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PM/U1 Topic 1 Project Management Objectives and Importance Objective In brief, project management objectives are the successful development of the project’s procedures of initiation, planning, execution, regulation and closure as well as the guidance of the project team’s operations towards achieving all the agreed upon goals within the set scope, time, quality and budget standards. Projects are temporary and, in a sense, unique endeavors. Temporary because they only happen once and have a specific duration and unique in that they are not routine enterprises, but a set of procedures intended to produce a singular product, outcome, service or result. At the core of all projects lies the element of collaboration and communication, with all stakeholders, the clients, the project team, the organization or even the wider community. To this end, project management is where all processes meet, the central focal point from which all procedures derive, are specifically defined, scheduled and organized, following which they are communicated and assigned and subsequently followed up on and evaluated. What are the objectives of project management, a closer look: The successful development and implementation of all project’s procedures . A project, regardless of its size, generally involves five distinctive phases of equal importance: Initiation, Planning and Design, Construction and Execution, Monitoring and Control, Completion. The smooth and uninterrupted development and execution of all the above phases ensures the success of a project. Productive guidance, efficient communication and apt supervision of the project’s team. Always keep in mind that the success or failure of a project is highly dependent on teamwork, thus, the key to success is always in collaboration. To this end, the establishment of good communication is of major importance. On one hand, information needs to be articulated in a clear, unambiguous and complete way, so everything is comprehended fully by everyone and on the other hand, is the ability to be able listen and receive constructive feedback. The achievement of the project’s main goal within the given constraints. The most important constraints are, Scope in that the main goal of the project is completed within the estimated Time, while being of the expected Quality and within the estimated Budget. Staying within the agreed limitations always feeds back into the measurement of a project’s performance and success. Optimization of the allocated necessary inputs and their application to meeting the project’s pre-defined objectives, is a matter where is always space for improvement. All processes and procedures can be reformed and upgraded to enhance the sustainability of a project and to lead the team through the strategic change process. Production of a complete project which follows the client’s exclusive needs and objectives.This might mean that you need to shape and reform the client’s vision or to negotiate with them as regards the project’s objectives, to modify them into feasible goals. Once the

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Page 1: PM/U1 Topic 1 Project Management Objectives and Importance · Good project management demands gated phases where teams can assess the output for quality, applicability, and ROI. Project

PM/U1 Topic 1 Project Management

Objectives and Importance Objective

In brief, project management objectives are the successful development of the project’s

procedures of initiation, planning, execution, regulation and closure as well as the guidance of

the project team’s operations towards achieving all the agreed upon goals within the set scope,

time, quality and budget standards.

Projects are temporary and, in a sense, unique endeavors. Temporary because they only happen

once and have a specific duration and unique in that they are not routine enterprises, but a set of

procedures intended to produce a singular product, outcome, service or result.

At the core of all projects lies the element of collaboration and communication, with all

stakeholders, the clients, the project team, the organization or even the wider community. To this

end, project management is where all processes meet, the central focal point from which all

procedures derive, are specifically defined, scheduled and organized, following which they are

communicated and assigned and subsequently followed up on and evaluated.

What are the objectives of project management, a closer look:

The successful development and implementation of all project’s procedures. A project,

regardless of its size, generally involves five distinctive phases of equal importance: Initiation,

Planning and Design, Construction and Execution, Monitoring and Control, Completion. The

smooth and uninterrupted development and execution of all the above phases ensures the success

of a project.

Productive guidance, efficient communication and apt supervision of the project’s team.

Always keep in mind that the success or failure of a project is highly dependent on teamwork,

thus, the key to success is always in collaboration. To this end, the establishment of good

communication is of major importance. On one hand, information needs to be articulated in a

clear, unambiguous and complete way, so everything is comprehended fully by everyone and on

the other hand, is the ability to be able listen and receive constructive feedback.

The achievement of the project’s main goal within the given constraints. The most important

constraints are, Scope in that the main goal of the project is completed within the estimated

Time, while being of the expected Quality and within the estimated Budget. Staying within the

agreed limitations always feeds back into the measurement of a project’s performance and

success.

Optimization of the allocated necessary inputs and their application to meeting the project’s

pre-defined objectives, is a matter where is always space for improvement. All processes and

procedures can be reformed and upgraded to enhance the sustainability of a project and to lead

the team through the strategic change process.

Production of a complete project which follows the client’s exclusive needs and

objectives.This might mean that you need to shape and reform the client’s vision or to negotiate

with them as regards the project’s objectives, to modify them into feasible goals. Once the

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client’s aims are clearly defined they usually impact on all decisions made by the project’s

stakeholders. Meeting the client’s expectations and keeping them happy not only leads to a

successful collaboration which might help to eliminate surprises during project execution, but

also ensures the sustainability of your professional status in the future.

Project management is a flourishing field that keeps growing in knowledge and interest at a

considerable rate. Understanding project management objectives in-depth is the first step to

success, as you will fully realize what it takes to be efficient, effective and competitive in a

shifting, complex and at times unpredictable environment. Due to the nature of project

management, which differs from typical management by the innovative, unique and

multidisciplinary character of most projects, it is generally agreed that it requires its own tools

and techniques. Keep in mind that these tools and techniques do not apply to all projects, so

make sure you choose wisely and adjust accordingly.

Importance

1. Strategic Alignment

Project management is important because it ensures what is being delivered, is right, and

will deliver real value against the business opportunity.

Every client has strategic goals and the projects that we do for them advance those goals. Project

management is important because it ensures there’s rigor in architecting projects properly so that

they fit well within the broader context of our client’s strategic frameworks Good project

management ensures that the goals of projects closely align with the strategic goals of the

business.

In identifying a solid business case, and being methodical about calculating ROI, project

management is important because it can help to ensure the right thing is delivered, that’s going to

deliver real value.

Of course, as projects progress, it is possible that risks may emerge, that turn into issues or even

the business strategy may change. But a project manager will ensure that the project is part of

that realignment. Project management really matters here because projects that veer off course,

or which fail to adapt to the business needs may end up being expensive and/or unnecessary.

2. Leadership

Project management is important because it brings leadership and direction to projects.

Without project management, a team can be like a ship without a rudder; moving but without

direction, control or purpose. Leadership allows and enables a team to do their best work. Project

management provides leadership and vision, motivation, removing roadblocks, coaching and

inspiring the team to do their best work.

Project managers serve the team but also ensure clear lines of accountability. With a project

manager in place there’s no confusion about who’s in charge and in control of whatever’s going

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on in a project. Project managers enforce process and keep everyone on the team in line too

because ultimately they carry responsibility for whether the project fails or succeeds.

3. Clear Focus & Objectives

Project management is important because it ensures there’s a proper plan for executing on

strategic goals.

Where project management is left to the team to work out by themselves, you’ll find teams work

without proper briefs, projects lack focus, can have vague or nebulous objectives, and leave the

team not quite sure what they’re supposed to be doing, or why.

As project managers, we position ourselves to prevent such a situation and drive the timely

accomplishment of tasks, by breaking up a project into tasks for our teams. Oftentimes, the

foresight to take such an approach is what differentiates good project management from bad.

Breaking up into smaller chunks of work enables teams to remain focused on clear

objectives, gear their efforts towards achieving the ultimate goal through the completion of

smaller steps and to quickly identify risks, since risk management is important in project

management.

Often a project’s goals have to change in line with a materializing risk. Again, without dedicated

oversite and management, a project could swiftly falter but good project management (and a

good project manager) is what enables the team to focus, and when necessary refocus, on their

objectives.

4. Realistic Project Planning

Project management is important because it ensures proper expectations are set around

what can be delivered, by when, and for how much.

Without proper project management, budget estimates and project delivery timelines can be set

that are over-ambitious or lacking in analogous estimating insight from similar projects.

Ultimately this means without good project management, projects get delivered late, and over

budget.

Effective project managers should be able to negotiate reasonable and achievable deadlines and

milestones across stakeholders, teams, and management. Too often, the urgency placed on

delivery compromises the necessary steps, and ultimately, the quality of the project’s outcome.

We all know that most tasks will take longer than initially anticipated; a good project manager is

able to analyze and balance the available resources, with the required timeline, and develop a

realistic schedule. Project management really matters when scheduling because it brings

objectivity to the planning.

A good project manager creates a clear process, with achievable deadlines, that enables everyone

within the project team to work within reasonable bounds, and not unreasonable expectations.

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5. Quality Control

Projects management is important because it ensures the quality of whatever is being

delivered, consistently hits the mark.

Projects are also usually under enormous pressure to be completed. Without a dedicated project

manager, who has the support and buy-in of executive management, tasks are underestimated,

schedules tightened and processes rushed. The result is bad quality output. Dedicated project

management ensures that not only does a project have the time and resources to deliver, but also

that the output is quality tested at every stage.

Good project management demands gated phases where teams can assess the output for quality,

applicability, and ROI. Project management is of key importance to Quality Assurance because it

allows for a staggered and phased process, creating time for teams to examine and test their

outputs at every step along the way.

6. Risk Management

Project management is important because it ensures risks are properly managed and

mitigated against to avoid becoming issues.

Risk management is critical to project success. The temptation is just to sweep them under the

carpet, never talk about them to the client and hope for the best. But having a robust process

around the identification, management and mitigation of risk is what helps prevent risks from

becoming issues.

Good project management practice requires project managers to carefully analyze all potential

risks to the project, quantify them, develop a mitigation plan against them, and a contingency

plan should any of them materialize. Naturally, risks should be prioritized according to the

likelihood of them occurring, and appropriate responses are allocated per risk. Good project

management matters in this regard, because projects never go to plan, and how we deal with

change and adapt our plans is a key to delivering projects successfully.

7. Orderly Process

Project management is important because it ensures the right people do the right things, at

the right time – it ensures proper project process is followed throughout the project

lifecycle.

Surprisingly, many large and well-known companies have reactive planning processes. But

reactivity – as opposed to proactivity – can often cause projects to go into survival mode. This is

a when teams fracture, tasks duplicate, and planning becomes reactive creating inefficiency and

frustration in the team.

Proper planning and process can make a massive difference as the team knows who’s doing

what, when, and how. Proper process helps to clarify roles, streamline processes and inputs,

anticipate risks, and creates the checks and balances to ensure the project is continually aligned

with the overall strategy. Project management matters here because without an orderly, easily

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understood process, companies risk project failure, attrition of employee trust and resource

wastage.

8. Continuous Oversight

Project management is important because it ensures a project’s progress is tracked and

reported properly.

Status reporting might sound boring and unnecessary – and if everything’s going to plan, it can

just feel like documentation for documentation’s sake. But continuous project oversight,

ensuring that a project is tracking properly against the original plan, is critical to ensuring that a

project stays on track.

When proper oversight and project reporting is in place it makes it easy to see when a project is

beginning to deviate from its intended course. The earlier you’re able to spot project deviation,

the easier it is to course correct.

Good project managers will regularly generate easily digestible progress or status reports that

enable stakeholders to track the project. Typically these status reports will provide insights into

the work that was completed and planned, the hours utilized and how they track against those

planned, how the project is tracking against milestones, risks, assumptions, issues and

dependencies and any outputs of the project as it proceeds.

This data is invaluable not only for tracking progress but helps clients gain the trust of other

stakeholders in their organization, giving them easy oversight of a project’s progress.

9. Subject Matter Expertise

Project management is important because someone needs to be able to understand if

everyone’s doing what they should.

With a few years experience under their belt, project managers will know a little about a lot of

aspects of delivering the projects they manage. They’ll know everything about the work that

their teams execute; the platforms and systems they use, and the possibilities and limitations, and

the kinds of issues that typically occur.

Having this kind of subject matter expertise means they can have intelligent and informed

conversations with clients, team, stakeholders, and suppliers. They’re well equipped to be the

hub of communication on a project, ensuring that as the project flows between different teams

and phases of work, nothing gets forgotten about or overlooked.

Without subject matter expertise through project management, you can find a project becomes

unbalanced – the creatives ignore the limitations of technology or the developers forget the

creative vision of the project. Project management keeps the team focussed on the overarching

vision and brings everyone together forcing the right compromises to make the project a success.

10. Managing and Learning from Success and Failure

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Project management is important because it learns from the successes and failures of the

past.

Project management can break bad habits and when you’re delivering projects, it’s important to

not make the same mistakes twice. Project managers use retrospectives or post project reviews to

consider what went well, what didn’t go so well and what should be done differently for the next

project.

This produces a valuable set of documentation that becomes a record of “dos and don’ts” going

forward, enabling the organization to learn from failures and success. Without this learning,

teams will often keep making the same mistakes, time and time again. These retrospectives are

great documents to use at a project kickoff meeting to remind the team about failures such as

underestimating projects, and successes such as the benefits of a solid process or the importance

of keeping time sheet reporting up to date!

Tools and Techniques of Project Management Techniques in project management range from traditional to innovative ones. Which one to

choose for running a project, depends on project specifics, its complexity, teams involved, and

other factors. Most of them can be used in various fields, however, there are techniques that are

traditionally used in certain areas of activity, or are developed specifically for certain fields.

Below, we’ve listed the most popular techniques that are used in project management.

Classic Technique

The simplest, traditional technique is sometimes the most appropriate for running projects. It

includes preparing a plan of upcoming work, estimating tasks to perform, allocating resources,

providing and getting feedback from the team, and monitoring quality and deadlines.

Where to use: this technique is ideal for running projects performed by small teams, when it’s

not really necessary to implement a complex process.

Waterfall Technique

This technique is also considered traditional, but it takes the simple classic approach to the new

level. As its name suggests, the technique is based on the sequential performance of tasks. The

next step starts when the previous one is accomplished. To monitor progress and performed

steps, Gantt charts are often used, as they provide a clear visual representation of phases and

dependencies.

Where to use: this technique is traditionally used for complex projects where detailed phasing is

required and successful delivery depends on rigid work structuring.

Agile Project Management

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Agile project management method is a set of principles based on the value-centered approach. It

prescribes dividing project work into short sprints, using adaptive planning and continual

improvement, and fostering teams’ self-organization and collaboration targeted to producing

maximum value. Agile frameworks include such techniques as Scrum, Kanban, DSDM, FDD,

etc.

Where to use: Agile is used in software development projects that involve frequent iterations and

are performed by small and highly collaborative teams.

Rational Unified Process

Rational Unified Process (RUP) is a framework designed for software development teams and

projects. It prescribes implementing an iterative development process, where feedback from

product users is taken into account for planning future development phases.

Where to use: RUP technique is applied in software development projects, where end user

satisfaction is the key requirement.

Program Evaluation and Review Technique

Program Evaluation and Review Technique (PERT) is one of widely used approaches in various

areas. It involves complex and detailed planning, and visual tracking of work results on PERT

charts. Its core part is the analysis of tasks performed within the project. Originally, this

technique was developed by the US Navy during the Cold War to increase efficiency of work on

new technologies.

Where to use: this technique suits best for large and long-term projects with non-routine tasks

and challenging requirements.

Critical Path Technique

Actually, this technique is an algorithm for scheduling and planning project works that is often

used in conjunction with the PERT method discussed above. This technique involves detecting

the longest path (sequence of tasks) from the beginning to the end of a project, and defining the

critical tasks. Critical are tasks that influence the deadlines of the entire project, and require

closer attention and thorough control.

Where to use: Critical Path technique is used for complex projects where delivery terms and

deadlines are critical, in such areas as construction, defense, software development, and others.

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Critical Chain Technique

Critical Chain is a more innovative technique that derives from PERT and Critical Path methods.

It is less focused on rigid task order and scheduling, and prescribes more flexibility in resource

allocation and more attention to how time is used. This technique emphasizes prioritization,

dependencies analysis, and optimization of time expenses.

Where to use: like the previous two techniques, it is used in complex projects. As it is focused on

time optimization and wise resource allocation, it suits best for projects where resources are

limited.

Extreme Project Management

Extreme project management technique (XPM) emphasizes elasticity in planning, open

approach, and reduction of formalism and deterministic management. Deriving from extreme

programming methods, it is focused on human factor in project management rather than on

formal methods and rigid phases.

Where to use: XPM is used for large, complex and uncertain projects where managing uncertain

and unpredictable factors is required.

Project Management Tools

When applying any of the techniques to the project you need to accomplish, you also need to use

specific tools for successfully implementing the technique. Here’s a list of software tools that are

used in project management on different work steps.

Organizing Workflow & Planning

This step is the core part of starting a project: it defines how the project will be performed, and

how the quality of its outcome will be ensured. Large companies often use such comprehensive

solutions as MS Project. For smaller teams, various alternatives are available. They don’t provide

all the rich functionality typical to complex and expensive tools, but they have planning and

roadmap features that are sufficient for visualizing future project progress.

Communication

Being the key point in many techniques and methodologies, communication within a project

team needs to be properly organized. While using email for formal communication and important

messages, it’s also essential to have a corporate messenger – Slack and Skype are the most

popular ones. And, if your team members use different tools to communicate, eliminate the pain

of having multiple messengers by integrating them.

Scheduling

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When allocating resources and planning for future, it’s crucial to know who on the team is

available for specific dates. Use scheduling software for that! Such tools as actiPLANS provide a

clear visual chart of absences for upcoming dates, and allow to see all necessary details to team

members’ leaves and time off.

Time management

Knowing where your team’s time goes not just helps managing current project risks. It also

provides valuable information for future planning and estimating. Time management tools, such

as actiTIME, help managers understand both individual time expenses and team’s results for any

period. Informative reports with time & cost summaries and notes to the logged time provide

insights into how time is used and what can be optimized.

Finance & Accounting

For any project manager and business owner, understanding financial outcome of the projects is

crucial for analysis and future planning. Most used accounting tools – QuickBooks, Zoho,

Freshbooks – help collect this information. For smaller project teams, other accounting

solutions can be reasonable. They require less investment, but also provide insights on project

profitability, teams’ performance, and estimation accuracy.

Project Team, Role and Responsibilities of

Project Manager Project Team

Successful projects are usually the result of careful planning and the talent and collaboration of a

project’s team members. Projects can’t move forward without each of its key team members, but

it’s not always clear who those members are, or what roles they play. Here, we’ll describe five

roles – project manager, project team member, project sponsor, executive sponsor and business

analyst – and describe their associated duties.

Project Manager

The project manager plays a primary role in the project, and is responsible for its successful

completion. The manager’s job is to ensure that the project proceeds within the specified time

frame and under the established budget, while achieving its objectives. Project managers make

sure that projects are given sufficient resources, while managing relationships with contributors

and stakeholders.

Project manager duties:

Develop a project plan

Manage deliverables according to the plan

Recruit project staff

Lead and manage the project team

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Determine the methodology used on the project

Establish a project schedule and determine each phase

Assign tasks to project team members

Provide regular updates to upper management

Project Team Member

Project team members are the individuals who actively work on one or more phases of the

project. They may be in-house staff or external consultants, working on the project on a full-time

or part-time basis. Team member roles can vary according to each project.

Project team member duties may include:

Contributing to overall project objectives

Completing individual deliverables

Providing expertise

Working with users to establish and meet business needs

Documenting the process

Project Sponsor

The project sponsor is the driver and in-house champion of the project. They are typically

members of senior management – those with a stake in the project’s outcome. Project sponsors

work closely with the project manager. They legitimize the project’s objectives and participate

in high-level project planning. In addition, they often help resolve conflicts and remove obstacles

that occur throughout the project, and they sign off on approvals needed to advance each phase.

Project sponsor duties:

Make key business decisions for the project

Approve the project budget

Ensure availability of resources

Communicate the project’s goals througout the organization

Executive Sponsor

The executive sponsor is ideally a high-ranking member of management. He or she is the visible

champion of the project with the management team and is the ultimate decision-maker, with final

approval on all phases, deliverables and scope changes.

Executive sponsor duties typically include:

Carry ultimate responsibility for the project

Approve all changes to the project scope

Provide additional funds for scope changes

Approve project deliverables

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Business Analyst

The business analyst defines needs and recommends solutions to make an organization better.

When part of a project team, they ensure that the project’s objectives solve existing problems or

enhance performance, and add value to the organization. They can also help maximize the value

of the project deliverables.

Business analyst duties:

Assist in defining the project

Gather requirements from business units or users

Document technical and business requirements

Verify that project deliverables meet the requirements

Test solutions to validate objectives

Role and Responsibilities of Project Manager

The role of the project manager encompasses many activities including:

Planning and Defining Scope

Activity Planning and Sequencing

Resource Planning

Developing Schedules

Time Estimating

Cost Estimating

Developing a Budget

Documentation

Creating Charts and Schedules

Risk Analysis

Managing Risks and Issues

Monitoring and Reporting Progress

Team Leadership

Strategic Influencing

Business Partnering

Working with Vendors

Scalability, Interoperability and Portability Analysis

Controlling Quality

Benefits Realisation

Determinants of Project Success

1. Smart People

Without the right team in place, any strategy and plan has the potential of completely

falling apart. Because of this, the core project staff, expert resources, suppliers and all

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stakeholders should be part of the team dynamic. All of those involved must have

commitment to the group, share similar visions for the projects and strive for overall

success.

Project managers can face serious trouble if inadequacy is present within the team. Inept

leadership or an out-of-sync team can send a project towards failure. It is important to

assign the right people to each aspect of the project and make sure that they are working

well together. Additionally, the entire team should be completely informed and involved

in order to have the most successful outcome, which means that communication has to be

on par.

Use a software tool to get everyone online and using a central repository of information.

Tools like Copper Project not only allow you to manage the To-Dos and Project plans,

but will also allow you to set the availability of your resources, and then book their time

on specific tasks/projects. Once they’ve logged their time, you have a powerful system

that not only automates time-sheets/invoicing, but stops your project processes falling

apart when your staff move on. 2. Smart Planning

Comprehensive planning sets up a project for success from the start. All stakeholders

should be on board during the planning process and always know in which direction the

project is going to go. Planning can help the team to meet deadlines and stay organized.

Good planning not only keeps the project team focused and on track, but also keeps

stakeholders aware of project progress.

There are many benefits to smart planning. This first step in the project process allows for

a reliable and realistic time-scale to be created. Assuring accurate time for cost estimates

to be produced and for clear documentation of milestones and deliverables will make

things much easier as the project progresses. A proficient plan details all resource

requirements and doubles as a warning system. If task slippage is at risk, then a warning

system will provide clear visibility of what to expect.

Use a tool that offers a full drag and drop timeline so that you can quickly and effectively

build a project plan and establish an accurate end date. Use previously completed projects

as templates for your future projects. In this way not only can you avoid redundancies

associated with creating a new project from scratch each time, but the more often you

reuse a template project the closer you’ll be to accurate timelines and budget estimates 3. Open Communication

Looking closely at details and listening to outside sources of information is vital to the

success of a project. Keeping open communication within the team is absolutely

essential. When working under a specific timetable, it is important that the team remains

well-informed. If a problem arises on one part of a project, it can negatively impact other

parts as well. Communication is the best way to prevent problems from occurring.

Communication should also be focused internally within the organization. Keeping an

organizational history of major projects will give convenient access to improved policies

and business processes. If this isn’t done, then a team may repeat mistakes that have

already occurred. Listening to stakeholders and paying attention is a very important

ingredient for success.

Good communication also includes knowing when to say no. A project team should never

promise anything they know they can’t deliver. Saying no in the beginning could save an

overabundance of unnecessary problems later. Always be honest about what your team

can do and when it can be done by.

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Aside from using a tool that allows draggable timelines, also find one that allows you to

use previous projects as templates for establishing your new timeline. Not only will you

improve your processes over time (becoming more accurate with your estimates and

setting client expectations accordingly), but you also improve communications between

all your project participants. 4. Careful Risk Management

Project managers know that things rarely go off exactly as planned. During the planning

process, it is vital to produce a risk log with an action plan for the risks that the project

could face. Make sure all key stakeholders are aware of your risk log and know where

they can find it. If something happens, then the team can quickly resolve the issue with

the management plan that has already been set in place. This will give the team

confidence when facing project risks and help the clients feel comfortable with the

project’s progression.

Having a central online database of project information is vital to ensure you don’t lose

crucial project momentum during the project, but also in the event of losing key

participants you can quickly get your new team members up to speed. 5. Strong Project Closure

If a project does not have strong closure, then it has the potential to continue to consume

resources. The project team must be firm and agree with the customer that all critical

success factors have been met. Confirmation of the project delivery, testing, and release

must be agreed upon and signed off. Satisfaction surveys are good forms of

documentation to log and file for future reference and valuable information for use in the

future.

It is the project manager’s job to ensure that everything runs smoothly on a project, but

having a great project manager doesn’t guarantee a successful project outcome. The

entire team paying attention to key factors is what will help lead the project to true

success. This success will then lead to proactive, organized project plans and an increase

in quality of all future projects.

Phases of Product Life Cycle These are:

Initiation: The first stage where you figure out the ‘why’ of the project’s existence. You map out

the project’s objective, pick a manager, and clarify your approach. The key deliverable of this

stage is the project charter.

Planning: This is where you use your PM knowledge to develop a detailed plan for the project’s

execution. You’ll define the project’s scope, create a WBS, and map out a schedule. All the

heavy lifting – communication plans, risk management plans, etc. – is done in this stage. Some

of the key deliverables are the WBS, Gantt chart, and project plan.

Execution: This is the “do” phase of the project where you actively track assigned tasks and

ensure that the project stays on course. You’ll hold meetings, send out status reports, and ensure

that the project runs smoothly.

Control: The ‘control’ phase runs alongside the Execution phase and is focused on monitoring

the project’s progress. You’ll monitor milestones, goals, and activities to keep the project on

track.

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Closure: In this fifth and final stage, you’ll hand over all deliverables to stakeholders and

formally close the project. You’ll also review the project for lapses, insights, and positives. The

key deliverable in this stage is the project report.

Classifications of Projects Every Project is different. Projects can be classified on several different points. The

classification of projects in project management varies according to a number of different factors

such as complexity, source of capital, its content, those involved and its purpose. Projects can be

classified on the following factors.

According to complexity:

Easy: A project is classified as easy when the relationships between tasks are basic and detailed

planning or organisation are not required. A small work team and few external stakeholders and

collaborators are common in this case.

Complicated: The project network is broad and complicated. There are many task

interdependencies. With these projects, simplification where possible is everything. Cloud-based

apps such as Sinnaps will immensely help to simplify complicated projects by automatically

calculating the project’s best work path and updating any changes introduced through its use of

different types of project management tools.

According to source of capital:

Public: Financing comes from Governmental institutions.

Private: Financing comes from businesses or private incentives.

Mixed: Financing comes from a mixed source of both public and private funding.

According to project content:

Construction:These are projects that have anything to do with the construction of a civil or

architectural work. Predictive methods are used along with agile techniques which will be

explained later on.

IT: Any project to do with software development, IT system etc. The types of project

management information systems vary across the board, but in today’s world are very common.

Business:These projects are involved with the development of a business, management of a work

team, cost management, etc., and usually follow a commercial strategy.

Service or product production:Projects that involve themselves with the development of an

innovative product or service, design of a new product, etc. They are often used in the R & D

department.

According to those involved:

Departmental:When a certain department or area of an organisation is involved.

Internal:When a whole company itself is involved in the project’s development.

Matriarchal:When there is a combination of departments involved.

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External:When a company outsources external project manager or teams to execute the project.

This is common in digital transformations, process improvements and strategy changes, for

example.

According to its objective:

Production: Oriented at the production of a product or service taking into consideration a certain

determined objective.

Social: Oriented at the improvement of the quality of life of people.

Educational: Oriented at the education of others.

Community: Oriented at people too, however with their involvement.

Research: Oriented at innovation and the gaining of knowledge.