PM Midterm

• Foundational project management concepts and stakeholder engagement are introduced

Learning Objectives

• A project requires definition and differentiation from operations
• Key project attributes include a clear objective, interdependent tasks, various resources, specific timeframe, uniqueness, a sponsor/customer, and a degree of uncertainty
• Project objectives and deliverables need explanation
• Examples of different project types include staging a production, product development, and wedding planning
• Project success relies on managing constraints like scope, quality, schedule, budget, resources, risks, customer satisfaction, and stakeholder support
• The project life cycle includes initiating, planning, executing/performing, monitoring/controlling, and closing phases
• Project management principles need definition and application
• Project planning involves defining the objective, scope, and Work Breakdown Structure (WBS)
• Key elements of the executing/performing process requires identification
• Stakeholder engagement requires a stakeholder register
• Awareness of cultural differences, currency, and regulations is needed for global project management
• The Project Management Institute (PMI) plays a significant role
• Utilizing project management techniques has benefits

Key Concepts and Definitions

• Project: An endeavor to achieve a specific objective through a unique set of interrelated tasks using resources effectively.
• Project Attribute: Clear Objective
• Clear Objective: A well-defined goal with deliverables, schedule, and budget, requiring a clear vision
• Project Attribute: Series of Interdependent Tasks
• Series of Interdependent Tasks: Activities performed in sequence to meet goals
• Project Attribute: Resources
• Resources: People, equipment, materials, and needed facilities
• Project Attribute: Specific Time Frame
• Specific Time Frame: Defined project start and end dates
• Project Attribute: Unique Endeavor
• Unique, One-Time Endeavor: Projects are not routine operations
• Project Attribute: Sponsor or Customer
• Sponsor or Customer: Provides funding and defines project requirements
• Project Attribute: Uncertainty
• Degree of Uncertainty: Projects involve assumptions and estimates for budget, schedule and work scope
• The Project Objective: The overall project goal with deliverables, schedule, budget, and expected benefits/outcomes that is agreed upon by the customer
• Project Deliverable: Tangible product made by the team
• Project Constraints:
  • Scope: Work needed to produce deliverables and meet objectives. Requirement prioritization is important
  • Quality: Meeting requirements and customer satisfaction where expectations must be defined early
  • Schedule: Timetable specifying when tasks begin and end
  • Budget: Approved amount the project sponsor pays for acceptable project deliverables
  • Resources: People, materials, equipment, and required facilities
  • Risks: Potential events that negatively impact objectives
  • Customer Satisfaction: Meeting or exceeding expectations and sustaining a positive working relationship
  • Stakeholder Support: Engaging stakeholders to meet objectives

The Project Life Cycle

• The project life cycle includes initiating, planning, executing, monitoring and controlling, and closing.

• Initiating involves:

  • Identifying a need, problem or opportunity
  • Selecting projects
  • Developing a project charter that includes rationale, objective, benefits and requirements
  • Determining if a Request for Proposal (RFP) is needed

• Planning:

  • Defining the project scope
  • Identifying resources
  • Developing a schedule and budget
  • Identifying risks
  • Developing a baseline plan as well as what needs to be done and by who
  • Involving the people who will do the work

• Performing (Executing):

  • Project objectives are being completed
  • Monitoring and controlling progress
  • Taking actions as needed
  • Managing changes with sponsor approval
  • Customer satisfaction occurs with deliverables acceptance

• Closing:

  • Collecting and making final payments
  • Staff recognition occurs with evaluation
  • Conducting a post-project evaluation
  • There is documenting of lessons
  • Project documents are archived

• Project management is planning, organizing, coordinating, leading, and controlling resources to achieve objectives

• Stakeholder: Individual, group, or organization that may affect or be affected by project decisions

• Stakeholder Engagement Process:

  • Identify: Identify all stakeholders, starting broadly and refining as needed
  • Understand and Analyze: Understand their feelings, beliefs, and analyzing power, attitude, and expectations
  • Prioritize stakeholders based on their interest and potential impact
  • Engage: Work together and elicit requirements as well as resolve issues through written, verbal, formal/informal communications
  • Monitor stakeholder engagement for satisfaction and adjusting strategies while obtaining feedback

• Stakeholder Register: Containing contact information, roles, expectations and influence

• Issue Log: Record of specific issues, concerns, or questions raised by stakeholders

• Globalization adds project complexity

• Awareness of cultural differences, currency, government regulations, and workforce availability ensures global success

• Helpful Competencies: Foreign language skills, knowledge of cultures, geography, world history, international economics, and awareness of customs

• Project Management Institute (PMI): A worldwide not-for-profit association of practitioners that publishes A Guide to the Project Management Body of Knowledge (PMBOK® Guide) and offers certifications and educational programs

Critical Success Factors

• Planning and communication is critical to prevent or minimize problems
• A clear, well thought-out plan is important before project start
• There must be a clear objective defines in terms of end-product deliverable, schedule, and budget agreed upon by the customer
• The project requires sponsor as partner
• Ongoing communication helps achieve customer satisfaction
• Actual progress needs measuring for control effectiveness
• Project performance evaluation provides feedback after completion
• Understanding culture and customs demonstrates respect and trust

Benefits of Project Management

• Improved efficiency and effectiveness
• Better control over scope, schedule, and budget
• Enhanced customer satisfaction
• Increased stakeholder support
• Reduced risks
• Improved team collaboration and communication
• Understanding project attributes is vital to define and manage projects
• Balancing project constraints requires proactive planning, communication as well as problem-solving
• The project life cycle has a framework for project organization and management
• Stakeholder engagement ensures project success
• Global management requires cultural awareness and sensitivity
• Critical success factors provide a practical guide to project execution

Identifying and Selecting Projects

• Identifying projects to address needs and opportunities
• Project Selection involves evaluating and prioritizing based on strategic alignment
• The Charter formally authorizes the project
• Request for Proposal (RFP): Soliciting proposals to address project needs

Key Concepts

• Project Identification: Recognizing a need, problem, or opportunity that can be addressed through a project
• Project Selection: Evaluating potential projects and choosing the ones that align with the organization's strategic goals and priorities
• Project Charter: A formal document that authorizes the project and provides the project manager with the authority to proceed
• Request for Proposal (RFP): Soliciting external proposals
• Projects arise via market demand, tech advances, and customer requests
• Organizations have a process for identifying projects
• The charter is a formal authorization that defines objectives, scope, identifying key people, and resources
• An RFP solicits bids using objectives, scope, deliverables, and evaluation criteria as well as defined sections that include background and costs
• Project identification and selection is critical
• Project Selection involves developing criteria, gathering data, analyzing proposals, prioritizing projects, and selecting projects of greatest value

Stakeholder Performance Domain

• This domain focuses on activities with stakeholders
• Desired Outcomes: Productive relationships, agreement on objectives, and stakeholder satisfaction
• Implementing strategies to promote involvement while identifying, understanding, prioritizing, engaging, and monitoring occurs

Interactions with Other Performance Domains

• Stakeholders define requirements
• Determining acceptance and quality criteria
• Influencing results
• Observing relations and monitoring levels of satisfaction
• Changes or modifications to the project may indicate a lack of engagement

Building Relationships

• Building relationships is important for projects through partnering with customers, subcontractors, vendors, networking, and trusted communications

Pre-RFP/Marketing

• Pre-RFP marketing engages in activities before RFPs are released that shape customer thinking with intelligence gathering

Decision to Develop a Proposal

• There are factors influencing the decision to bid or not to bid with risk and capabilities as well as a process to evaluate the opportunity by estimating resource availability

Creating a Winning Proposal

• There are key elements involved in winning, by understanding needs through concise writing and valuable propositions

Proposal Preparation

• Assign responsibilities while gathering information and reviewing the content of the proposal

Proposal contents should include

• An executive summary, technical section
• The technical sections contain an understanding of the problem, approach, technical, expertise, and work breakdown
• The management section contains the team structure, roles, communication, and quality assurance
• The cost section contains the detailing cost breakdowns

Pricing Considerations

• Pricing strategies are impacted by market conditions, competition and risk

Simplified Project Proposal

• A simplified approach will cover a description of project and objectives

Proposal Submission & Follow Up

• Follow up with questions while reinforce key ideas, typical customer evaluations will review the technical approach, management, reference and costs

Contracts

• Fixed-price contracts have set prices
• Cost-reimbursement contracts agreements reimburse costs
• Key contract terms define change management with property terms

Success

• Success can be measured with satisfaction results and revenue generated

Developing the Schedule

• The schedule is developed by estimating durations as well as start and completion

Estimate Activity Sources

• Determine sources and estimate quantities

Estimate Activity Durations

• Durations are impacted by work and delays that used expert tools

Managing The Project

• A timeline is created by assigning resources to activities for earliest start and backward passing

Critical Path

• Critical Path will help identify longest path with zero slack

Agile Projects Include

• Agile projects utilize sprints and have daily stand-ups

• Critical Path: The longest sequence of activities in a project plan that decides project duration

• Slack: The amount of time an activity can be delayed without delaying the project completion date.

• Gantt Chart: A type of bar chart detailing information

• Resource Leveling: A technique used to improve resources

• Fast Tracking: Process compress schedule via completing activities

• Crashing: Process compress by task resources

Objective

• The project objective is the foundation for project success
• Quantifiable objectives need to be measurable
• Modifying requires agreement of impact deliverables

Project Scope

• The project scope has boundaries while the documents define customer needs and statements of work
• Baselining manages the change control system with only approved changes

Quality Management

• Quality Management defines how well project standards are met
• Planning assures work meets requirements through inspections as well is monitoring it early through WBS

The Work Breakdown Structure

• The breakdown structure deconstructs work by tasks and assigned responsibility
• Responsibly assigns items with one primary person

Activities

• Resources break down work into tasks and consolidated into activity list
• This list would include needed wait times

Sequencing Activities

• Activities will be used with diagrams to sequence performances
• PDM defines network relations, using finish or start steps as well as laddering for efficiency

Repetitive Tasks

• Maximize work with actions for efficiency

SDLC Projects

• The SDLC systems is used as aid with key success from well defined plans

• Project Attributes: Having goals through interdependent with customer and uncertainty

• Project Constraints: Finishing work in budget with support

• The generic cycle has 4 parts

• Establish objectives through defined resources, defining and supporting the matrix

• The WBS is how a project is broken into pieces in order to segment and assign budgets

• The agile is incremental by sprint testing

Critical Path

• The path identifies forward, which will determine the start and end for activities.

• Critical Path will demonstrate the WBS to manage project is the hierarchical components, defining objects , rules as emphasized

• It is the agile framework to manage software with roles of scrum team to manage the product backlog is used to produce a product increments

• Also, the forward fast determines the steps which is known as the the critical steps

• Project Charter requires Introduction

  • Introduce especially team members and alignment

Approval

• It is an approval signatures and short easy reads that aligned perspective by clarifying

• Background requires information with objectives through high levels as well actions and responsibilities in bounds

• Deadlines are target costs or guesses when they have constraints or assumptions as well as dependencies

• Also, create in involving the team to get signatures after feedback

• Critical Path Analysis is a great tool to help manage

• Concepts such as earliest known terms

• Also, scheduling resources where we determine how much it'll cost

• The challenges are how to manage and the difficulty in achieving those goals while adapting to change and schedule, for example when things are delayed

• Therefore, we can create multiple teens for all the important tasks as well as set to require be determined as one to use the right tools for each sector

Historical Context

• It helped identify a framework through management as well management philosophy with a structure that avoided delays as well as strategies for success that involved key stakeholders

• The plan was to develop a program that used planning and control to manage timelines

• Reliability Management Indicator (RMI) will make it easier with management plans with help for better timelines

• Another important note the requirement will be set through the tech

• Use multiple components for backup or a full bag and was important met as original at a specific purpose

• It is helpful to avoid the naval labs that has interface with different resources with well defined goes

• Also, there is a new one of emerging technology and national security

• A lot can be learned from the people and how they work that are available for us to utilize that and what we need