Project Definitions and Characteristics PDF

PROJECT Definitions, Characteristics and features & Classifications  About Project Managers Project Managers with certification from a reputed institute or B-School are preferred by the companies and are given handsome remuneration for their ability to derive key business insights. P...

PROJECT Definitions, Characteristics and features & Classifications  About Project Managers Project Managers with certification from a reputed institute or B-School are preferred by the companies and are given handsome remuneration for their ability to derive key business insights. Project managers with valid credentials, earn on an average 16 per cent more than uncertified professionals. Corporate Prospects If you wish to pursue or enhance your career prospects in the high intensity corporate environment, then PM certification can arm you with valuable skills which will enable you to seamlessly execute both internal and external projects. Strategy and Consulting are key business verticals in this industry and PM certified managers are in great demand. Resource Management Professionals The assignment of responsibility matrix is a key function of a Project Manager in Resources Management department of a company. Certified professionals in Project Management can bring their coordination and planning skills to assist the team members in the Resource Management execution processes.  About Project Managers Resource Management Professionals The assignment of responsibility matrix is a key function of a Project Manager in Resources Management department of a company. Certified professionals in Project Management can bring their coordination and planning skills to assist the team members in the Resource Management execution processes. Project Management Consultant Value addition by project consultants plays a vital role in introducing new management processes. PM certification can lead to a wonderful career transition for a project manager in the competitive field of Project Management Consultancy. Project Management in Engineering This project management portfolio concentrates on engineering products. Engineering graduates with a certification in Project Management can efficiently manage a team of engineers and handle the management of various engineering products. Students and professionals with engineering backgrounds will find wonderful growth avenues in this domain.  About Project Managers Aerospace Project Management Global Aerospace industry is in the process of redefining its methods of organization and ways of management. PMP certified project managers can break new ground in the management of global supply chains, resource management and sophisticated synchronization processes. Certified management professionals can find jobs in aerospace and defence industries.  About Project Managers Merits of getting Project Management Certification Project Management certification will open multiple opportunities for you. This is the initial step towards a skyrocketing career graph in top management. You can refine your skills in project management and climb the career ladder in a quick and easy way by getting a PM certification. Following are some of the upsides that a PM certification can give you. Career Growth Big corporates and head hunters are always in search for capable and certified managers. Skill enhancement through PM certification can give you the right training and knowledge tools to execute the projects in the perfect way. Marketability Your professional marketability will be increased exponentially and gives an official seal to your previous managerial experience. Networking with other Project management professionals will result in an increased probability of landing a dream job with high pay. Superior Project Performance A PMP certified professional will have commanding expertise on various business processes such as initiation, planning and execution. Knowledge of business-critical procedures like Risk Management and Best practices will lead to better team performance and promotes overall productivity.  About Project Managers Why Should You Pursue A Career In Project Management? Numerous Job Opportunities Almost all industries need project managers. The highest demand for project managers is in the IT sector. But nowadays, because project-oriented work has become very popular in business service. This is why project managers are required in finance and insurance, oil and gas, construction and utility, manufacturing, and many other industries. Salary The project managers make really good money. Not only do they get salaries but also the incentives on each project they are in charge of. Efficiency Studying a project management course from IIM Raipur helps potential project managers in attaining the required skill set. These skill sets get the work done efficiently, thus fulfilling the goals of the organisation. Growth Opportunities For project managers, the sky’s the limit in terms of growth. The potential candidates who are extremely skilled, experienced and have specialised in a project management course from IIM Raipur or any other prestigious institution can expect various opportunities coming their way in terms of position as well as salary.  PROJECT PROFILE Development Projects that are Transforming Africa The African continent is on the verge of massive changes, and projects are helping to raise the standard of living for its inhabitants. The current population of 1.2 billion is expected to double by 2050, growing at some 42 million people per year. Managing the means to accommodate this expansion is the goal of a number of governmental agencies, non-governmental organizations (NGOs), and international bodies. In order to bring prosperity to a continent that has suffered through decades of misrule, colonial exploitation, and regional conflicts, dozens of important infrastructure projects are being undertaken to improve standards of living and accommodate the needs of this rapidly-increasing population.  Among the major infrastructure projects that offer great promise are: The North-South Corridor – In 2009, the Common Market of Eastern and Southern Africa began work on a series of road and railways designed to link seven countries and covering more than 6,000 miles. At a cost of over $1 billion, the North-South Corridor is expected to improve the flow of people and goods across national boundaries, generating commerce and trade. Technology Hubs – A Chinese development firm, Zendai Property, announced in 2013 the investment of $8 billion to build a hub for Chinese firms investing in African infrastructure. This hub, named Modderfontein New City, is being constructed outside of Johannesburg, South Africa. Kenya is getting its own technology hub, a $14.5 billion software center named Konza Technology City, which is situated outside Nairobi, the Kenyan capital. The Kenyan government refers to Konza as the start of the “silicon savannah.” Tanzania’s Bagamoyo Port is slated to become Africa’s largest port, with a capability of handling more than 20 million containers each year. The Chinese construction firm that has invested $11 billion in the project expects to have the port completed and operational by 2045. Giant Dams – The Grand Ethiopian Renaissance Dam (budgeted at $4.8 billion) is intended to provide hydroelectric power to Ethiopia and several neighboring countries. Congo’s Grand Inga Dam, with its expected cost of over $100 billion, will become the largest energy-generating dam in the world and is slated for completion in 2025.  Among the major infrastructure projects that offer great promise are: South Africa’s Jasper Solar Farm – Opened in 2015, the solar farm produces enough energy to power 80,000 homes. It is the largest solar power project on the African continent. The “New Suez Canal” – Construction started on the expansion of the existing Suez Canal in 2014, with the goal of adding a new 22-mile shipping lane. The expansion is expected to double Egypt’s annual revenue from canal traffic. Expansion of Cement Production – Dangote Cement, headquartered in Lagos, Nigeria, in 2015 signed contracts with a Chinese firm to increase its cement manufacturing capacity across 15 countries to 100 million tons by 2020. This huge increase in cement production will fuel additional infrastructure projects on the African continent for decades to come.  Project Definition A project is a temporary and organized effort undertaken to achieve a specific goal or outcome, constrained by defined scope, resources, budget, and time-frame. Projects typically involve various tasks, activities, and milestones that need to be completed to produce a unique deliverable. According to the Project Management Institute (PMI), a project is "a temporary endeavor undertaken to create a unique product, service, or result." Essentially, a project is a series of activities aimed at accomplishing a specific objective. Go to the PMI Web site and examine the link “Membership.” What do you discover when you begin navigating among the various chapters and cooperative organizations associated with the PMI? How does this information cause you to rethink project management as a career option? Project Definition What are Projects? For most organizations and societies, projects are the principal means for changing our world. Examples of projects: Building the latest 5G network smartphone. Designing a new composite material passenger aircraft. Planning a major fund-raising event. Engineering and constructing an oil and gas platform. Developing a high-speed rail network. Goal: Create something of value to address a business opportunity or prevent the loss of competitive advantage. Projects represent human accomplishments on various scales: Grand scale: Hoover Dam, Space Station Freedom. Incremental changes: Creation of "new and improved" household products. India’s Top 15+ Transformative Mega Projects in 2024 Bullet Train DMIC – Delhi Mumbai Industrial Corridor Central Vista Dholera Smart City BharatMala SagarMala Aditya L1 mission Dedicated Freight Corridors Gaganyaan Mission Delhi-Mumbai Expressway Defence Industrial Corridor Chenab Railway Bridge Indian Space Station 5G Great Nicobar Development Gujarat Hybrid Renewable Energy Park https://infrainfohub.com/list-of-top-future-megaprojects-of-india/ Key Characteristics of Projects: Temporary: Projects have a defined start and end date. Once the project's objective is achieved, it is considered complete. Unique Deliverable: Each project produces a distinct output, which could be a product, service, or result that is different from routine operations. Defined Scope: Projects have clear boundaries that outline what is included and excluded from the project's work. Resources: Projects require specific resources, such as human resources, materials, equipment, and funds, to be allocated for successful completion. Planning: Projects involve careful planning to determine tasks, timelines, dependencies, and resource allocation.  Cross-Functional: Projects often involve collaboration among individuals from different departments or disciplines to bring diverse skills and expertise together. Risk Management: Project managers identify potential risks and develop strategies to mitigate or address them throughout the project's lifecycle. Monitoring and Control: Projects are monitored and controlled to ensure they stay on track in terms of scope, schedule, and budget. Remember that the specific characteristics and features of a project will vary depending on the nature of the project itself, the industry, and the organization's goals. Tailoring these aspects to the unique context of the project is essential for its successful execution.  1. Construction Project: Objective: Build a new office building for a company. Scope: Design, permits, site preparation, construction, interior furnishing. Timeline: 18 months. Resources: Architects, contractors, construction materials, machinery. Deliverable: Completed office building. 2. Software Development Project: Objective: Develop a mobile banking app. Examples of Scope: Requirement analysis, coding, testing, user interface design. Projects Timeline: 12 months. Resources: Developers, designers, testers, software tools. Deliverable: Functional mobile banking app. 3. Marketing Campaign: Objective: Launch a new product into the market. Scope: Market research, branding, advertising, social media promotion. Timeline: 3 months. Resources: Marketers, designers, advertising platforms. Deliverable: Successful product launch with increased sales.  4. Research Project: Objective: Conduct a study on the effects of climate change on a specific ecosystem. Scope: Data collection, analysis, report writing. Timeline: 2 years. Resources: Researchers, field equipment, data analysis tools. Deliverable: Comprehensive research report. 5. Event Planning Project: Examples of Objective: Organize a charity fundraising gala. Scope: Venue selection, catering, entertainment, ticketing, Projects logistics. Timeline: 6 months. Resources: Event planners, vendors, volunteers. Deliverable: Successful charity gala event. These examples illustrate how projects are diverse in nature, ranging from construction and technology to marketing and research. Each project has a defined goal, specific tasks, and a timeframe for completion, showcasing the core characteristics of project management.  Project classification with examples Project classification involves categorizing projects based on certain characteristics or criteria. Projects can be classified in various ways, depending on the context and the purpose of classification. Here are some common ways to classify projects, along with examples for each: 1. Project Type: Projects can be classified based on their nature and purpose. Example: Construction projects, software development projects, marketing campaigns. 2. Project Size: Projects can be categorized based on their scope and scale. Example: Small-scale projects (e.g., organizing a local event), medium-scale projects (e.g., launching a new product), large-scale projects (e.g., building a skyscraper). 3. Project Industry: Projects can be classified according to the industry they belong to. Example: Healthcare projects (e.g., building a hospital wing), IT projects (e.g., developing a mobile app), energy projects (e.g., constructing a solar farm).  4.Project Duration: Projects can be categorized based on their time frame. Example: Short-term projects (e.g., conducting a workshop), medium-term projects (e.g., developing a new software module), long-term projects (e.g., establishing a research facility). 5.Project Complexity: Projects can be grouped based on their technical and managerial complexity. Example: Low complexity (e.g., redesigning a company logo), moderate complexity (e.g., upgrading IT infrastructure), high complexity (e.g., building a space station). 6. Project Objectives: Projects can be classified based on their intended outcomes.  Example: Profit-oriented projects (e.g., launching a new product line), social projects (e.g., building a community center), research projects (e.g., conducting a scientific study). 7. Project Funding Source: Projects can be categorized by the source of funding. Example: Government-funded projects (e.g., public infrastructure), privately funded projects (e.g., startup product development), donor-funded projects (e.g., humanitarian aid initiatives). 8. Project Lifecycle Phase: Projects can be classified based on where they are in their lifecycle.  Example: Initiation phase (e.g., project idea generation), planning phase (e.g., creating a detailed project plan), execution phase (e.g., implementing the project activities), closure phase (e.g., project handover and evaluation). 9. Geographical Location: Projects can be classified based on their geographic scope.  Example: Local projects (e.g., renovating a local park), regional projects (e.g., building a transportation network), international projects (e.g., global environmental conservation efforts). 10. Project Stakeholders: Projects can be categorized based on the stakeholders involved.  Example: Internal projects (e.g., company process improvement), external projects (e.g., client-specific software development). Components of a Project Project Title: A short, descriptive name for the project. Project Objectives: Clear and measurable goals that the project aims to achieve. These objectives should be aligned with the overall purpose of the project. Project Scope: The boundaries and limitations of the project, defining what will be included and excluded. This helps prevent scope creep and ensures a focused effort. Documenting a specific project Project Deliverables: Tangible outcomes or results that the project will produce. Each deliverable should be well-defined and measurable.  Project Stakeholders: Individuals, groups, or organizations that have an interest or involvement in the project. This includes sponsors, team members, customers, end-users, etc. Project Timeline: A high-level overview of the project's schedule, including key milestones and deadlines. Project Budget: An estimate of the financial resources required to complete the project, including costs for personnel, materials, tools, and other expenses. Project Risks: Identification of potential risks that could impact the project's success, along with a brief plan for risk management. Project Resources: The people, equipment, facilities, and other assets necessary for the project's execution. Example Project Definition: Building a Website for a Small Business Project Title: Development of a Responsive Website for ABC Bakery Project Objectives: Create an online presence for ABC Bakery to increase brand visibility. Provide customers with information about products, prices, and opening hours. Enable online ordering and reservations to enhance customer convenience. Improve customer engagement and loyalty through an interactive website. Project Scope: The project will involve designing and developing a user- friendly and responsive website for ABC Bakery. It will include pages for showcasing products, a menu with prices, an online ordering system, a reservation system, contact information, and an about us section. Project Deliverables: Fully functional website with intuitive navigation. Pages for displaying bakery products and prices. Online ordering system linked to the bakery's backend processes. Reservation system integrated with the bakery's scheduling. Contact page with a map, address, phone number, and email. About us page describing the bakery's history and values.  Project Stakeholders: ABC Bakery Owner (Sponsor) Web Development Team Bakery Staff Customers Project Timeline:  Website Design and Development: 2 months  User Testing and Feedback: 2 weeks  Website Refinement: 1 month  Final Testing and Launch: 2 weeks  Project Budget: Estimated Budget: $15,000  Web Development Team Salaries: $10,000  Graphic Design and Content Creation: $2,000  Tools and Software: $1,000  Miscellaneous Expenses: $2,000 Project Risks: Technical issues during development. Delays in content creation. User interface not meeting customer expectations. Server or hosting problems affecting website accessibility.  Project Resources:  Web Developers (2)  Graphic Designer  Content Writer  Development Tools and Software  Server Hosting By having a well-defined project definition like this, the project team and stakeholders can work collaboratively, ensuring everyone has a shared understanding of the project's goals, scope, and requirements. This clarity helps mitigate misunderstandings and enhances the chances of a successful project outcome. Phases of project life cycle DR0 Project life cycle: Project completion = f (Resources, Schedule) PLC = Series of phases (from its initiation - completion) 1. Initiation:  Purpose: Define the project's objectives, scope, and feasibility.  Activities: Identify the project's stakeholders, define the problem or opportunity, conduct initial feasibility studies, and create a project charter (short document, Project planning, key aims and benefits).  Outputs: Project charter, initial feasibility report plan (Practicality of project, whether or not to move with the project), high-level scope statement (relevant or irrelevant.) Slide 28 DR0 FM - this cycle completed on 22 aug 2024 Bharat Ankur Dogra, 2024-08-22T09:52:28.452 2. Planning:  Purpose: Develop a detailed project plan that outlines how the project will be executed, monitored, and controlled.  Activities: Define project scope, objectives, deliverables, and constraints. Create a work breakdown structure (hierarchical and incremental decomposition of the project into deliverables) , allocate resources, develop a project schedule, identify risks, and establish a communication plan.  Outputs: Project plan, WBS, project schedule, resource allocation plan, risk management plan, communication plan. What is a Work Breakdown Structure (WBS)? Work Breakdown Structure (WBS) in Project Management Definition: A hierarchical breakdown of project deliverables or phases. Purpose: Organizes activities into categories, aiding in project planning. Layers: Each layer offers a more detailed stage definition. Visualization: Often displayed as a diagram to help visualize timelines. Task Identification: Simplifies recognizing required tasks. Planning Phase: A necessary step in most organizations. Software Support: Tools like Primavera P6 assist in creating WBS. 3. Execution: Purpose: Carry out the work defined in the project plan. Activities: Direct and manage project work, assign tasks to team members, implement quality control measures, monitor and report progress, and manage changes. Outputs: Completed deliverables, performance reports, change requests 4. Monitoring and Controlling:  Purpose: Track project performance, compare it to the project plan, and take corrective actions as necessary.  Activities: Monitor project performance, compare actual progress to the baseline, analyze variances, identify issues, implement corrective actions, manage changes, and update project documentation.  Outputs: Performance reports, change requests, updated project plan.  DR0 5. Closing:  Purpose: Finalize all project activities and formally close the project.  Activities: Verify that all project deliverables are complete and meet quality standards, obtain formal acceptance from stakeholders, hand over the project to the customer, close contracts, conduct lessons learned sessions, and archive project documentation.  Outputs: Project closure documentation, lessons learned report, final product or service, release of resources.  Each phase of the project life cycle has its own set of tasks, goals, and outputs. The project team and stakeholders work together to ensure successful progression through each phase, and the project manager plays a critical role in overseeing and coordinating these activities. Slide 32 DR0 FM - this cycle completed on 22 aug 2024 Bharat Ankur Dogra, 2024-08-22T09:52:52.891 Class activity 1. The largest professional project management organization in the world is the Project Management Institute (PMI). Go to its Web site, www.pmi.org, and examine the links you find. Which links suggest that project management has become a sophisticated and vital element in corporate success? Select at least three of the related links and report briefly on the content of these links. 2. Go to the PMI Web site and examine the link “Membership.” What do you discover when you begin navigating among the various chapters and cooperative organizations associated with the PMI? How does this information cause you to rethink project management as a career option? 3. Go to http://www.pmi.org/business-solutions/casestudies and examine some of the cases included on the Web page. What do they suggest about the challenges of managing projects successfully? The complexity of many of today’s projects? The exciting breakthroughs or opportunities that projects allow us to exploit? 4. Using your favorite search engine (Google, Yahoo!, etc.), type in the keywords “project” and “project management.” Randomly select three of the links that come up on the screen. Summarize what you find. https://www.pmi.org/business-solutions/case-studies Various Elements of Projects Various Elements of Projects 1. Projects are complex, one-time processes. 2. Projects are limited by budget, schedule, and resources. 3. Projects are developed to resolve a clear goal or set of goals. 4. Projects are customer-focused. 1. Projects are complex, one-time processes. Specific purpose or goal-oriented Requires coordinated input from multiple organizational members Involves members from different departments or functional areas Example: New software application development with IS group and marketing staff Temporary existence until the goal is achieved 2. Projects are limited by budget, schedule, and resources. Operate with constrained financial and human resources Defined time period for completion Project team disbands after completion Activities are resource-constrained 3. Projects are developed to resolve a clear goal or set of goals. No ongoing, nonspecific purpose Goals or deliverables define the project and team Designed to yield tangible results (e.g., new product, service) Specific aim required, such as building a bridge or implementing a new system 4. Projects are customer-focused. Aims to satisfy customer needs, whether internal (e.g., accounting) or external (market opportunities) Historical focus on technical, budgetary, and scheduling success Shift in priority towards customer satisfaction as the primary measure of project success Risk of "doing the wrong things well"—efficient project execution that fails to meet customer needs or achieve commercial success  Definitional elements highlight the unique characteristics of projects Helps distinguish project-based work from other organizational activities Projects are a special type of undertaking with unique challenges Nevertheless, given the manner in which business continues to evolve on a worldwide scale, Becoming “project savvy” is no longer a luxury: it is rapidly becoming a necessity.  Breaking the Cycle: The Radical World of Projects vs. Process-Driven Operations Breaking the Cycle: The Radical World of Projects vs. Process-Driven Operations Understanding organizational activities Organizational activities in traditional settings. Examples: retail-clothing establishment, steel plant operations. Emphasize the continuous, repetitive nature of these activities. Process orientation: the focus on efficiency in performing recurring tasks. The nature of projects: temporary and unique a project. Projects as temporary activities with specific goals and timelines. Contrast with traditional, ongoing operations. Highlight the non-repetitive nature of projects. Breaking the Cycle: The Radical World of Projects vs. Process-Driven Operations Disruptive Impact of Projects Projects vs. Processes: How projects break the cycle of repetition? The role of uncertainty and uniqueness in projects. Projects often require cross-functional teams with diverse expertise. challenges and opportunities created by project-based work. Projects and Innovation Projects as catalysts for change and innovation within organizations. Case examples where projects have led to significant organizational changes or new methods. The role of projects in revealing more efficient or novel ways of operating. Breaking the Cycle: The Radical World of Projects vs. Process-Driven Operations Comparison Table: Projects vs. Process-Based Activities Present Table 1.1 that distinguishes between project-based work and process-based activities. Key differences: Repetition vs. uniqueness, continuous vs. temporary, standard procedures vs. flexibility, and efficiency vs. innovation. Conclusion: The Strategic Importance of Projects Summarize the role of projects in modern organizations. Discuss how projects can complement traditional operations by offering new perspectives and driving progress. Encourage students to think of projects as opportunities for growth and transformation. Differences Between Process and Project Management Process Project Repeat process or product New process or product Several objectives One objective Ongoing One shot—limited life People are homogenous More heterogeneous Well-established systems in place to integrate Systems must be created to integrate efforts efforts Greater certainty of performance, cost, schedule Greater uncertainty of performance, cost, schedule Part of line organization Outside of line organization Bastions of established practice Violates established practice Supports status quo Upsets status quo Apple’s use of Projects To push the development of a constantly-changing range of product and service offerings. Consider Apple’s use of projects to push the development of a constantly-changing range of product and service offerings. When it was first introduced in 2003, the iPod was Apple’s portable MP3 player that could be integrated with Apple’s popular iTunes site to record and play music downloads. From its introduction in 2003 to 2015, when Apple stopped reporting sales of the product, consumers had bought more than 400 million iPods, generating $65 billion in revenue for the firm. Customers have also purchased more than 45 billion songs through Apple’s iTunes online store. In fact, Apple’s iTunes division became the largest U.S. market for music sales; by 2015 it was accounting for 29% of all music sold in the United States and 64% of the digital music market. More recently, as steadily declining sales raised concern that the music downloads market has become saturated and less profitable, Apple introduced its Apple Music site to attract fans of music streaming, competing directly with Spotify and Pandora, among other music streaming services. By 2017 Apple Music had enrolled over 20 million subscribers, making it the second-largest streaming service in the world. Each of these steps demonstrates Apple’s commitment to using new project ventures as a means of avoiding a business-as-usual mentality, as it seeks to remain on the leading edge of the industry Apple’s Use of Projects to Drive Innovation Apple's Strategic Approach: Apple consistently uses projects to develop and evolve its product and service offerings. These projects help Apple avoid the "business as usual" mentality and stay ahead in the competitive technology industry. Case Study: The iPod Project Introduction of the iPod (2003): Apple's portable MP3 player, integrated with iTunes. Revolutionized the way consumers accessed and played music. Impact: Over 400 million iPods sold between 2003 and 2015. Generated $65 billion in revenue for Apple. Apple’s Use of Projects to Drive Innovation iTunes and Digital Music Dominance iTunes Success: More than 45 billion songs sold through the iTunes store. By 2015, iTunes became the largest U.S. market for music sales. Accounted for 29% of all music sold in the U.S. and 64% of the digital music market. Adapting to Market Changes: Apple Music Market Saturation: Declining iPod and music download sales indicated market saturation. Introduction of Apple Music (2015): Launched to compete in the growing music streaming market. Direct competition with Spotify, Pandora, and other streaming services. By 2017, Apple Music had over 20 million subscribers, becoming the second-largest streaming service globally. Apple’s Use of Projects to Drive Innovation Apple’s Project-Driven Success Innovation Through Projects: Apple uses project ventures to stay innovative and responsive to market changes. These projects prevent complacency and keep Apple at the forefront of the industry. Conclusion: Apple's focus on new projects shows how important it is to stay flexible and innovative to remain a leader in the industry. Tab’s, Books & Kindle Another Example A similar set of events is currently unfolding, centered on Apple’s successive upgrades of its iPad tablet. Among the numerous features offered by the iPad is the ability to download books, including college textbooks, directly from publishers, effectively eliminating the traditional middlemen bookstores—from the process. So radical are the implications of the iPad and competing tablets like Microsoft’s Surface Pro and Samsung’s Galaxy to capture a share of this market that large bookstores have been forced to adapt their business models to the new electronic reality of book purchases by offering their own readers; for example, Kindle for Amazon. Some experts are suggesting that within a decade tablets and other electronic readers will make traditional books obsolete, capturing the majority of the publishing market. These are just some examples of the way that project-driven technological change, such as that at Apple, is reshaping the competitive landscape.  Apple is continuously upgrading its iPad tablet with new features. One significant feature is the ability to download books, including college textbooks, directly from publishers. This feature disrupts traditional bookstores by removing them as middlemen in the book purchasing process.  Other tablets, like Microsoft's Surface Pro and Samsung's Galaxy, are also competing in this market. Big bookstores are trying to keep up by offering their own e-readers, like Amazon's Kindle. Experts think that in about ten years, tablets and e-readers might replace traditional books and take over the book market. This shows how Apple’s new projects and technology are changing the way companies compete. THE PROJECT LIFE CYCLE Project: Term Paper Assignment Understanding the Assignment Analyze Requirements: Understand what the professor is asking for. Topic, Length, References, Style. Clarify Doubts: Ask questions if unclear about any aspect. Set Objectives: Determine the key goals of the paper. THE PROJECT LIFE CYCLE Developing a Plan Break Down Tasks: Research time Drafting Proofreading Finalization Set Milestones: Establish deadlines for each component. Time Management: Allocate time effectively across tasks. THE PROJECT LIFE CYCLE Executing the Plan Research: Begin with library or online sources. Outline Creation: Structure your ideas before writing. Drafting: Focus on getting ideas on paper. Revise & Proofread: Improve clarity, accuracy, and flow. THE PROJECT LIFE CYCLE Finalizing the Paper Complete and Review: Ensure all requirements are met. Cross-check references and formatting. Submit on Time: Avoid last-minute rushes. Post-Submission: Organize or discard materials. Return borrowed resources.  Project Life Cycle Overview: Stages: From initiation to completion. Logical progression guiding project development. Project Life Cycle Overview: Logical progression Organizing a College Event 1. Initiation: Setting the Foundation Marketing: Identify the target audience and set event goals (e.g., increasing brand awareness). Finance: Budgeting for venue, promotions, and logistics. HR: Assembling a team with clear roles (e.g., event coordinators, volunteers). 2. Planning: Laying Out the Roadmap Marketing: Developing a promotional plan (social media, flyers, word of mouth). Finance: Allocating funds to different areas (advertising, refreshments, etc.). HR: Scheduling team meetings and assigning tasks. Project Life Cycle Overview: Logical progression 3. Execution: Bringing the Plan to Life Marketing: Launching the promotional campaign. Finance: Monitoring expenses and ensuring spending stays within budget. HR: Coordinating the team’s activities and addressing any issues. 4. Closure: Wrapping Up and Reflecting Marketing: Analyzing event success (attendance, engagement). Finance: Finalizing accounts and reporting costs. HR: Gathering feedback and recognizing team efforts. Project Life Cycle Overview: Logical progression Key takeaway: Logical progression: From setting goals to reflecting on outcomes, Each step builds on the previous one, Ensuring the project (event) is Successful On budget, and Well-organized. Project Life Cycle Overview: Term Paper as a Project: Initiation: Understanding the assignment. Planning: Structuring the approach and setting milestones. Execution: Researching, drafting, and refining the paper. Closure: Submitting the paper and reflecting on the process. Importance of Life Cycles: Logical Framework: Provides structure and clarity. Resource Allocation: Determines when and where to focus efforts. Progress Evaluation: Helps monitor and adjust plans as needed.  Project Life Cycle Stages Develop detailed specifications, schematics, schedules, and other Develop the initial plans. goal and technical Break down the project specifications for the into individual pieces, project. often called work Determine the scope packages. The project is handed over of work. Assign tasks and clearly to the customer. Identify necessary outline the process for Resources are reassigned. resources (people, project completion. The project is officially money, physical Example: Planning steps closed. facilities). for a term paper, including As tasks finish, the project Engage important research, drafts, editing, size and costs drop organizational etc. quickly. contributors or stakeholders. Simplified model of the project life cycle  The main work of the Project Life Cycle Stages project is done. Develop detailed Systems are developed, or specifications, schematics, products are created. schedules, and other Most of the project team's Develop the initial plans. effort happens during this goal and technical Break down the project stage. specifications for the into individual pieces, Project costs (in man- project. often called work hours) increase quickly Determine the scope packages. during this phase. The project is handed over of work. Assign tasks and clearly to the customer. Identify necessary outline the process for Resources are reassigned. resources (people, project completion. The project is officially money, physical Example: Planning steps closed. facilities). for a term paper, including As tasks finish, the project Engage important research, drafts, editing, size and costs drop organizational etc. quickly. contributors or stakeholders. Simplified model of the project life cycle Project Life Cycle Stages Project Life Cycle Stages Conceptualization: Define goals, determine scope, identify resources, and engage stakeholders. Planning: Develop detailed specifications, assign tasks, and outline steps for project completion. Execution: Perform the project work, create the product, with rising labor costs. Termination: Transfer the project, reassign resources, and formally close out. "Project Life Cycle: Timing and Resources" Used to evaluate the project’s performance and status. Relevant only after the project has started. Includes project kickoff, planning, execution, and completion. Helps determine resource needs like personnel, materials, and equipment. Example: Discovering the need for a PC or research help when starting a term paper. Serves two purposes: scheduling the project and identifying resource requirements. Helps visualize the activities and challenges throughout the project. Evolving Project Characteristics: Insights Evolving Project Characteristics: Insights Over the life of a project, five key components can change: Client Interest: Customer's enthusiasm or concern. Project Stake: Company’s investment in the project. Resources: Money, people, and tools used for the project. Creativity: How much innovation is needed. Uncertainty: The level of risk and unknown challenges. MegaTech, Inc. THE PROJECT LIFE CYCLE Most projects go through similar stages on the path from origin to completion. We define these stages, shown in Figure, as the project’s life cycle. Why S-Curve?  The S-curve often forms its shape because the growth of the project in the beginning stages is usually slow. The wheels are just beginning to turn; team members are either researching the industry or just starting to engage in the first phase of execution, which can be slow before working out the kinks.  The project is born (its start-up phase) and a manager is selected, the project team and initial resources are assembled, and the work program is organized. Then work gets under way and momentum quickly builds. Progress is made.  As more progress is made, the growth accelerates rapidly—creating that upward slope that forms the middle part of the “s.” This point of maximum growth is called the point of inflection. During this period, project team members are working heavily on the project, and many of the major costs are incurred. Inordinate time.  After the point of inflection, the growth begins to plateau, forming the upper part of the “s” known as the upper asymptote—and the “mature” phase of the project. This is because the project is mostly finished at this point and is winding down — typically only tasks such as finishing touches and final approvals are left at this point.  SLOW-RAPID-SLOW pattern, Construction of a home or building.  Figure 1-4 shows project effort, usually in terms of person-hours or resources expended per unit of time (or number of people working on the project) plotted against time, where time is broken up into the several phases of project life. Minimal effort is required at the beginning, when the project concept is being developed and subjected to project selection processes. Normally there is a strong correlation between the life-cycle progress curve of Figure 1-3 and the effort curve of Figure 1-4 because effort usually results in corresponding progress Since the effort curve is generally nonsymmetrical, the progress curve will in general not be symmetrical either.  Activity increases as planning is completed and the real work of the project gets underway. This rises to a peak and then begins to taper off as the project nears completion, finally ceasing when evaluation is complete, and the project is terminated. While this rise and fall of effort always occurs, there is no pattern that seems to typify all projects, nor any reason for the slowdown at the end of the project to resemble the buildup at its beginning. Some projects end without being dragged out, as is shown in Figure 1-4. PROJECT MANAGER A project manager is a professional responsible for planning, executing, and overseeing the various aspects of a project to ensure its successful completion. Projects are temporary endeavors with specific goals, budgets, timelines, and resources, and project managers play a critical role in guiding these projects from initiation to closure. Their primary focus is on delivering the desired outcomes while balancing scope, time, cost, quality, and stakeholder expectations. Responsibilities Of a Project Manager 1. Project Initiation:  Defining project goals, objectives, and scope.  Identifying stakeholders and their interests.  Conducting feasibility studies and risk assessments. 2. Project Planning:  Developing a detailed project plan outlining tasks, timelines, and resource requirements.  Allocating resources effectively and efficiently.  Creating a budget and cost estimates.  Identifying potential risks and developing risk mitigation strategies.  Establishing communication and reporting structures (hierarchal chain of command that clarifies who reports to whom). 3. Project Execution:  Leading and managing the project team.  Assigning tasks and responsibilities to team members.  Monitoring project progress (Gantt charts, timesheets, resource management, or task manager to record ) and ensuring tasks are completed as planned.  Addressing issues, conflicts, and changes that arise during execution.  Managing stakeholders' expectations and maintaining effective communication.  Gantt chart, series of horizontal lines shows the amount of work done or production completed in certain periods of time, the amount planned for those periods.  A timesheet, data table, an employer can use to track the time a particular employee has worked during a certain period.  Resource management, or resource planning, process, businesses plan, schedule, and allocate resources, achieve the highest organizational value. Intangible, such as skills and time, or tangible, such as equipment, materials, and finances.. Task management, monitoring project's tasks through their various stages from start to finish, actively making decisions, tasks to accommodate changes that can occur real-time, successful completion. 4. Project Monitoring and Control:  Tracking project performance against the plan.  Identifying deviations from the plan and taking corrective actions.  Managing scope changes and assessing their impact on the project.  Monitoring and managing risks as they unfold. 5. Project Closure:  Ensuring all project deliverables are completed and meet quality standards.  Obtaining formal acceptance from stakeholders.  Conducting a final project review and assessment.  Archiving project documentation and lessons learned. Skills and Qualities of a Project Manager Communication: Effective communication is crucial to convey goals, expectations, and updates to team members and stakeholders. Leadership: Project managers must inspire and guide their teams, promoting collaboration and motivation. Time Management: Keeping the project on track and meeting deadlines is essential. Problem Solving: Addressing issues, conflicts, and unexpected challenges in a timely manner. Negotiation: Balancing competing interests and finding compromises among stakeholders. conflict management, negotiation, change or crisis Example: Managing team workloads -A core part of a project manager’s job is negotiating just how much each team member has to contribute to a project each week. Project managers need to balance the team’s needs—individual bandwidth, vacation time, and competing projects—with the business’ needs. Risk Management: Identifying, assessing, and mitigating potential risks to the project. Adaptability (to make something suitable for a new use, purpose or situation): Projects often face changes; being flexible (the freedom to plan and readjust their strategy) is important. Technical Expertise: Depending on the project, having relevant domain knowledge can be advantageous.