Fundamentals of Project Management

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

2. What is a Project? ?

3. 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 enterprise‘s mission

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

5. 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).

6. 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?

7. 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

8. 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?

9. Mapping the Processes 9 Page 38 (next two slides) is the most important page in the PMBOK. Discuss the difference between Process Groups and PM Knowledge Areas, and how they share sub processes. Page 38 (next two slides) is the most important page in the PMBOK. Discuss the difference between Process Groups and PM Knowledge Areas, and how they share sub processes.

10. Mapping the Processes (cont.) 10

11. Mapping the Processes (cont.) 11

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

13. What is Project Management? Project Initiation Project Planning Project Execution Project Monitoring& Change Mgt. Project Closing

14. Relationship Between Project Management Portfolio Management Program Management

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

16. 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

17. 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

18. 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.

19. 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

20. 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

21. 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

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

23. 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

24. 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

25. 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

26. Project Management Vs Operation Management How they are different? When do they interact?

27. 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

28. 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

29. 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)