1. Lecture 2 Project Management Concepts

2. 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

3. 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)

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

5. 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

6. 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)

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

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

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

10. 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

11. 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)

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