Projected To Win

Nature of Project Management

Operations LAP 158

 Objectives

Explain the goals of project

management.

Identify the stages of project

management.
 Explain the goals of
project management.
• Everything was once a “work in
progress”!
• Learn more about projects and
project management.
 Project Basics

• Is a short-term undertaking
• Creates a unique good or service
• Generates a specific deliverable
 Projects v.
Business Operations

• Projects:
 Are short term
 Have a definite beginning
and end
 Rely on lower level
employees
 Create something new
 Projects v.
Business Operations

• Business operations:
 Are permanent
 Are ongoing
 Rely on traditional
management structures
 Keep business running on a
day-to-day basis
 Importance of Projects

• Dynamic business environment:

 Global economy
 Increased competition
 Technological advances
• Projects allow businesses to take advantage
of new opportunities quickly!
Types of Projects

• Projects to enhance, add to, or

extend existing projects
• Projects that are a major departure
from existing projects
• Projects that use entirely new
technology
• R&D projects that take on
completely new visions or pursuits
for a business
Elements of a Project

• Resources
• Schedule
• Outcome
Project Management Roles

• Project management:
 The skills, tools, and processes
used to plan, execute, and control
project elements
 Goal—to ensure efficient, effective
project completion with respect to
quality, schedule, and budget
Project Management Roles

• Project manager:
 Oversees project from beginning
to end
 Is not necessarily a member of
upper management
Project Management Roles

• Project champion:
 Sponsors project throughout the
business
 Mobilizes resources to assist
project manager
 Is usually a high-ranking employee
Project Benefits

• Make more profitable decisions

• Evaluate a project’s feasibility
• Accomplish goals within a
specified time frame
• Create a framework for defining
a successful project
• Implement greater quality control
Project Benefits

• Emphasize teamwork
• Communicate effectively with
project participants
• Improve customer satisfaction
• Adapt and be flexible, especially
regarding risk
• Become more efficient
Project Constraints

• Scope
• Time
• Budget
• Each one affects
the other two.
Project Challenges

• Unqualified project manager

• Poorly defined goals
• Project creep
• Inaccurate estimates of needed
resources
• Difficulty assessing risk
Project Challenges

• Lack of monetary resources

• Lack of human resources—or, lack
of qualified human resources
• Poor communication among team
members and stakeholders
• Disagreements among team
members and stakeholders
• Difficulty monitoring project changes
Identify the stages of
project management.
Stage One—Initiation

• Statement of
work (SOW)
• Project charter
Stage Two—Planning

• Work breakdown
structure (WBS)
• Governance mechanisms
• Risk analysis
Stage Three—Execution

• The actual work of

the project
• Making sure required
work is completed
Stage Four—Monitoring
and Controlling

• Keeping the project

on track
• Taking the appropriate
corrective measures if
it doesn’t stay on track
 Stage Five—Closing
• Delivery of final product
• Lessons-learned document
 Technology Used
in Project Management

• Standard business
technology such as email,
video chatting, and intranet
• Comprehensive project
management software
 Scheduling, budget,
risk, communication,
collaboration, etc.
• A current school or work project
• Your role?
• What stage?
• Deliverable?
• Project manager needs help
• Pulls friend from her other work
• Is this ethical?
Acknowledgments

Original Developers:

Christopher C. Burke,
Kristen Auletto, MBA Research
Version 1.0

Copyright © 2018
MBA Research and Curriculum Center
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