Week 1
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Lesson
Project Management Overview and Project Initiation
10:08 AM MT
04/17/2016
• Introduction
• Project Life Cycle
• Constraints
• Summary
Introduction
Each week, you will learn more about the class topics in the weekly lecture.
This week, we will focus on TCO A and TCO B and learn some Project
Management basics. First, let's define a project. Determining when work is a
project can be the cause of much discussion in the workplace. Many
organizations are beginning to utilize the Project Management Institute
(PMI®) definition.
"A project is a temporary endeavor undertaken to create a unique product,
service, or result."—PMI®
The key to understanding what a project represents is that a project is unique.
If the endeavor is something that you do often and that is repeatable, then it
is a process. A project also has a finite duration; it has a clear beginning and a
clear end. The length of the duration may be short, a few days, or long,
several years.
Projects have specific attributes.
• Has a well-defined objective
• May be composed of a series of interdependent tasks
• Utilizes various resources
,• Has a specific time frame
• Has a customer or a sponsor
• May involve a degree of uncertainty
• It is unique, nonroutine work
Some examples of projects may include implementing a new product for your
company, doing a software upgrade, or even planning a wedding or going on
a vacation!
Project Life Cycle
Image Description
Most projects go through similar stages (or phases) from beginning to end.
If you do a search on the Internet, you will find literally hundreds of Project
Life Cycles. There are some areas of commonality.
• The level of effort starts slow, comes to a peak, and then drops
back off at the end of the project.
• The project selection process varies greatly but typically includes
needs identification and developing a proposed solution. These processes
take place during the initiating phase.
• Most project managers and teams focus on the last three phases:
Planning, Performing, and Closing the project. That will be our focus in
PROJ586, too.
1. Phase I - Initiating
Selection Criteria Weight Project A Project B Project C
Strategic Fit 0.25 10.00 10.00 10.00
, Project Duration 0.20 01.00 09.00 07.00
Cost/Benefit Analysis 0.30 01.00 04.00 10.00
Technical Feasibility 0.10 10.00 10.00 08.00
Risk 0.10 05.00 09.00 03.00
Regulatory and Licensing 0.05 01.00 03.00 07.00
Total Weighed Score 04.55 07.55 08.35
o Phase II - Planning
o Phase III - Performing
o Phase IV - Closing
Constraints
, Every project must address the triple constraints of
• Cost
• Time
• Scope
In other words, a successful project must be completed within budget,
completed according to schedule, and completed according to the functional
and quality specifications of the Scope.
Together, the triple constraints are in a state of equilibrium. If one constraint
changes, the others are impacted as well. For example, if a customer wants
to add new functionality to the project after the Scope is already defined,
the Cost and/or Schedule of the project will be affected as well.
"Project management is made up of many components. Although each
project is unique, has a set of unique goals, may be performed by different
people with different cultures and values, and may be implemented in
different parts of the globe by different organizations, projects have a
common theme and the same set of components. For projects to be
successful, the foundation is, of course, strategy, leadership, and
management. These fundamental components have been reiterated in
management schools and in organizational research as well as practiced for
years in industry. A good project strategy is one that is aligned with
corporate goals, with customers and other stakeholders in mind. Project
leadership and project management in projects encompass both the art and
science of management. They also include the technical and socio-cultural
aspects of technology, communication, teamwork, and other organizational
management factors. The six factors that have to be controlled and
managed: are scope, time, cost, resources, performance, and value. These
form the six basic pillars of project management" (p. 18).
All projects have multiple dimensions, to include resources, performance, and
value, but these examples are merely subsets of the triple constraints of Cost,
Time, and Scope.
The successful project manager understands that equilibrium must be
maintained, and directs the project accordingly.
Managing Project Trade-Offs
In this tutorial, you will explore the visual metaphor of a triangle to organize
the concept of managing project trade-offs. The primary role of the project
manager is to manage these trade-offs and balance project constraints. This
tutorial does not include sound.
Transcript
• Contrast
• Text Only
• Reset Page
Lesson
Project Management Overview and Project Initiation
10:08 AM MT
04/17/2016
• Introduction
• Project Life Cycle
• Constraints
• Summary
Introduction
Each week, you will learn more about the class topics in the weekly lecture.
This week, we will focus on TCO A and TCO B and learn some Project
Management basics. First, let's define a project. Determining when work is a
project can be the cause of much discussion in the workplace. Many
organizations are beginning to utilize the Project Management Institute
(PMI®) definition.
"A project is a temporary endeavor undertaken to create a unique product,
service, or result."—PMI®
The key to understanding what a project represents is that a project is unique.
If the endeavor is something that you do often and that is repeatable, then it
is a process. A project also has a finite duration; it has a clear beginning and a
clear end. The length of the duration may be short, a few days, or long,
several years.
Projects have specific attributes.
• Has a well-defined objective
• May be composed of a series of interdependent tasks
• Utilizes various resources
,• Has a specific time frame
• Has a customer or a sponsor
• May involve a degree of uncertainty
• It is unique, nonroutine work
Some examples of projects may include implementing a new product for your
company, doing a software upgrade, or even planning a wedding or going on
a vacation!
Project Life Cycle
Image Description
Most projects go through similar stages (or phases) from beginning to end.
If you do a search on the Internet, you will find literally hundreds of Project
Life Cycles. There are some areas of commonality.
• The level of effort starts slow, comes to a peak, and then drops
back off at the end of the project.
• The project selection process varies greatly but typically includes
needs identification and developing a proposed solution. These processes
take place during the initiating phase.
• Most project managers and teams focus on the last three phases:
Planning, Performing, and Closing the project. That will be our focus in
PROJ586, too.
1. Phase I - Initiating
Selection Criteria Weight Project A Project B Project C
Strategic Fit 0.25 10.00 10.00 10.00
, Project Duration 0.20 01.00 09.00 07.00
Cost/Benefit Analysis 0.30 01.00 04.00 10.00
Technical Feasibility 0.10 10.00 10.00 08.00
Risk 0.10 05.00 09.00 03.00
Regulatory and Licensing 0.05 01.00 03.00 07.00
Total Weighed Score 04.55 07.55 08.35
o Phase II - Planning
o Phase III - Performing
o Phase IV - Closing
Constraints
, Every project must address the triple constraints of
• Cost
• Time
• Scope
In other words, a successful project must be completed within budget,
completed according to schedule, and completed according to the functional
and quality specifications of the Scope.
Together, the triple constraints are in a state of equilibrium. If one constraint
changes, the others are impacted as well. For example, if a customer wants
to add new functionality to the project after the Scope is already defined,
the Cost and/or Schedule of the project will be affected as well.
"Project management is made up of many components. Although each
project is unique, has a set of unique goals, may be performed by different
people with different cultures and values, and may be implemented in
different parts of the globe by different organizations, projects have a
common theme and the same set of components. For projects to be
successful, the foundation is, of course, strategy, leadership, and
management. These fundamental components have been reiterated in
management schools and in organizational research as well as practiced for
years in industry. A good project strategy is one that is aligned with
corporate goals, with customers and other stakeholders in mind. Project
leadership and project management in projects encompass both the art and
science of management. They also include the technical and socio-cultural
aspects of technology, communication, teamwork, and other organizational
management factors. The six factors that have to be controlled and
managed: are scope, time, cost, resources, performance, and value. These
form the six basic pillars of project management" (p. 18).
All projects have multiple dimensions, to include resources, performance, and
value, but these examples are merely subsets of the triple constraints of Cost,
Time, and Scope.
The successful project manager understands that equilibrium must be
maintained, and directs the project accordingly.
Managing Project Trade-Offs
In this tutorial, you will explore the visual metaphor of a triangle to organize
the concept of managing project trade-offs. The primary role of the project
manager is to manage these trade-offs and balance project constraints. This
tutorial does not include sound.
Transcript
