Lecture Slides 11 26 08

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  • Lecture Slides 11 26 08

    1. 1. ITM 309 Project Management Dr. Frederick Rodammer Michigan State University Eli Broad College of Business [email_address] November 26, 2008
    2. 2. Today’s Learning Objectives <ul><li>List and describe the characteristics of a well-defined project plan </li></ul><ul><li>Explain risk management and how an organization can mitigate risk </li></ul><ul><li>Discuss Insights from Circuit City Case </li></ul>
    3. 3. CLOSING CASE TWO Circuit City <ul><li>Explain why anticipating change would have helped Circuit City remain as an industry leader. </li></ul><ul><li>What are some of the potential risks facing Circuit City’s business model? </li></ul><ul><li>Why would Circuit City benefit from implementing good risk management and change management techniques? </li></ul>
    4. 4. PROJECT MANAGEMENT <ul><li>Project management – the application of knowledge, skills, tools, and techniques to project activities in order to meet or exceed stakeholder needs and expectations from a project </li></ul><ul><li>Project management software – supports the long-term and day-to-day management and execution of the steps in a project </li></ul>
    5. 5. PROJECT MANAGEMENT <ul><li>Project management interdependent variables </li></ul>
    6. 6. PROJECT MANAGEMENT <ul><li>Common reasons why IT projects fall behind schedule or fail </li></ul>
    7. 7. Managing Resources and Maintaining the Project Plan <ul><li>Project plan – a formal, approved document that manages and controls project execution </li></ul><ul><li>A well-defined project plan should be: </li></ul><ul><ul><li>Easy to understand and read </li></ul></ul><ul><ul><li>Communicated to all key participants </li></ul></ul><ul><ul><li>Appropriate to the project’s size, complexity, and criticality </li></ul></ul><ul><ul><li>Prepared by the team, rather than by the individual project manager </li></ul></ul>
    8. 8. Managing Resources and Maintaining the Project Plan <ul><li>Two primary diagrams used in project planning include PERT and Gantt charts </li></ul><ul><ul><li>PERT (Program Evaluation and Review Technique) chart – is a graphical network model that depicts a project’s tasks and the relationships between those tasks ( Dependencies and Critical paths are found in PERT charts) </li></ul></ul><ul><ul><li>Gantt chart – a simple bar chart that depicts project tasks against a calendar </li></ul></ul>
    9. 9. RISK MANAGEMENT FUNDAMENTALS <ul><li>Project risk – an uncertain event or condition that, if it occurs, has a positive or negative effect on a project objective </li></ul><ul><ul><li>Risk management – the process of proactive and ongoing identification, analysis, and response to risk factors </li></ul></ul>
    10. 10. Mitigating Risk <ul><li>Actions to improve risk management capabilities </li></ul><ul><ul><li>Promote project leadership skills </li></ul></ul><ul><ul><li>Learn from previous experience </li></ul></ul><ul><ul><li>Share knowledge </li></ul></ul><ul><ul><li>Create a project management culture </li></ul></ul>
    11. 11. Successful Project Management Strategies <ul><li>Top five successful project management strategies </li></ul><ul><ul><li>Define project success criteria </li></ul></ul><ul><ul><li>Develop a solid project plan </li></ul></ul><ul><ul><li>Divide and conquer </li></ul></ul><ul><ul><li>Plan for change </li></ul></ul><ul><ul><li>Manage project risk </li></ul></ul>
    12. 12. ITM 309 Homework <ul><li>Keep Up: Baltzan Readings and Slides </li></ul><ul><ul><li>Chapters 9, 10, 11 and 12 </li></ul></ul><ul><li>Happy Thanksgiving ! </li></ul>

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