CMI 513 - Learning Outcome 1.1

What is a Project?

• A project is a planned undertaking with a specific start and finish, pursuing a specific goal with constraints on time, cost, and resources.
• A project is a unique piece of work with a defined start and end date, with a deliverable.
• Projects are entities of themselves, commissioned to achieve specific outcomes or results, which set them apart from day-to-day routine.

Projects vs. Business as Usual (BAU)

• Project management involves planning, executing, and overseeing temporary endeavours with specific goals, defined timelines, and allocated resources.
• BAU refers to routine, ongoing activities that ensure day-to-day operations.
• Projects are finite and aim for specific, transformative outcomes, while BAU maintains regular operations.
• Project management requires methodologies and tools to handle challenges like risk management and timeline planning, whereas BAU emphasizes steady performance and process optimization.

Delivering Organisational Strategy

• Project management is a structured method for achieving specific goals and implementing changes aligned with the organisation's broader strategic aims.
• Change projects typically stem from the organisation's mission and vision, defining its purpose and long-term aspirations.
• Strategic Breakthrough Objectives and annual goals are derived from the organisation's vision, outlining projects and initiatives for the year.
• Integrating project management with BAU ensures operational stability while pursuing innovative projects that enhance performance and competitive advantage.

Achieving Competitive Advantage

• Project management helps organisations achieve competitive advantage by completing initiatives efficiently, on time, and within budget, enhancing overall performance.
• It supports innovation by developing new products, services, and processes, keeping the organisation ahead in the market.
• Project management can make the most of resources, reduce waste, and maximise productivity, leading to cost savings and improved profitability.
• It can also enhance risk management by identifying potential issues early and implementing mitigation strategies, minimising disruptions.

Supporting Innovation

• Project management provides a structured framework for developing, executing, and realising innovative ideas.
• It encourages a systematic approach to exploring and transforming creative concepts into practical solutions.
• Project management enhances collaboration among diverse teams, encouraging creativity and cross-functional synergy.
• Careful planning, resource allocation, and risk management ensure innovative projects are completed on time and within budget.

Supporting Decision Making

• Project management provides a structured framework for planning, delivering, and monitoring projects, facilitating informed decisions.
• It ensures comprehensive data collection and analysis, offering insights that inform strategic choices.
• Project management includes risk assessment and mitigation, allowing proactive decisions to address potential issues.
• It promotes stakeholder transparency and communication, enabling informed discussions and collaborative decisions.

Enabling Change

• Project management is beneficial in enabling change within organisations, providing a structured approach to implementing new initiatives.
• It involves detailed planning, defining clear objectives, timelines, and resources, and addressing all change aspects.
• Project management enables communication and stakeholder engagement, ensuring key stakeholders' buy-in and support.
• It includes risk management to identify and mitigate potential issues, ensuring smoother transitions.
• Continuous monitoring and evaluation enable organisations to track progress, measure success, and make necessary adjustments, ensuring effective and sustained change.

Explore the role of projects in delivering organisational strategy and understand the concept of a project through various definitions. Learn how to analyse projects as a plan, scheme, or long-term task.