Project Management

Project

• A temporary and often customized initiative that consists of many smaller tasks and activities that must be coordinated and completed to finish the entire initiative on time and within budget.

• Are the major value-creation process, and the major activities in the value chain revolve around projects

• Requires systematic management

Project Management

• Involves all activities associated with planning, scheduling, and controlling projects

• Becoming more important in achieving environmental, social, and economic sustainability

Good Project Management

Ensures that an organization’s resources are used efficiently and effectively

Project Management Skills

Are essential to coordinate the multiple project disciplines needed to successfully accomplish a project with complete or partial sustainability objectives and desired outcomes.

1. Define

2. Plan

3. Organize

4. Control

5. Close

The Scope of Project Management: Project Life Cycle

• Build an effective team

• Manage the relationships

• Sufficient technical expertise

Responsibilites of Project Managers

• Manage people individually and as a project team

• Reinforce the commitment and excitement of the project team

• Keep everyone informed

• Build agreements and consensus among the team

• Empower the project team

The scope of Project Management: Project Managers

Activities

Discrete tasks that consume resources and time

Immediate Predecessors

Activities that must be completed immediately before an activity may start

Work Breakdown Structure

A hierarchical tree of end items that will be accomplished by the project team during the project

Project Network

A set of circles or boxes called nodes, which represent activities, and a set of arrows called arcs, which define the precedence relationships between activities.

Critical Path Method

Is an approach to scheduling and controlling project activities

Critical Path

Is the sequence of activities that takes the longest time and defines the total project completion time

• Defines a correct sequence of work

• Assumed to be independent of one another

• Estimates are accurate and stable

• continues uninterrupted until it is completed

CPM assumes:

Project Control

Managers must monitor the performance of the project and take corrective action when needed

Gantt chart

• Is defined as a graphical representation of activity against time; it helps project professionals monitor progress.

• are essentially task scheduling tools: project management timelines and tasks are converted into horizontal bars to form a bar chart

Crashing a project

Refers to reducing the total time to complete the project to meet a revised due date.

Crash Time

is the shortest possible time in which the activity can realistically be completed

Crash Cost

is the total additional cost associated with completing an activity in its crash time rather than in its normal time

Crashing an Activity

Refers to reducing its normal time, possibly up to its limit- the crash time

Project Evaluation and Review Technique

Developed as a means of handling the uncertainties in activity completion times

Optimistic Time

The activity time if everything progresses in an ideal manner

Most Probable Time

Most likely activity time under normal conditions

Pessimistic Time

The activity time if significant breakdowns and/or delays occur

1. Project Definition

2. Resource Planning

3. Project Scheduling

4. Project Control