Project Management Overview

What is a Project

• A project is a temporary endeavor aimed at creating a unique product or service.
• Key characteristics include being specific, timely, multidisciplinary, and often conflict-ridden.
• Projects are parts of larger programs and can be subdivided into tasks and subtasks for detailed management.
• Current trends in project management focus on achieving strategic and routine goals, enhancing project effectiveness, and managing virtual and quasi-projects.
• Conflicts are inherent in projects, often arising from competing project schedules, budgets, specifications, and different stakeholders’ interests.
• Projects do not operate in isolation; they are integrated into broader programs, like developing multiple components for a new automobile.

Project Management vs. General Management

• Project management is distinct from general management due to its unique planning, budgeting, scheduling, and control processes.
• Projects require a multidisciplinary approach and often necessitate cross-functional collaboration, unlike traditional management practices.

The Three Goals of a Project

• Projects aim to deliver results that meet unique objectives within specified time constraints and specifications.
• The goals encompass quality, budget adherence, and timely completion, each of which can lead to conflicts.

Life Cycles of Projects

• Projects undergo various phases including initiation, planning, execution, monitoring, and closure.
• Each phase has specific deliverables and requirements that contribute to overall project success.

Selecting Projects to Meet Organizational Objectives

• Project selection is critical and can be determined through nonnumeric and numeric methods.

Nonnumeric Selection Methods

• The Sacred Cow: Projects chosen due to historical significance may not align with current strategic needs.
• The Operating/Competitive Necessity: Projects required for ongoing operations or to remain competitive in the market.
• Comparative Benefits: Evaluation of potential projects based on perceived benefits rather than numerical analysis.

Numeric Selection Methods

• Financial Assessment Methods: Using financial metrics, such as ROI, to evaluate project viability.
• Financial Options and Opportunity Cost: Consideration of alternative projects and the costs associated with not pursuing them.
• Scoring Methods: Utilizing a predefined scoring system to assess projects' fit with organizational goals and criteria.

The Project Portfolio Process

• Structured approach to managing multiple projects and ensuring alignment with organizational strategy.
• Types of projects within this process:
  • Derivative Projects: Modifications or enhancements of existing products.
  • Platform Projects: Development of next-generation products building on existing technologies.
  • Breakthrough Projects: Innovative projects aimed at creating significant new products or technologies.
  • R&D Projects: Focused on research and development efforts with long-term objectives.

What is a Project

• A project is a temporary endeavor aimed at creating a unique product or service.
• Key characteristics include being specific, timely, multidisciplinary, and often conflict-ridden.
• Projects are parts of larger programs and can be subdivided into tasks and subtasks for detailed management.
• Current trends in project management focus on achieving strategic and routine goals, enhancing project effectiveness, and managing virtual and quasi-projects.
• Conflicts are inherent in projects, often arising from competing project schedules, budgets, specifications, and different stakeholders’ interests.
• Projects do not operate in isolation; they are integrated into broader programs, like developing multiple components for a new automobile.

Project Management vs. General Management

• Project management is distinct from general management due to its unique planning, budgeting, scheduling, and control processes.
• Projects require a multidisciplinary approach and often necessitate cross-functional collaboration, unlike traditional management practices.

The Three Goals of a Project

• Projects aim to deliver results that meet unique objectives within specified time constraints and specifications.
• The goals encompass quality, budget adherence, and timely completion, each of which can lead to conflicts.

Life Cycles of Projects

• Projects undergo various phases including initiation, planning, execution, monitoring, and closure.
• Each phase has specific deliverables and requirements that contribute to overall project success.

Selecting Projects to Meet Organizational Objectives

• Project selection is critical and can be determined through nonnumeric and numeric methods.

Nonnumeric Selection Methods

• The Sacred Cow: Projects chosen due to historical significance may not align with current strategic needs.
• The Operating/Competitive Necessity: Projects required for ongoing operations or to remain competitive in the market.
• Comparative Benefits: Evaluation of potential projects based on perceived benefits rather than numerical analysis.

Numeric Selection Methods

• Financial Assessment Methods: Using financial metrics, such as ROI, to evaluate project viability.
• Financial Options and Opportunity Cost: Consideration of alternative projects and the costs associated with not pursuing them.
• Scoring Methods: Utilizing a predefined scoring system to assess projects' fit with organizational goals and criteria.

The Project Portfolio Process

• Structured approach to managing multiple projects and ensuring alignment with organizational strategy.
• Types of projects within this process:
  • Derivative Projects: Modifications or enhancements of existing products.
  • Platform Projects: Development of next-generation products building on existing technologies.
  • Breakthrough Projects: Innovative projects aimed at creating significant new products or technologies.
  • R&D Projects: Focused on research and development efforts with long-term objectives.

This quiz covers the fundamental concepts of project management, including definitions, comparisons with general management, and the key goals of a project. It also discusses the project life cycles and selection criteria for projects. Test your understanding of these essential topics in project management.