1. modern project management

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Modern Project Management

Chapter 1


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Project?

It is temporary work system constituted by

team within or across organizations to

accomplish particular tasks under time and

budget constraints

A complex, non-routine, one-time effort

limited by time, budget, resources, and

performance specifications designed to meetcustomer needs.


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Characteristics of Project

Consists of temporary activities that have

predetermined start and end dates.

Used for one off, non-repetitive items

Uses restricted time & budget.

It has a single goal or a set of goals.

It uses skills and talents from multipleprofessions and organizations.


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Examples

A market demand (e.g., a consumer product

company authorizing a project to develop a

new fruit drink for kids with less sugar in

response to an increased health awareness)

A business need (e.g., a publisher authorising

a project to write a new book to increase its

revenues)


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Examples

A customer request (e.g., an amusement parkauthorizing a company to develop a new rollercoaster)

A technological advance (e.g., an electronicsfirm authorizing a new project to develop afaster, cheaper, and smaller net book)

A legal requirement (e.g., U.S. federalgovernment authorizes a project to establishlaws for controlling the home loan system)


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Examples

A social need (e.g., a non-governmental

organization authorizing a project to raise the

awareness of donating blood)


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Project Management

Project managementis the application ofknowledge, skills and techniques to executeprojects effectively and efficiently. Its a strategic

competency for organizations, enabling them totie project results to business goals and thus,better compete in their markets.

Defining

Planning

Executing

Closing


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Program

A group of related projects managed in a

coordinated way to obtain benefits and

control not available from managing them

individually.

Characteristics of Program

Deliverable with strategic intent

Significant change in organization

Longer in duration


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Project vs. routine work

Project activities

Expand product line

Building a home Installing new

machine in factory

Developing supplychain information

system

Routine activities

General accounting

Customer service Technical support

Continuous

production


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Project Life Cycle


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Importance of Project Management

Compression of product life cycle

Knowledge Explosion

Triple Bottom Line (Planet, people, Profit)

Corporate Downsizing

Increased Customer Focus


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Project Management today-

Integrative approach

Integration (or centralization) of project

management provides senior management with:

An overview of all project management activities

A big picture of how organizational resources are used

A risk assessment of their portfolio of projects

A rough metric of the firms improvement in managing

projects relative to others in the industry

Linkages of senior management with actual project

execution management


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Major Functions of Portfolio

Management

Monitor aggregate resource levels and skills.

Balance projects in the portfolio in order torepresent a risk level appropriate to the

organization. Improve communication among all stakeholders.

Create a total organization perspective that goesbeyond silo thinking.

Improve overall management of projects overtime


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Aspects of Project Implementation


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Discussion

Individually identify projects assigned in

previous terms. Were both socio-cultural and

technical elements factors in the success or

difficulties in the projects?


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End of Chapter

1. modern project management

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