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PROJECT MANAGEMENT (PM)
• Project Management is the application of knowledge,
skills, tools, and techniques to perform several tasks to
meet project requirements, to make the final deliverables in
a finite time and budget.
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CONSTRAINTS OF PM
• Scope. The scope is a guaranteed set of deliverables, and
the project is to be created, keeping in mind the scope.
• Time. Time is one of the most critical stakeholder
considerations and a vital measure of project success. The
time to complete the project must be estimated as
accurately as possible.
• Quality. Quality is one such sphere that is almost always
affected by the other constraints. If the time or cost reduces
the quality of the project will be drastically affected.
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CONSTRAINTS OF PM
• Cost. Cost is another important aspect that needs to be
considered, which is an estimated factor of labor cost,
factory, administration, software, equipment altogether.
• Risk. The Project Manager must foresee the possible risks
at every step of the project. The risk part involves many
what-if scenarios and the solution for those scenarios.
• Resources. Every project has a combination of resources
required to make it a success. Resources refer to the
limitations to complete a particular job; they can be in
terms of people, equipment, time, or other supplies.
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WHAT IS A PROJECT?
• A Project is defined as a temporary endeavor undertaken to
create a unique product, service, or result.
• The temporary nature of projects indicates that a project
has a definite beginning and end.
• The project is first defined, and then as the project
progresses, more clarity is added to the definition and
scope of the project.
• There are different phases of a project from the time it
begins to the time it ends, which constitutes the project life
cycle.
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PROJECT LIFE CYCLE
• Initiation - involves defining the project, identifying
stakeholders, determining project feasibility.
• Planning - making of the outline of the project, which
includes costs, the sequence of events, communication with
stakeholders, schedules, budget, and risk.
• Execution - includes allocating resources, conducting
meetings, communicating updates, and delivering
performance reports.
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PROJECT LIFE CYCLE
• Monitoring and Controlling - Monitoring and Controlling
involve tracking progress and comparing it with the plan,
and it is paramount to conduct quality control checks
throughout the process.
• Closure - involves delivery to the client and getting their
feedback. Closure requires evaluation of the project if
everything went on as planned and discussed with the
stakeholders.
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KEY FOCUS AREAS IN PM
• Scope: Scope refers to the inputs provided to take the
project from the first step to the last step. The scope
determines the features, boundaries, budget, and deadlines
of the project.
• Schedule: The schedule is a plan for performing a specific
work within a particular time interval and achieving the
desired objective. The schedule refers to the starting date,
the finishing date, and the duration of the project.
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KEY FOCUS AREAS IN PM
• Cost: Cost refers to the process of estimating, allocating,
and monitoring the funds needed in a project, and a lot of
measures to ensure the project is on budget.
• Quality: Quality refers to what a customer or a stakeholder
requires from the project deliverables. Quality includes
processes and activities that are to be performed to meet
the objectives and requirements for which it was
undertaken.
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KEY FOCUS AREAS IN PM
• Resources: Resources help in carrying out a specific task in
a project in the best possible manner. Resources can be
people, equipment, funds, facilities, or anything else that is
needed to meet the project requirements.
• Stakeholders: Stakeholders are the ones who have an
interest in the deliverables of the project. Stakeholders can
be part of the project team, project manager, project
sponsors, customers, or users.
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KEY FOCUS AREAS IN PM
• Communication: Communication amongst all stakeholders
is an essential aspect of project management for successful
project execution. Improving communication increases the
ratio of success and decreases the probability of risk.
• Risk: A risk is an unexpected event that can affect anything
in a project, people, technology, processes, or resources.
Every project has a certain amount of risks, and to do a
successful project; one must first identify that risk to deal
with it efficiently.
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KEY FOCUS AREAS IN PM
• Procurement: Procurement refers to the act of obtaining
all the materials and services that are needed to meet the
project goals. Procurement includes the need to purchase,
rent, or contract with some external resources.
• Critical Success Factor: Critical Success Factor refers to the
elements that are necessary for an organization to achieve
the project's objectives. Critical Success Factor may differ
from one organization to another, depending on their
respective goals.
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KEY FOCUS AREAS IN PM
• Deliverables: Deliverables refer to the output within the
scope of the project. There can be one or more deliverables
within a single project; these deliverables may be the items
that are to be sent externally to a customer or a
stakeholder.
• Work Breakdown: Work Breakdown is an efficient
deliverable approach that refers to the division of a task
into smaller components. The smaller parts make the task-
independent and more manageable for the team.
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JOB ROLES IN PM
• Project Manager:
The Project Manager takes the project according to the
plan and plays a lead role in all the steps of project
management.
• Managing, reviewing, and prioritizing the tasks
wherever necessary
• Looking after risk management, stakeholder
management, and project communication
management.
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JOB ROLES IN PM
• Senior Project Manager:
Senior Project Manager is the head of the overall Project
Management plan; the role demands in-depth knowledge
of all project aspects.
• Planning and coordinating complex projects
• Visiting project sites to check progress and handle
complex issues
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JOB ROLES IN PM
• Project Lead:
Project Leads are the ones who lead the people
throughout the project and provide them with all the
information required throughout.
• Motivating the team beneath, taking care of their needs,
and paying attention to what they feel
• Ordering or controlling the project team, since the
project lead has more freedom than the project
manager
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JOB ROLES IN PM
• Resource Manager:
Resource Manager is the human resource needed to make
the project a success.
• Assigning the right people to the right projects at the
right time
• Managing employees currently and determining hiring
needs depending on the project's requirements
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JOB ROLES IN PM
• PM Office Analyst
Project Management Office Analyst works within the PMO
and does most of the Data-driven work
• Analyzing and interpreting the data concerning the
project
• Figuring out the future risks to the project
• Finding new ways to advance the idea of project
management
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JOB ROLES IN PM
• Steering Committee Member
The members of the Steering Committee do not work on
the project themselves; they are there to help the Project
Manager.
• Providing inputs during the development of the project,
advising on the budget, and evaluating the project
strategies
• Taking regular feedback from the project managers and
asking the necessary questions
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WORK BREAKDOWN STRUCTURE (WBS)
• A work breakdown structure is a way to visualize the
breakdown of a large project into smaller, more
manageable parts. Often it takes the form of a
document that details a project’s major and minor work
components, timeline, and resources.
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WORK BREAKDOWN STRUCTURE (WBS)
• A work breakdown structure is
made up of deliverables or
milestones that lead to the
completion of the assignment.
These smaller parts could be
called work packages, subtasks,
or elements. Each of them
defines the work, duration, and
costs for what needs to be
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BENEFITS OF WBS
• Estimate the time and cost of a project and allocate
resources. Having a clear idea of the resources a task will
require can help map out your project according to
those boundaries.
• Establish dependencies, visualize priority objectives, and
identify areas of risk. Anything that includes more time
or effort, any visible risks, or clear objectives can be
organized and accounted for with a WBS.
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BENEFITS OF WBS
• Visualize project scope for easier planning and schedule
development. A project scope lays out each deliverable
that will make up the final project. Having this visual aid
can help teams see the bigger picture.
• Assign responsibilities with more ease and accuracy and
clarify roles. The allocation of roles is crucial in beginning
a project. When each step is laid out with a WBS,
assigning specific responsibilities is simple.
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BENEFITS OF WBS
• Track project progress and identify milestones and
control points. As each assignment is completed,
communicate the information to everyone so that the
team is ready for the next step.
• Set clear timelines and ensure that no work is duplicated
or overlooked. Without designating assignments and
communicating progress, it’s easy to miss things or find
multiple people working on the same task. A WBS keeps
everyone on the same page.
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STEPS TO CREATE A WBS
• Identify key team members
• Define project scope and objective
• Gather critical documents
• Define key phases and deliverables
• Create work packages (tasks and subtasks)
• Create a schedule
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RISK MANAGEMENT
• Risk management is the continuing process to identify,
analyze, evaluate, and treat loss exposures and monitor
risk control and financial resources to mitigate the
adverse effects of loss
• The purpose of risk management is to identify potential
problems before they occur so that risk-handling
activities may be planned and invoked as needed across
the life of the product or project to mitigate adverse
impacts on achieving objectives.
