Introduction to Project Management

Study Notes

Project Management: A structured approach to achieving specific goals within a defined time frame and budget.
Key elements of Management: Responsibility, Respect, Fairness, and Honesty.

Project Management facilitates: Meeting business objectives, satisfying stakeholder expectations, increasing predictability, optimizing resource utilization, resolving challenges, and responding to risks.

Operation: A continuous process focused on maintaining business operations, producing repetitive outputs.
Project: A temporary endeavor aimed at creating a unique outcome.
Key Differences: Nature (Temporary vs. On-going), Purpose (Introduce Change vs. Sustain Business), Output (Unique vs. Repetitive)

Major Project Management Components: Project Life Cycle, Project Phases, Phase Gates, Project Management Processes, Project Management Process Groups, and Project Management Knowledge Areas.

A collection of generally sequential project phases whose name and number are determined by the control needs of the organization or organizations involved in the project.
Project Phase: A collection of logically related project activities that culminates in the completion of one or more deliverables.
Phase Gate: A review at the end of a project phase to determine if the project should proceed to the next phase.

Programming & Studies Phase: Focuses on feasibility studies, cost estimates, and legislative approvals.
Pre-Schematic Phase: Develops program, design concepts, technical investigations, detailed budgets, and more in-depth feasibility studies.
Detailed Design Phase: Prepares working drawings, bill of quantities (BOQ), detailed cost estimates, and specifications.
Bidding Phase: Establishes regulations, rules, agreements, guarantees, and project documentation.
Contracting Phase: Evaluates contractor proposals, selects a contractor, and signs the project charter.
Execution Phase: Contractor takes possession of the site, manages invoicing, and secures cash flow.