|
Skip to content
Show
What is Project Management?What is Project Management?admin2022-09-14T11:18:30+00:00 Project Management Definition:A project is a temporary endeavor, which is undertaken to create a unique product, service, or result. Project Management is defined as “the application of knowledge, skills, tools, and techniques, which are required to achieve specific goals and meet specific success criteria”. All must be expertly managed to deliver the on-time and on-budget results. Project management processes fall into five groups. They are Initiating, Planning, Executing, Monitoring and Controlling, and Closing. The project management objectives of some of the managers are to focus on scope, time, and cost constraints. They are sometimes referred to as the triple constraint. However, some project managers focus on the quadruple constraint, which adds “quality” as a fourth constraint. Programs
What is a Project?A project is generally defined as an endeavor with a beginning and an end, undertaken in order to achieve the desired goal. Projects are typically distinguished from routine operations or activities in that they are often expected to achieve specific objectives within specific costs and timelines. In addition, projects often involve the need for coordination among different stakeholders and the need to allocate resources in an effective manner. The success or failure of a project can thus have significant implications for an organization. As a result, project management has emerged as a distinct field of study, with its own body of knowledge and best practices.
What are Project Objectives?Every successful project must have clear and attainable project objectives. The objectives of a project should be aligned with the goals of the organization, and they should be realistic and achievable. Objectives should be specific, measurable, relevant, and time-bound. In other words, they should describe:
Without well-defined objectives, it is difficult to assess whether a project has been successful. Furthermore, clear objectives are essential for developing an effective project plan and for measuring progress during the execution of the project. Thus, taking the time to define objectives at the outset of a project can save a lot of time and effort down the road. This lecture is a part of a project management certification online program which leads to the postgraduate diploma of project management. The credits earned during these programs may be transferred to an accredited MBA project management online program. Examples of Project Management:Projects can be large or small and involve one person or thousands of people. They can be done in one day or take years to complete. Examples of project management include the following:
What is Project Management Planning?Project planning is the process of putting the project requirements into action, and measuring progress and performance. It involves identifying the project requirements, establishing project objectives, balancing constraints, and taking the needs and expectations of the key stakeholders into consideration. Project planning is one of the most important functions you’ll perform during the course of a project. It sets the standard for the remainder of the project’s life and is used to track future project performance. How Manage a Project?It is one of the key responsibilities of the project manager to ensure that the right project management techniques are applied and followed. All the key important project instructions are given by the project management office if present. Managing a project typically includes, but is not limited to the following:
Key Project Constraints:Balancing the competing project constraints, which include, but are not limited to: Time, Scope, Quality, Schedule, Budget, Resources, and Risks. Some project managers focus on only scope, time, and cost constraints. These limitations are sometimes referred to as the triple constraint. However, some project managers focus on the quadruple constraint, which adds “quality” as a fourth constraint. However, to create a successful project, project managers must balance all constraints, which are mentioned below: Project Scope:
Project Time:
Project Cost:
Project Quality:
Project Management Objectives:The objectives of project management are to ensure that the project is completed on time, within budget, and to the required level of quality. In order to achieve these objectives, project managers must plan and schedule the work, track progress, and make adjustments as needed. They must also be able to effectively communicate with all stakeholders, including the project sponsor, team members, and other interested parties. By meeting these objectives, project managers can help to ensure that the project is successful. 6 Major Attributes of Project Management:As you can see, projects come in all shapes and sizes. The following attributes help to define a project further: 1. A project has a unique purpose:Every project should have a well-defined objective. For example, many people hire firms to design and build a new house, but each house, like each person, is unique. 2. A project is temporary:A project has a definite beginning and a definite end. For a home construction project, owners usually have a date in mind when they’d like to move into their new home. 3. A project is developed using progressive elaboration or in an iterative fashion:Projects are often defined broadly when they begin, and as time passes, the specific details of the project become clearer. For example, there are many decisions that must be made in planning and building a new house. It works best to draft preliminary plans for owners to approve before more detailed plans are developed. 4. A project requires resources, often from various areas:Resources include people, hardware, software, or other assets. Many different types of people, skill sets, and resources are needed to build a home. 5. A project should have a primary customer or sponsor:Most projects have many interested parties or stakeholders, but someone must take the primary role of sponsorship. The project sponsor usually provides the direction and funding for the project. 6. A project involves uncertainty:Because every project is unique, it is sometimes difficult to define the project’s objectives clearly, estimate exactly how long it will take to complete, or determine how much it will cost. External factors also cause uncertainty, such as a supplier going out of business or a project team member needing unplanned time off. Uncertainty is one of the main reasons it is so challenging because uncertainty invokes risk.
Purpose of Project Management:Let us understand the purpose of project management with an example. You work for a wireless phone provider and the VP of marketing approaches you with a fabulous idea—“fabulous” because he’s the big boss and because he thought it up. He wants to set up kiosks in local grocery and big-box stores as mini-offices. These offices will offer customers the ability to sign up for new wireless phone services, make their wireless phone bill payments, and purchase equipment and accessories. Your boss believes that exposure in grocery stores will increase awareness of the company’s offerings. After all, everyone has to eat, right? He told you that the board of directors has already cleared the project, and he’ll dedicate as many resources to this as he can. He wants the new kiosks in place in 12 stores by the end of this year. The best news is he has assigned you to head up this project. Your first question should be “Is it a project?” The temporary nature of projects indicates that a project has a definite beginning and end:The end is reached when the project’s objectives have been achieved or when the project is terminated because its objectives will not or cannot be met, or when the need for the project no longer exists. A project may also be terminated if the client (customer, sponsor, or champion) wishes to terminate the project. Temporary does not necessarily mean the duration of the project is short. It refers to the project’s engagement and its longevity. Temporary does not typically apply to the product, service, or result created by the project; most projects are undertaken to create a lasting outcome. For example, a project to build a national monument will create a result expected to last for centuries. Every project creates a unique product, service, or result:The outcome of the project may be tangible or intangible. Although repetitive elements may be present in some project deliverables and activities, this repetition does not change the fundamental, unique characteristics of the project work. For example, office buildings can be constructed with the same or similar materials and by the same or different teams. However, each building project remains unique with a different location, different design, different circumstances and situations, different stakeholders, and so on. Free Lectures
Resources
SharePage load linkWhat is temporary endeavor in project?Temporary endeavor means that a project has a specific start and end date. That specific timeframe may be one month, or it may be many months or years, but it does not go on into perpetuity.
What is a temporary endeavor to create a unique product which adds value to an organization?A project is a temporary endeavor undertaken by a company or organization (such as the creation of a new product, service, or result) A program is a group of projects that are similar or related to one another, and which are often managed and coordinated as a group instead of independently.
What refers to a temporary endeavor with a specific goal?A project is a temporary endeavor undertaken to produce a unique product, service, or result. It has a defined start and endpoint and works according to a specific goal and objective.
Which of the following is a temporary undertaking designed to achieve a particular organizational goal?A project is a one-time undertaking designed to achieve a particular organization goal.
|
