Project Management Chapter 1 PDF

Project Management Chapter 1 What is a project? A project is a temporary task or effort aimed at creating something new, like a product, service, or result (called deliverables). Projects can be stand-alone or part of a bigger project. Examples of projects: ​ Building a structure ​ Creati...

Project Management Chapter 1 What is a project? A project is a temporary task or effort aimed at creating something new, like a product, service, or result (called deliverables). Projects can be stand-alone or part of a bigger project. Examples of projects: ​ Building a structure ​ Creating new software ​ Improving how a business works ​ Training employees about AI ​ Searching for oil in an area Project Deliverables: ​ Product: A physical item or artifact, usually measurable. ​ Service: Something that boosts employee performance or customer satisfaction, like training. ​ Result: A study or plan, such as a feasibility study or a blueprint for a big project. Difference between Projects and Operations: Projects:  1.​ Temporary 2.​ Specific start and end date 3.​ Well-defined scope 4.​ Creates unique output and business value Operations: 1.​ Ongoing activities in any organization 2.​ Daily activities of a business 3.​ Repetitive tasks 4.​ Uses standard operational procedures 5.​ Helps to sustain the business Why are projects necessary? Projects are started by senior managers, leaders, or user groups to meet four main needs (as shown in the figure). Projects are chosen to be carried out based on specific criteria decided in advance. Projects are started for these four main reasons: 1.​ Meet regulatory, legal, or social requirements – To follow rules or address societal needs. 2.​ Satisfy stakeholder requests or needs – To fulfill the expectations or demands of stakeholders. 3.​ Create, improve, or fix products, processes, or services – To develop or enhance something. 4.​ Implement or change business or technological strategies – To adapt to new strategies or technologies. Outcome of projects Outcome of Projects: 1.​ Projects Create Value: ​ Projects help organizations move from their current state to a better future state by completing specific activities. ​ Projects use time to achieve business value. 2.​ Projects create change and improvements: ​ Projects are tools for making changes and enhancing the organization. The PMI standard uses the word “organization” to refer to groups like government agencies, companies, partnerships, and other arrangements. The diagram shows how projects connect the current state of an organization to a future state through activities like Activity A, Activity B, etc.. Projects need a system to deliver value: A system for value delivery is a set of strategic business activities that help an organization grow, improve, or sustain itself. This system includes portfolios, programs, projects, products, and operations. 1.​ Portfolio: A group of projects, programs, smaller portfolios, and operations managed together to achieve strategic goals. 2.​ Program: A collection of related projects, smaller programs, and activities managed together to gain benefits that wouldn’t be possible if handled separately. Measuring the success of projects: Projects need clear, measurable objectives. Success is judged based on how well these objectives are achieved. Organizations measure project performance using these criteria: 1.​ Comparing actual performance to the project plan. 2.​ Monitoring resource use, completed work, budget spent, and quality achieved. 3.​ Ensuring the project team and manager are accountable. 4.​ Sharing information with stakeholders. 5.​ Checking if deliverables are on track to deliver expected benefits.  6.​ Managing resources and risks effectively. 7.​ Confirming deliverables meet customer acceptance standards. Project Management: The process of managing projects successfully to achieve their objectives. PMBOK (Project Management Body of Knowledge): A term used to describe the knowledge and practices in the field of project management. Project Stakeholders: People or groups who are affected by the project’s activities or results. They can directly or indirectly influence the project, its activities, or its outcomes in a positive or negative way. Project Constraints: 1.​ Scope: The work needed to deliver the product, service, or result with specific features and functions. 2.​ Schedule: The time available to complete the project deliverables. 3.​ Resources: The people, money, and materials required to create the deliverables. 4.​ Quality: How well the product meets its requirements based on its characteristics. Project Manager Skills and Expertise 1.​ Technical Project Management: Knowledge and skills related to specific fields like IT, construction, healthcare, or event management. 2.​ Leadership: The ability to guide, motivate, and manage a team to achieve project goals. 3.​ Strategic and Business Management: Understanding the industry and organization operations to improve project performance. Project Manager Management and Leadership of projects 1.​ Features of Centralized Management and Leadership: Management tasks are handled by one central person, often the project manager. Accountability (responsibility for results) is assigned to that individual. A project charter or similar document gives the project manager approval to create a team and work towards project goals. 2.​ Features of Distributed Management and Leadership: Project management tasks are shared among the project team. Team members are responsible for completing their assigned tasks.  A team member may act as a facilitator to support communication, teamwork, and collaboration. This role can change among team members during the project. Servant Leadership: A leadership style that empowers the team by prioritizing Purpose, People, and Process (in that order). Focus of Servant Leaders: ​ Helping team members grow as individuals. ​ Supporting team members to become healthier, wiser, more independent, and capable. ​ Encouraging team members to become servant leaders themselves. Servant Leadership Behaviors: ​ Removing obstacles that block progress. ​ Shielding the team from distractions. ​ Providing encouragement and opportunities for growth. Leadership Skills for Project Managers & Team Members: 1.​ Vision: Setting clear goals and keeping the team focused. 2.​ Critical Thinking & Communication: Analyzing situations and sharing ideas clearly. 3.​ Motivation: Keeping yourself and the team inspired to achieve goals. 4.​ Interpersonal Skills: Building strong relationships and teamwork.  5.​ Emotional Intelligence: Understanding and managing emotions (yours and others’). 6.​ Decision Making: Choosing the best course of action for the project. 7.​ Conflict Management: Resolving disagreements in a fair way. 8.​ Coaching & Mentoring: Helping team members grow and improve. Great Leaders: ​ Build strong, high-performing teams. ​ Encourage teamwork and shared decision-making. ​ Lead by example and understand their team’s challenges. How Project Team Members Use Critical Thinking: 1.​ Gather Information: Collect unbiased and well-rounded data. 2.​ Analyze & Solve Problems: Break down issues and find solutions. 3.​ Recognize Bias & Assumptions: Identify hidden influences and perspectives. 4.​ Understand Language Influence: See how words shape opinions. 5.​ Evaluate Data & Arguments: Check facts and different viewpoints. 6.​ Identify Patterns & Relationships: Observe trends in events and information. 7.​ Use Logical Reasoning: Apply different thinking methods (inductive, deductive, abductive). 8.​ Spot Faulty Logic: Detects false assumptions, misleading comparisons, and emotional manipulations. Project Management Office (PMO): A PMO is an organizational unit that standardizes project management processes and helps share resources, tools, techniques, and methods. Types of PMOs: 1.​ Supportive: ​ Provides advice, templates, training, and lessons learned. ​ Acts as a repository for project information. ​ Has low control over projects. 2.​ Controlling: ​ Supports projects but also enforces compliance with frameworks, templates, and governance rules. ​ Has moderate control over projects. 3.​ Directive: ​ Directly manages projects, with project managers reporting to the PMO. ​ Has high control over projects. Key Purpose of a PMO: It is a central place where all project-related information is stored, accessible to the entire team. Terminology: 1.​ Project: A temporary effort to create something unique (product, service, or result). Projects have a clear start and end and can be standalone or part of a program or portfolio. 2.​ Product: A measurable item (end product or component) created by the project. 3.​ Outcome: The result of a project or process, focusing on the benefits and value the project aims to deliver. It includes outputs but has a broader goal. 4.​ Value: The worth or importance of something, seen differently by stakeholders. Customers value useful features. Organizations focus on financial benefits (profit vs. cost). Societal value includes contributions to people, communities, or the environment. 5.​ Project Management: Using knowledge, skills, tools, and methods to complete project activities and meet objectives. This includes predictive, hybrid, or adaptive approaches to guide the project toward intended outcomes. 6.​ Project Manager: A person assigned to lead the team and ensure project objectives are met by: Facilitating teamwork, and Managing processes to deliver outcomes. 7.​ Project Team: A group working together to achieve the project’s goals. System for Value Delivery: Strategic activities (like portfolios, programs, projects, and operations) that help an organization grow, sustain, or improve. 8.​ Portfolio: A group of projects, programs, and operations managed together to achieve strategic goals. 9.​ Program: Related projects and activities managed together to gain benefits that wouldn’t be possible if handled separately.