Project Management Overview

Study Notes

Project management is a process for achieving specific goals within defined constraints (time, cost, resources)
It involves organizing, planning, executing, and controlling project tasks.
Key skills include problem-solving, communication, leadership, and risk management.
Project management involves achieving specific goals by managing resources and constraints.

A venture typically refers to the undertaking of a business or project, often a startup or new investment.
It involves risk and potential rewards.
Key steps for starting a venture include: identifying the idea, market research, and business plan development.

A project is a temporary endeavor with specific goals. It has a defined start and end point, distinct from ongoing operations.
Projects have clear objectives, timelines, and resources. Once objectives are met, the project ends.

Defined objectives and goals: Projects must have clear, specific objectives to be achieved within a timeframe.
Time management: Projects need a clear plan to complete them within a schedule.
Control: The ability to monitor and control the project's progress against planned goals and schedules.

Efficient use of human, technological, and financial resources is crucial for project success.
Allocation and management of resources are essential for project completion.

Budgeting and tracking costs is vital in project management.
Project management includes cost estimation and budget control to maintain project profitability.

Initiation: Defining project objectives, stakeholders, and approvals.
Planning: Developing detailed project plans, budgets, scheduling, and risk management strategies.
Execution: Coordinating resources, tasks, and staff to accomplish project work.
Monitoring and Controlling: Tracking project progress against the plan, making adjustments as needed, and managing any deviations from expectations.
Closure: Completing tasks, documenting lessons learned, and formally closing the project.

Methods of funding a project can include cash flow, collateral, or creditworthiness of the sponsor.
Capital investment is often involved in project development.
Identifying investment opportunities requires defining criteria and thoroughly researching the market.

Project formulation is the detailed plan for developing a project, including defining the scope and objectives.

Determining a project's feasibility involves evaluating the potential of a project to be financially profitable or viable.

Financial analysis of projects involves evaluating budgets and financial transactions to determine their performance.
Analyzing profitability, evaluating a company's ability to generate profits relative to revenue or assets, and comparing actual results to planned budgets are necessary.

Horizontal Analysis compares financial data over time to identify trends.
Profitability Analysis evaluates a company's ability to generate profits, considering factors like revenue and assets.

Efficiency Analysis focuses on evaluating how resources are used to generate profits or outputs.
This involves maximizing output while minimizing waste.

Includes systematic economic and social analysis of a project to consider all consequences.
This is used to justify potential investment.

This considers the environmental impacts of a project. It includes identifying how potential risks and benefits influence the outcome.
It ensures compliance with environmental laws and regulations.

Project risks are anything potentially affecting project performance: technical, financial, operational, or external.

It involves processes for systematically identifying, assessing, and managing potential threats to the project's objectives. Methods include qualitative (subjective evaluations) and quantitative (numerical estimations) risk analysis.

PERT: Examines the possible timelines for a project using timelines and critical paths.
CPM: A method that involves detailed resource planning for a project and timelines.