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Learn the basics of project management, including the phases of project management, the benefits it provides, and the key aspects of time, cost, and risk management.
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Contents • What is Project ? • What is Project Management? • Time Management • Team Management • Cost Management • Risk Management
What is Project? • Defined start and end, specific scope, cost and duration • A temporary endeavor undertaken to create a unique product, service or result • A series of activities aimed at bringing about clearly specified objectives within a defined time period and with a defined budget
What is Project Management? • Project management is the discipline of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria. • It involves the application of processes, methods, knowledge, skills and experience to achieve the project objectives.
Phases in Project Management • Initiation- This first stage of a project states what the project is intended to achieve, how that will be achieved and the scope of the work. In this phase, those involved in the project will be assigned their responsibilities. • Planning - The project plan includes details about how the project work will be carried out, how it will be monitored and controlled, how communication will be facilitated and information about costs and timescales and other requirements • Execution - The person or group assigned to carry out a task will need to know, in detail, what the task involves as well as any dependencies and timescales, and will also need to understand the criteria by which each task is deemed complete. • Closure - Once there is an approved end product the project can be formally closed and a final review held to learn from both the successes and the mistakes and take that experience forward to the next project. • Monitoring and controlling-Monitoring and controlling consists of those processes performed to observe project execution so that potential problems can be identified in a timely manner and corrective action can be taken, when necessary, to control the execution of the project
Benefits Of Project Management • Increase the possibilities of achieving the agreed outcome. • Resources will be coordinated. • Risks can be identified and managed. • Increase the possibilities of time savings. • Increase the possibilities of cost savings. • Increase the possibilities to deliver projects successfully.
Aspects of Project Management • Project management is broader scope term. It is combination of various types of managements at different level which incorporate in Overall project management. • It encloses following Aspects • Time Management • Cost Management • Risk Management
TIME MANAGEMENT • Time management is the act or process of planning and exercising conscious control over the amount of time spent on specific activities, especially to increase effectiveness, efficiency or productivity. • Time management may be aided by a range of skills, tools, and techniques used to manage time when accomplishing specific tasks, projects, and goals complying with a due date. • Time Management can be considered to be a project management subset
Project Time Management Processes • Activity definition: Identifying the specific activities that the project team members and stakeholders must perform to produce the project deliverables. • Activity sequencing: Identifying and documenting the relationships between project activities. • Activity resource estimating: Estimating how many resources a project team should use to perform project activities. • Activity duration estimating: Estimating the number of work periods that are needed to complete individual activities. • Schedule development: Analysing activity sequences, activity resource estimates, and activity duration estimates to create the project schedule. • Schedule control: Controlling and managing changes to the project schedule.
Benefits of Time Management • Helps in planning and scheduling tasks in projects. • Prevent delay in undergoing projects. • Helps in prioritize events and activity as per there criticality and order in which they happen. • Helps in planning side exercises like ( Maintenance, Production rate calculation etc.)
PROJECT COST MANAGEMENT • Project Cost Management (PCM) encompasses several specific functions of project management including estimating, job controls, field data collection, scheduling, accounting and design. PCM main goal is to complete a project within an approved budget. • From project initiation to completion, project cost management has an objective to simplify and cheapen the project experience. • Implementing a cost management structure for projects can help a business keep their over-all budget under control. Several business intelligence (BI) programs, such as Oracle Hyperion, offer cost management software to help businesses monitor costs and increase profitability.
Processes In Cost Management • Cost Estimation - It is the project cost management process step when the project manager cooperates with the financial department to estimate costs required for purchasing all necessary good/services and undertaking necessary activities to deliver the project. Project Cost Estimation is conducted at the planning phase. • Budget Determination- At this step of the cost management process, cost spreadsheets are used to develop the budget framework and determine the budget. • Spending Control- It is the step of the project cost management process when the allocated budget is reviewed and spending is tracked. The project manager takes responsibility for control spending and to ensure that the budget allocation is optimized and costs are fully covered with the planned and allocated budget
Benefits of Cost Management • Prevent over spending of Money. • Helps in effective monitoring of project spending. • Prevent unapproved changes to the project. • Minimizes risk of financial loss. • When a variance occurs, determine the cause.
PROJECT RISK MANAGEMENT • Project risk is defined as, an uncertain event or condition that, if it occurs, has a positive or negative effect on a project’s objectives. • Risk management is concerned with identifying risks and drawing up plans to minimise their effect on a project. • A risk is a probability that some adverse circumstance will occur - Project risks affect schedule or resources. - Product risks affect the quality or performance of the software being developed. - Business risks affect the organisation developing or procuring the software.
The Risk Management Process • Risk identification Identify project, product and business risks; • Risk analysis Assess the likelihood and consequences of these risks; • Risk planning Draw up plans to avoid or minimise the effects of the risk; • Risk monitoring Monitor the risks throughout the project
TYPES OF RISK INVOLVED • Technology risks. • People risks. • Organisational risks. • Requirements risks. • Estimation risks.
TEAM MANGEMENT • Team management is the ability of an individual or an organization to administer and coordinate a group of individuals to perform a task. • Team management involves teamwork, communication, objective setting and performance appraisals. Moreover, team management is the capability to identify problems and resolve conflicts within a team.
Elements of Healthy and Successful team • Cohesive leadership - In any functional team, cohesion amongst team leaders and decision makers is vital. • Effective communication- There must be an effective channel of communication from the top to the bottom of the chain of command and vice versa. • Common goal- When team members first come together they will all have different ideas, however the key to a successful team is the alignment of objectives within the team. • Defined Team Role and Responsibility
Methods of Team Management • Command & Control - In this method, the team leader instructs their team members to complete a task and if they refuse, they will yell or punish them until they no longer refuse and comply with the instructions. The team leader has absolute authority and utilises an autocraticleadership style. • Engage & Create - In this method team members are encouraged to participate in discussions and contribute. Furthermore, they are advised to engage with other team members to build a stronger sense of teamwork and unity. This will lead to increased productivity and accountability of each team member, driving the team towards success. • Econ 101 - In the “Econ 101” method of team management, the team leader makes the baseline assumption that all team members are motivated by reward in the form of money, and that the best way to manage the team is to provide financial rewards for performance and issue punishments for failure. This method of team management uses material gains in the place of intrinsic motivation to drive team members.
Benefits of Team Management • Sense of unity in employees. • Better handling of Human resource. • Helps in achievement of goals, without any conflict. • Optimum use of Human Resource as per demand. • Source of Motivation in employees.
REFRENCES • Book of Industrial Engineering and Management by AP Verma. • Quality Control by M. Mahajan. • CAD/CAM Concept & Application by Chennakesava R Alavala • Business Dictionary from:http://www.businessdictionary.com/definition.html • Wikipedia.com • Images.google.co.in for images.
