Introduction risk management
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The document outlines the concept and characteristics of projects as temporary endeavors aimed at achieving specific goals within defined parameters of time, cost, and quality. It contrasts projects with processes, highlights the importance of defined phases in project management, and emphasizes the role of stakeholders in project success. Key elements of project management, including planning, organizing, and monitoring, are discussed to illustrate how they contribute to meeting stakeholder expectations.
Introduction risk management
- 1. 9/24/2019 1
- 2. 9/24/2019 2 Concept of Project It is a temporary endeavor, having a defined beginning and end, undertaken to meet unique goals and objectives • A project is a unique venture with a beginning and end, conducted by people to meet established goals within parameters of cost, schedule, and quality. • Projects are goal-oriented, involve the coordinated undertaking of interrelated activities, are of finite duration, and are all, to a – degree, unique.
- 3. Concept of Project • A project can be considered to be any series of activities and tasks that: - Have a specific objectives to be completed within certain specifications. - Have defined start and end dates. - Have funding limits. - Consume human and nonhuman resources. - Are multifunctional. 9/24/2019 3
- 4. Process vs Project Process Project Repeat process or product New process or product Several objectives One objective Ongoing One shot—limited life People are homogenous More heterogeneous Well-established systems in place to integrate efforts Systems must be created to integrate efforts Greater certainty of performance, cost, schedule Greater uncertainty of performance, cost, schedule Part of line organization Outside of line organization
- 5. Elements of Projects • Complex and One time Process: A project arises for a specific purposes or t o met a stated goals. They are complex because they typically require the coordinated inputs of numerous members of the organizations. • Projects are limited: by budget, schedule, and resources. Project work requires that members work with limited financial and human resources for a specified time period. • Resolving a Clear Goal or set of goals: There is no such thing as a project team with an ongoing, nonspecific purpose. Its goals, or deliverables, define the nature of the project and that of its team. Projects are designed to yield tangible results. • Projects are customer-focused: The underlying purpose of any project is to satisfy customer needs. Projects are considered successful if they attained technical, budgetary, or scheduling goals.
- 6. General Project Characteristics 1. Projects are ad hoc endeavors with a clear life cycle: Projects are nontraditional. They are activities that are initiated as needed, operate for a specified time period over a fairly well understood development cycle. 2. Projects are building blocks: Projects are the principal means by which companies operationalize corporate- level objectives. In effect, projects are vehicles for realizing company goals.
- 7. Characteristics---- 3. Projects are responsible for the newest and most improved product, services, and organizational processes. Projects are tools for innovation. Project are the stepping-stones by which se move forward. 4. Projects Provide a Philosophy and strategy for the management of change: Change is an abstract concept until we establish the means by which we make real alterations in the things we do and produce. Projects allow to go beyond simple statements of intent and to achieve actual innovations. 5. Project management entails crossing functional and organizational boundaries: Projects epitomize internal organizational collaboration by bringing together people from various functions across the company. A project of new product development may require the combined work of engineering, finance, marketing, design, and so forth.
- 8. Why are projects Important There are a number of reasons why projects and project management can be crucial in helping an organization achieve its strategic goals. 1. Shortened product life cycles. The days when a company could offer a new product and depend upon years of competitive domination are gone. 2. Narrow product launch windows. Another time-related issue concerns the nature of opportunity.
- 9. Why are projects Important 3. Increasingly complex and technical products. The world today is complex. Products are complicated, technically sophisticated, and difficult to produce efficiently. 4. Emergence of global markets. The past decade has seen the emergence of enormous new markets for almost every type of product and service. 5. An economic period marked by low inflation. One of the key indicators of economic health is the fact that inflation has been kept under control. 9/24/2019 9
- 10. 9/24/2019 10 Project Phases i. Conception Phase: This is the phase during which project idea generates. The ideas need to be examined in the light of objectives and constraints. ii. Definition Phase: It will develop the idea generated during the conception phase and produce a document covering all aspects. iii. Planning and Organizing Phase: Focuses on project infrastructure, system design, manpower, schedules and budget, & finance etc.
- 11. 9/24/2019 11 iv. Implementation Phase: In this phase something starts growing in the field. This is a period of hectic activity. v. Project Clean-up Phase: In this phase the customer has to be satisfied with guarantee- test runs. It focuses on closing accounts, carrying out material reconciliation, making outstanding payments and collecting dues.
- 12. 9/24/2019 12 Project Stakeholder A stakeholder is anyone who has an interest in your project or will be affected by its deliverables or output.
- 13. 9/24/2019 13 Internal Stakeholders i. Project sponsor ii. Project team iii. Support staff iv. Internal customers v. Senior management vi. Functional manager
- 14. 9/24/2019 14 ii. External Stakeholders External customers Competitors Suppliers Others affected by the project, but not directly involved.
- 15. 9/24/2019 15 Project Life Cycle
- 17. Determinants Of Project Success Identify Project success must take into consideration the elements that define the very nature of a project: that is, time (schedule adherence), budget, functionality/quality, and customer satisfaction. At one time, managers normally applied three criteria of project success: 9/24/2019 17 Cost Performance Time
- 18. 9/24/2019 18 Concept of Project Management Project Management is the application of knowledge, skills, tools, and techniques to project activities in order to meet or exceed stakeholder needs and expectations from a project.
- 19. 9/24/2019 19 Functions of Project Management i. Planning - deciding what is to be done. ii. Organizing - making arrangements; iii. Staffing - selecting the right people for the job. iv. Directing - giving instructions v. Monitoring - checking on progress.
- 20. 9/24/2019 20 vi. Controlling - taking action to remedy hold ups. vii. Innovation - coming up with new solutions. viii. Representing - liaising with users.
- 21. 9/24/2019 21 Project Management Process i. Initiation Process: Authorizing the project or phase. ii. Planning Process: Defining the project objectives and selecting the most appropriate approach for the project to attain objectives.
- 22. 9/24/2019 22 iii. Executing Process: Managing the resources required to carry out the project as defined in the plan. iv. Monitoring & Controlling Process : Ensuring that project objectives are met as defined by monitoring, measuring progress against plan, identifying variance from plan and taking corrective action.
- 23. 9/24/2019 23 iv. Closing Process: Formalizing acceptance of a phase and or the project and closing all associated activities.