Concept project

A project is a temporary endeavor undertaken

to create a unique product, service, or result
Operations is work done to sustain the business
Projects end when their 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
Project management is the application of
knowledge, skills, tools and techniques to
project activities to meet project requirements
Project managers strive to meet the triple
constraint by balancing project scope, time, and
cost goals
Project Attributes
- Has a unique purpose
- Is temporary
- Is developed using progressive elaboration
- Requires resources, often from various
areas
- Should have a primary customer or sponsor
- The project sponsor usually provides the
direction and funding for the project
- Involves uncertainty
Major Characteristics of a Project
- Has an established objective.
- Has a defined life span with a beginning and
an end.
- Requires across the organizational
participation.
- Involves doing something never been done
before.
- Has specific time, cost, and performance
requirements.

Project Stakeholder
Stakeholders are the people involved in or
affected by project activities
Stakeholders include:
- The project sponsor
- The project manager
- The project team
- Support staff
- Suppliers
Importance of Estimating Cost
- To support good decisions.
- To schedule work.
- To determine how long the project should
take and its cost.
- To determine whether the project is worth
doing.
- To develop cash flow needs.
- To determine how well the project is
progressing.
- To develop time-phased budgets and
establish the project baseline.
9 Knowledge Area
1. Project Integration management
- Develop project charter
- Develop project management plan
- Direct and manage project execution
- Monitor and control project work
- Perform Integrated change control
- Close project or phase

2. Project Scope management
A definition of the end result or mission of the
projecta product or service for the
client/customerin specific, tangible, and
measurable terms.
- Project objective
- Deliverables
- Milestones
- Technical requirements
- Limits and exclusions
- Reviews with customer

3. Project Cost management
Cost is a resource sacrificed or foregone to
achieve a specific objective or something given
up in exchange
Direct Costs
Costs that are clearly chargeable
to a specific work package.
Labor, materials, equipment, and other
Direct (Project) Overhead Costs
Costs incurred that are directly tied to an
identifiable project deliverable or work
package.
Salary, rents, supplies, specialized machinery
General and Administrative Overhead Costs
Organization costs indirectly linked to a specific
package that are apportioned to the project
4. Project Time management
Activity definition: identifying the specific
activities that the project team members and
stakeholders must perform to produce the
project deliverables
Activity sequencing: identifying and
documenting the relationships between project
activities
Activity resource estimating: estimating how
many resources a project team should use to
perform project activities
Activity duration estimating: estimating the
number of work periods that are needed to
complete individual activities
Schedule development: analyzing activity
sequences, activity resource estimates, and
activity duration estimates to create the project
schedule
Schedule control: controlling and managing
changes to the project schedule
5. Project Quality management
Project quality management ensures that the
project will satisfy the needs for which it was
undertaken
Processes include:
Quality planning: identifying which quality
standards are relevant to the project and how
to satisfy them
Quality assurance: periodically evaluating
overall project performance to ensure the
project will satisfy the relevant quality
standards
Quality control: monitoring specific project
results to ensure that they comply with the
relevant quality standards
6. Project Human resource management
Making the most effective use of the people
involved with a project
Processes include:
Human resource planning: identifying and
documenting project roles, responsibilities, and
reporting relationships
Acquiring the project team: getting the needed
personnel assigned to and working on the
project
Developing the project team: building individual
and group skills to enhance project
performance
Managing the project team: tracking team
member performance, motivating team
members, providing timely feedback, resolving
issues and conflicts, and coordinating changes
to help enhance project performance
7. Project Communications management
Communications planning: determining the
information and communications needs of the
stakeholders
Information distribution: making needed
information available to project stakeholders in
a timely manner
Performance reporting: collecting and
disseminating performance information,
including status reports, progress
measurement, and forecasting
Managing stakeholders: managing
communications to satisfy the needs and
expectations of project stakeholders and to
resolve issues
8. Project Risk management
Project risk management is the art and science
of identifying, analyzing, and responding to risk
throughout the life of a project and in the best
interests of meeting project objectives
Risk management is often overlooked in
projects, but it can help improve project success
by helping select good projects, determining
project scope, and developing realistic
estimates
Risk management planning: deciding how to
approach and plan the risk management
activities for the project
Risk identification: determining which risks are
likely to affect a project and documenting the
characteristics of each
Qualitative risk analysis: prioritizing risks based
on their probability and impact of occurrence
Quantitative risk analysis: numerically
estimating the effects of risks on project
objectives
Risk response planning: taking steps to enhance
opportunities and reduce threats to meeting
project objectives
Risk monitoring and control: monitoring
identified and residual risks, identifying new
risks, carrying out risk response plans, and
evaluating the effectiveness of risk strategies
throughout the life of the project.
9. Project Procurement management
Project procurement management: acquiring
goods and services for a project from outside
the performing organization
Processes include:
Planning purchases and acquisitions:
determining what to procure, when, and how
Planning contracting: describing requirements
for the products or services desired from the
procurement and identifying potential sources
or sellers (contractors, suppliers, or providers
who provide goods and services to other
organizations)
Requesting seller responses: obtaining
information, quotes, bids, offers, or proposals
from sellers, as appropriate
Selecting sellers: choosing from among
potential suppliers through a process of
evaluating potential sellers and negotiating the
contract
Administering the contract: managing the
relationship with the selected seller
Closing the contract: completing and settling
each contract, including resolving any open
items
Intiating Project
1. Initiation
The initiating stage should include a plan that
encompasses the following areas:
- analyzing the business needs/requirements in
measurable goals
- reviewing of the current operations
- financial analysis of the costs and benefits
including a budget
- stakeholder analysis, including users, and
support personnel for the project
- project charter including costs, tasks,
deliverables, and schedule

2. Planning or design
Project planning generally consists of
- determining how to plan (e.g. by level of
detail or rolling wave);
- developing the scope statement;
- selecting the planning team;
- identifying deliverables and creating the work
breakdown structure;
- identifying the activities needed to complete
those deliverables and networking the activities
in their logical sequence;
- estimating the resource requirements for the
activities;
- estimating time and cost for activities;
- developing the schedule;
- developing the budget;
- risk planning;
- gaining formal approval to begin work.

3. Production or execution
Execution process group include:
- Direct and manage project execution
- Quality assurance of deliverables
- Acquire, develop and manage Project team
- Distribute information
- Manage stakeholder expectations
- Conduct procurement
- Test the deliverables against the initial design

4. Monitoring and controlling

- Measuring the ongoing project activities
('where we are');
- Monitoring the project variables (cost, effort,
scope, etc.) against the project management
plan and the project performance baseline
(where we should be);
- Identify corrective actions to address issues
and risks properly (How can we get on track
again);
- Influencing the factors that could circumvent
integrated change control so only approved
changes are implemented.

5. Closing

- Contract closure: Complete and settle each
contract (including the resolution of any open
items) and close each contract applicable to the
project or project phase.
- Project close: Finalize all activities across all of
the process groups to formally close the project
or a project phase


Level 1 Adhoc:
No formal, consistent process to execute a
project
Key Characteristics:
- Many, incomplete, informal approaches
each project handled differently
- Highly dependent on Project Manager
- Project outcomes unpredictable
- Little organizational support for project
management
- Lesson learned are not gathered and
passed on to other projects
Level 2 Foundation
Consistent, basic approach to project execution
is adopted
Key Characteristics:
- Managed support for project management
- Repeatable processes are applied to basic
project management steps
- Project outcomes are more predictable
- Use of common tools and techniques for
key project management processes
Level 3 Managed
Consistent, comprehensive approach to project
execution
Key Characteristics:
- Senior management support for project
management
- Organization can efficiently plan, manage,
integrate and control single projects
- Repository of previous project experience
is maintained and utilized
- Team members and project managers
trained in project management
- Consistent use of tools and techniques for
project management processes
Level 4 Integrated
Project portfolio management is
institutionalized and integrated into the
organizations business planning process
Key Characteristics:
- Active senior management support for
integration of business planning and project
execution
- Organization can efficiently plan, manage,
integrate and control multiple projects
- Database of previous project data is
maintained and utilized
Level 5 Optimization
Project-centered organization with an
established approach to continuous
improvement of project management
Key Characteristics:
- Project management environment
improvement is actively encouraged
- Flexible, project-centered organization
structure
- Career program for project managers
- Project management training is a key
component in staff development