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Studied by 11 peopleNoteStudied by 52 peopleNoteStudied by 48 peopleNoteStudied by 7 peopleNoteStudied by 10 peopleNoteStudied by 153 people
PM Unit 1
Page 1: Introduction to Projects
Projects can be viewed as the entire process to produce a new product, plant, or system.
Historic context:
Project concepts are not new; mankind created many significant projects in the past under less hostile environments.
Examples include:
Roman Architecture
Egyptian Pyramids
Harappa Township
Page 2: What is Project Management?
Project: A series of milestones or phases, activities, or tasks that support an effort to accomplish something.
Management: The process of planning, organizing, controlling, and measuring operational activities.
Page 3: Defining a Project
A project consists of:
A collection of linked activities,
Organized with a defined START POINT and END POINT,
Designed to achieve specific results to meet organizational needs.
Page 4: Definitions of a Project
A project is a temporary endeavor aimed at creating a unique product or service.
Characteristics:
Performed by people,
Constrained by limited resources,
Planned, executed, and controlled.
Additional stages and definitions:
Configuration freeze stages include:
Preliminary Configuration
Concept Definition Completion
Entry into Service and Type Certification.
Page 5: Purpose of a Project
Aim is to create an asset:
Types of assets:
Tangible (e.g., products, systems)
Intangible (e.g., services, goodwill).
Assets enable production of goods/services, fulfilling human needs, and enhancing the standard of living.
Page 6: Examples of Projects
Examples include:
Developing a new product/service
Organizational structural changes
Designing transportation vehicles
Building community infrastructure (e.g., water systems)
Major events organization (e.g., Cricket World Cup).
Page 7: Components of Project Management
Planning: Most critical yet often least time-consuming step.
Organizing: Arranging resources in an orderly manner (Contingent/Prerequisites).
Controlling: Ensuring project processes are executed effectively.
Measuring: Assessing if goals were accomplished.
Page 8: Measuring Project Success
Questions to assess:
Are we efficient?
Are we productive?
Do outcomes meet expectations?
Key principle: "If you can't plan it, you can't do it; if you can't measure it, you can't manage it."
Page 9: Users of Project Management
Project management is universally applied:
Individuals manage personal tasks with to-do lists.
Any effort to track tasks towards goals can be defined as project management.
Page 10: Importance of Project Management
Key to track progress towards goals.
Optimizes resource usage and maximizes effectiveness in achieving objectives.
Page 11: Time Investment in Project Management
Effective project management requires minimal time compared to the time wasted without it.
Page 12: Why is Project Management Important?
Facilitates clear action paths and work plans:
Unique tasks with specific objectives
Involves various resources
Time-bound nature of tasks.
Page 13: Advantages of Project Management
In-built monitoring
Early identification of bottlenecks
Activity-based costing
Timely completion and reporting.
Page 14: Characteristics of a Project
Established objectives
Defined lifespan (beginning and end)
Unique nature
Cross-organizational participation required.
Involves novel activities, resource consumption, and specific performance criteria.
Page 15: Continued Project Characteristics
Progressive nature - activities follow a sequence.
Defined scope and schedule.
Exposed to risk and uncertainty, with flexibility in the process.
Page 16: Common Project Terms
Deliverables: Tangible outputs of the project.
Milestones: Key dates for major activities.
Tasks: Actions within the project.
Risks and Issues: Potential and encountered problems.
Gantt Chart: Visual task scheduling tool.
Stakeholder: Affected individuals/groups in a project.
Page 17: Basic Elements of a Project
Operations: Tasks to achieve project objectives, sequenced logically.
Resources: Include manpower, finances, methods, materials, machines, and time.
Restraints: External factors affecting project resources and delivery systems.
Page 18: Principles of Project Management
Formal project management structure: Defines processes and tools necessary for a project.
Invested point of contact: Key liaison for stakeholder communication.
Clear goals and outcomes: Requirements for successful project completion.
Documented roles and responsibilities: Ensures accountability.
Risk recognition: Identifying and monitoring project risks.
Strong change management: Control changes to prevent scope creep.
Value delivery capabilities: Tools and methods that deliver project value.
Performance management baseline: Measure against cost, schedule, and scope.
Communication plan: Essential for project transparency and coordination.
Transparency principle: Reporting status and progress to stakeholders.
Page 19: Detailing Project Management Principles
Projects require a structured framework for effective execution, increasing likelihood of timely completion.
Page 20: Importance of Communication
Effective dialogue is crucial in project management, enhancing coordination and timely decision-making.
Page 21: Clear Goals
Measurable criteria for success defined by stakeholder approval.
Page 22: Roles and Responsibilities
Clear definitions of accountability to enhance performance evaluation and team management.
Page 23: Identifying Risks
Proactive identification of risks to minimize project impact.
Page 24: Change Management
Controlled scope to meet customer expectations and manage team dynamics for project pace.
Page 25: Value Delivery
Project management methodologies that ensure delivery of value to stakeholders.
Page 26: Performance Management Baseline
Metrics for measuring project components and managing scope changes effectively.
Page 27: Importance of Communication
Essential for stakeholder engagement and effective management of project risks and conflicts.
Page 28: Transparency Principle
Maintaining visibility of the project to stakeholders, fostering trust and collaboration.
Page 29: Unit 1a: Introduction to Project Generation
Highlights the significance of generating project ideas for successful ventures.
Page 30: Project Programme & Portfolio
Projects can be independent or related;
Programs coordinate related projects for better management.
A portfolio includes all work aligned with strategic objectives.
Page 31: Difference between Projects and Programs
Programs: A series of related projects targeting a common objective.
Example: Completing all courses for a degree.
Page 32: Preventing Project Failure
Weekly reports to track milestones, completion percentages, and potential risks.
Effective team building and realistic scheduling are crucial.
Page 33: Engagement & Ownership
Senior management support from project start enhances engagement and leadership.
Page 34: Skills & Development
Effective skill sets and project management approaches enhance execution efficiency.
Page 35: Inter-Project Coordination
Projects synchronize at the program level to enhance coherence and coordination across tasks.
Page 36: Project Portfolio Management
Ensures alignment and resource optimization across all projects, programs, and operations.
Page 37: Idea Generation
Conducive environments and SWOT analysis can stimulate the flow of project ideas.
Page 38: SWOT Analysis
A method to identify opportunities and assess project potential.
Page 39: Articulation of Objectives
Clearly defined operational goals lead to productive focus and success.
Page 40: Fostering Climate for Creativity
Successful organizational environments encourage innovation and creativity.
Page 41: Business Environment Monitoring
Key areas of monitoring include socio-economic and market conditions.
Page 42: Key Environmental Monitoring Areas
Economic, governmental, technological, demographic, and competitive environment.
Page 43: Economic Sector Monitoring
Monitoring economic growth rates, trade balances, and overall economic conditions.
Page 44: Government Sector Monitoring
Keeping track of policies, taxes, and regulations that affect project viability.
Page 45: Technological Sector Monitoring
Continued access to innovative techniques and technologies is vital.
Page 46: Socio-Demographic Monitoring
Understanding demographic trends and their implications for market projects.
Page 47: Competitive Sector Monitoring
Assessing market competition and entry barriers in a given sector.
Page 48: Corporate Appraisal
Evaluating corporate strengths and weaknesses to identify investment opportunities.
Page 49: Important Aspects of Corporate Appraisal
Examines marketing, production, human resources, and finance.
Page 50: Corporate Marketing & Distribution
Key classifications to assess market standing and influence.
Page 51: Production & Operations
Evaluating operational capacity and production capacity considerations.
Page 52: R&D Evaluation
Critical for assessing product development capabilities and research efficacy.
Page 53: Personnel and Corporate Resources
Examining employee competencies and management dynamics.
Page 54: Finance & Accounting
Assessing financial health, borrowing strengths, and cash flow.
Page 55: Investment Opportunity Tools
Tools like Porter model and lifecycle approaches to identify investment prospects.
Page 56: Porter's Five Forces Model
Identifies competitive forces that shape an industry’s attractiveness.
Page 57: Overview of Competition Factors
Detail on the structure of competitive pressures affecting industries.
Page 58: Structural Determinants of Competition
Captures the dynamics within competitive forces and market structures.
Page 59: Life Cycle Approach to Products
Stages outlined from introduction to growth to decline.
Page 60: Company Strategy and Life Cycle Effects
Projects must adapt to lifecycle phases for sustained competitiveness.
Page 61: Experience Curve Framework
Cost efficiency improves over production volume accumulation.
Page 62: Factors Affecting Cost Per Unit
Learning, technology, and scale effects on cost behaviors.
Page 63: Timely Application of Experience Curve
Utilizes key factors for planning and efficient resource allocation.
Page 64: Preliminary Screening
Initial factors for project compatibility with organizational goals.
Page 65: Compatibility with Promoter
Rapid growth and high return on investment potential clarified.
Page 66: Governmental Priorities
Ensuring project alignment with national goals and feasible execution.
Page 67: Market Size Adequacy
Assessing if existing and prospective market demand aligns with capabilities.
Page 68: Risk Factors Acceptability
Evaluating associated risks such as competition and economic conditions.
Page 69: Sources for Project Ideas
Utilizing performance analysis, reviews, and industry trends.
Page 70: Idea Scouting Techniques
Creative approaches to identify and tap into market needs and trends.
Page 71: Entrepreneurial Questions
Key questions guiding project viability and operational strategy.
Page 72: Traits of Successful Entrepreneurs
Highlights attributes essential for entrepreneurial success.
Page 73: Project Rating Index Construction
Steps to rate and evaluate project proposals effectively.
Page 74: Factor Evaluation Scores
Assignment of weights and scoring of proposals for comparison.
Page 75: Competitive Intelligence
Gathering information to forecast competitor actions and market responses.
Page 76: Competitor Strength and Weakness Analysis
Evaluation of a competitor's capabilities across business functions.
Page 77: Framework for Competitor Analysis
Evaluation of competitor strategies and responses to environmental changes.
Page 78: Competitor Analysis Strategies
Objectives and strategies for competitive positioning.
Page 79: Future Objectives & Strategy
Predictions and strategies based on competitor analysis findings.
Page 80: Capabilities Comparison
Detailed assessments of strengths and weaknesses relative to competitors.
Page 81: Entry Barriers for Positive NPV
Factors that enhance the attractiveness of projects through entry barriers.
Page 82: BCG Matrix Introduction
Strategic framework for analyzing business units within a portfolio.
Page 83: BCG Matrix Effectiveness
Visual representation of business unit performance across growth rates.
Page 84: Market Share Position in BCG
Relative market share definitions guiding strategic decisions.
Page 85: BCG Matrix Analysis
Displays conditions for Stars, Cash Cows, Question Marks, and Dogs.
Page 86: Return Strategies in BCG
Consideration of strong cash flow and growth potential in strategic planning.
Page 87: Characteristics of Stars
Ideal segments for long-term investment and growth management strategies.
Page 88: Managing Question Marks
Growth potential assessment for lower market share units in growth sectors.
Page 89: Cash Cow Strategies
Revenue management strategies for high-share, low-growth business units.
Page 90: Managing Dogs
Cost strategies for low growth & share business units.
Page 91: Overview of Market Dynamics
Visualizations of growth rates within the competitive landscape.
Page 92: BCG Matrix Evaluation
Addressing limitations and advantages of the BCG framework.
Page 93: Industry Attractiveness Assessment
GE Business Screen's nine-cell matrix criteria for assessing sectors.
Page 94: GE/McKinsey Matrix Overview
Versatile tool for evaluating business units and strategic orientations.
Page 95: Corporate Portfolio Analysis
Insights and evaluations for diversifying corporate portfolios effectively.
Page 96: GE Nine-Cell Matrix Criteria
Detailed definitions of business strength and industry attractiveness.
Page 97: Plotting Positioning in GE Matrix
Visual assessment of business units relative to the competitive landscape.
Page 98: Strategic Overview of Nine Cells
Utilization of the matrix for strategic resource allocation and decision-making.
Page 99: Strategic Signals from GE Matrix
Guidelines for investment, expansion, and divestment actions.
Page 100: Comparison of BCG and GE Matrices
Analyzes distinctions in approach toward business and industry evaluation.
Page 101: Quality Assessment of GE Matrix
Merits and limitations identified in six key areas for evaluation.
Page 102: Selection of Analytical Matrix
Considerations for varying analytical frameworks based on situational contexts.
Page 103: Overview of Project Resource Commitment
Strategies for allocating resources effectively across multiple projects.
Page 104: Project Management Techniques
Overview of techniques supporting effective project management.
Page 105: Project Execution and Planning Techniques
Key methodologies in project management for execution.
Page 106: Project Control Techniques
Essential budgeting and productivity control methods in project management.
Page 107: Responsibility Assignment Matrix
Utilization of a RACI model to clarify project roles and responsibilities.
Page 108: Work Breakdown Structure (WBS)
Visual tool for project task organization into manageable parts.
Page 109: Line of Balance (LOB)
Tracking task completion visually to assess project balance.
Page 110: Importance of Project Selection
Framework guiding project selection based on strategic fit and value.
Page 111: Advantages of Project Prioritization
Prioritizing projects enhances resources, decision-making, and success chances.
Page 112: Benefits of Selection Processes
Resource Maximization
Strategic Alignment
Improved Decision-Making
Risk Management
Increased Success Rates
Better Communication
Page 113: Focus Areas in Project Selection
Areas essential for evaluating project potential and alignment with objectives.
Page 114: Regulatory Considerations in Project Selection
Ensuring compliance with legal and regulatory implications.
Page 115: Steps in Project Selection
A thorough methodology involving evaluation, comparison, and selection.
Page 116: Project Selection Models
Criteria guiding prioritization based on competitive advantage and necessity.
Page 117: Selection Criteria Importance
Establishment of criteria to guide project evaluation and decision-making.
Page 118: Financial Evaluation Methods
Methods for assessing projects based on economic viability.
Page 119: Benefit/Cost Ratio Analysis
Utilization in project assessment to weigh potential returns against costs.
Page 120: Scoring Model in Management
Objective criteria-based selection for project prioritization.
Page 121: Evaluating Net Present Value
Encourages selection of projects that provide positive returns over time.
Page 122: Internal Rate of Return Overview
Used to assess project profitability through comparison of cash inflows and outflows.
Page 123: Constrained Optimization Methods
Linear Programming
Non-Linear Programming
Dynamic Programming
Others
Page 124: Non-Financial Considerations in Projects
Elements like customer service relationships and strategic goals in project evaluation.
Page 125: Criteria for Develop Selection Framework
Establishing organizational goals, market conditions, and practices for project evaluation.
Page 126: Steps in Project Selection Process
Structured evaluation from ideas to project definition and selection.
Page 127: Comparative Project Benefits
Evaluating projects based on their benefits relative to organizational objectives.
Page 128: Project Necessity Evaluation
Projects necessary for operational continuity and market competitiveness.
Page 129: Project Planning Fundamentals
Phase in the project life cycle.
Involves defining objectives, initiating scheduling, and reporting progress.
NoteStudied by 11 peopleNoteStudied by 52 peopleNoteStudied by 48 peopleNoteStudied by 7 peopleNoteStudied by 10 peopleNoteStudied by 153 people