Project Management Fundamentals
What is a Project ?
Project is a temporary endeavor undertaken to create a unique product or service.
Building a road is an example of a project. The process of building a road takes a finite amount of time, and produces a unique product. Operations on the other hand are repetitive. Generating bills every month, and broadcasting news everyday are examples of operations.
Subprojects are components of a project that often contracted out.
What is Project Management?
Project Management is the application of knowledge, skills, tools and techniques to project activities to meet project requirements.
Project management is accomplished through the use of the processes such as:
Project managers or the organization can divide projects into above phases to provide better management control with appropriate links to the ongoing operations of the performing organization. Collectively, these phases are known as the project life cycle.
Project stakeholders are individuals and organizations that are actively involved in the project or whose interests may be positively or negatively affected as a result of project execution or project completion.
Key stakeholders on a project include:
What is Program Management ?
A program consists of a related group of projects and Program management is the process of managing multiple on going projects. An example would be that of designing, manufacturing and providing support infrastructure for an automobile make.
In some cases Project Management is a subset of Program Management. The project manager may report to the program manager in such cases. A portfolio consists of multiple programs.
What is Portfolio Management ?
A portfolio is a collection of projects or programs and other work that are grouped together to facilitate effective management of that work to meet strategic business objectives.Organizations manage their portfolios based on specific goals. Senior managers or senior management teams typically take on the responsibility of portfolio management for an organization.
Why do we need Project Management
Difference between Projects and Operations
Triple Constraints - A Balance Project
The triple constraint are cost, time, scope of work, quality and customer satisfaction. These are so intertwined that a change in one will most often cause a change in at least one of the others , For example:
Project Scope is defined by the totality of Time, Cost and Quality.
The management of interpersonal relationships includes:
Forms of Organizations
Organizational theory describes how a company can be organized to complete its work. PMI talks about five types of organizational structure. Each type is described in terms of the project manager's level of authority.
What is a Project Office ?
A formal structure that supports project management within an organization and usually takes one of three forms:
What is PMBOK ?
PMBOK is the bible for Project Management. It stands for Project Management Body of Knowledge (PMBOK). There are nine knowledge areas defined in PMBOK which are as follows
Each Knowledge area has further Processes. There are a total of 44 processes.Each process has following three important parts.
The PMBOK primarily covers each of the processes and its inputs, outputs and related tools and techniques.
Subsequent chapters will explain each process, its inputs, tools and techniques and outputs (ITTO) required.
Further the discipline of Project Management has five process groups. These are -
Each process is part of one of these five project phases. It is important to know the process group for each of the 44 processes.