This document discusses key concepts in project management including defining a project and its attributes, constraints that projects must operate within, the typical life cycle of a project from birth through termination, and the benefits of project management. It outlines the project management process of planning work, defining activities, establishing timelines and budgets, monitoring progress, and taking corrective actions. Globalization can add complexity to managing projects due to external factors like currency fluctuations, regulations, and political relations between countries. When projects are successfully managed, it results in satisfied customers, additional business opportunities, and benefits for the project team members and their careers.

1. Project Management Concepts

2. Learning ObjectivesDefinition of a project and its attributesKey constraints within which a project must be managedHow a project is “born”Life of a projectSteps involved in the project management processImplications of global project managementBenefits of project management

3. Project, DefinedA project is an endeavor to accomplish a specific objective through a unique set of interrelated tasks and the effective utilization of resources.

4. Attributes of a ProjectHas a well-defined objectiveComposed of a series of interdependent tasks Utilizes various resourcesHas a specific time frameMay be a unique or one-time endeavorHas a customerInvolves a degree of uncertainty

5. Examples of Projects Planning a weddingDesigning and implementing a computer systemHosting a holiday partyDesigning and producing a brochureExecuting an environmental clean-up of a contaminated siteHolding a high school reunionPerforming a series of surgeries on an accident victim

6. ConstraintsScopeCostScheduleCustomer satisfaction

7. Unforeseen CircumstancesUnforeseen circumstances may jeopardize achievement of the project objective, such as:Higher than anticipated costsInclement weatherAdditional redesign and modificationsThe challenge facing the project manager is to prevent, anticipate, and/or overcome such circumstances.

8. The Project Life CycleProjects are “born” when a need is identified by the customer.Project life cycles vary in length, from a few weeks to several years.Not all projects formally go through all four phases of the project life cycle.

9. Phases of the Project Life Cycle 1The first phase involves the identification of a need, problem, or opportunity.The need and requirements are usually written by the customer into a document called a request for proposal (RFP).However, not all situations involve a formal RFP.

10. Phases of the Project Life Cycle 2The second phase is the development of a proposed solution to the need or problem.This phase results in the submission of a proposal.The customer and the winning contractor negotiate and sign a contract (agreement).

11. Phases of the Project Life Cycle 3The third phase is performing the project.Different types of resources are utilized.Results in the accomplishment of the project objective.

12. Phases of the Project Life Cycle 4The final phase is terminating the project.Perform close-out activitiesEvaluate performanceInvite customer feedback

13. The Project Management ProcessThe project management process means planning the work and then working the plan.

14. The Project Management Process (Cont.)Clearly define the project objective. Divide and subdivide the project.Define the specific activities that need to be performed.Graphically portray the activities in a network diagram.

15. The Project Management Process (Cont.)Make a time estimate.Make a cost estimate.Calculate a project schedule and budget.

16. Controlling ProjectsEstablish a baseline plan.Monitor progress.Measure actual progress and compare it to planned progress.Take corrective action if the project is behind schedule, overrunning the budget, or not meeting technical specifications.

17. Global Project ManagementGlobalization adds unique dimensions to managing projects.Factors external to the project can create a dynamic, and unstable environment.

18. Global Project Management(Cont.)Influencing factors:Currency fluctuations and exchange ratesCountry-specific work codes and regulationsInterdependence of economiesCorporate joint ventures and partnershipsPolitical relationsAvailability of high-demand workforce skills

19. Benefits of Project ManagementSatisfied customersAdditional businessExpansion of career opportunities Satisfaction of being on a winning team Improved knowledge and skillsWhen projects are successful, everybody WINS!