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.