Lecture 2_Unit-1_ Project Life Cycle.pptx

Created By: Vikram Kumar Sharma Assistant Professor INSTITUTE OF MANAGEMENT STUDIES G.T. Road, Lal Quan, Ghaziabad-201 009, National Capital Region, INDIA Subject: Project Management Code: BM-OP04 PGDM (BATCH: 2023-25, TERM: IV)  Topic: Project Life Cycle Discus...

Created By: Vikram Kumar Sharma Assistant Professor INSTITUTE OF MANAGEMENT STUDIES G.T. Road, Lal Quan, Ghaziabad-201 009, National Capital Region, INDIA Subject: Project Management Code: BM-OP04 PGDM (BATCH: 2023-25, TERM: IV)  Topic: Project Life Cycle Discussion Project Management ? Project Life Cycle / Phases of PM  Project Initiation Phase In this phase, the project charter becomes the most critical document as it outlines: ▰ The vision and mission of the business ▰ Goals of the project and the value it will deliver to the business ▰ A list of all the stakeholders involved in the project ▰ Project deliverables ▰ Project scope and budget ▰ Anticipated risks  Project Planning Phase The following documents are prepared during the planning phase: ▰ Scope statement ▰ Work breakdown structure (WBS) ▰ Project plan ▰ Project schedule ▰ Change request management ▰ Communication plan ▰ Project quality plan ▰ Acceptance plan  Project Execution Phase ▰ The execution phase is typically the longest and takes up the biggest allocation of resources. At this point, controlling the project’s resources, monitoring the project’s progress, and maintaining clear communication among all the stakeholders becomes crucial. ▰ The project team uses the WBS and the project schedule to execute the tasks outlined in the project plan.  Monitoring and Controlling Phase ▰ Monitoring and controlling are done to ensure that the project moves in the right direction and within the defined scope. When the project progresses as planned, the risk is minimized. ▰ Ideally, monitoring the project’s actual performance is compared against the planned performance and the appropriate course of action taken in the event that there is a variance.  Closing Phase / Follow Up Phase ▰ The project is closed after it has achieved its goals and the product is ready for release and delivery to the client. ▰ The team will recap the entire life cycle to draw lessons and takeaways from it, identify strengths and opportunities for improvement, and document them alongside other project data for future reference. ▰ Sometimes, the project is closed before completion, mainly due to failure. Discussion Successful Project ?  Characteristics of a Successful Project  Completed on time or before time  Executed within the budget  Objectives are met  Meets or exceeds the expectations of the stakeholders  Arising issues were addressed proactively  Output is beneficial to the user  Positive feedback from the project execution team about how the project was run  Examples of successful projects  The UIDAI (Unique Identification Authority of India) was established in 2016. This project was initiated in 2009, and its goal was to bring India's 1.23+ billion citizens under the world's largest biometric system, Aadhaar.  American Airlines faced problems in technology overlapping when they merged with US Airways. They adopted a project to adapt to the changes and capitalize on their employees to better the business to manage this change. This project helped them a lot to grow. Discussion Decision Making ?  Decision ▰ Something that you choose; a Choice. ▰ According to Cambridge Dictionary “A choice that you make about something after thinking about several possibilities.” Decision Making Process Levels of Decision Making Discussion Project Analysis ?  Project Analysis ▰ Project analysis (PA) is the process of evaluating a project's current status and identifying potential problems as the project progresses. ▰ Project managers who practice PA are more likely to see their projects succeed than those who don't. Project Analysis Discussion Project Feasibility ? Project Feasibility Study Discussion Project Leadership ?  Project Leadership  Project leadership refers to the art and science of guiding a team towards successful project completion.  Project leadership brings together people to achieve a common goal, the team is able to accomplish more than they could as individuals. Discussion Human Aspects ?  Human Aspects in Project Management  One of the biggest challenges project managers face is balancing, organizing, winning, overcoming, placating, supporting, guiding, leading, and as appropriate, modifying the human aspects involved with the project.  The key areas to be addressed include:  Project sponsorship and leadership  The Organization structure and culture  The Project Team  Communication Network Relationships  Common Management Mistakes  “Whatever motivates me will motivate others”  “People are motivated primarily by money”  “Team members love to receive formal awards”  “Give them a rally slogan”  “The best project leader is a strong cheerleader”  “These people are professionals. They don’t need motivating”  “I’ll motivate them when there is a problem”  “I’ll treat everyone the same” Discussion Communication in Project Management ? The Price of Poor Communication 5Ws and 1H  5Ws  WHO  WHAT  WHEN  WHERE  WHY  1H  HOW Discussion Concurrent Engineering ?  Concurrent Engineering  Concurrent engineering, also known as simultaneous engineering, is a method of designing and developing products, in which the different stages run simultaneously, rather than consecutively.  Decreases product development time  Decreases Time to market  Increase productivity  Reduced costs  Activities of different functions are interdependent – Concurrence of various functions (Cross Functional Team) and doing parallel activities to save Time and Cost with Integration and information sharing. Concurrent Engineering - Comparison Concurrent Engineering Concurrent Engineering Discussion Conflict in Project Management ?  Conflict in Project Management  Project Managers are like warship captains that safely steer the team through the tides of Project Management Conflicts.  Conflicts are inevitable, but not invincible.  The thing to remember is that what you do at the time of conflict defines the type of leader that you are.  Types of Conflict in Project Management  The General Conflict of Chaos  Conflicts due to improper project and task scheduling  When resources are not allocated optimally  When the employees are not assigned definite roles and responsibilities  Conflicts due to the sudden introduction of new project tools  When managerial hierarchies are not properly defined  When the manager or the Officer in charge lacks leadership skills Thank You !!