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Fundamentals of Project Management: Chapter-1 From PMBOK 4 Edition @2008 PMI

A project is a temporary endeavor undertaken to create a unique product, service or result. It has defined start and end dates, resources, and goals. Project management is the application of knowledge, skills, tools and techniques to meet the requirements of a project through five process groups: initiating, planning, executing, monitoring and controlling, and closing. It involves balancing the project scope, schedule and budget constraints. Portfolio management focuses on allocating resources across multiple projects based on organizational strategy, while program management coordinates related projects to achieve benefits not possible from individual projects.

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105 views

Fundamentals of Project Management: Chapter-1 From PMBOK 4 Edition @2008 PMI

A project is a temporary endeavor undertaken to create a unique product, service or result. It has defined start and end dates, resources, and goals. Project management is the application of knowledge, skills, tools and techniques to meet the requirements of a project through five process groups: initiating, planning, executing, monitoring and controlling, and closing. It involves balancing the project scope, schedule and budget constraints. Portfolio management focuses on allocating resources across multiple projects based on organizational strategy, while program management coordinates related projects to achieve benefits not possible from individual projects.

Uploaded by

Farah Fazal
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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Fundamentals of Project Management

Chapter-1 From PMBOK 4th Edition @2008 PMI

What is a Project?

What is a Project?
A project is a sequence of unique, complex and connected activities having one goal or purpose that must be completed by a specific time, wthin budget and according to specification A project is a complex, nonroutine, one-time effort limited by time, budget, resources, and performance specifications designed to meet customer needs Projects are ad hoc, resource-consuming activities used to implement organizational strategies, achieve enterprise goals and objectives, and contribute to the realization of the enterprises mission

A project is a temporary endeavor undertaken to create a unique product, service or result.

A Project can Create


A product that can be either a component of another item or an end item in itself. A capability to perform a service(e.g., a business function that supports production or distribution). A result such as an outcome or a document (e.g., a research project that develops knowledge that can be used to determine whether a trend is present or a new process will benefit society).

Main features of a Project

Revision

It is a temporary endeavor undertaken. To create a unique product, service or result Temporary, therefore, has a start and an end End is reached when
Objectives have been achieved When objectives will not or cannot be met Need for the project does no longer exist

What can be the duration of a project? What about the outcome of a project?

Examples of Projects
Developing a new product or service (Why) Effecting a change in the structure, staffing or style of an organization Developing or acquiring a new modified information system Constructing a building or infrastructure Implementing a new business process or procedure Give examples of Projects in Pakistan / World

What is Project Management?


It is the application of:
Knowledge Skills Tools Techniques To do project activities to meet project requirements It is accomplished through appropriate application and integration of 42 logically grouped project management processes comprising the 5 process groups.

What are those FIVE Process Groups? What are those 9 Knowledge Areas in Projects?

Mapping the Processes


Process PM Group Knowledge Area 4. Project Integration Management Initiating P.G. 4.1 Develop Project Charter Planning P.G. 4.2 Develop Project Management Plan Executing P.G. 4.3 Direct & Manage Project Execution Controlling P.G. 4.4 Monitor & Control Project Work 4.5 Perform Integrated Change Control 5.4 Verify Scope 5.5 Control Scope Closing P.G. 4.6 Close Project or Phase

5. Project Scope Management

5.1 Collect Requirements 5.2 Define Scope 5.3 Create WBS 6.1 Define Activities 6.2 Sequence Activities 6.3 Estimate Activity Resources 6.4 Estimate Activity Duration 6.5 Develop Schedule 7.1 Estimate Costs 7.2 Determine Budgets

6. Project Time Management

6.6 Control Schedule

7. Project Cost Management

7.3 Control Costs


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Mapping the Processes (cont.)


PM Knowledge Area 8. Project Quality Management 9. Project Human Resource Management 10. Project Communications Management 11. Project Risk Management 10.1 Identify Stakehold er Process Group

Initiating P.G.

Planning P.G.
8.1 Plan Quality 9.1 Develop Human Resource Plan 10.2 Communications Planning 11.1 Plan Risk Management 11.2 Identify Risk 11.3 Perform Qualitative Risk Analysis 11.4 Perform Quantitative Risk Analysis 11.5 Plan Risk Responses

Executing P.G.
8.2 Perform Quality Assurance 9.2 Acquire Project Team 9.3 Develop Project Team 9.4 Manage Project Team 10.3 Information Distribution 10.4 Mange Stakeholders

Controlling P.G.
8.3 Perform Quality Control

Closi ng P.G.

10.5 Report Performance

11.6 Monitor & Control Risk

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Mapping the Processes (cont.)


PM Knowledge Area 12. Procurement Process Group Initiating P.G. Planning P.G. 12.1 Plan Procurement Executing P.G. 12.2 Conduct Procurement Controlling P.G. 12.3 Administer Procurement Closing P.G. 12.6 Close Procurement

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Why Projects?
To meet strategic business goals and objectives: Strategic opportunity Business needs Customer request Technological advance Legal requirements

What is Project Management?


Project Initiation Project Planning
1.Project aligned with organizational objectives and customer needs 2.Preliminary scope statement includes stakeholder needs and expectations 3.High-level risks, assumptions are understood 4.Stakeholders identified and their needs understood 5.Project charter approved 1 .Project scope agreed 2.Project schedule approved 3.Cost budget approved 4.Project team identified with roles and responsibilities agreed 5.Communications activities agreed 6.Quality management process established 7.Risk response plan approved 8.Integrated change control processes defined 9.Procurement plan approved 10.Project plan approved
1.Project scope achieved 2.Project stakeholders expectations managed 3.Human resources managed 4.Quality managed against plan 5.Material resources managed 1.Project tracked and status communicated to stakeholders 2.Project change is managed 3.Quality is monitored and controlled 4.Risk is monitored and controlled 5.Project team is managed 6.Contracts administered 1.Project outcomes accepted 2.Project resources released 3.Stakeholder perceptions measured and analyzed 4.Project formally closed

Project Execution
Project Monitoring & Change Mgt. Project Closing

Relationship Between
Project Management Portfolio Management Program Management

What is Portfolio Management? resource allocation to achieve corporate new product objectives.

Portfolio Management
Portfolio (finance), a collection of investments held by an institution or a private individual Career portfolio, an organized presentation of an individual's education, work samples, and skills Artist's portfolio, a sample of an artist's work or a case used to display artwork, photographs etc Product portfolio (business administration), 2D separation of products by their market share and profits or growth rates (BCG) IT Portfolio, in IT portfolio management, the portfolio of large classes of items of enterprise Information Technology (IT) Project Portfolio, in Project Portfolio Management, the portfolio of projects in an organization. It is a collection of projects or programs and other works that are grouped together to facilitate effective management

Examples of Portfolio Management


An infrastructure firm that has the strategic objective of maximizing the return on its investments may have a portfolio of: Projects in oil & gas Projects in power Projects in water Projects in roads Projects in rail Projects in airports

Program Management
Program Management is defined as a group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually. Programs may include elements of related work outside the scope of the discrete projects in the program A program will always have projects.

Program Management
It focuses on the project interdependencies and help to determine the optimal approach for managing them. Resolve resource constraints & conflicts Aligning organizational direction Resolve issues and change management within a shared governance structure

Example of a Program Management


A new communication satellite system: Designing of a satellite and ground system Construction of a satellite and ground station Integration of the system Launching of the satellite

Project Management Office (PMO)


It is an organized body or entity assigned coordinated management of projects under its domain It is the key decision maker during the beginning of each project It is also responsible for the selection, management and deployment of shared or dedicated project resources

Functions of (PMO)
1. Managing shared resources 2. Identifying & developing project management methodology, best practices and standards 3. Coaching, monitoring, training and oversight 4. Monitoring compliance project audits 5. Developing & managing project policies, procedures, templates and other standard documentation? 6. Coordinating communication across projects

Project Manager
Focuses on a specific project objective Controls resources to best meet project objectives Manages the constraints (scope, schedule, cost and quality etc) of individual project

Main Functions of a Project Manager


Define scope of project Identify stakeholders & Leadership (decision makers: Client, Parent organization, Project Team, Publics) Evaluate project requirements Develop detailed task list (work breakdown, structures) Develop initial project management flow chart Estimate time requirements Identify cost estimation and budget Identify required resources and evaluate risks

Main Functions of a Project Manager


Prepare contingency plan Identify interdependencies Identify and track critical milestones Secure needed resources, manpower Participate in project phase review Manage the change control process Report project status

Project Management Vs Operation Management


How they are different? When do they interact?

Project Management Vs Operation Management


Operations are permanent endeavors that produce repetitive outputs with resources assigned to do same set of tasks It is an ongoing nature of operations Projects are unique Projects are temporary endeavors

Characteristics of a Project Manager


Knowledge: Must be well versed with project management. ? Performance: Application of project management knowledge Personal: Behavior of the project manager:
Effectiveness Attitude Personality characteristics (Michael Dell) Leadership, guidance to balance project constraints

Enterprise Environmental Factors


Organizational culture, structure & processes Government or industry standards Infrastructure: Existing facilities and capital equipment
Existing human resource Marketplace conditions Stakeholder risk tolerance Potential climate Political climate Established communication channels Commercial databases: cost, risk study / info Project management information systems (blog)

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Start

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End

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