Ch 1 - Introduction: Why Project Management?

Project Manager Responsibilities

1. Selecting a team 2. Developing project objectives and a plan for execution 3. Performing risk management activities 4. Cost estimating and budgeting 5. Scheduling 6. Managing resources

Generic Project Management Maturity Model

1.) Low Maturity - Ad hoc process - no common language - little support 2.) Moderate Maturity - Defined practices - training programs - organizational support 3.) High Maturity (ex. uses Six Sigma) - Institutionalized - seeks continuous improvement

PMBOK

1.) Project Management Body of Knowledge. A standard of managing most projects most of the times across many industries; Describes the project management processes, tools, and techniques used to manage a project;

What is a project?

1.) A project is a temporary endeavor undertaken to create a unique product, service, or result. 2.) Projects are complex, one-time processes 3.) Projects are limited by budget, schedule (time), and resources (people) 4.) Projects are developed to resolve a clear goal or set of goals 5.) Projects are customer-focused 6.) Projects take place outside the normal, process-oriented world of the firm 7.) Project work is continuously evolving, establishes its own work rules, and is the antithesis of repetition in the workplace

Project

1.) A temporary activity a company undertakes to create a unique product, service, or result 2.) A temporary endeavor undertaken to create a unique product, service, or result. 3.) A project is defined as a new process or product, has one objective, one-shot-limited life, more heterogeneous, integrated system efforts, has greater uncertainty, outside of the line organization, violates established practice, and upsets status quo. 4.) can be considered to be any series of activities and tasks that: have a specific objective to be completed within certain specifications; have defined start and end dates; have funding limits-if applicable; consume human and nonhuman resources-such as money, people, equipment; are multifunctional (i.e., cut across several functional lines) 5.) a project is organized work toward a predefined goal or objective that requires resources and effort, a unique and therefore risky venture having a budget and schedule.

performance

1.) All projects are developed in order to adhere to some initially determined technical specifications 2.) What the project is supposed to do or how the final product is supposed to operate. 3.) measuring performance, then, means determining whether the finished product operates according to specifications 4.) The project's clients naturally expect that the project being developed on their behalf will work as expected 5.) Applying this third criterion is often referred to as conducting a quality check

Four Project Management Maturity Models (PMM)

1.) Center for Business Practices 2.) Kerzner's Project Management Maturity Model 3.) ESI International's Project Framework 4.) SEI's Capacity Maturity Model Integration

Project Management Employability Skills

1.) Communication - defined as use of oral, written, and nonverbal communication skills for multiple purposes, such as to inform, instruct, motivate, persuade, and share ideas - also includes listening, using technology to communicate, and being able to evaluate the effectiveness of communication efforts-all within diverse contexts 2.) Critical thinking - involves purposeful and goal-directed thinking used to define and solve problems, make decisions, or form judgements related to a particular situation or set of circumstances - for successful project managers, critical thinking is a critical skill 3.) Collaboration - is a situation in which individuals actively work together on a task, constructing meaning and knowledge as a group through dialogue and negotiation resulting in a final product reflective of their joint, interdependent actions 4.) Knowledge Application and Analysis (Critical for a PM) - is the ability to learn a concept and then appropriately apply that knowledge in another setting to achieve a higher level of understanding 5.) Business Ethics and Social Responsibility - are sets of guiding principles that influence the way individuals and organizations behave within the society in which they operate - corporate social responsibility (CRS) is a form of ethical behavior that requires that organizations understand, identify, and eliminate unethical economic, environmental, and social behaviors - two important elements have been added; project management and ethics-including social responsibility, and sustainability - leaden that organizations "do well by doing good" 6.) Information Technology Application and Computing Skills (i.e., Excel) - the ability to select and use appropriate technology to accomplish a given task - the individual is also able to apply computing skills to solve problems and show proficiency with computer software programs 7.) Data Literacy (understand how the data is processed) - is the ability to access, assess, interpret, manipulate, summarize, and communicate data - one of challenges of successful project management is the need to have equal facility in soft skills of project team development and leadership as well as computational abilities that allow us to understand financial models for project selection, cost accounting principles, scheduling and network development, resource management,, and evaluation and control

Benchmarking

1.) Comparing an organization's practices, processes, and products against the world's best. 2.) a process by which a company compares its performance with that of high-performing organizations 3.) A process of continuously measuring system results, comparing those results to optimal system performance (benchmark values), and identifying steps and procedures to improve system performance 4.) The purpose of benchmarking is to systematically manage the process improvements of project delivery by a single organization over a period of time 5.) Maturity models provide the necessary framework to: first, analyze and critically evaluate current practices as they pertain to managing projects; second, compare those practices against those chief competitors or some general industry standard; and third, define a systematic route for improving these practices

Triple Constraints of Project Management

1.) Describes the required balance of time, cost, and scope for a project. The Triple Constraints of Project Management is also defined by the Iron Triangle of Project Management. 2.) Time, cost, and scope

10 critical knowledge areas of project management

1.) Integration Management 2.) Cost Management 3.) Communications Management 4.) Scope Management 5.) Quality Management 6.) Risk Management 7.) Stakeholder Management 8.) Time Management 9.) Human Resource Management 10.) Procurement Management

ESI International's Project Framework

1.) Level 1: Ad Hoc 2.) Level2: Consistent 3.) Level 3: Integrated (System thinking) 4.) Level 4: Comprehensive 5.) Level 5: Optimizing

Kerzner's Project Management Maturity Level

1.) Level 1: Common Language 2.) Level2: Common Processes 3.) Level 3: Singular Methodology 4.) Level 4: Benchmarking 5.) Level 5: Continuous Improvement

Software Engineering Institute's (SEI) Capacity Maturity Model Integration

1.) Level 1: Initial 2.) Level2: Managed 3.) Level 3: Defined 4.) Level 4: Quantitative Management 5.) Level 5: Optimizing

center for business practices

1.) Level 1: Initial Phase 2.) Level2: Structure, Process, and Standards 3.) Level 3: Institutionalized Project Management 4.) Level 4: Managed 5.) Level 5: Optimizing

PMI

1.) Project Management Institute

General Project Characteristics

1.) Projects are ad hoc endeavors with a clear life cycle 2.) Projects are building blocks in the design and execution of organizational strategies 3.) Projects are responsible for the newest and most improved products, services, and organizational processes 4.) Projects provide a philosophy and strategy for the management of change 5.) Project management entails crossing functional and organizational boundaries 6.) Traditional management functions of planning, organizing, motivation, directing, and controlling apply to project management 7.) Principle outcomes of a project are the satisfaction of customer requirements within the constraints of technical, cost, and schedule objectives 8.) Projects are terminated upon successful completion of performance objectives

Why are projects important?

1.) Shortened product life cycles 2.) Narrow product launch windows 3.) Increasingly complex and technical products 4.) Emergence of global markets 5.) Economic period marked by low inflation

deliverables

1.) Tangible or intangible products of work that must be provided to someone else. 2.) the project's goals that define the nature of both the project and its team 3.) Projects are designed to yield a tangible result, either as a new product or service 4.) the goal must be specific and the project organized to achieve a stated aim

project management

1.) The application of knowledge, skills, tools, and techniques to project activities to meet project requirements 2.) a systemized, phased approach to defining, organizing, planning, monitoring, and controlling projects 3.) makes sure that activities required to complete a project are planned well and accomplished on time 4.) requires preparation, knowledge, training, and commitment to basic principles

summary

1.) Understand why project management is becoming such a powerful and popular practice in business 2.) Recognize the basic properties of projects, including their definition 3.) Understand why effective project management is such a challenge 4.) Understand and explain the project life cycle, its stages, and the activities that typically occur at each stage in the project 5.) Understand the concept of project "success", including various definitions of success, as well as the alternative models of success. (to show how you did a good job) 6.) Understand the purpose of project management maturity models and the process of benchmarking in organizations 7.) Recognize how mastery of the discipline of project management enhances critical employability skills for university graduates

project management maturity models

1.) Used to allow organizations to benchmark the best practices of successful project management firms. 2.) recognize that different organizations are currently at different levels of sophistication in their best practices for managing projects 3.) Provide the necessary framework to: first, analyze and critically evaluate current practices as they pertain to managing projects; second, compare those practices against those of chief competitors or some general industry standard; and, third, define a systemic route for improving these practices

budget

1.) a second key constraint for all projects is a limited budget 2.) Projects must meet budget allowances in order to use resources as efficiently as possible 3.) The second limit on a project raises the question: was the project completed within the budget guidelines?

spider web methodology

1.) a set of significant project management practices have first been identified for organizations within a specific industry 2.) this practice helps to form the basis for where we currently are in terms of project management sophistication, a key stage in any maturity model in which we seek to move to a higher level

Gnatt Chart

1.) a simple bar chart that lists project tasks vertically against the project's time frame, listed horizontally 2.) bar graph showing production managers what projects are being worked on and what stage they are in at any given time 3.) a project scheduling and control device that we will become more familiar

Project Management maturity models

1.) allow organizations to benchmark the best practices of successful project management firms 2.) recognize that different organizations are currently at different levels of sophistication in their best practices for managing projects

Need for Projects

1.) are a principle means by which we change our world 2.) has become one of the most popular tools for organizations, both public and private, to improve internal operations, response rapidly to external opportunities, achieve technological breakthroughs, streamline new product development, and more robustly manage the challenges arising from the business environment 3.) Projects, rather than repetitive tasks, are now the basis for most value-added in business 4.) Project management has become a critical component of successful business operations in worldwide organizations 5.) Companies must modify and introducer products constantly, respond to customers as fast as possible, and maintain competitive cost and operating levels 6.) to be fast to the market and efficient, cost-conscious, and customer-focused Effective project managers will remain an indispensable commodity for successful organizations in the coming years

Clients

1.) can be either internal or external to the organization

project life cycles and their effects

1.) client interest 2.) project stake 3.) resources 4.) creativity 5.) uncertainty

Project Life Cycle Phases

1.) initiation (conceptualization) - initial goal or technical specifications, - scope of work is determined - necessary resources (people, money, physical plant) identified - important organizational stakeholders or contributors 2.) planning, - all the detailed specifications, schematics, schedules, and other plans are developed - work packages (individual pieces of the project) are broken down, individual assignments made, and the process for completion clearly delineated 3.) execution, - the "actual work" of the project is performed, the system developed, or the product created and fabricated - it is during the execution phase that the bulk of the project team labor is preformed - project costs (in man hours) ramp up rapidly during this stage 4.) closure (termination) - occurs when the completed project is transferred to the customer - its resources reassigned - the project formally closed out - as specific sub-activities are completed, the project shrinks in scope and costs decline rapidly

Project Success

1.) must take into consideration the elements that define the very nature of a project; time (schedule adherence), budget, functionality/quality, and customer satisfaction 2.) budget, time (schedule) client acceptance, and performance (specification is met)

4 dimensions of project success importance

1.) project efficiency - meeting budget and schedule expectations 2.) impact on the customer - meeting technical specifications, addressing customer needs, and creating a project that satisfies the client's needs 3.) business success - determining whether the project achieved significant commercial success 4.) preparing for the future - determining whether the project opened new markets or new product lines or helped to develop new technology

process

1.) refers to ongoing, dat-to-day activities in which an organization engages while producing goods and services. 2.) Processes use existing systems, properties, and capabilities in a continuous, fairly repetitive manner 3.) Processes center on the creation and development of projects 4.) repeated process or product; several objectives; ongoing; people are homogenous; well-established systems; greater certainty; part of line organization; established practices; and supports status quo

Project Life Cycle

1.) refers to the stages in a project's development 2.) life cycles are important because they demonstrate the logic that governs a project 3.) help us develop our plans for carrying out the project 4.) help us decide when we should devote resources to the project and how we should evaluate its progress, etc. 5.) four distinct phases: conceptualization, planning, execution, and termination (fifth stage is monitoring and control throughout the whole project) 6.) is relevant only after the project has actually begun 7.) serves the twofold function of project timing (schedule) and project requirements (resources), allowing team members to better focus on what and when resources are needed

time

1.) specified period constraint during which the project must be completed

6 criteria for IT project evaluation

1.) system quality 2.) information quality 3.) use 4.) user satisfaction 5.) individual impact 6.) organizational impact

project management blend technical and behavioral challenges

1.) technical side - requires managers to become skilled in project selection, budgeting and resource management, planning and scheduling, and tracking projects 2.) behavioral challenges - being temporary endeavors, require project managers to bring together individuals from across the organization, quickly mold them into an effective team,, manage conflict, provide leadership, and engage in negotiation and appropriate political behavior

Stakeholders

1.) the people whose interests are affected by an organization's activities 2.) important organizational contributors

Client Acceptance

1.) the principle argues that projects are developed with customers, or clients, in mind, and their purpose is to satisfy customers' needs.

Quadruple Constraint

1.) time 2.) budget 3.) performance (also referred to as quality check) 4.) client acceptance