1. Project Management
Ashima Wadhwa

2. Project
Project – An endeavor undertaken to create a unique product or service
Has a definite beginning and end and interrelated activities

3. Project
Projects are unique – characteristics are progressively elaborated
Progressively: proceeding in steps
Elaborated: worked with care and detail

4. Project Management:
Project Management: the application of knowledge, skills, tools and techniques to project activities in order to meet or exceed stakeholder needs and expectations from a defined project.

5. Program Management
Programs are groups of projects managed in a coordinated way to obtain benefits not available from managing the projects individually
Hence management of program is Program Management.

6. Program Vs Project
Programs adopt new set of objectives and continue to work; projects cease when declared objectives have been attained

7. Program Vs Project Most programs have elements of ongoing operations
Series of repetitive or cyclical undertakings
Projects are often divided into “subprojects” for more manageability
Often contracted out to external organizations

8. Portfolio Portfolio is simply collection of investment assets
The asset allocation decision is the choice among broad asset classes such as stocks, bonds, real estate, commodities, and so on.

9. Portfolio Management
A properly constructed portfolio achieves a given level of expected return with the least possible risk
Portfolio managers have a duty to create the best possible collection of investments for each customer’s unique needs and circumstances

10. Purpose of Portfolio Management
Portfolio management primarily involves reducing risk rather than increasing return

11. Operations Management
Refers to the management of the production system that transforms inputs into finished goods and services.
Production system: the way a firm acquires inputs then converts and disposes outputs.
Operations managers: responsible for the transformation process from inputs to outputs. 2

12. Operations Management
Operations management seeks to increase the quality, efficiency, and responsiveness of the firm.
Seeks to provide a competitive advantage.

13. Operations Management Concepts
Quality: goods and services that are reliable and perform correctly.
Quality allows customers to receive the performance that they expect.
Efficiency: the amount of input to produce a given output.
Less input required lowers cost and waste.
Responsiveness to customers: actions taken to respond to customer needs.
Firm can react quickly and correctly to customer needs as they arise. 4

14. Project Life Cycles Project Life Cycle defines:
Technical work performed in each phase
Who is involved in each phase
Common Characteristics of Project Life Cycles:
Cost and Staffing levels are low at start and move higher towards the end
Probability of successfully completing project is low at beginning, higher towards the end as project continues
Stakeholder influence is high at the beginning and progressively lowers as project continues

15. Project Life Cycles
Project Phases are marked by the completion of a deliverable
Tangible, verifiable work product
Phases are collected into the Project Life Cycle.

16. Stakeholders
Stakeholders: individuals and organizations who are actively involved in the project
Often have conflicting expectations and objectives
In general, differences should be resolved in favor of the customer – individual(s) or organization(s) that will use the outcome of the project
Stakeholder management is a proactive task
Project Mangers must determine all stakeholders and incorporate their needs into the project

17. Stakeholders Stakeholders are: Project Managers Customers
Performing Organizations, owners
Sponsor
Team
Internal/External
End User
Society, citizens
Others: owner, funders, supplier, contractor

18. Organizational Cultures and Styles
Entrepreneurial firms more likely to adopt highly participative Project Manager – accept higher risk/reward
Hierarchical firms less likely to adopt participative Project Manager – take fewer risks

19. Organizational Structures
Functional (classical) marked by identifiable superiors. Staff grouped by specialty . Perceived scope of project limited by function (Engineering, HR). Typically have part-time Project Manager
Projectized Organization –blend functional and projectized characteristics. Mix cross-department personnel with full- time Project Manger

20. Project Management Processes
Project Management requires active management of Project Processes
Series of actions that achieve a result
Project Management Processes
Describing and organizing the work
Product-Oriented Processes
Specifying and creating the product

21. Project Management Processes
Process Groups:
Initiating processes: recognizing a project or phase should begin
Planning processes: devising and maintaining a workable plan
Executing processes: coordinating resources to execute the plan
Controlling processes: ensuring project objectives are met; monitoring, correcting and measuring progress
Closing processes: formalized acceptance

22. Project Management Processes
Process Groups are linked by the results each produces
Process Groups are overlapping activities with various levels of intensity
Process Group interactions cross phases – “rolling wave planning”
Provides details of work to complete current phase and provide preliminary description of work for subsequent phases
Individual processes have inputs, tools and techniques, and outputs (deliverables)