PM is a Unique Skill Set Much of its knowledge is particular to the requirements of PM; for example, critical path analysis and work breakdown structures The fundamental differences between general management and project management is the use of tools and techniques that are specialized.

Our Challenge as PMs Meeting or exceeding stakeholder needs and expectations invariably involves balancing competing demands among: Scope, time, cost, and quality (triple constraint) Stakeholder differing needs and expectations Identified needs and unidentified expectations – “client relations challenges” Dealing with unknown unknowns…these are called “unk-unks” in PM

A Project In business and science is typically defined as a collaborative enterprise, frequently involving research or design, that is carefully planned to achieve a specific aim.

Also… A project is a planned set of interrelated tasks to be executed over a fixed timeframe and within certain cost and other (e.g. resource) limitations.

Projects vs. Operations Organizations perform work generally classified as operations or projects. Ops and projects share characteristics: Performed by people Constrained by resources Planned, executed, controlled

How they differ: Ops are ongoing and repetitive. Projects are temporary and unique; a temporary endeavor undertaken to create a unique product or service. Temporary = definite beginning and end. Unique = different in some distinguishing characteristic or feature.

Project Examples: Developing a new product or service Effecting a change in structure, staffing, or style of an organizing; rebranding Designing a new transportation vehicle Running a campaign for public office Implementing a new business procedure or process Constructing a facility

“A program is a group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually. Programs may include elements of related work outside of the scope of the discrete projects in the program." - From PMBOK "A portfolio is a collection of projects, programs and/or other portfolios. There may be multiple portfolios of projects which roll up into a complete enterprise wide portfolio." - From PMBOK Programs and Portfolios

Which of the following is NOT true of a portfolio? a.One of the goals of portfolio management is the timely exclusion of projects that do not meet the strategic objectives of the portfolio. b.The projects or programs in a portfolio must be directly related to one another. c.A portfolio may include some work which is not part of an individual project or an individual program. d.The goal of a portfolio is to meet the strategic objectives of an organization. Answer is B. The projects don’t have to be directly related to one another.

Sample CAPM Questions What is the difference between a project and an operation? a.Projects are performed by people and operations by machines. b.Projects have adequate resources, whereas operations have limited resources. c.Projects are planned, executed, and controlled, whereas operations do not go through these stages. d.Projects are temporary and unique, whereas operations are ongoing and repetitive. Answer is D

A PM’s Work Breaks Down to Two Overarching Areas 1.Project planning and definition activities – “Deciding” 2. Project implementation and control activities – “Doing”

Planning & Definition Activities “Deciding” Project Goals and Objectives Work Reqs Quantity of Work Quality of Work Required Resources Organization structure Planning of… - Task Sequencing and Schedule - Budget Setting up the project tracking methods for accountability

Implementation & Control Activities Initiate the Work (take-off)***** Monitoring and Tracking Progress Compare Schedules and Budgets to Plans Analyze Impact of Changes and Progress Coordinating Activities and People Making Adjustments to the Plan as Required Completing the project Evaluating the Results Reporting to Stakeholders

Success Factors in PM Appropriately skilled PM. Clear authority for the PM to act Commitment to PM methodology – i.e., commitment to organizing the project A skilled PM team aligned with project goals under strong sponsorship A complete plan that is understood by all participants Workable tracking and monitoring method (a simple, comprehensive tracking plan you know how to use is better than a fancy one you aren’t adept with, as long as it works for you and the extended stakeholders).

Bottom Line for the PM “Brand”— CAPM, PMP, ETC. PMI positions it as essential for business results. Provides a system for planning, documenting, organizing and communicating. Provides a basis for better decision making. Always remember, it is PEOPLE who make things happen and make things work, NOT methodologies, so you need to KNOW YOURSELF and learn how to motivate others to be a good PM.