Key Concepts: Definition of a Project Characteristics of a Project WHAT IS A PROJECT? Key Concepts: Definition of a Project Characteristics of a Project
What Is a Project? A project is “a temporary endeavor undertaken to create a unique product, service, or result.”* Operations is work done to sustain the business. A project ends when its objectives have been reached, or the project has been terminated. Projects can be large or small and take a short or long time to complete. *PMI, A Guide to the Project Management Body of Knowledge (PMBOK® Guide) (2004), p. 5.
PMI Definition “A temporary endeavor undertaken to create a unique product or service” Source: A Guide to the Project Management Body of Knowledge, Project Management Institute Standards Committee, p. 167, 1996
What is Project Management? “Project management is the application of knowledge, skills, tools and techniques to project activities in order to meet or exceed stakeholder needs and expectations from a project.” * *Project Management Institute, PMBOK 2000
What is Project Management? Application of Knowledge/Skills/ and Tools/Techniques to Project Activities Meet/Exceed Expectations
Project Attributes? Temporary, with unique purpose Goal-directed Collaborative Resources constrained Endeavor Uncertainty
Project Management Tools and Techniques Project management tools and techniques assist project managers and their teams in various aspects of project management. Specific tools and techniques include: Project charters, scope statements, and WBS (scope). Gantt charts, network diagrams, critical path analyses, critical chain scheduling (time). Cost estimates and earned value management (cost).
PM Development Goals According to specification (Scope) Schedule (Time) Within Budget (Cost)
Why the emphasis on project management? Many tasks do not fit neatly into business-as-usual. Need to assign responsibility and authority for achievement of organisational goals.
Characteristics of Projects Unique Specific Deliverable Specific Due Date
Other Common Characteristics of Projects Multidisciplinary Complex Conflict Part of Programs
PROJECT MANAGEMENT VS. GENERAL MANAGEMENT Projects Unique Finite Revolutionary charge Unbalanced objectives Transient resources Operations Repetitive on going Evolutionary change Equilibrium Balanced objectives Stable resources
Examples of a Project A project can be of any type; Opening a restaurant Constructing a building Launching a new product
Skill Requirements for Effective Project Management Conflict Resolution Creativity and Flexibility Ability to Adjust to Change Good Planning Negotiation win-win versus win-lose
WHAT IS MANAGED? THE THREE GOALS OF A PROJECT Performance Cost Time
Performance, Cost, and Time Project Targets
The Triple Constraint of Project Management
How do these work? You are thinking about planning a holiday abroad as a project. How would you define: Performance Cost Time?
THE LIFE CYCLES OF PROJECTS Start Activity Finish
Project Life Cycle Initiating Processes Planning Processes Executing/Implementation Processes Controlling Processes Closing Processes S-Shape Curve J-Shape Curve
The Project Life Cycle
An Alternate Project Life Cycle
Project Management Framework