A project is a sequence of unique, complex and connected activities having one goal or purpose
that must be completed by a specific time, within budget and according to specification.
Characteristics of project:
Has definite start and end dates or duration
Has only one goal
Product or result is unique
One time effort
Has interrelated activities
Involves consumption of human and non-human resources
Involves a certain amount of risk
Project vs operation/process:
1. Projects are a one-time effort whereas processes occur on a daily basis or regularly
2. Projects usually require a unique or a new set of resources whereas operations work
with the already existing resources
What is project management?
Applying a set of skills, knowledge, tools and techniques to project activities to meet project
Ensuring and identifying the requirements of stakeholders are met as the project moves
Balancing different constraints for optimum results e.g. money, time, specifications
Identifying errors and correcting them
5 stages or process groups of project management:
Triple constraints: (also called the proj. mgmt. triangle)
Time – budget – Scope
Project success is defined as project completion:
Within the allocated time period
Within the budgeted cost
At the proper performance or specification level
With acceptance by the customer/user
When you can use the customers name as a reference
With minimum or mutually agreed upon scope changes
Without disturbing the main workflow of the organization
Without changing the corporate culture
A program is defined as a group of related projects managed in a coordinated way to obtain
benefits and control which cannot be achieved by managing them individually.
Program management is defined as the centralized coordinated management of a program to
achieve the program’s strategic objectives and benefits. Projects within a program are related
through the common outcome or collective capability.
Projects within a program may have different objectives but they share a common GOAL.
Both have goals and objectives
Both have definite life spans
Both involve risk
Both incur costs
Both require proper management for success
A program contains a set of projects
A program costs more than any of its component projects
A program continues to use the result of a finished project for a specified time
Projects have only one prime goal whereas programs can have more goals
A program is obviously more difficult to manage than its component projects
Portfolio consists of programs that may not have common objectives but serve specific goals of
an organization e.g. maximizing profits, gaining strategic benefits.
Portfolio mgmt. is the centralized and coordinated mgmt. of an organization’s resources to find
new project opportunities, gain knowledge about these opportunities and be able to rank these
opportunities according to a set of criteria such as risk, strategic importance, cost and returns
etc. It also involves monitoring of programs and projects, in different stages of development,
within the portfolio and adjusting their ranks on the priority scale according to a specific
Proj. mgmt.. office or PMO is an organizational body which has been assigned responsibilities to
effectively manage projects within its domain.
provides standards for performance check and quality control
provides communication channels between personnel on different projects
manages shared resources across different projects
Coaches and trains personnel
Sets management standards
Duties of PM:
Scheduling, Giving an outline of how the project will proceed, estimations, establishment of
scope of work, establishment of communication channels between personnel, contingency
Organize personnel or departments according to their responsibilities, Organize plans showing
the outline of the project, Develop a work breakdown structure.
Hiring personnel for different departments, Explaining their responsibilities to all personnel,
encourage personnel to express their views on proj. mgmt.
Complimenting personnel on good work, work proactively to avoid problems, guide personnel
when needed, coordinate all aspects of the project
Keeping milestone chart, expenditure records, work records, records of meetings and
telephonic conversations, Keep everyone informed about the pace of the project.
Objectives must be:
Objectives are specific, measurable, tangible
Goals are generic, not necessarily measureable or tangible