Project Management Fundamentals

• A project is a temporary endeavor to create a unique product or service, with a definite end.

Project Management

• Project management is a methodical approach to planning and guiding projects from start to finish.
• Project management applies knowledge, skills, tools, and techniques to project activities to meet stakeholder needs.

Characteristics/Features of a Project

• A project has a fixed set of objectives and starts when the objectives are finalized, ending when they are attained.
• A project is not a continuous process; it has a fixed lifespan.
• Projects require teamwork to accomplish various activities.
• All projects are unique.
• A project includes a multi-skilled staff with a wide range of skills including technical, financial and negotiation skills.
• Projects are risky because the tasks involved are non-retrievable, but risk can be minimized using forecasting techniques, project management, and controlled tools.

Objectives of Project Management

• There are four major objectives.
• Scope specifies the expectations from the project manager and team, for example a well-defined scope including excavations, foundations, and brick work.
• A project is always expected to perform at a well-defined level.
• A successful project is completed within the time limit and time management is crucial.
• Cost depends on all the above objectives.

Effective Project Management Approach

• An effective project management approach must be SMART: Specific, Measurable, Attainable, Realistic, and Time-bound.

Importance of Project Management

• Technologies are rapidly changing, which requires all manufacturing and service organizations to cope with technological advancements and the need for a big scope for project management.
• Systems experience rapid changes, which requires adaptation as no organization sticks to old methods leading to a need for modification or modernization projects.
• Globalization impacts all producers and service providers, who need to modify systems to match global practices and create projects for new opportunities.
• Large organizations face workforce management and work division problems, which requires breaking down work into projects to accomplish objectives, which leads to performance appraisal via projects.
• Product lifecycles are squeezed due to rapid innovation, needing projects for product upgrades.
• Increased customer focus drives market trends towards customization, combining standardization and customization, which increases the application of project management.

Functions of Project Management

• Major functions of project management are:

• Scoping is defining what work is needed and ensuring it's done efficiently, where project management helps define and time the scope.

• Planning involves identifying the desired goals, reducing risk, avoiding missed deadlines, and delivering the agreed outcome.

• Estimating is a critical part of project planning by including the cost in quantitative terms and estimating resources and project duration.

• Scheduling involves compiling a list of activities with start and finish times for each job, critical for successful time management.

• Organizing ensures all team members understand their roles and responsibilities along with the relationship with the project manager.

• Directing is the most leadership-oriented function, and includes instructing, guiding, supervising, and influencing the team to achieve the project. This area determines the goals and objectives for the group.

• Controlling includes overseeing all activities to ensure they align with the plan, using standard measurement matrices. Controlling is important, because it determines success.

• Closing is an evaluation of the final project, requiring its closure when objectives are fulfilled.

List of Activities Under Project Management

• Resource Management covers planning, estimating, and acquisition, including people, technology, area, and funds.
• Scope Management is a planning phase determining a list of specific objectives, performances, and costs that guide decision making during configuration changes.
• Controlling and Estimation Process: Estimated activity controlled determines the number of work needed to complete for each activity using specific resources.
• Control Scheduling: Scheduling records activities, outputs, and objectives, and providing attention to the difficulties and issues.
• Communication Management: Up-to-date parties are needed for evolving plans involving good communication.
• Project Risk Management: Management recognizes, assesses, and controls risks that develop during the process.

Project Management Methodology

• Project management methodology was first defined in the early 1960s.
• It includes logically related practices, and processes that determines how to plan develop, control, and deliver a project.
• The aim is to control management processes through effective decisions.

Types of Project Management Methodology

• It is conditionally divided into two approaches.

• Traditional approach involves phases.

• Initiation

• Planning and designing

• Execution

• Controlling and Integration

• Validation

• Closer

• Modern approach provides an alternative look at the project.

• Methods are best for IT.

Methods: Methodologies

• Agile Methodology allows companies to work for a short period for a particular.
• Kanban Methodology focuses on optimizing workflow including wark performed.
• Waterfall Methodology outlines project steps and budget.
• Critical Path Method creates with 4 elements including required list, amount of time, dependence and deliverable goals.
• Lean Project Management wants to maximize the value and minimizes wastes.
• Six Sigma Methodology focuses on financial returns and data making.
• Critical Chain Project Management Methodology focused on resources to create chain.
• Event Chain Methodology emphasizes on all kinds of events.

Tools of Project Management

• Work Breakdown Structure organizes work into parts, and represents everything graphically.
• Cost Breakdown Structure has cost associated framework.
• Resource Breakdown Structure ensures project resources.
• Project Network Diagram graphically shows how aspects are interacted with each other.
• Risk Matrix identifies an important risk with manager

Project Appraisal

• Project appraisal evaluates factors of a project.

• It is an aspect to determine elements.

• Assessment of project in terms of ability.

• Viability of the project.

Steps in Project Appraisal

• Financial and Economic Appraisal
• Organizational and Managerial
• Marketing and Commercial Appraisal
• Technical and legal Appraisal

Financial Analysis

• It helps company, and resource to produce outputs.

Economic Analysis

• Such analysis helps to standard income and distribution.

Technical Analysis

• Technical Analysis studies technical analysis.

Commercial Analysis

• Commercial analysis assists marketing processes.

Feasibility Report

• A feasibility report gives a practicality success befare resources
• It involves feasibility, financial viability and market demand.

What Should Be Mentioned/Given in Feasibility

• The report provides comprehensive, project critical overview.
• It also includes descriptions,goals and objectives, resources needed and financial and technical aspects.