Lecture 2 Project Management Concepts

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Presentation transcript:

Lecture 2 Project Management Concepts

What is Project Management? PMBOK defines Project Management as: “The application of knowledge, skills, tools and techniques to carry out project activities in order to meet stakeholder needs and expectations from a project” Significance of “Application” -> you learn the skills, unless you apply these you cant learn Stakeholders: Any people who owns the stake

What is Project Management? Project Management is the management of project related activities with in specified time, cost and performance standards along with good customer relation. User satisfaction is tangible (It can be measured)

Project Management Processes PM can be defined in to five stages: Defining Planning Executing Monitoring or Controlling Closing

Defining What is that project What are the project objectives What are the expectations of stakeholders What are the project deliverables What are the constraints of the project

Planning Plan all the project activities Plan the relationship of these activities with each other Plan the duration of these activities Plan the deadlines Plan the outcome of specific activity Plan requirements for completing the project Plan the risks associated with the project Requirements (things you need) Risk (possible actions and problems)

Executing Build the project team Assess the available resources for project Assign resources for the project Work on project begins

Monitoring and Controlling Look after the overall progress of the project Keep comparing the actual parameters with targeted parameters Keep making the necessary changes

Closing All stakeholders analyze the final outcome of project Project team is pulled out from the project

Project Management Environment Some key components of Project Management environment are: Stakeholders Clients Own company’s organizational structure Market conditions Competitors New technology Rules and regulations Politics Economic condition

PM Bodies in World APM (Association for Project Managers) PMI (Project Management Institute), USA IPMA (International Project Management Association) AIPM (Australian Institute of Project Management) PMAJ (Project Management Association Japan)

Body of Knowledge APMBOK PMI’s BOK or PMBOK IPMA’s BOK or IPMABOK