Project Management: An Overview

• Project management, programs, and portfolios all see a growing demand
• A better understanding of project, program, and portfolio management is increasingly needed

Defining a Project

• A project is a temporary endeavor to create a unique product, service, or result
• Operations are activities that sustain the business
• Projects conclude when objectives are met or the project is terminated

Example Projects

• A young couple hiring a firm to design and build a new house
• A retail store manager working with employees to display a new clothing line
• A school district upgrading their technology infrastructure for student internet access
• Medical technology firm developing a device to connect to smartphones
• Pharmaceutical company launching a new drug or vaccine
• A television network developing a voting system for viewers

Project Attributes

• All projects have a unique purpose and are temporary
• Projects drive change and enable value creation through progressive elaboration and iterative development
• Projects need resources and a primary customer or sponsor who provides direction and funding
• Uncertainty is inherent in projects
• Project managers work with sponsors, teams, and others involved to define, communicate, and achieve project goals

Project Constraints

• Some project managers focus on the triple constraint of meeting scope, time, and cost goals
• Scope involves defining the work and expected outcomes
• Time involves defining the project timeline
• Cost involves defining the budget and resources needed
• Quality, risk, and resources are examples of other project constraints

Project Management

• Project management is the application of knowledge, skills, tools, and techniques to meet project requirements

Project Stakeholders

• Stakeholders are individuals involved in or affected by project activities
• Project stakeholders include project sponsors, managers, teams, support staff, customers, suppliers, and opponents

Project Success

• Project success can be measured in different ways
• Projects that provide value, meet scope, time, and cost goals
• Projects that satisfy the customer/sponsor and provide desired results can be considered successful
• One method to measure customer satisfaction is the net promoter score

Project Performance Improvement

• IT projects have shown improvements in statistics
• From 1994 to 2015 the number of successful projects increased from 16% to 29%
• In the same period, failed projects decreased from 31% to 19%
• From 2011-2015, 62% of small projects were successful
• In addition, 39% of agile projects were successful compared to 11% of waterfall projects
• In 2021, 31% of software projects are successful
• These successful projects also returned high value to the organization at 46%

Seventh Edition Framework

• Principles for a profession serve as foundational guidelines for strategy, decision making, and problem-solving
• A project performance domain is a group of activities that are critical for the effective delivery of project outcomes
• Tailoring is deliberately adapting the project management approach and processes to make them more suitable

Models, Methods and Artifacts

• Models are thinking strategies that explain a process, framework, or phenomenon
• Methods are how you achieve a project outcome, like tools and techniques
• Artifacts can be a template, document, output, or project deliverable

Programs

• A program is a group of related projects and program activities managed in a coordinated manner
• Programs are more beneficial than managing projects individually

Megaprojects

• A megaproject is a large project that typically costs over $1 billion USD
• Megaprojects affect over one million people and last several years

Project Portfolio Management

• A portfolio is defined as projects, programs, subsidiary portfolios, and operations managed to achieve strategic objectives
• An emerging business strategy of project portfolio management is project portfolio management
• Portfolio management continuously selects and manages projects and programs to deliver maximum business value
• Project, program, and portfolio management have a main distinction of meeting tactical versus strategic goals

Agile

• Agile Alliance defines agile as "the ability to create and respond to change"
• Merriam-Webster defines it as "marked by ready ability to move with quick easy grace"
• PMI's Agile Practice Guide defines agile as "a term used to describe a mindset of values and principles"
• There were over 80 agile frameworks by 2021
• Scrum is a popular framework that helps people, teams, and organizations generate value through complex problems

Agile Manifesto

• Agile values individuals and interactions over processes and tools
• Agile prioritizes working software over comprehensive documentation
• Agile values customer collaboration over contract negotiation
• Agile responds to change rather than following a plan

Agile vs Predictive

• Agile project management is used when the project scope cannot be well-defined upfront
• With agile, incremental releases are desired, and changes are expected
• Predictive project management is where most of the project planning is done upfront
• The final product, service, or result is delivered at the end of the project
• With predictive, change is constrained, and there is more control over costs and risks
• Stakeholders are involved at specific milestones
• Hybrid project management describes combining both predictive and agile approaches

Projects are Hybrid

• A 2021 research report found that 52% of projects used a hybrid project management approach
• Project management approach was not associated with project performance in terms of traditional scope, time, cost, and quality goals
• Agile and hybrid approaches outperformed predictive approaches in stakeholder success
• Hybrid approaches are similar in effectiveness to fully agile approaches

Project Management Skills

• Program and portfolio managers need to develop specific skills
• Software tools are available to assist in project, program, and portfolio management activities
• The ten project management knowledge areas and the eight project performance domains and techniques can be useful
• Knowledge of the application area (domain, industry, market) can also improve project management skills
• The project environment (politics, culture, change management) can impact the project
• General business skills such as financial management and strategic planning are needed to improve project success
• Human relations skills like leadership, motivation, and communication can benefit the project

PMI Talent Triangle

• Technical project management skills help to understand the different knowledge areas, process groups, and tools
• Strategic and business management skills includes strategic planning, financial management, accounting, and marketing
• Effective leadership skills are needed to provide vision and inspiration to individuals

Program/Portfolio additional skills

• Experience as project managers is an asset to program managers
• Program managers often rely on past experience, business knowledge, leadership capability and communication skills
• Portfolio managers need strong financial and analytical skills
• Also needed is a good understanding projects and programs can contribute to strategic goals

Project Best Practice

• Best practice involves optimizing an approach that is recognized by the industry to help achieve a goal or objective
• Projects should be driven by strategy and fit with the business
• Stakeholders should always be engaged to avoid project failure

Project Management Certification

• PMI provides certification as a Project Management Professional (PMP)
• PMPs have documented project experience, agreed to follow a code of ethics, and passed the PMP exam
• An increasing number of people are being awarded with a PMP certification

PMI Student Membership

• Students can join PMI for a reduced fee
• Consider earning a Certified Associate in Project Management (CAPM)
• You do not need work experience if you have a bachelor's degree to earn the CAPM
• However, if you have enough work experience, the PMP is more marketable

Ethics in Project Management

• Ethics are a set of principles that guide decision-making based on "right" and "wrong" values
• Project managers often face ethical dilemmas
• PMI has a Code of Ethics and Professional Conduct for PMP®s, PMI members, and individuals with a PMI certification

Project Management Career Facts

• Employment will need 87.7 million people working in project management positions by 2027
• LinkedIn listed project management jobs as #3 in the top 10
• Hiring managers say that interest in project management has gone up over the past decade

PM Career Paths

• Many people will being with a small project to learn about and enjoy the work
• Some organizations need you to have experience prior to leading
• Others will hire an entry-level position of coordinator
• Many provide structure and career paths for future advancement of project managers

Project Management Software

• Products available include those that assist with project and portfolio management
• By 2027, the market is estimated to reach USD 11.4 billion
• This equals a compound annual growth rate of 13.4%
• Software to help mangers and organizations find best practices is also increasing in demand