Mgt-317 Project Management

Course Instructor: Mr. Asif Raza

Civil Engineering Dept.
Quaid-e-Azam College of Engineering and Technology, Sahiwal
 What is Project?

A project is a temporary endeavor undertaken

to create a unique product, service, or result.
 What is Project Budget

 A Project Budget is the total amount of authorized

financial resources allocated for the particular
purpose(s) of the sponsored project for a specific
period of time. It is the primary financial document
that constitutes the necessary funds for
implementing the project and producing the
deliverables.
 What is Portfolio?

A portfolio refers to a collection of sub portfolios,

Programs, projects and operations managed as a
group to achieve strategic objectives.
 Strategy

 1. A method or plan chosen to bring about a desired future,

such as achievement of a goal or solution to a problem.
 2. The art and science of planning and marshalling
resources for their most efficient and effective use.
 Strategy generally involves setting goals, determining
actions to achieve the goals, and mobilizing resources to
execute the actions. A strategy describes how the ends
(goals) will be achieved by the means (resources).
 Strategic Objectives

 Strategic objectives are long-term organizational

goals that help to convert a mission statement from a
broad vision into more specific plans and projects.
 What is Program?

Programs are comprised of subprograms, projects, or

other work that are managed in a coordinated fashion
in support of the portfolio.
What is Project Management?

Project management is the application of

knowledge, skills, tools, and techniques to
project activities to meet the project
requirements.
Importance of Project Management

1. Strategic Alignment

 Every client has strategic goals.

 PM ensures goals of Project should align with business
goals.
 PM should ensure the project should part of
realignment.
Importance of Project Management

2. Leadership

 PM gives direction to the project.

 PM motivates the team to do their best work.
Importance of Project Management

3. Clear Focus and Objectives

 Breaking up into smaller chunks of work enables teams

to remain focused on clear objectives.
 PM enables the team to focus, and when necessary
refocus, on their objectives.
Importance of Project Management

4. Realistic Project Planning

 PM ensures proper expectations are set around what

can be delivered, by when, and for how much.
 PM enables us to analyze and balance the available
resources, with the required timeline if there are some
delays in the project.
Importance of Project Management

5. Quality Control

 PM ensures consistent level of quality.

 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.
Importance of Project Management

6. Risk Management

 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.
Importance of Project Management

7. Orderly Process

 PM ensures the right people do the right things, at the

right time – it ensures proper project process is followed
throughout the project lifecycle.
Importance of Project Management

8. Continuous Oversight

 Project management is important because it ensures

a project’s progress is tracked and reported properly.
 PM 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.
Importance of Project Management

9. Subject Matter Expertise

 PM makes us able to understand if everyone’s doing

what they should.
 Subject matter expertise means they can have
intelligent and informed conversations with clients,
team, stakeholders, and suppliers.
Importance of Project Management

10. Managing and Learning from Success and Failure

 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.