What is a project?From Larson, Eric W. and Gray, Clifford F. Project Management: The managerialprocess (5th Edition)Project management InstituteA project is a temporary endeavour undertaken to create a unique product, service orresultCharacteristics of a project are as follows: 1. An established objective 2. A defined lifespan with a beginning and an end 3. Usually, the involvement of several departments and professionals 4. Typically doing something that has not been done before 5. Specific time, cost and performance requirementsA PROJECT IS NOT EVERYDAY WORK:It is not routine, repetitive work- not work that somebody has to do overand over again – a project is done only once.Program versus ProjectA program is a group of related projects designed to accomplish a common goal over anextended period of timeProgram ManagementProgram management is the process of managing a group of on-going independent,related projects in a coordinated way to achieve strategic objectivesThe Project Life CycleThe life cycle recognizes that projects have a limited life span and that there arepredictable changes in level of effort and focus over the life of the project.The project life cycle typically passes sequentially through four stages: 1. Defining stage: a. specifications of the project are defined; b. project objectives are established c. teams are formed d. major responsibilities are assigned
2. Planning Stage:a. The e level of effort increases, and plans are developed to determine what the: i. project will entail, ii. when it will be scheduled, iii. whom it will benefit iv. what quality level should be maintained, and v. What the budget will be. 3. Executing stage a. The physical product is produced b. Time, cost and specification measures are used for control c. Is the project on schedule, on budget, and meeting specifications? d. What are the forecasts of each of the measures? e. What revisions/changes are necessary? 4. Closing stage a. Includes three activities: i. Delivering the product to the customer; ii. Redeploying project resources iii. Post project reviewSummary:A project is defined as a no routine, one-time effort limited by time, resources andperformance specifications designed to meet customer needs. One of the distinguishingcharacteristics of project management is that it has both a beginning and an end andtypically consists of four phases: defining, planning, executing and closing.Effective project management begins with selecting and prioritising projects that supportthe firm’s mission and strategy.Successful implementation requires both technical and social skills.Project managers have to plan and budget projects as well as orchestrate thecontributions of others.
What is Project Management?So what is project management?Essentially, project management is the organized and planned effort to accomplish a specifiedobjective. Again, this includes anything from setting up a computer system within a companyoffice or the construction of a building. There are four main points to project management:developing, identifying, quantifying, and determining. Developing - this means putting the plan together, knowing all the details about what the project is and will be Identifying - this is where you identify the tasks and goals involved and how they will be achieved Quantifying - learning how much of which resource will be needed Determining - this is when you figure out the budget for the project and the timelines involved.