirements management and traceability
● Risk management
● Schedule management
● Scope Management (project, program, portfolio, product)
● Time, budget and cost estimation

Power Skills: These interpersonal skills include collaborative leadership, communication, an innovative mindset,
for-purpose orientation, and empathy. Ensuring teams have these skills allows them to maintain influence with a
variety of stakeholders - a critical component for making change.

● Brainstorming
● Coaching and mentoring
● Conflict Management
● Emotional intelligence
● Influencing
● Interpersonal skills
● Listening
● Negotiation
● Problem Solving
● Team Building
Business Acumen: Professionals with business acumen understand the macro and micro influences in their
organization and industry and have the function-specific or domain-specific knowledge to make good decisions.
Professionals at all levels need to be able to cultivate effective decision-making and understand how their projects
align with the big picture of broader organizational strategy and global trends.

● Benefits management and realization

● Business acumen
● Business models and structures
● Competitive analysis
● Customer relationship and satisfaction
● Industry knowledge and standards
● Legal and regulatory compliance
● Market awareness and conditions
● Operational functions (e.g.finance, marketing)
● Strategic planning, analysis, alignment

8) Explain the concept of Stakeholder Register and

importance of Stakeholder engagement in Projects.
The stakeholder register, or stakeholder registry, is one of the essential project management documents, it
contains important information on your project holder. Managing stakeholders is vital for your project because if your
stakeholders are not happy, your team will struggle, and your project won’t succeed. Stakeholder register is a project
document with pertinent information about the project stakeholders. It identifies the people, groups, and
organizations interested in the project or its outcome. A stakeholder register can have the following information
about stakeholder

● Names
● Titles
● Roles
● Interests
● Power
● Requirements
● Expectations
● Type of influence
Importance for stakeholder engagement:

The plan stakeholder engagement is a planning process group that develops appropriate management skills in
engaging stakeholders throughout the span of the project. This is done by analyzing the needs, interests and impact
of a stakeholder on the success of the project.

Stakeholder management involves improving communication, managing a team and maintaining relationships
between the stakeholders and the project team. Plan Stakeholder Engagement is the process of developing
approaches to involve project stakeholders based on their needs, expectations, interests, and potential impact on the
project.

● The key benefit is that it provides an actionable plan to interact effectively with stakeholders.
● This process is performed periodically throughout the project as needed.
● The inputs, tools and techniques, and outputs of the process are depicted in Figure.
9) Enumerate various changes in PMBOK 7 as
compared to PMBOK 6 and indicate the list of Project
delivery Principles and Project Domains as listed in
PMBOK 7
PMBOK 6 covers project environment, the role of the project manager, and the 10 essential knowledge areas within
project management. PMBOK 6 Knowledge Areas - Within PMBOK 6, each knowledge area is accompanied by
processes, inputs, tools, techniques, and outputs.

The 10 project management knowledge areas in PMBOK 6 are defined as:

● Integration – Implement the right procedures to complete the project’s required tasks.
● Scope – Document all project goals and deliverables, deadlines, and budgets to better plan for the project.
● Schedule – Maintain a steady pace to complete the project within the required timeframe.
● Cost – Manage the project’s budget through estimating and allocating all related costs.
● Quality – Manage and maintain a high level of quality throughout the project.
● Resource – Improve project efficiency through planning and scheduling the project’s resources.
● Communications - Plan, manage and monitor communications to ensure the right people are receiving the
right messages.
● Risk – Anticipating potential risks to better plan for their potential outcomes.
● Procurement – Secure all required materials and services to deliver the project.
● Stakeholder – Keep stakeholders engaged throughout the project’s duration

The contents within PMBOK 7 include tailoring, models, methods, and artifacts and eight performance domains.
There’s a drastic shift from processes to performance. The performance domains are focused on overall outcomes
rather than just the processes and techniques used within a project’s executions. The importance of project quality is
emphasized.

Tailoring is a new framework found in PMBOK 7 and is based on the concept that a single approach may not allow
project managers to meet the required project deliverable, organizational demands, and project needs. Once a project
manager has selected an initial development approach, project tailoring encourages the manager to adapt a project’s
specs to meet all project requirements.

PMBOK 7 Models, Methods, Artifacts - The new models, methods, and artifacts section found in PMBOK 7 vs PMBOK
6 provides users with a plethora of resources such as articles, videos, and templates, tying them to the performance
domain of which they would be most useful. This offers great value for aspiring and working project managers alike.

PMBOK 7 Performance Domains - While earlier PMBOK versions focused on knowledge areas, the 7th edition has
replaced the traditional knowledge areas with performance domains.

The eight performance domains summarize the related elements essential to a project’s success:
 ● Team
● Stakeholders
● Life cycle
● Planning
● Uncertainty and ambiguity
● Delivery
● Performance
● Project work
● The new PMBOK performance domains focus on delivering value to the organization and its stakeholders
through the project delivery.

PMBOK 6 - In PMBOK 6, the standard for project management included five comprehensive domains — initiating,
planning, executing, monitoring and controlling, and closing. These standards summarize the processes that project
managers apply to deliver a successful project.

PMBOK 7 Value Delivery System - In the past, the PMI considered a project and operations to be two separate entities
until the project was completed. The new Value Delivery System introduced in PMBOK 7 integrates projects and
operations to deliver the best value for the business. The 7th PMBOK edition sheds the 6th edition’s five project
domains and replaces them with 12 new project management standards:

● Stewardship
● Team
● Stakeholders
● Value
● Holistic Thinking
● Leadership
● Tailoring
● Quality
● Complexity
● Opportunities & Threats
● Adaptability & Resilience
● Change Management