Project Management: Overview, Process, and Principles

• Project management is a comprehensive discipline with importance, phases, methods, and key principles.

Project Management Definition

• A project is a temporary endeavor with a defined scope, start, and end, undertaken to create a unique product, service, or a result.
• Management involves directing/controlling resources to achieve organizational goals, coordinating efforts towards a common objective.

Importance of Project Management

• Provides a structured framework for planning, executing, and controlling projects, which ensures efficient resource utilization.
• Helps define clear goals and objectives, ensuring everyone is aligned and working towards the same outcome.
• Involves identifying and mitigating potential risks, reducing the likelihood of project failure.

Project Management Process

• Feasibility Study: Assess the project's viability based on resources, budget, and potential benefits.
• Define Goals: Establish SMART (Specific, Measurable, Attainable, Realistic, Time-bound) goals for the project.
• Identify Stakeholders: Determine who will be affected by the project and involve them in the process.
• Project Scope: Define project's scope, requirements, and deliverables.
• Risk Management: Identify potential risks, develop mitigation strategies, and plan for contingencies.
• Project Review: Evaluate project's performance and document lessons learned for future projects.

Phases of the Project Management Lifecycle

• Project Initiation: Evaluate the project's value and feasibility through a business case document and feasibility study.
• Project Planning: Develop a comprehensive project plan that outlines goals, resources, timelines, and risk management strategies.
• Project Execution: Implement the project plan, allocate resources, and monitor progress towards deliverables.
• Project Monitoring and Control: Track progress, identify deviations from the plan, and implement corrective actions to ensure project success.
• Project Closure: Deliver the completed project to the customer, document lessons learned, and release resources.

Methods in Project Management

• Waterfall: A linear approach where each stage is completed before moving to the next, with a sequential flow of activities.
• Agile: An iterative method that emphasizes flexibility and continuous improvement, with frequent feedback loops and adjustments.
• Six Sigma: A data-driven approach focused on minimizing defects and achieving near-perfect results via process improvement.
• Kanban: A visual system for managing tasks using a whiteboard with sticky notes, providing transparency and workflow visibility.
• Hybrid: Combining elements from different methods to create a customized approach that best suits the project's needs.

Henri Fayol's 14 Principles of Management

• Division of Work: Specialization of tasks improves efficiency and productivity.
• Authority and Responsibility: Managers have the authority to give orders and are responsible for their actions.
• Discipline: Respect for rules and agreements is essential for a harmonious work environment.
• Unity of Command: Each employee should receive orders from only one supervisor to avoid confusion.
• Unity of Direction: All employees should work towards a common goal, with coordinated efforts.
• Subordination of Individual Interest: Individual interests should align with the organization's goals.
• Remuneration: Compensation should be fair/equitable, which motivates employees to perform.
• Centralization: Balance authority and decision-making between management and employees.
• Scalar Chain: Clear line of authority from top to bottom for communication and accountability.
• Order: A well-defined work order and a positive work environment contribute to productivity.
• Equity: Fair and respectful treatment of all employees fosters a positive work culture.
• Stability: Job security and stability motivate employees to perform at their best.
• Initiative: Encourage employees to take initiative and contribute to the organization's success.
• Esprit de Corps: Foster teamwork, collaboration, and a sense of unity among employees.