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Project

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-A temporary endeavor undertaken to create a unique product, service, or result. -Modus operandi for implementing strategy.

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Project Defined

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A complex, nonroutine, one-time effort limited by time, budget, resources, and performance specifications designed to meet customer needs.

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Major Characteristics of a Project:

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- Has an established objective. - Has a defined life span with a beginning and an end. - Requires across-the-organizational participation. - Involves doing something never been done before. - Has specific time, cost, and performance requirements.

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Triple Constraints of a project

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-Time. -Cost. -Performance Requirements.

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Primary Function of Project Management

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balancing trade-offs between time, cost, and performance while ultimately satisfying the customer

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Program

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A group of related projects designed to accomplish a common goal over an extended period of time.

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Program Defined (EX: Project is completing a course on Project Mgmt. Program: completing all courses required for Business major).

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- A series of coordinated, related, multiple projects that continue over an extended time and are intended to achieve a goal. - A higher level group of projects targeted at a common goal.

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Program Management Defined

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the process of managing a group of ongoing, interdependent, related projects in a coordinated way to achieve strategic objectives.

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Project Life Cycle

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The stages found in all projects - definition, planning, execution, and delivery.

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Project Life Cycle

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Defining, planning, executing, closure.

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Defining (Proj life Cycle)

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1. Goals 2. Specifications 3. Tasks 4. Responsibilities

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Planning (Proj Life Cycle)

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1. Schedules 2. Budgets 3. Resoures 4. Risks 5. Staffing

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Executing (Proj Life Cycle)

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1. Status Report 2. Changes 3. Quality 4. Forecasts

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Closure (Proj Life Cycle)

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1. Train Customer. 2. Transfer Documents. 3. Release Resources. 4. Evaluation. 5. Lessons Learned.

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Lessons Learned

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The basis of Knowledge Areas. Within each Knowledge Area, we can add several line items. Each issue within a Knowledge Area can either be a success or a problem—it worked well or didn't.

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Project Manager Functions

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-plan. -schedule. -motivate. -control.

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Project Manager duties and responsibilities

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- manages temporary, non-repetitive activities and frequently acts independently of the formal organization. - manages resources for the project. -linked directly to customer interface (Vendors, Supplier, Contractors). -provides direction, coordination & integration to the project team. - must induce right people at right to to address right issues and make right decisions.

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Project managers need to know

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-how to avoid dangers of scope creep. -manage the critical path. -engage in timely risk management. -negotiation. -utilization of virtual communication tools.

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Current Drivers of Project Management

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-Compression of the Product Life Cycle. -Knowledge explosion. -Triple Bottom line: planet, people, profit. -Corporate downsizing. -Increased Customer Focus. -Small Projects represent big problems

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Compression of the Product Life Cycle

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-average life cycle, 6 months to 3 years. -rule of thumb: six months result in 33% revenue loss. -Speed is the competitive advantage. -use of cross-functional teams for speed.

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Knowledge explosion

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-increased complexity. -Product complexity increases the need to integrate divergent technologies.

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Triple Bottom line: planet, people, profit

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-influenced by global warning threat. -reduce carbon footprint. -re-utilize resource. -movement toward sustainability.

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Corporate downsizing

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-rightsizing, if employed. -elimination of middle management. -changes approaches to projects. -outsourcing occurs. -project managers are cross-organizational.

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Increased Customer Focus

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-increased competition requires customer satisfaction. -customers want specific needs and request catering. -closer working relationships

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Small Projects represent big problems

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-problem with sharing and prioritizing resources. -many small projects add up to large sums of money. -measuring inefficiency is non existent.

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Project Governance Questions

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1. How do these organizations oversee the management of these projects? 2. How were these projects selected? 3. How do they ensure performance measurement and accountability? 4. How can project management continually improve?

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Centralization

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entails governance of all project processes and practices to improve project management.

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Integration, centralization, of project management provides senior management with:

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-An overview of all project management activities. -A big picture of how organizational resources are used. -A risk assessment of their portfolio of projects. -A rough metric of the firm's improvement in managing projects relative to others in the industry. -Linkages of senior management with actual project execution management.

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Problems resulting from the uncoordinated project management systems include:

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-Projects that do not support the organization's overall strategic plan and goals. -Independent managerial decisions that create internal imbalances, conflicts and confusion resulting in dissatisfied customers. -Failure to prioritize projects results in the waste of resources on non-value-added activities/projects.

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Major Functions of Portfolio Management: The "Science" and "Art" of Project Management

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-Oversee project selection. -Monitor aggregate resource levels and skills. -Encourage use of best practices. -Balance projects in the portfolio in order to represent a risk level appropriate to the organization. -Improve communication among all stakeholders. -Create a total organization perspective that goes beyond silo thinking. -Improve overall management of projects over time.

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Project Management Professional (PMP)

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An individual who has met specific education and experience requirements set forth by the Project Management Institute, has agreed to adhere to a code of professional conduct, and has passed an examination designed to objectively assess and measure project management knowledge. In addition, a PMP must satisfy continuing certification requirements or lose the certification.

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ISO 9000

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A set of standards governing the requirements for documentation of a quality program.

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Sociotechnical Perspective

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A focus on the interaction between tools/methods and people.

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PMI's Initiating Phase:

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- Project manager is selected. - Stakeholders are identified. - Projects are divided into phases. - Business needs, project objectives, assumptions and constraints are documented. - Project Charter and preliminary Scope document are produced.

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PMI: Project Management Institute

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- Establishes Project Management standards - Administers the Project Management Professional (PMP) credential via exam. - Provides code of conduct and encourages use of best practices.

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PMP - 5 major process groups

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- Initiating - Planning - Executing - Monitoring & Controlling - Closing

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PMP - 10 major knowledge areas:

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- Management of Integration - Scope - Time - Cost - Quality - Human Resources - Communications - Risk - Procurement - Stakeholder Management

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Technical Sociocultural Dimensions of the PMP

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Sociocultural, interface between project and external environment, the "art" of project management. Technical, the "science" of project management.

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Sociocultural

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- Leadership. - Problem solving. - Teamwork. - Negotiation. - Politics. - customer Expectations.

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Technical

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- Scope. - WBS, Work Breakdown Structure. - Schedules. - Resource Allocation. - Baseline Budgets. - Status Reports.

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From among the following activities, which is the best example of a project? A) Processing insurance claims B) Producing automobiles C) Writing a term paper D) Completing a college degree E) All of these are good examples of projects

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C) Writing a term paper

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In which of the following stages are you more likely to find status reports, many changes, and the creation of forecasts? A) Conceptualizing B) Defining C) Planning D) Executing E) Delivering

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D) Executing

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In which of the following stages are project objectives established, teams formed, and major responsibilities assigned? Conceptualizing Defining Planning Executing Delivering

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B) Defining

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Project management is ideally suited for a business environment requiring all of the following except A) Accountability B) Flexibility C) Innovation D) Speed E) Repeatability

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E) Repeatability

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A series of coordinated, related, multiple projects that continue over extended time intended to achieve a goal is known as a: A) Strategy B) Program C) Campaign D) Crusade E) Venture

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B) Program

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