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INTRODUCTION OF PROJECT
Unit: 1
PROJECT MANAGEMENT
SHRUTI SHARMA
MBA
MBA 2ND Year (4TH Sem) Department
•INTRODUCTION OF PROJECT
•PROJECT MANAGEMENT PROCESS
•PROJECT TEAM
Introduction
• A project is a temporary endeavour
that produces a unique product,
service, or result. It has definitive
start and finish dates.
• Project management is the
application of tools and techniques to
organize the project activities to
successfully meet the project goals.
• A project manager is responsible for
project integration and applying the
tools and techniques of project
management to bring about a
successful conclusion to the project.
• PRINCE2 - 'A Project is a temporary organization that is created for the purpose of delivering one or
more business products according to an agreed Business Case.‘
• Association for Project Management (APM) - 'An endeavor in which human material and financial
resources are organized in a novel way to deliver a unique scope of work of given specification often
within constraints of cost and time to achieve beneficial changes defined by quantitative and qualitative
objectives.‘
• H. Kerzner - 'Project management is the planning, organizing, directing and controlling of company
resources for a relatively short-term objective that has been established to complete specific goals and
objectives. Furthermore, project management utilizes the systems approach to management by having
functional personnel (the vertical hierarchy) assigned to a specific project (the horizontal hierarchy)'
(2009).
Scope
Time
Budget
Schedule
Resources
Procurement
Risk
Stakeholders
Projects can be broadly classified into engineering projects and management projects. Engineering projects encompass civil,
electrical, and mechanical engineering and the final deliverables are physical objects, for example a building, reservoir, bridge,
refinery, or pre-production sample. Specialist companies or consortia invariably undertake these types of project.
Management projects include things like: restructuring the organization, preparing for an exhibition, developing an IT
system, launching a new marketing campaign, moving offices, or indeed anything where the objective is to produce an
end result that is not identifiable as a physical item
Time
Project managers must estimate the time required to complete a project. To do so, they use tools such as
PERT charts or the critical path method. This must be done during the initiation and planning phases of
the project life cycle to develop a schedule covering the duration of all the activities. The project
management process responsible for this constraint is schedule management.
Scope
The scope refers to all the work necessary to complete a project. It must be identified during the
planning stage by using a work breakdown structure. If the scope is not properly defined early in the
project, it can expand during the execution phase due to unplanned activities. The
scope management process helps keep this constraint in check.
Cost
There are many costs associated with a project. Project managers are responsible for estimating,
budgeting and controlling costs so the project can be completed within the approved budget. All of this
falls under the process known as cost management.
• SCOPE MANAGEMENT
• ISSUE MANAGEMENT
• COST MANAGEMENT
• QUALITY MANAGEMENT
• COMMUNICATIONS MANAGEMENT
• RISK MANAGEMENT
• CHANGE CONTROL MANAGEMENT
The truth is that no project goes off without a hitch, and it’s unrealistic to look at a project
and assume that everything will go smoothly.
If you can manage your firefighting by identifying major project risks and the mitigation
plans associated with them, your team and project requesters will be prepared and more
forgiving when issues in a project come up. As an added bonus, you’ll have the benefits of
time and energy upfront rather than trying to troubleshoot at the eleventh hour when
your team is stressed and up against a deadline.
Classification of project
Regular operations
Project life cycle
Benefits of project
PROJECT
•temporary - they have a definitive beginning and end
•unique - they are a new undertaking, unexplored ground
REGULAR OPERATIONS
This is the starting phase where the project manager must prove that the project has value
and is feasible. This includes creating a business case that justifies the need for the project,
and a feasibility study to prove it can be executed within a reasonable time and cost.
Then a project charter, which is a document that conveys what the project is going to deliver,
is created. A project brief serves a similar purpose. Their main difference is that a project
charter is part of the PMBOK framework, while a project brief aligns with the PRINCE2
methodology.
This project management stage culminates in a project kickoff meeting, where the team,
stakeholders and other relevant parties are brought together to lay out the project goals,
schedule, processes and the chain of communication.
After the project has been approved, the project moves into the second project management phase:
project planning. The goal of this phase is the creation of the project plan, which will be the guide for the next
two phases. The project plan must include every component associated with the execution of the project,
including the costs, risks, resources and timeline.
During this phase, the project scope (the work required to complete the project) is defined using a
work breakdown structure (WBS). The WBS breaks the project down into activities, milestones and
deliverables, making it easy for project managers to create schedules and assign tasks to their team members.
Project managers often lay out their project plan using a Gantt chart, which provides a visual representation
of the entire project. This provides a roadmap for the work until the project reaches its conclusion.
The third project management phase is project execution, which is when the
tasks and milestones outlined in the plan are tackled to produce the
deliverable to the client’s or stakeholder’s satisfaction.
Along the way, the project manager will reallocate resources as needed to
keep the team working. In addition, they will identify and mitigate risks, deal
with problems and incorporate any changes.
The fourth project management phase, project monitoring and control, takes
place concurrently with the execution phase of the project. It involves
monitoring the progress and performance of the project to ensure it stays on
schedule and within budget. Quality control procedures are applied to guarantee
quality assurance.
The biggest issues in a project are typically related to three factors—time, cost and
scope, which collectively are referred to as the triple constraint. The main goal of
this phase is to set firm controls on the project to ensure those three factors don’t
go off track.
The fifth project management phase is project closure, in which the final
deliverables are presented to the client or stakeholder. Once approved,
resources are released, documentation is completed and everything is
signed off on. At this point the project manager and team can conduct a
post-mortem to evaluate the lessons learned from the project.
Depending on the project, the closure phase may include handing over
control to a different team, such as an operations management team. In
this case, it is the job of the project manager to ensure such a transition
occurs smoothly.
YES NO
Building a deck
YES NO
Implementing a new system
YES NO
Mowing the lawn
YES NO
Planning a wedding
YES NO
Planning a fundraiser
YES NO
Planning a student graduation
2. The process each manager follows during the life cycle of a project is known as
E. Project Management
F. Manager life cycle
G.Project Management Life Cycle
H. All of the mentioned
Q1. Discuss the project. elaborate are the components of project management process?
Q2. Describe various Tools and techniques of project management.
Q3. Discuss the characteristics of a Project leader.
Q4. Explain the term 'project organisation'.
Q5. Explain the project life cycle with neat and clean diagram.