Applied Project Management MGT 461 Lecture #2 Ghazala Amin

Applied Project Management MGT 461 Lecture #2 Ghazala Amin

Project Management Fundamentals Ghazala Amin, CIIT Islamabad 2

Project Management Fundamentals Reference: Project Management FOR DUMMIES 2ND EDITION by Stanley E.Portny, Certified Project Management Professional (PMP) Published by Wiley Publishing, Inc. Disclaimer: Strictly used for reference and educational purposes for clarification of Project Management fundamentals. Ghazala Amin, CIIT Islamabad 3

Project Management Fundamentals Successful Projects of “Yester Years” Taj Mahal a spectacular success, even if schedules and resource budgets were drastically overrun! Ghazala Amin, CIIT Islamabad 4

Project Management Fundamentals Successful Projects of Today Fixed Schedule Limited Cost Defined Scope Quality Product Satisfied Customers Ghazala Amin, CIIT Islamabad 5

So what is a project? Large or small, a project always has the following ingredients: Specific outcomes: Products or results are defined and described Definite start and end dates: Projects don’t go on forever Established budgets: Required amounts of people, funds, equipment, facilities and information Expectations are high, while time and resources are frequently low. Ghazala Amin, CIIT Islamabad 6

So what is a project? Projects come in a wide assortment of shapes and sizes: Large or small Installing a new subway system, which may cost more than 1 billion and take 10 to 15 years to complete, is a project Preparing a report of monthly sales figures, which may take you one day to complete, is a project Involving many people or just you Training all 10,000 of your organization’s staff in a new affirmative action policy is a project Rearranging the furniture and equipment in your office is a project Ghazala Amin, CIIT Islamabad 7

So what is a project? Projects come in a wide assortment of shapes and sizes: Defined by a legal contract or an informal agreement A signed contract between you and a customer that requires you to build a house defines a project An informal promise you make to install a new software package on your colleague’s computer defines a project Business-related or personal Conducting your organization’s annual blood drive is a project Having a dinner party for 15 people is a project Ghazala Amin, CIIT Islamabad 8

Project Management Fundamentals Project Recipe: Ingredients outcomes, start and end dates, and resources. The information you need to plan and manage your project is the same, although the ease and the time to develop it may differ. The more thoroughly you plan and manage your projects, the more likely you are to succeed. Ghazala Amin, CIIT Islamabad 9

Project Management Fundamentals Project Management basic operations Organizing: Defining people’s roles and responsibilities Controlling: Reconfirming people’s expected performances, monitoring actions and results, addressing problems, and sharing information with interested people Project management is the process of guiding a project from its beginning through its performance to its closure. Planning: Specifying the desired results, determining the schedules, and estimating the resources Ghazala Amin, CIIT Islamabad 10

Project Management Fundamentals Project’s five distinct types of stages Conceive (The idea) Define (The plan) Start (The team) Perform (The work) Close (The wrap-up) Ghazala Amin, CIIT Islamabad 11

Project Management Fundamentals The conceive Stage: In the beginning . . . Should we do it? Conceive Stage Are the benefits we expect to achieve worth the costs we’ll have to pay? Can we do it? Is the project technically feasible? Are the required resources available? Ghazala Amin, CIIT Islamabad 12

Project Management Fundamentals The define Stage : Establish the plan Define Stage An overview of the reasons for your project A detailed description of results A list of all work The roles you and your team members will play A detailed project schedule Budgets for required personnel, funds, equipment, facilities, and information Assumptions Ghazala Amin, CIIT Islamabad 13

Project Management Fundamentals The start Stage : Get ready, get set Start Stage Assigning people to all project roles Giving and explaining tasks to all team members Defining how the team will perform the necessary tasks Setting up necessary tracking systems Announcing the project to the organization Ghazala Amin, CIIT Islamabad 14

Project Management Fundamentals The start Stage : Get ready, get set Assigning people to all project roles: Giving and explaining tasks to all team members: Decide how the team will handle routine communications, make different project decisions, and resolve conflicts. Setting up necessary tracking systems: Describe to each team member the work that he or she is to produce and how the team members will coordinate their efforts. Defining how the team will perform the necessary tasks: Identify the individuals who’ll perform the project work and negotiate agreements to assure they’ll be available to work on the project team. Decide which system(s) and accounts you’ll use to track schedules, work effort, and expenditures. Announcing the project to the organization: Let the necessary people know that your project exists, what it will produce, and when it will begin and end. Ghazala Amin, CIIT Islamabad 15

Project Management Fundamentals The perform Stage : Go! Doing the tasks Continually comparing performance with plans Perform Stage Fixing problems that arise Keeping everyone informed Ghazala Amin, CIIT Islamabad 16

Project Management Fundamentals The perform Stage : Go! Doing the tasks: Perform the work that’s in your plan. Continually comparing performance with plans: Collect information on outcomes, schedule achievements, and resource expenditures; identify deviations from your plan; and develop corrective actions. Fixing problems that arise: Change tasks, schedules, or resources to bring project performance back on track with the existing plan, or negotiate agreed-upon changes to the plan itself. Keeping everyone informed: Tell people about the team’s achievements, project problems, and necessary revisions to the established plan. Ghazala Amin, CIIT Islamabad 17

Project Management Fundamentals The close Stage : Stop! Close Stage Get your clients’ approvals of the final results. Close all project accounts Help people move on to their next assignments. Hold a post project evaluation to recognize project achievements and to discuss lessons you can apply to the next project. Ghazala Amin, CIIT Islamabad 18