PM Review 1 - 2

Understanding the Role of the Project Manager

The project manager is the person responsible for integrating all the components and artifacts of a project and applying the various tools and techniques of project management to bring about a successful conclusion to the project. The project manager's role is diverse and includes activities such as managing the team; managing communication, scope, risk budget, and time; managing quality assurance; planning; negotiating; solving problems; and more. Good soft skills are as critical to the success of a project as good technical skills. You'll examine many of the technical skills needed as they relate to the project management processes in the coming lessons, but I won't neglect to talk about the soft skills as well. These are skills any good manager uses daily to manage resources, solve problems, meet goals, and more.

Organization and Time Management

The project manager oversees all aspects of the work involved in meeting the project goals. The ongoing responsibilities of a typical project manager include tracking schedules and budgets and providing updates on their status, conducting regular team meetings, reviewing team member reports, tracking vendor progress, communicating with stakeholders, meeting individually with team members,

Another trouble area in a matrix organization is availability of resources.

· If you have a resource assigned 50 percent of the time to your project, it's critical that the functional manager, or other project managers working with this resource, is aware of the time commitment this resource has allocated to your project. · If time-constraint issues like this are not addressed, project managers may well discover they have fewer human resources for the project than first anticipated. Addressing resource commitments at the beginning of the project, both during pre-project setup and again during the planning phase, will help prevent problems down the road.

One of the Seven needs or Demands for a project: Legal Requirement

· Local, state, and federal regulations change during every legislative session and may drive the need for a new project. ¨ For example, a city may pass an ordinance allowing photos of red-light violations at busy intersections. The new equipment must then be procured and installed. Federal regulations requiring the encryption and secure storage of private data may bring about the need for a project to fulfill these requirements.

According to the PMBOK Guide®, these are the 10 Project Management Knowledge Areas:

· Project Integration Management · Project Scope Management · Project Time Management · Project Cost Management · Project Quality Management · Project Human Resource Management · Project Communications Management · Project Risk Management · Project Procurement Management · Project Stakeholder Management

The following are the typical characteristics of a matrix organization:

· Project manager authority ranges from weak to strong. · There is a mix of full-time and part-time project resources. · Resources are assigned to the project within their respective functional areas by a functional manager. · Project managers and functional managers share authority levels. · There is better interdepartmental communication

The typical disadvantages of a functional organization include the following:

· Project managers have limited to no authority. · Multiple projects compete for the same limited resources. · Resources are generally committed part-time to the project rather than full-time. · Issue resolution follows the department chain of command. · Project team members are loyal to the functional manager.

One of the Seven needs or Demands for a project: Technological Advance

· Technology and business needs sometimes strike us as a chicken-and-egg scenario. ¨ Is it the technology that drives the business to think it needs a new product or service, or does the business need drive the development of the new technology? Both scenarios exist, and both bring about the need for new projects.

One of the Seven needs or Demands for a project:Market Demand

· The demands of the marketplace can drive the need for a project. ¨ For example, the proliferation of handheld devices has created a need for rechargeable batteries that can hold a charge for 12 hours or more.

(Decision Model) Economic Model:Discounted Cash Flow

· The discounted cash flow technique compares the value of the future worth of the project's expected cash flows to today's dollars. ¨ For example, if you expected your project to bring in $450,000 in year 1, $2.5 million in year 2, and $3.2 million in year 3, you'd calculate the present value of the revenues for each year and then add up all the years to determine a total value of the cash flows in today's dollars.

Gustave Eiffel

· The extraordinary engineer Gustave Eiffel put up the majority of the money required to build the Eiffel tower, nearly $2 million, himself. This was quite a sum in 1889, and his investment paid off. · Tourism revenues exceeded the cost of constructing the tower in a little more than one year. That's a payback period any project manager would love to see. And Eiffel didn't stop there. He was wise enough to negotiate a contract for tourism revenues from the tower for the next 20 years.

Strong Matrix Organization

· The strong matrix organization emphasizes project work over functional duties. The project manager has most of power in this type of organization.

Validating the Business Case:Alternative Solutions

· This should include a high-level description of costs, the feasibility of implementing each alternative, the expected results of each alternative solution, and a description of any impacts to the organization because of this solution. (Cost-benefit, pay-back, and other financial analyses are generally included in this section of the business case.)

Project managers working in a matrix organization need to be clear with both the project team members and their respective functional managers about assignments and results regarding the following:

· Those outcomes for which the team member is accountable to the project manager · Those outcomes for which the team member is accountable to the functional manager · The team member should be accountable to only one person for any given outcome to avoid confusion and conflicting direction.

Four common benefit measurement methods:

· cost-benefit analysis · scoring model · payback period · economic model.

The weakness of a scoring model

· is that the ranking it produces is only as valuable as the criteria and weighting system the ranking is based on. Developing a good scoring model is a complex process that requires a lot of interdepartmental input at the executive level.

A benefit of the scoring model

· is that you can place a heavier weight on a criterion that is of more importance. Using a high weighting factor for innovation may produce an outcome where a project with a two-year time frame to pay back the cost of the project may be selected over a project that will recoup all costs in six months.

The difference between NPV and discounted cash flows

Ø The difference between NPV and discounted cash flows is that NPV subtracts the initial project investment from the total cash flow in today's dollars. Discounted cash flow totals the value of each period's expected cash flow to come up with a total value for the project in today's terms.

(Decision Model) Cost-Benefit Analysis

A cost-benefit analysis compares the cost to produce the product or service to the financial gain (or benefit) the organization stands to make because of executing the project.

Projection Selection Method: Decision Models

A decision model is a formal method of project selection that helps managers make decisions regarding the use of limited budgets and human resources. ØA decision model uses a fixed set of criteria agreed on by the project selection committee to evaluate the project requests. By using the same model to evaluate each project request, the selection committee has a common ground on which to compare the projects and make the most objective decision. You can use a variety of decision models, and they range from a basic ranking matrix to elaborate mathematical models.

Project plan

A document, or assortment of documents, that constitutes what the project is, what the project will deliver, and how all the processes will be managed. Used as the guideline throughout the project Executing and Controlling phases to track and measure project performance and to make future project decisions. Also used as a communication and information tool for stakeholders, team members, and management.

Functional organization

A form of organizational structure. Functional organizations are traditional organizations with hierarchical reporting structures.

Decision model

A formal method of project selection that helps managers make the best use of limited budgets and human resources. Includes benefit measurement methods and constrained optimization models.

Program

A grouping of related projects that are managed together to capitalize on benefits that couldn't be achieved if the projects were managed separately.

Project Criteria: Reason or Purpose

A project comes about to fulfill a purpose. •This might include introducing a new product, fulfilling a business objective or strategic goal, satisfying a social need, and any number of other reasons. •It's important to document and communicate the purpose and reasons for the project so that team members remain focused on achieving the goals of the project.

Identifying the project. 1.1

A project is a temporary endeavor that has definite beginning and ending dates, and it results in a unique product, service, or result. A project is considered a success when the goals it sets out to accomplish are fulfilled and the stakeholders are satisfied with the results. Projects also bring about a product, service, or result that never existed before. Such as: •Tangible goods •Implementing software •Writing a book •Planning and executing an employee appreciation event •Constructing a building

Project Criteria: Unique

A project is typically undertaken to meet a specific business objective. It involves doing something new, which means that the result should be a unique product or service. These products may be marketed to others, may be used internally, may provide support for ongoing operations, and so on.

Business Case Validation and Stakeholder Identification

A project is validated by preparing a business case and identifying and analyzing stakeholders. There are several steps to validating a business case as well..

What are Project Selection Methods:

A project selection committee uses a set of criteria to evaluate and select proposed projects. The selection method needs to be applied consistently across all projects to ensure the company is making the best decision in terms of strategic fit as well as the best use of limited resources. Project selection methods will vary depending on the mission of the organization, the people serving on the selection committee, the criteria used, and the project itself. These methods could include examining factors such as market share, financial benefits, return on investment, customer satisfaction, and public perception. The exact criteria vary, but selection methods usually involve a combination of decision models and expert judgment.

Project Management Skills: Leadership

1. A project manager must also be a good leader. 2. Leaders understand how to rally people around a vision and motivate them to achieve amazing results. They set strategic goals, establish direction, and inspire and motivate others. 3. Strong leaders also know how to align and encourage diverse groups of people with varying backgrounds and experience to work together to accomplish the goals of the project. 4. Leaders possess a passion for their work and for life. They are persistent and diligent in attaining their goals. And they aren't shy about using opportunities that present themselves to better their team members, to better the project results, or to accomplish the organization's mission. 5. Leaders are found at all levels of the organization and aren't necessarily synonymous with people in executive positions. We've known our share of executive staff members who couldn't lead a team down the hall, let alone through the complex maze of project management practices. It's great for you to possess all the technical skills you can acquire as a project manager. But it's even better if you are also a strong leader who others trust and are willing to follow.

Project Management Skills: Communication

1. Most project managers will tell you they spend the majority of their day communicating. 2. PMI® suggests that project managers should spend up to 90 percent of their time in the act of communicating. It is by far the number-one key to project success. Even the most detailed project plan can fail without adequate communication. And of all the communication skills in your tool bag, listening is the most important. 3. Ideally, you've finely honed your leadership skills and have gained the trust of your team members. When they trust you, they'll tell you things they wouldn't have otherwise. As the project manager, you want to know everything that has the potential to affect the outcomes you're striving for or anything that may impact your team members.

Project Management Skills: Negotiating

1. Negotiation is the process of obtaining mutually acceptable agreements with individuals or groups. Like communication and problem-solving skills, this skill is used throughout the life of the project. 2. Depending on the type of organizational structure you work in, you may start the project by negotiating with functional managers for resources. If you will be procuring goods or services from an outside vendor, you will likely be involved in negotiating a contract or other form of procurement document. ¨ Project team members may negotiate specific job assignments. ¨ Project stakeholders may change the project objectives, which drives negotiations regarding the schedule, the budget, or both. As you execute the project, change requests often involve complex negotiations as various stakeholders propose conflicting requests. There is no lack of opportunity for you to use negotiating skills during the life of a project.

Project Management Skills:Problem Solving

1. No such thing as a project that doesn't have problems. Projects always have problems. Some are just more serious than others. 2. Early recognition of the warning signs of trouble will simplify the process of successfully resolving problems with minimal impact. Many times, warning signs come about during communications with your stakeholders, team members, vendors, and others. Pay close attention not only to what your team members are saying but also to how they're saying it. Body language plays a bigger part in communication than words do. Learn to read the real meaning behind what your team member is saying and when to ask clarifying questions to get the heart of the issue on the table.

How many types of matrix organizations?

3. Weak, strong, Blanced

Project Criteria: Stakeholder Satisfaction

· A project starts once it's been identified, the objectives have been outlined in the project charter, and appropriate stakeholders have approved the project plan. ¨ A project ends when those goals have been met to the satisfaction of the stakeholders.

(Decision Model) Scoring Model

A scoring model has a predefined list of criteria against which each project is rated. · Each criterion is given both a scoring range and a weighting factor. The weighting factor accounts for the difference in importance of the various criteria. · Scoring models can include financial data, as well as items such as market value, organizational expertise to complete the project, innovation, and fit with corporate culture. · Scoring models have a combination of objective and subjective criteria. The final score for an individual project request is obtained by calculating the rating and weighting factor of each criteria. Some companies have a minimum standard for the scoring model. If this minimum standard is not obtained, the project will be eliminated from the selection process.

Economic model

A type of benefit measurement method. It is a series of financial calculations that provide data on the overall financials of the project and is generally used as a project selection technique.

Benefit measurement methods

A type of decision model that compares the benefits obtained from a variety of new project requests by evaluating them using the same criteria and comparing the results.

Projectized Organization

Project managers have most of power in this type of structure. They are responsible for making decisions regarding the project and for acquiring and assigning resources from inside or outside the organization. Support staff, such as human resources, administrative support, accounting, and so on, often report to the project manager in a projectized environment.

Validating the Business Case:Alignment to the Strategic Plan

Alignment to the strategic plan can also be included within the business case, and it should describe how the project and its outcomes will align to the organization's overall strategic plan. If the reason for the project doesn't support the strategic plan, there's really no reason to undertake the project.

(Decision Model) Economic Model

An economic model is a series of financial calculations, also known as cash flow techniques, which provide data on the overall financials of the project. A whole book can be dedicated to financial evaluation, so here you'll get a brief overview of some of the common terms you may encounter when using an economic model: discounted cash flow, net present value, and internal rate of return.

Matrix organization

An organizational structure where employees report to one functional manager and at least one project manager. Functional managers assign employees to projects and carry out administrative duties, while project managers assign tasks associated with the project to team members and execute the project.

Project management

Applying skills, knowledge, and project management tools and techniques to fulfill the project requirements.

(Decision Model) Benefit Measure Methods

Benefit measurement methods provide a means to compare the benefits obtained from project requests by evaluating them using the same criteria. Benefit measurement methods are the most commonly used of the two categories of decision models.

Are programs and Projects always related to each other?

Programs and projects within a portfolio are not necessarily related to one another in a direct way. And projects may independently exist within the portfolio (in other words, the project isn't related to a program but belongs to the portfolio). However, the overall objective of any program or project in a portfolio is to meet the strategic objectives of the portfolio, which in turn should meet the strategic objectives of the business unit or corporation.

Discounted cash flow (DCF)

Compares the value of the future cash flows of the project to today's dollars.

(Decision Model) Economic Model:Constrained Optimization Models

Constrained optimization models are mathematical models, some of which are very complicated. They are typically used in very complex projects and require a detailed understanding of statistics and other mathematical concepts. A discussion of these models is beyond the scope of this book.

Summary Lesson 1.3

Programs are a collection or group of related projects that are managed together using coordinated processes and techniques. The collective management of a group of projects can bring about benefits that wouldn't be achievable if the projects were managed separately.

Constrained optimization models

Decision models that use complex principles of statistics and other mathematical concepts to assess a proposed project.

Project justification

Documentation in the project charter that includes the reason the project is being undertaken and the business need the project will address.

Project management office (PMO)

Established by organizations to create and maintain procedures and standards for project management methodologies to be used throughout the organization.

Net present value (NPV)

Evaluation of the cash inflows using the discounted cash flow technique, which is applied to each period the inflows are expected. NPV subtracts the initial project investment from the total cash flow in today's dollars. It is similar to discounted cash flows.

(Decision Model) Economic Model:Internal Rate of Return

Internal rate of return (IRR) is the discount rate when the present value of the cash inflows equals the original investment. · IRR states the profitability of an investment as an average percent over the life of the investment. The general rule is that projects with higher IRR values are considered better than projects with lower IRR values.

Expert Judgment

Expert judgment relies on the expertise of stakeholders, subject-matter experts, or those who have previous experience to help reach a decision regarding project selection. Typically, expert judgment is used in conjunction with one of the decision models discussed previously.

Summary Lesson 1.6

Project managers are individuals charged with overseeing every aspect of a given project from start to finish. A project manager needs not only technical knowledge of the product or service being produced by the project but also a wide range of general management skills. Key general management skills include leadership, communication, problem-solving, negotiation, organization, and time management.

How are Matrix organizations organized?

Matrix organizations typically are organized along departmental lines, like a functional organization, but resources assigned to a project are accountable to the project manager for all work associated with the project. The project manager is often a peer of the functional staff managers. The team members working on the project often have two or more supervisors—their functional manager and the project manager (or managers) they are reporting to.

Validating the Business Case

It documents the business need or justification for the project and will often include high-level details regarding estimated budgets and timelines for completing the project.

Validating the Business Case: Justification

Justification describes the benefits to the organization for undertaking the project. These benefits can include tangible and intangible benefits and should include the reasons for bringing about the project. Justification can be a section within the business case or an independent document.

One of the Seven needs or Demands for a project: Environmental Considerations

Many organizations today are actively involved in green efforts to protect the environment. · For example, perhaps a new Environmental Protection Agency (EPA) mandate requires extra equipment and processes to be implemented in your production assembly line to minimize pollution output. Therefore, a project is required.

Stakeholders have many reasons for bringing about a project.

Most organizations do not have the resources or time to execute every project that every stakeholder would like implemented.

(Decision Model) Economic Model:Net Present Value(NPV)

Net present value (NPV) is a cash flow technique that calculates the revenues or cash flows the organization expects to receive over the life of the project in today's dollars. For example, let's say your project is expected to generate revenues over the next five years. The revenues you receive in years 2, 3, and so on, are worth less than the revenues you receive today. NPV is a mathematical formula that allows you to determine the value of the investment for each period in today's dollars.

Understanding Operations

Operations are ongoing and repetitive. They do not have a beginning date or an ending date, unless you're starting a new operation or retiring an old one. Operations typically involve ongoing functions that support the production of goods or services. Projects, on the other hand, come about to meet a specific, unique result and then conclude.

Operations

Operations typically involve ongoing functions that support the production of goods or services. They don't have a beginning or an end.

Summary Lesson 1.2

Organizational structures impact how projects are managed and staffed. The primary structures are functional, matrix, and projectized. The traditional departmental hierarchy in a functional organization provides the project manager with the least authority. The other end of the spectrum is the project-based organization, where resources are organized around projects; in these types of organizations, the project manager has the greatest level of authority to take action and make decisions regarding the project. The matrix organization is a middle ground between the functional organization and the project-based organization.

Summary Lesson 1.4

Portfolios are collections of programs, sub-portfolios, and projects that support strategic business goals or objectives. Portfolios may consist of projects that are not related.

Defining the project 1.1

Project exist to bring about or fulfill the goals of the organization. Most project benefit from the application of a set of processes and standards know as project management. Projects involve a team of people, and so do day-to-day business activities. They both involve following a process or a plan, and they both result in activities that help reach a goal.

Summary Lesson 1.5

Project selection techniques involve the use of decision models, such as a cost-benefit analysis and expert judgment, to allocate limited resources to the most critical projects.

What comes after Business Case is created?

Projection Selection you'll need some method to decide how you or the project selection committee will choose among competing projects.

Programs and portfolios

Projects are sometimes managed as part of a program or portfolio. A program is a group of related projects that are managed together using coordinated processes and techniques. The collective management of a group of projects can bring about benefits that would not be achievable if the projects were managed separately. Portfolios are collections of programs, sub-portfolios, and projects that support strategic business goals or objectives. Unlike programs, portfolios may consist of projects that are not related.

Project Criteria: Temporary

Projects have definite start and end dates. The time it takes to complete the work of the project can vary in overall length from a few weeks to several years, but there is always a start date and an end date.

One of the Seven needs or Demands for a project: Strategic Opportunity/Business Need

· Business needs often drive projects that involve information technology solutions. For example, an organization's accounting system is outdated and no longer able to keep up with current technology. A new system is implemented to help the organization become more efficient and create reports in a timelier manner

One of the Seven needs or Demands for a project: Customer Request

· Customer requests can generate an endless supply of potential projects. ¨ For example, perhaps the discussions at a recent customer focus group brought about the idea for a new product offering.

there are some steps along the way you need to understand before and after the business case is written.

· First, the organization needs to understand the business need or demand for the project. · Then, the business case is created, which includes a justification for the project. · Finally, project selection methods are used to determine which projects the organization should implement.

One of the Seven needs or Demands for a project: Social need

Social needs or demands can bring about projects in a variety of ways. · For example, a small developing country may have the need for safe, clean drinking water, so a project is initiated to purchase and install a new filtering system. Another example may include bringing about a project to develop a vaccine for a new flu virus that's predicted to hit the nation.

Identifying and Analyzing Stakeholders

Stakeholders are anyone who has a vested interest in the project. Stakeholders can include individuals as well as organizations, and both the project sponsor and the project manager are considered stakeholders. The project sponsor is the executive in the organization who authorizes the project to begin and is someone who has the ability and authority to assign funds and resources to the project. Identifying stakeholders is also a component of the project charter.

Projects come about for many reasons

· For example: ¨ some organizations exist to generate profits, and many create projects specifically designed to meet this goal. ¨ Other organizations exist to provide services to others with no regard for profits. And they may bring about projects to enhance their ability to meet the demand for their services.

Project

Temporary in nature, with a definite start and end date; creates a unique product, service, or result. It is completed when the goals and objectives of the project have been met and signed off on by the stakeholders.

Internal rate of return (IRR)

The discount rate when the present value of the cash inflows equals the original investment. Projects with higher IRR values are generally considered better than projects with lower IRR values. Assumes that cash inflows are reinvested at the IRR value.

Payback period

The length of time it takes a company to recover the initial cost of producing the product or service of the project.

(Decision Model) Payback Period

The payback period is a cash flow technique that identifies the length of time it takes for the organization to recover all the costs of producing the project. It compares the initial investment to the expected cash inflows over the life of the project and determines how many time periods elapse before the project pays for itself. Payback period is the least precise of all the cash flow techniques discussed in this section. You can also use payback period for projects that don't have expected cash inflows.

Project manager

The person responsible for applying the skills, knowledge, and project management tools and techniques to the project activities to successfully complete the project objectives.

A Guide to the Project Management Body of Knowledge (PMBOK Guide)

The project management standard developed by the Project Management Institute.

Understanding Organizational Structures

The structure of your organization has an impact on many aspects of project management, including the authority of the project manager and the process to assign resources. Project managers are often frustrated by what appear to be roadblocks in moving the project forward, but in many cases, the root issue is the organizational structure itself and how it operates.

Weak Matrix Organization

The weak matrix organization emphasizes functional work over project work and operates more like a functional hierarchy. The functional managers have most of the power in this type of organization.

Project Management Institute (PMI)

The world's leading professional project management association.

Validating the Business Case:Recommended Solution

This section details the recommended solution.

The advantages of a functional organization include the following:

· Growth potential and a career path for employees · The opportunity for those with unique skills to flourish · A clear chain of command (each staff member has one supervisor—the functional manager)

Feasibility study

Undertaken to determine whether the project is a viable project, the probability of project success, and the viability of the product of the project.

Validating the project

Validating the project involves two steps: · preparing the business case · identifying and analyzing the project stakeholders.

Project Management Skills

You probably already use some of these skills in your day-to-day work activities. Here's a partial list: · Leadership · Communicating · Listening · Organization · Time management · Planning · Problem-solving · Consensus building · Resolving conflict · Negotiating · Team building

Cost

benefit analysis - A commonly used benefit measurement method that calculates the cost of producing the product, service, or result of the project and compares this to the financial gain the project is expected to generate.

There are two primary categories of decision models:

benefit measurement methods constrained-optimization models.

disAdvantages of Projectized organization

is reassigning project team members once the project ends. There may not always be a new project waiting for these resources.

Advantages of Projectized organization

team members are collocated, meaning they work together at the same physical location. · Project manager has full authority to manage the project and resources. · Full-time resources are assigned to the project and report to the project manager. · Loyalty is established with the project manager. · Other ad hoc resources may report to the project manager. · There is dedicated project support staff.

Functional Organization

the staff is organized along departmental lines, such as IT, marketing, sales, network, human resources, public relations, customer support, and legal. Each department is managed independently with a limited span of control. This organizational type is hierarchical, with each staff member reporting to one supervisor, who in turn reports to one supervisor, and so on up the chain A functional organization often goes about the work of the project in a siloed fashion. That is, the project deliverables are worked on independently in different departments. This can cause frustration among project managers because they are the ones held accountable for the results of the project, but they have no means of holding team members from other departments accountable for completing project deliverables. A project manager in a functional organization should develop strong working relationships with the functional managers.

Project selection methods are:

used to determine which proposed projects should receive approval and move forward. This process usually includes the allocation of high-level funding as well. Project selection may take place using formal documented guidelines, or it may be informal, requiring only the approval of a certain level of management. Typically, a high-level board or committee will perform project selection. This committee may be cross-functional in nature and accountable for corporate-wide project selection, or selection may be determined on a departmental basis. A committee at the corporate level is composed of representatives from all departments, such as information technology, sales, marketing, finance, and customer service

Project managers must develop a communication strategy for the project that includes the following critical components:

¨ What you want to communicate ¨ How often you'll communicate ¨ The audience receiving the communication ¨ The medium used for communicating ¨ Monitoring the outcome of the communication

Balanced Matrix Organization

· A balanced matrix organization shares equal emphasis between projects and functional work. Both the project manager and the functional manager share power in this type of structure.

Validating the Business Case: Feasibility Study

· A feasibility study is undertaken for several reasons. Feasibility studies can determine whether the project is doable and likely to succeed. They examine the viability of the product, service, or result of the project. They may also examine technical issues related to the project and determine whether it's feasible, reliable, and easily assimilated into the organization's existing infrastructure. Not all business cases will or should include a feasibility study. Feasibility studies are usually conducted when the proposed project is highly complex, has a high potential for risk, or is a new type of project the organization has never undertaken before. Feasibility studies may be conducted as separate projects, as subprojects, or as a pre-project phase. It's best to treat this activity as a project when the outcome is uncertain.

Summary Lesson 1.1

· A project is a temporary endeavor that produces a unique product service or result. It has definitive start and finish dates. Project management is the application of tools and techniques to organize the project activities to successfully meet the project goals. A project manager is responsible for project integration and applying the tools and techniques of project management to bring about a successful conclusion to the project.