BMS 406 Project Management Notes

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BMS 406 PROJECT MANAGEMENT NOTES

TOPIC ONE: INTRODUCTION TO PROJECT MANAGEMENT
Definition of a project
- A project is an interrelated set of activities that has a definite starting and ending point and
results in the accomplishment of a unique often major outcome.
- A project is a sequence of activities that has a definite start and finish, an identifiable goal
and an integrated system of complex but interdependent relationships
- An activity or task is the smallest unit of work effort within the project and consumes both
time and resources which are under the control of the project manager
- A project is a temporary endeavour undertaken to create a unique product, service, or result.
Projects are undertaken to fulfil objectives by producing deliverables.
- An objective is defined as an outcome toward which work is to be directed, a strategic
position to be attained, a purpose to be achieved, a result to be obtained, a product to be
produced, or a service to be performed.
- A deliverable is defined as any unique and verifiable product, result, or capability to perform
a service that is required to be produced to complete a process, phase, or project.
Deliverables may be tangible or intangible.
- Projects drive change in organizations. From a business perspective, a project is aimed at
moving an organization from one state to another state in order to achieve a specific
objective
- Projects enable business value creation. Business value in projects refers to the benefit that
the results of a specific project provide to its stakeholders. The benefit from projects may be
tangible, intangible or both
- Organizational leaders initiate projects in response to factors acting upon their organizations
which could include: to meet regulatory, legal, or social requirements; to satisfy stakeholder
requests or needs; to implement or change business or technological strategies; and to create,
improve, or fix products, processes, or services
Examples of projects include but are not limited to:
- Developing a new pharmaceutical compound for market,
- Expanding a tour guide service,
- Merging two organizations,
- Improving a business process within an organization,
- Acquiring and installing a new computer hardware system for use in an organization,
- Exploring for oil in a region,
- Modifying a computer software program used in an organization,
- Conducting research to develop a new manufacturing process, and
- Constructing a building.
Definition of project Management
- Project management is the application of knowledge, skills, tools, and techniques to project
activities to meet the project requirements. Project management is accomplished through the appropriate application and integration of the project management processes identified for
the project. Project management enables organizations to execute projects effectively and
efficiently.
- Successful project management can be defined as having achieved the project objectives
within time, within cost, at the desired performance / technology level, while utilizing the
assigned resources effectively and efficiently and accepted by the customer
Effective project management helps individuals, groups, and public and private organizations to:
- Meet business objectives;
- Satisfy stakeholder expectations;
- Be more predictable;
- Increase chances of success;
- Deliver the right products at the right time;
- Resolve problems and issues;
- Respond to risks in a timely manner;
- Optimize the use of organizational resources;
- Identify, recover, or terminate failing projects;
- Manage constraints (e.g., scope, quality, schedule, costs, resources);
- Balance the influence of constraints on the project (e.g., increased scope may increase
cost or schedule); and
- Manage change in a better manner.
Poorly managed projects or the absence of project management may result in:
- Missed deadlines,
- Cost overruns,
- Poor quality,
- Rework,
- Uncontrolled expansion of the project,
- Loss of reputation for the organization,
- Unsatisfied stakeholders, and
- Failure in achieving the objectives for which the project was undertaken.
Projects are a key way to create value and benefits in organizations. In today’s business
environment, organizational leaders need to be able to manage with tighter budgets, shorter
timelines, scarcity of resources, and rapidly changing technology. The business environment is
dynamic with an accelerating rate of change. To remain competitive in the world economy,
companies are embracing project management to consistently deliver business value.
Effective and efficient project management should be considered a strategic competency within
organizations. It enables organizations to:
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