Week 1 PM

Week 1

Project

A unique and time-limited effort to create a specific product, service, or result; ends when objectives are achieved or abandoned.

Unique Project

It creates something new — a product, service, or process that is new to the team or organization.

Time-limited

Projects have a clear start and finish; they are completed once goals are met, time runs out, or the project is abandoned.

Project Completion

When the objective is achieved, the time limit is reached, or the goal is no longer pursued.

Traditional Measure of Project Success

Finishing on time, within budget, and delivering the promised scope.

Modern Measure of Project Success

Customer satisfaction — meeting or exceeding stakeholder expectations.

Project Constraints

Cost, Scope, Quality, Risk, Resources, and Time.

Triple Constraint

The relationship between scope, time, and cost — changing one affects the others.

Project Phases

Initiation → Planning → Implementation (Execution) → Closing.

Initiation Phase

Define objectives, identify stakeholders, and assess feasibility.

Planning Phase

Develop schedules, budgets, risk plans, and resource allocations.

Implementation Phase

Carry out the plan, coordinate teams, and manage deliverables.

Closing Phase

Deliver final product, release resources, and evaluate project success.

Framework for Project Management

Structure and standardized processes for managing projects effectively.

Project Management Institute (PMI)

A global organization that sets professional standards for project management.

PMI's Process Groups

Initiating, Planning, Executing, Monitoring & Controlling, and Closing.

PMBOK

The Project Management Body of Knowledge — PMI's guide outlining best practices and knowledge areas.

PMBOK Knowledge Areas

Integration, Scope, Time, Cost, and Quality (others include HR, Communication, Risk, Procurement, and Stakeholder Management).

Project Integration Management

Coordinating all project elements to ensure they work together smoothly.

Project Scope Management

Defining and controlling what is included or excluded in the project.

Scope Statement

A document defining the project objectives, deliverables, and boundaries.

Work Breakdown Structure (WBS)

A hierarchical breakdown of all project deliverables into smaller, manageable tasks.

Project Management Methodology

A structured approach with guiding principles and processes for planning, executing, and controlling projects.

Advantages of Project Methodologies

1️⃣ Standardized communication, 2️⃣ Better control and monitoring, 3️⃣ Global competitiveness and risk management.

Disadvantage of Project Methodologies

Can be rigid or misaligned with organizational strategy; not all methods suit every project.

Groups of Methodologies

Uncertainty-based, Process-based, Traditional (Sequential), and Agile.

Uncertainty-based Methodologies

Event Chain Methodology (ECM), Extreme Project Management (XPM).

Process-based Methodologies

PRINCE2, Lean, Six Sigma, Lean Six Sigma.

Traditional/Sequential Methodologies

Waterfall, Critical Path Method (CPM), Critical Chain Project Management (CCPM).

Agile Family Methodologies

Scrum, Kanban, Scrumban, Extreme Programming (XP), Adaptive Project Framework (APF).

PRiSM Methodology

A sustainability-focused method — "Projects integrating Sustainable Methods."

Benefits Realization Management

Focuses on ensuring the project delivers the benefits promised to stakeholders.

Soft Systems Methodology

A holistic, system-based approach to solve complex problems by integrating all aspects of a project situation.