Project Management Basics

Project Management

• Unique Non-Repetitive Projects: Every project is unique, creating a specific product, service, or result not previously produced. Examples include custom-designed homes.
• Project Phases: Projects are structured into distinct phases (e.g., initiation, planning, execution, closure) to ensure smooth progress from start to finish. Examples include requirement gathering, design, coding, testing, and deployment in software development.
• Project Risk: Projects involve uncertainty and potential risks that can impact time, budget, or quality if not properly managed. Examples include material shortages, weather delays, or equipment failure in construction projects.
• Business Objectives: Projects are carried out to meet specific business goals, such as increasing revenue, improving efficiency, or enhancing customer satisfaction. Example: developing a mobile app to attract more users and increase market share.
• Changes in Projects: Projects often undergo changes in scope, budget, or timelines as new requirements or challenges arise. Examples include clients requesting design changes in construction projects, impacting the budget and timelines.

Project Management Objectives

• Specified Time: Projects must be completed within a set timeframe to meet client needs and avoid increased costs or lost opportunities. Example: a retail store construction project finishing by a set date.
• Specified Budget: Staying within the allocated budget is essential for project success and client satisfaction. Example: software development projects sticking to a budget to prevent overspending.
• Specified Performance Standards: Projects must meet agreed-upon standards ensuring safety, high quality and value/benefits for stakeholders. Key aspects include safety, quality, and value/benefits. Example: Building a bridge that meets safety and quality standards for its intended lifespan.

Project Management Triangle (Triple Constraint)

• Cost (Economical): Represents the project's budget. Staying within the budget is critical for the project's economical success. If costs are reduced, quality or timelines might be affected.
• Time (Reasonable): Refers to the timeframe for project completion. Projects must be reasonable in terms of their deadlines. Increased speed might lead to compromises on quality or cost.
• Quality/Performance (Adequate): Refers to meeting project standards and requirements. Improving quality often requires more time and budget.
• Interdependencies: Constraints and Dependencies: These elements must be balanced. Meeting all constraints equally is difficult and adjustment of one element (e.g., cost) might require adjustments to others (time or quality).
• Acceptable, Reasonable, Adequate: A good project meets acceptable standards across all constraints, without significantly compromising on any single factor.

Project Management Objectives Summary

• Safety and Scope: Safety and scope should be prioritized in the project's central focus.
• Conflicting Priorities: Owners (low costs) and project managers (short schedules), and clients (high quality) can have conflicting priorities and these must be balanced.
• Impact of Budget and Time Constraints: If budget or timelines are not sufficient, the project scope may be reduced, resulting in a product that falls short of original goals. A project will suffer and clients may be dissatisfied. Examples include missing crucial features (e.g., drainage).

Explore the essential concepts of project management, including unique projects, structured phases, risk management, and the alignment of projects with business objectives. Understand how these elements contribute to the successful execution of projects in various fields.