Project Management Overview

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 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.

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.

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

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

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.

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.

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 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.

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.

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

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

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.

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.