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PROJECT MANAGEMENT Lecture 12

Project management involves applying knowledge, skills, tools, and techniques to project activities to meet objectives on time and within budget. Effective project management has benefits like achieving goals, completing projects on schedule and budget, and managing risks well. The project life cycle includes project identification, planning, execution, and closure phases to help achieve success. Poor project management can decrease success chances and lead to going over budget or deadline.

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20 views

PROJECT MANAGEMENT Lecture 12

Project management involves applying knowledge, skills, tools, and techniques to project activities to meet objectives on time and within budget. Effective project management has benefits like achieving goals, completing projects on schedule and budget, and managing risks well. The project life cycle includes project identification, planning, execution, and closure phases to help achieve success. Poor project management can decrease success chances and lead to going over budget or deadline.

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MY VILLAGE VLOGS
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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PROJECT MANAGEMENT

Lecture 12
Project Management
• Project
– A project is a sequence of related tasks and activities that help
you create something new or change an existing product,
service, or organization.
– The term Project refers to ” to any temporary endeavor with a
definite beginning and end”.
• Project management
– Project management is the application of knowledge, skills,
tools, and techniques to project activities to meet project
objectives/requirements. In other words, with the applications
of the principles, worldwide standards, and templates of
project management the chances of project success increases.
Project Management
• A well-defined project can identify and mitigate potential risks before they
become major issues. This ensures that projects are completed on time,
within budget, and with minimal disruptions.
• Benefits of Effective Project Management
– Achieve project goals and objectives. (by properly implementing all
the project principles and standards, you will get to achieve its
objectives and goals)
– Completion of project within budget/schedule. (by proper planning
and monitoring of all the activities, the project will get complete
within its budget and deadline)
– Risks are managed well in time. (risks are embedded in all the
projects and if the project is well managed at all the stages then the
associated risk can either be eliminated or impact will be reduced).
Project Management
– Stakeholders expectation properly met.
– Better usage of resources.
– Requirements are effectively managed.
– Change requirements are effectively managed.
– Better team management.
– Increase chances project success.
– Project outcomes are predictable.
– Proper flow of communication.
Project Management
• Consequences of Poor Project Management
– Decrease chances of project success,
– Project outcomes are not predictable.
– Improper flow of communication among the stake
holders.
– Out of budget.
– Out of schedule.
– Increase number of defects (poor quality).
– Loss of business.
– Etc.
Project Management
• Project Life Cycle (PLC)
– PLC is a framework/structure/outline for managing
any type of project. PLC is a four step and standard
process by which teams achieve project success.

– Managed by the project manager (leader).

– Helps in setting specific goals and specific solutions


for specific problems.
Project Management
There are four phases in a project. Such phase
are:
– Project Identification
– Project Planning
– Project Implementation
– Project Closure/Termination
Project Management
• Project Identification/Initiation/Conceptualization
– When a company get a project then the company need to
understand it i.e., what this project is all about. What is this
project’s ultimate purpose. What are the objectives of this
project that we need to achieve. Why we are doing this
project and what customer expect from us by this project.
Who has sponsored/funded this project.
• Project Planning
– How we should do/fulfill this project. Among various
alternative course of action, selecting the most appropriate
one. Determine the approach you will take and define the
details of how the project will be done.
Project Management
– Planning phase has two parts
• Strategic planning
• Implementation Planning
• Strategic Planning
– The overall approach of the project to complete it.
Strategic planning is a process in which an
organization's leaders define their vision for the future
and identify their project's goals and objectives. The
process includes establishing the sequence in which
those goals should be realized so that the organization
can reach its stated vision.
Project Management
• Implementation Planning
– Figure out all the details of how the project will be done.
– Implementation planning is a process in project management
that entails creating step-by-step instructions for completing
projects. The purpose of this process is to inform members of
a project team of the concrete actions and individual tasks
required to achieve the team's strategic goals.
The strategic plan addresses the what and why of activities, but
implementation addresses the who, where, when, and how.
The fact is that both pieces are critical to success. In fact,
companies can gain competitive advantage through
implementation if done effectively.
Project Management
• Project Execution
– Carryout activities defined during Planning phase.
Most of the resources are used in this phase such
as time, money, people etc.
– Here the track record needs to be maintained to
check progress and for adjusting plan according to
needs also called monitor and control.
Project Management
• Project Closure
Formal closure of project is done in this phase.
Key activities that are performed in this phase are:
– Verify the completion criteria (that is planned in the
planning phase) are met.
– Create closure report.
– Perform project postmortem. (A project post-mortem
is a process used to identify the causes of a difficulties
such as shortage of raw material or any other resource,
and how to prevent them in the future.)

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