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    Project Management Essentials You Always Wanted To Know: Self Learning Management
    Project Management Essentials You Always Wanted To Know: Self Learning Management
    Project Management Essentials You Always Wanted To Know: Self Learning Management
    Ebook258 pages1 hour

    Project Management Essentials You Always Wanted To Know: Self Learning Management

    By Vibrant Publishers and Kalpesh Ashar

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    About this ebook

    • Simplified explanation of concepts
    • Chapter Summaries
    • Solutions to Practice Exercises
    • Practical approaches for application
    • Best Practices
    • Project Management Templates


    A short, simple, and practical guide to understanding how to manage all kinds of projects!

    As employees move into a project management role, they need to learn new skills. These would include management of several different dimensions of a project to deliver the project successfully. Project Management Essentials You Always Wanted to Know: 5th Edition provides the core information about how to manage the complexity of modern projects with improved easy-to-understand explanations, a new WBS template and a new chapter on Agile. The new edition, includes topics such as:

    • Project management overview
    • Project Initiation - Constraints, Stakeholders, PMO, Life Cycles
    • Project Planning - WBS,CPM, Budgeting, Quality, Resources, Communications, Risk, Procurement, Stakeholders
    • Project Execution - Audits, Resources, Communications
    • Project Monitoring & Controlling - Tracking, Quality Control, Change Control
    • Project Closure
    • Agile Overview (new)


    About the Series
    The Self-Learning Management series is designed to help students, new managers, career switchers and entrepreneurs learn essential management lessons. This series is designed to address every aspect of business from HR to Finance to Marketing to Operations, be it any industry. Each book includes basic fundamentals, important concepts, standard and well-known principles as well as practical ways of application of the subject matter. The distinctiveness of the series lies in that all the relevant information is bundled in a compact form that is very easy to interpret.

    LanguageEnglish
    PublisherVibrant Publishers
    Release dateJan 20, 2022
    ISBN9781636510729
    Project Management Essentials You Always Wanted To Know: Self Learning Management

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      Book preview

      Project Management Essentials You Always Wanted To Know - Vibrant Publishers

      Chapter

      1

      Project Management Overview

      In this chapter, we shall look at the fundamentals of project management. These will form the pillars of our understanding of the chapters that come later.

      The key learning objectives of this chapter are:

      •Understand projects, operations, programs, and portfolios

      •Introduction to project management and PMO

      •Understand the various project constraints and the stakeholders of a project

      •Know the different types of project organizational structures and their impact on a project

      •Understand various types of project life cycles and project management phases applied to a project

      Projects today have become an integral part of our everyday lives—be it at work or home. All changes in business and in personal life are brought about by projects.

      Although projects have been executed for several centuries now, it is only much recently that the need to manage projects using a scientific approach has been felt. This approach ensures greater chances of success but cannot guarantee it. Much still lies in how the project manager is able to apply these concepts to a particular project in the most effective way. Knowing the concepts in project management and their practical application to real-life projects is the starting point for any project manager. This book provides the required knowledge and skills and is written in a way that should be easy to understand for both experienced project managers and those with little or no experience in project management.

      1.1 Project Definition

      We use the word Project to describe various types of work. However, all of them have at least two things in common:

      Start and End / Timeline

      Unique Outcome

      Every project needs to have a planned start date and a planned end date. A project cannot carry on forever. Every project also delivers something that is unique or different than the outcome of any other project. It is possible to deliver similar things but not the same thing. The output can be a product, service, or a combination of both.

      As per Project Management Institute (PMI®), project is defined as A temporary endeavor undertaken to create a unique product, service, or result.

      The above definition of project is actually quite broad in scope and covers everything that has a timeline and differentiable outcome. Some examples of projects at work are:

      •New product development

      •Enhancement in existing product

      •Market research

      •Feasibility study

      •Developing a software application

      •Constructing a building

      Some examples of projects in personal life are:

      •Wedding event management

      •Planning a birthday party

      •Vacation planning and bookings

      •Home improvement

      If the above are examples of a project, then what are the works that are not categorized as projects called? They are called Operations. They are repetitive in nature where similar activities are performed on a regular basis. Some examples of operations are:

      •Manufacturing unit’s assembly line

      •Cleaning a building everyday

      •Regular maintenance of servers, and other electrical equipment

      1.2 Reasons for Starting a Project

      Projects are started for one or more reasons. Each project has certain objectives or goals to achieve. These goals have to be linked with the organization’s strategic goals and will generally provide a boost to the company’s top line (revenue) or help in reduction of costs and, hence, in increasing the bottom line (profit).

      Some projects may also be required due to mandatory regulations, or due to corporate social responsibility (CSR) activities that every company undertakes these days. Below are some reasons for starting a project:

      •Market / Consumer demand

      Example: Project that led to development of Apple’s iPod

      •Technology change

      Example: Project that led to introduction of 3G mobile services

      •Statutory / legal / social mandate

      Example: Project that implemented telecom regulatory requirements, like Number Portability

      •Internal organizational need

      Example: Project that implements a new process for procurement within the company

      1.3 Project Management

      Every project is started with the intention of meeting certain objectives. When one applies his/her knowledge, skills and tools and techniques to manage a project in order to achieve these objectives, it is called Project Management.

      Although it is generally felt that only the project manager is involved in project management, this is usually not true. Every person working on a project performs activities that help in achieving the project’s objectives. Hence, every team member undertakes project management, albeit in lesser proportion than the project manager. This is because team members also perform technical work on the project apart from the overall management of the project.

      1.4 Program & Portfolio

      Projects are either independent of each other or related to each other. The ones that are related need to be managed in a coordinated manner. For example, construction of a building can be divided into various projects like civil work, plumbing work, electrical work, interior work etc., as each of these require different skills. However, all of these projects are closely related and cannot be managed independently of each other. In such cases, we put the projects in a program.

      A program is a collection of related projects that helps in managing them in a better way. There is generally a Program Manager who performs this job of managing the relationship between projects. The individual projects have their own Project Manager who is responsible for managing them.

      Figure 1.1

      A Portfolio is a collection of all work being done (projects, programs, operations) with the same strategic objectives. Most companies designate a person for a large customer account. Generally, this person is referred to as an Account Manager. All projects being carried out for that particular customer are clubbed together and the Account Manager presents them to the customer. Companies working across numerous geographical regions classify projects on the basis of regions, like Americas, Europe, Middle East & Africa, Asia Pacific etc. In such a case, all projects carried out for a particular geographical area are represented by a Region / Country Manager for that area. Whatever be the way to define this engagement, they have one thing in common – strategic objectives for the portfolio of projects. The generic term for such a person representing all work done against common strategic objectives is Portfolio Manager and the projects are said to be part of a portfolio.

      The importance of a portfolio comes from the fact that Portfolio Managers are given targets for the quarter / year by the senior management of the company. These targets can be based on revenue increase, market share, profit margin, resource utilization etc. The Portfolio Manager needs to ensure that all the projects falling under the portfolio are working towards achieving these objectives. A portfolio may contain programs and even any operations being carried out apart from projects.

      Figure 1.2

      1.5 Project Management Office (PMO)

      Today, most companies that execute several projects have a centralized department called Project Management Office (PMO). However, the work performed by the PMO differs. It generally depends upon the size of the company and whether the company’s main business deals with projects or operations. Some companies like auto manufacturers are mainly into the operations business. Others, like infrastructure companies, are mainly into the projects business.

      Consider a start-up company that undertakes projects. Such a company may not have a PMO and the few projects are managed by the project managers in a way that the individual project managers think best. As this company matures into a small-sized company, several projects are carried out and a need is felt to manage projects in a standardized way. This is when a PMO is established, generally with a single person running the show. This person, called the PMO, provides standards, policies, processes and templates to manage projects and the project managers are expected to follow these guidelines.

      When this company matures into a medium-sized company, even more projects are performed and new project managers are hired. Then there is a need to train, coach, and mentor the project managers and also provide centralized project reporting (generally referred to as MIS reporting – Management Information System) to senior management. This additional responsibility is then taken up by the PMO which now becomes a full-fledged department.

      When the company further grows in size, it may opt for a more active PMO that takes complete responsibility of managing all projects in the company. Every time a new project begins, one person from the PMO department is assigned to it as a project manager. The PMO head now functions as a manager of project managers. However, this kind of PMO works best when the company undertakes projects in the same technical field or domain so any project can be assigned to any project manager.

      1.6 Management by Objectives (MBO)

      Companies set targets that they must achieve in the financial year. These apply directly to the senior management of the company. They then set targets for their sub-ordinates that help in achieving the company’s target. This continues to the lowest level in the company where everybody has targets and if all of them achieve them then the company is able to achieve its targets. This way of managing a company is known as Management by Objectives (MBO).

      MBO is a top-down approach wherein the targets are first finalized at the senior management level and are later on refined as they are assigned to the lower levels of the company. Every individual gets targets that are based on the company’s targets. For MBO to work, the senior management has to provide support and should believe in the targets. The targets have to be measurable and achievable. Below are the three stages involved in MBO:

      Setting of unambiguous and realistic targets / objectives

      Periodically evaluating if the targets are being met

      Implementing corrective action, if required, to bring performance in line with the targets

      Companies generally formalize this process in their performance appraisal system. During the beginning of the year, targets are set for each and every employee of the company in a top-down fashion. Later on, the performance is evaluated every quarter or at the end of half a year to see if the targets are being met. This is generally done through a mid-term review process where managers give subjective feedback to subordinates. Any deviations are corrected by taking appropriate action. Then, at the end of the year, the employees are appraised objectively to verify how well they have met the objectives.

      1.7 Constraints

      Every project is managed within certain limitations. The project manager has to keep these factors in mind while planning and executing the project. These factors are called Constraints. Every project has six constraints given below:

      Scope

      The project needs to deliver a certain scope and also manage changes to scope in order to succeed. Scope is the part that specifies what the project needs to deliver. A project’s scope is arrived at from the project’s requirements.

      Time

      The project needs to be completed within the stipulated timeframe.

      Cost / Budget

      The project needs to be done within the stipulated budget.

      Resources

      The work on the project depends a lot on available resources – human resources, machinery, and raw materials.

      Quality

      The product of the project will only be accepted if it is within the given range of defined quality parameters.

      Risk

      Several uncertainties could come in the way of successful project completion, which the

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