Lecture# 02, 03& 04

Project Management
It is the application of knowledge, skills and tools&
techniques
to project activities in order to:
meet stakeholder needs and expectations from a
project
meet project requirements that receive inputs and
generate outputs.
Accomplished through processes
An integrative undertaking

Project, Program and Portfolio

A Project is a temporary endeavor undertaken to
create a unique product, service, or result
- construction of 3 sky scrappers, each managed separately
A Program consists of different projects of same
nature, being led by one department, person or an
organization
- construction of 3 sky scrappers managed by one person/ dep.

A Portfolio consists of different projects or programs

of different nature, being led by one department,
person or an organization
- construction, marketing and selling of 3 sky scrappers managed
by one person/ dep.

Why Project Management?

According to a latest report, 30-70% of projects
fail, reasons being:
2/3rd of the projects are

out of budget
Crossing the deadlines
is one of the most
common issues
Few are far from initial

estimation
Another quarter fails

customer specification

Hope is not a strategy

Implementation is never an accident. It is the result of high intention,
sincere effort, intelligent direction and skillful execution. It represents the
wise choice of many alternatives. - (Donald G. Giles, US Steel)

Bottom Line is
Project has to be comprehensively thought-out
Project has to be realistically planned
Followed by seamless execution
Effectively examined and re-directed periodically &

Amicably closed-out
Need SPECIAL skills to ensure the above

BASIC
TERMINOLOGIES

Basic Terminologies

Customer
Stakeholder
Project Charter
Scope
Scope Creep
WBS
System
Process
Activity
Resource
RBS
Deliverable
Product
Acceptance

Objective
Quality Objective
Float
Critical Path
Budget
Baselines
Monitor & Control
Defect
Failure
Output
Outcome
Assurance
Control
Correction

Corrective Action
Prevention
Audit
Inspection
Sampling
Population
Risk
Quality
Gold plating
Outsourcing
Changes
EVM
Closure
OPAs & EEFs

PROCESS GROUPS

Project Management & Process Groups

Project Management is the application of knowledge, skills,
tools & techniques to project activities to meet project
requirements and objectives.
It is done through five process groups:

Initiating Process Group

Planning Process Group
Execution Process Group
Monitoring & Control Process Group

Closing Process Group

PROJECT LIFE CYCLE

Project Lifecycle

What is the difference between Project Lifecycle & Product Lifecycle?

PROJECT MANAGERS ROLE

Roles & Responsibilities of Project Manager

Communication
Success & Failure of project
Project Planning
Deliver project timely and within budget
Scope agreement & scope verification
Project teams management
Vendor management
Risks identification and subsequent strategies
Maintaining quality requirements
Optimal use of resources
Project acceptance
Documenting lessons learnt
Project Closure

ORGANIZATION TYPES

KNOWLEDGE AREAS

Project Management Knowledge Areas

There are ten (10) areas which comprehensively cover all the
important aspect for successful project completion:
Project Integration Management
Project Scope Management
Project Time Management
Project Cost Management
Project Quality Management

Project Human Resource Management

Project Communication Management
Project Risk Management
Project Procurement Management
Project Stakeholder Management