PROJECTS AND OPERATIONS

MANAGEMENT

MODULE 1
Dhritiman Chanda
December 26, 2022
Definition of a Project

 Project Management Institute (PMI) defines a project as a temporary endeavor undertaken to

create a unique product, service, or result.
 Project Management is the art of managing all the aspects of a project from inception to closure
using a scientific and structured methodology.
 The temporary nature of projects indicates a definite beginning and end.
 Project management is the application of processes, methods, skills, knowledge and experience
to achieve specific project objectives according to the project acceptance criteria within agreed
parameters.
 A key factor that distinguishes project management from just 'management' is that it has this
final deliverable and a finite timespan, unlike management which is an ongoing process.
 Project management produces project outcomes within the three objectives of cost, schedule,
and resources.

Module 1 2
Phases of a Project

 The project management life cycle describes high-level processes for delivering a successful
project.
 Wasted money and resources can be prevented with effective project management, as more
than half of unsuccessful projects fail due to communication breakdown.
 In the phases of the project management life cycle, you come up with the idea for a project,
define its goals, plan for its execution, and guide it to completion.
 The project management life cycle describes high-level processes for delivering a successful
project.

Module 1 3
 Project Management Life Cycle

1. Initiation
First, you need to identify a business need, problem, or opportunity and brainstorm ways that your team can
meet this need, solve this problem, or seize this opportunity. During this step, you figure out an objective for
your project, determine whether the project is feasible, and identify the major deliverables for the project.
Project management steps for the initiation phase
Steps for the project initiation phase may include the following:
Undertaking a feasibility study: Identify the primary problem your project will solve and whether your project
will deliver a solution to that problem
Identifying scope: Define the depth and breadth of the project
Identifying deliverables: Define the product or service to provide
Identifying project stakeholders: Figure out whom the project affects and what their needs may be
Developing a business case: Use the above criteria to compare the potential costs and benefits for the project
to determine if it moves forward
Developing a statement of work: Document the project’s objectives, scope, and deliverables that you have
identified previously as a working agreement between the project owner and those working on the project
Module 1 4
2. Planning
Once the project is approved to move forward based on your business case, statement of work, or
project initiation document, you move into the planning phase.
During this phase of the project management life cycle, break down the larger project into smaller
tasks, build your team, and prepare a schedule for the completion of assignments. Create smaller goals
within the larger project, making sure each is achievable within the time frame. Smaller goals should
have a high potential for success.
Project management steps for the planning phase
Steps for the project planning phase may include the following:
• Creating a project plan: Identify the project timeline, including the phases of the project, the tasks
to be performed, and possible constraints
• Creating workflow diagrams: Visualize your processes using to make sure team members clearly
understand their role in a project
• Estimating budget and creating a financial plan: Use cost estimates to determine how much to
spend on the project to get the maximum return on investment
• Gathering resources: Build your functional team from internal and external talent pools while
making sure everyone has the necessary tools (software, hardware, etc.) to complete their tasks
• Anticipating risks and potential quality roadblocks: Identify issues that may cause your project to
stall while planning to mitigate those risks and maintain the project’s quality and timeline
• Holding a project kickoff meeting: Bring your team on board and outline the project so they can
quickly get to work
Module 1 5
3. Execution

You’ve received business approval, developed a plan, and built your team. Now it’s time to get to work. The
execution phase turns your plan into action. The project manager’s job in this phase of the project management
life cycle is to keep work on track, organize team members, manage timelines, and make sure the work is done
according to the original plan.

Steps for the project execution phase include the following:

• Creating tasks and organizing workflows: Assign granular aspects of the projects to the appropriate team
members, making sure team members are not overworked

• Briefing team members on tasks: Explain tasks to team members, providing necessary guidance on how they
should be completed, and organizing process-related training if necessary

• Communicating with team members, clients, and upper management: Provide updates to project
stakeholders at all levels

• Monitoring quality of work: Ensure that team members are meeting their time and quality goals for tasks

• Managing budget: Monitor spending and keeping the project on track in terms of assets and resources
Module 1 6
 4. Controlling and Monitoring

In the project management process, the third and fourth phases are not sequential in nature. It runs simultaneously with project execution,
thereby ensuring that objectives and project deliverables are met. As a project manager, you can make sure that no one deviates from the
original plan by establishing Critical Success Factors (CSF) and Key Performance Indicators(KPI).

Critical success factors (CSF) define the things that the deliverable requires and the factors that ultimately define it as successful.
For example, your deliverable could be a house.
Critical success factors would be construction workers and materials.
Key success criteria would be creating a certain number of rooms, doing it within budget, and delivering it on time.

Key performance indicators (KPIs) in project management consist of various specific measurement tools for indicating how well teams
are achieving specific goals.
Examples of KPIs within project management include:
Project schedule
Estimate to project completion
Current development backlog

During the monitoring phase of project management, the manager is also responsible for quantitatively tracking the effort and cost during
the process. This tracking not only ensures that the project remains within the budget but also is important for future projects.
Module 1 7
5. Closure

 Once your team has completed work on a project, you enter the closure phase. In the closure phase, you provide final
deliverables, release project resources, and determine the success of the project. Just because the major project work is
over, that doesn’t mean the project manager’s job is done—there are still important things to do, including evaluating
what did and did not work with the project.

Project management steps for the closure phase

• Analyzing project performance: Determine whether the project's goals were met (tasks completed, on time and on
budget) and the initial problem solved using a prepared checklist.

• Analyzing team performance: Evaluate how team members performed, including whether they met their goals along
with timeliness and quality of work

• Documenting project closure: Make sure that all aspects of the project are completed with no loose ends remaining and
providing reports to key stakeholders

• Conducting post-implementation reviews: Conduct a final analysis of the project, taking into account lessons learned
for similar projects in the future

• Accounting for used and unused budget: Allocate remaining resources for future projects

Module 1 8
Project Life Cycle Graph

Module 1 9
Project VS Operations Management

Module 1 10