Unit :- 1

Introduction to project management

1. What is project?
A project is a set of tasks that must be completed within a defined timeline to
accomplish a specific set of goals.

A project can be defined as a non – routine, non- repetitive, one -off

undertaking, normally with discrete time, financial and technical performance
of goals.

Project is an organized unit dedicated to the attainment of goal – the

successful completion of a development of project on time, within budget, in
conformance with pre -determined programme specification.

A project is any scheme or a part of a scheme for investing resources which

can be reasonably analysed and evaluated as an independent unit

2. Characteristics of project :-

 Temporary: Projects have a defined beginning and end. They are not ongoing
activities but are designed to achieve specific objectives within a certain timeframe.

 Unique Deliverables: Each project creates a unique product, service, or result. This
could be a tangible product, a new software application, a research report, or a service.

 Progressive Elaboration: Projects develop in steps and continue by increments. As

the project progresses, the team gains more insights, and plans may be adjusted to
reflect new information and understanding.

 Defined Scope and Objectives: Projects have specific goals and objectives that are
defined at the outset. These guide the project's direction and are used to measure its
success.

 Resource Constraints: Projects operate within constraints such as time, budget, and
resources. Effective management of these constraints is critical for project success..

 Risk and Uncertainty: All projects carry some level of risk and uncertainty.
Identifying, assessing, and managing risks is a crucial part of project management.

 Change: Projects often drive change within an organization. They can introduce new
processes, products, or ways of working.
  Customer Focus: Projects typically aim to satisfy specific needs or requirements of
customers or stakeholders. Understanding and managing stakeholder expectations is
vital.

 Lifecycle: Projects follow a lifecycle that includes initiation, planning, execution,

monitoring and controlling, and closing phases.

3. Classification of project:-

According to the source of capital:

 Public: Financing comes from Governmental institutions.
 Private: Financing comes from businesses or private
incentives.
 Mixed: Financing comes from a mixed source of both public
and private funding.
According to complexity:
 Easy: A project is classified as easy when the relationships
between tasks are basic and detailed planning or organisations
are not required. The tasks of the projects can be undertaken
by a small team.
 Complicated: The project network is broad and complicated.
There are many task interdependencies. With these projects,
simplification where possible is everything.
According to those involved:
 Departmental: When a certain department or area of an
organisation is involved.
 Internal: When a whole company itself is involved in the
project’s development.
 Matriarchal: When there is a combination of departments
involved.
 External: When a company outsources external project
manager or teams to execute the project.
According to its objective:
 Production: Oriented at the production of a product or service
taking into consideration a certain determined objective to be
met by an organization.
 Social: Oriented at the improvement of the quality of life of
people. This can be in the form of rendering corporate social
responsibility (CSR) to the people.
 Educational: Oriented at the education of others. This is
always done to make them better.
 Community: Oriented at people too, however with their
involvement.
 Research: Oriented at innovation and the gaining of
knowledge to enhance the operational efficiency of an
organization.
Based on Funding Source:

1. Internally Funded Projects: Financed by the organization's own resources.

2. Externally Funded Projects: Supported by external entities such as government
grants, loans, or investments from third parties.

4. Project lifecycle :-

The project life cycle is made up of five project stages:

project initiation,

project planning,

project execution,

monitoring & control and

project closing.

1. Project Initiation Phase

This usually begins with a business case, feasibility study, cost-benefit

analysis and other types of research to determine whether the project is
feasible and should or shouldn’t be undertaken.

2. Project Planning Phase

This is where the project plan is created, and all involved in the project will
follow it. This phase begins by setting SMART (specific, measurable,
attainable, realistic, timely) goals. The scope of the project is defined and a
project management plan is created, identifying cost, quality, resources and
a timetable. Some of the features of this phase include a scope statement,
setting of milestones, communication, risk management plans and a work
breakdown structure.

3. Project Executing Phase

Now begins the part of the project that most people think of as the project:
executing the tasks, deliverables and milestones defined in the project
scope. Some tasks that make up this phase include developing the team
and assigning resources using key performance indicators, executing the
project plan, procurement management and tracking and monitoring
progress.

4. Project Monitoring and Controlling Phase

The project monitoring and controlling phase consists of setting up controls

and key performance metrics to measure the effectiveness of the project
execution.

5. Project Closing Phase

It’s not over until the project closure phase it’s over. Completing the
deliverables to the satisfaction of your stakeholders is key, of course, but
the project manager must now disassemble the apparatus created to fulfill
the project. That means closing out work with contractors, making sure
everyone has been paid and ensuring that all project documents are signed
off on and archived to help with planning future projects

Project selection criteria:-

1. Strategic Alignment:

 Organizational Goals: The project should support the strategic objectives and long-
term vision of the organization.
 Mission and Values: Alignment with the organization's mission, values, and
priorities.

2. Financial Considerations:

 Return on Investment (ROI): Projects with higher ROI are prioritized as they
promise greater financial returns.
 Net Present Value (NPV): The present value of net cash inflows minus the initial
investment. Positive NPV projects are usually preferred.
 Internal Rate of Return (IRR): The discount rate that makes the NPV of cash flows
equal to zero.
  Payback Period: The time it takes for the project to generate sufficient cash flow to
recover the initial investment.
 Cost-Benefit Analysis: Comparing the costs and benefits to determine the project's
financial viability.

3. Risk Assessment:

 Technical Risks: Potential issues related to the feasibility, technology, and

innovation involved.
 Financial Risks: Uncertainty in cost estimates, funding availability, and financial
stability.
 Operational Risks: Challenges in execution, resource allocation, and operational
impact.
 Market Risks: Fluctuations in market demand, competition, and economic
conditions.

4. Resource Availability:

 Human Resources: Availability and expertise of the personnel required for the
project.
 Financial Resources: Adequate funding and budget allocation for the project.
 Material Resources: Availability of necessary materials, equipment, and technology.

5. Impact on Stakeholders:

 Customer Impact: Benefits and satisfaction for customers or end-users.

 Employee Impact: Effects on staff workload, morale, and development
opportunities.
 Community and Environmental Impact: Social and environmental consequences
and benefits.

6. Legal and Regulatory Compliance:

 Regulatory Requirements: Ensuring the project complies with relevant laws,

regulations, and industry standards.
 Risk of Legal Issues: Potential for legal complications or liabilities.

7. Timeframe and Urgency:

 Project Duration: The estimated time required to complete the project.

 Urgency: The immediacy of the project's need and its time-sensitive nature.

8. Sustainability:

 Long-term Viability: Ensuring the project provides lasting benefits and can be
sustained over time.
 Environmental Sustainability: Minimizing environmental impact and promoting
eco-friendly practices.
Line management :-

Line management refers to the management of employees who are directly involved in the
production or delivery of products, goods and/or services. As the interface between an
organisation and its front-line workforce, line management represents the lowest level of
management within an organisational hierarchy (as distinct from top/executive/senior
management and middle management.

Project management :-

Project management is the act of planning, organizing, and managing a project in order to
achieve a predefined goal or outcome.

Project management is the process of supervising the work of a team to achieve all project
goals within the given constraints

This information is usually described in project documentation, created at the beginning of

the development process.

The primary constraints are scope, time, and budget.[2] The secondary challenge is to
optimize the allocation of necessary inputs and apply them to meet pre-defined objectives.

The objective of project management is to produce a complete project which complies with
the client's objectives.

Roles and responsibilities of project manager :-

A Product Manager (PM) plays a pivotal role in the development and success of a product.

Strategic Responsibilities

1. Vision and Strategy:

o Develop and communicate a clear product vision and strategy that aligns with
the company's goals.
o Define the product roadmap and ensure it supports the strategic objectives.
2. Market Research:
o Conduct market research to understand customer needs, market trends, and
competitive landscape.
o Identify opportunities for new products or improvements to existing products.
3. Business Case Development:
o Develop business cases for new products or features, including cost-benefit
analyses.
o Define and monitor key performance indicators (KPIs) to measure product
success.
Tactical Responsibilities

4. Product Planning:
o Create and maintain a detailed product backlog, prioritizing features based on
business value, customer needs, and technical feasibility.
o Develop detailed product requirements and user stories.

4. Cross-Functional Collaboration:
o Work closely with engineering, design, marketing, sales, and other
departments to ensure successful product development and launch.
o Facilitate communication and decision-making across teams.
5. Project Management:
o Oversee the product development lifecycle, ensuring projects are completed
on time and within budget.
o Manage timelines, resources, and risks associated with product development.

Operational Responsibilities

7. User Experience (UX):

o Collaborate with UX/UI designers to create intuitive and user-friendly
interfaces.
o Conduct usability testing and incorporate feedback to improve the product.
8. Product Launch:
o Plan and execute product launches, including go-to-market strategies,
marketing campaigns, and sales enablement.
o Coordinate with marketing and sales teams to ensure successful product
adoption and customer acquisition.
9. Customer Feedback and Support:
o Gather and analyze customer feedback to identify areas for improvement.
o Work with customer support teams to address issues and improve customer
satisfaction.

Continuous Improvement

10. Product Iteration:

o Continuously monitor product performance and user feedback to drive
ongoing improvements.
o Stay updated with industry trends and incorporate relevant advancements into
the product.
11. Metrics and Analytics:
o Use analytics tools to track product performance and user engagement.
o Report on product metrics and use data-driven insights to guide future
development.

Leadership and Communication

12. Stakeholder Management:

o Communicate product vision, strategy, and progress to stakeholders, including
executives, team members, and customers.
 oBuild and maintain strong relationships with key stakeholders.
13. Team Leadership:
o Lead and mentor product team members, fostering a collaborative and
innovative work environment.
o Champion the product within the organization, ensuring alignment and support
from all departments.

Project management as a profession :-

Project management is a critical profession that involves planning, executing, and overseeing
projects to achieve specific goals within a specified timeframe and budget. It is essential
across various industries, including construction, IT, healthcare, finance, and more. Here’s an
overview of project management as a profession:

Skills Required

1. Technical Skills:
o Proficiency in project management software (e.g., Microsoft Project, Asana,
Trello).
o Knowledge of project management methodologies (e.g., Agile, Waterfall,
PRINCE2).
2. Leadership and Team Management:
o Ability to lead and motivate a team.
o Conflict resolution and problem-solving skills.
3. Communication:
o Strong verbal and written communication skills.
o Ability to effectively communicate with stakeholders at all levels.
4. Time Management:
o Ability to prioritize tasks and manage time effectively.
o Strong organizational skills.
5. Risk Management:
o Ability to identify potential risks and develop mitigation plans.
o Analytical skills to assess and respond to changing project conditions.

Certifications

1. Project Management Professional (PMP):

o Offered by the Project Management Institute (PMI).
o Recognized globally as a standard for project management excellence.
2. Certified Associate in Project Management (CAPM):
o Also offered by PMI.
o Suitable for those starting a career in project management.
3. PRINCE2:
o A process-driven project management method.
o Widely used in the UK and internationally.
4. Agile Certifications:
 o Certifications like Certified ScrumMaster (CSM) and PMI Agile Certified
Practitioner (PMI-ACP) for those working in Agile environments.

Career Path and Opportunities

1. Entry-Level Roles:
o Project Coordinator, Junior Project Manager, Project Assistant.
2. Mid-Level Roles:
o Project Manager, Senior Project Manager, Program Manager.
3. Senior-Level Roles:
o Portfolio Manager, Director of Project Management, Chief Project Officer.
4. Specializations:
o IT Project Manager, Construction Project Manager, Healthcare Project
Manager.

Industry Demand and Salary

 Demand:
o Project managers are in high demand across industries due to the increasing
complexity of projects and the need for skilled professionals to manage them.
 Salary:
o Salaries vary by industry, location, and experience. According to PMI’s salary
survey, project managers in the United States can expect to earn an average
salary ranging from $80,000 to over $150,000 annually.

Challenges

1. Scope Creep:
o Uncontrolled changes or continuous growth in project scope.
2. Resource Constraints:
o Limited availability of resources, including budget, personnel, and equipment.
3. Stakeholder Management:
o Balancing the needs and expectations of various stakeholders.
4. Time Pressure:
o Meeting tight deadlines while maintaining quality standards.