PM Fundamentals

What is a Project?

A temporary endeavor with an established beginning and end time, that has a set of defined tasks and assigned resources, undertaken to deliver a unique product, service or result.

PM Fundamentals

What is Project Management?

o The application of knowledge, skills, tools, techniques, people, and systems focused on meeting or exceeding stakeholder needs.

o A discipline that will support the planning, implementation, tracking, and control of projects.

PM Fundamentals

What are Project Phases?1. Initiation

Define project’s objective2. Planning

Detail who does what when3. Execution, monitoring and Control

Actual work occurs Compare performance to plan, make corrections

4. Closeout Project’s deliverables are accepted

PM Fundamentals

Initiation Phase1. Describe the characteristics of the product or service

expected from the project.

2. Analyze the project’s requirements, identify potential solutions, determine the technical and economic feasibility of each, compare and select the best solution.

3. Develop the project proposal– What is to be done– Why is it to be done– How is it to be done– How much risk is involved

PM Fundamentals

4. Approve the project Based on the ROI (Return On Investment) of

cost, resources, time

5. Select a Project Manager Responsible for managing all aspects of the

project

Output of Initiation Phase – Project Charter

Project Goals - Identification

Prepare and launch the new shuttle line Atlantis from Earth to the Moon Colony by March 5, 2025.

Connect Italy with Sicily via the new G. Garibaldi world's longest single-span suspension bridge and have it open for traffic no later then July 2008.

Design and complete testing by April, 2005, of MS Project 2005, Project Management software.

Obtain an “MSc.” Degree in the EESI program from the Royal Institute of Technology by spring next year.

PM Fundamentals

Planning Phase

1. Define an orderly arrangement of activities and resources to deliver the product or service.

2. Begin by outlining all tasks (the work)

3. Identify the resources (people, hardware, software, services, etc.) required for all tasks

4. Organize the tasks into sequences of chronological events (schedule)

5. Develop a spending plan within the budget

PM Fundamentals

5. Arrange to procure external resources6. Identify all stakeholders and the method (how),

frequency (how often), and content (what) of communications to them

7. Analyze risks and decide what can be done about them • Accept, Mitigate, or Transfer

8. Determine how to measure success

Output of Planning Phase – Project Plan

PM Fundamentals

Depending on complexity, project plans can contain:

1. Work Breakdown Structure

2. Resource Breakdown Structure

3. Schedule

4. Budget and Spending Plans

5. Performance Plan

6. Risk Management Plan

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7. Procurement Plan

8. Communications Plan

9. Change and Configuration Management Plan

10. Quality Management Test Plan

11. Quality Management IV&V Plan

The Project Plan is used to guide project execution and project control.

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Execution, monitoring and Control Phase Execution of the Project Plan is the act of

performing tasks and activities that result in the production of project deliverables.

Performance must be monitored against the plan

Schedule Deviation Cost Overruns Project Issues Change Requests

PM Fundamentals

Project Managers produce regular Status Reports for key stakeholders

Not meeting scheduled dates, exceeding spending plans, unresolved issues and requests for changes should be reported to stakeholders and addressed immediately

Outputs of Execution and Control Phase are the Project Deliverables.

PM Fundamentals

Closeout Phase Closeout occurs when the sponsor accepts the

project deliverables and the project’s oversight authority concludes the project has met all goals

New systems are turned over to operations, project documentation is archived, lessons learned are cataloged, any staff and resources are returned

Output of Closeout Phase is User Acceptance

Overview of project life cycle

PM Fundamentals

The Trilogy of Project Management – Scope, Budget, Schedule

1. Scope Defines what the project will do and what it

won’t Scope Creep occurs when additional

requirements are allowed to sneak in PM must know how to say NO!

Project Life Cycle

PM Fundamentals

2. Budget Highly visible measure of Project Managers Requires constant monitoring, immediate

corrective action Vendor management is key

3. Schedule Most likely to change Unexpected events can and do occur This is where PMs earn their salary