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Fundamentals of Project Management: Key Elements and Successful Practices

This guide delves into the essential components and practices of project management. It outlines what constitutes a project, differentiating it from regular operational activities, and highlights key elements such as objectives, timelines, resources, and effective planning. Successful projects rely on good communication, accountability, and efficient resource use. The guide also discusses the project management triangle—balancing time, scope, and cost—and critical processes including project initiation, planning, control, and closure, focusing on continual improvement through evaluation.

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Fundamentals of Project Management: Key Elements and Successful Practices

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Presentation Transcript

  1. Project Management Basics

  2. Project Definition • A defined starting point • A single defined ending point • Clearly distinct from regular operational activities

  3. Project Management Elements • Objectives • Timelines • Resources • Controlled via Project Plan

  4. Project Management Elements • Planning out of the project • Monitoring the actual situation against the plan • Taking corrective action if the situation does not correspond with the plan

  5. Organizational Characteristics for Successful Projects • Good communication • Quality • Ownership and accountability • Task planning and allocation • Accountability for achieving results • Performance monitoring • Efficient use of resources • Access to the knowledge and skills of specialists • Decision making • Motivation and development of people • Routine operations as well as the specific project • Ownership and management of meetings

  6. Roles and Responsibilities • Owner – often a senior manager who allocates resources, steers, and provides the link to the business. • Project Manager – responsible for achieving project objectives and tasks using resources effectively. • Team – individuals who work separately and together to further the objectives of the project.

  7. Project Management Triangle • If a project is to succeed, it must satisfy the demands of time, cost, and scope. Scope Time Cost

  8. Planning a Project • The more planning up front, the less time spent reworking project later. • 10-20% of project is planning.

  9. Project Management Process

  10. Project Initiation • Objectives are formed • Relationship to greater organization established • Risks assessed • Costs (financial and other) examined

  11. Information Gathering • Asking questions • Understanding required effort • Answers the “why” questions about the project • Continues for the life of the project

  12. Information Gathering • Interviews • Surveys • Brainstorming • Reviewing past projects

  13. Activate The Planning Process

  14. Document of Understanding (DOU) • Project objectives • Work Breakdown Structure • Time and cost estimates • Proposed schedule

  15. Work Breakdown Structure (WBS) • Show project divided into components and work packages • Common framework for communication • Allocates responsibility

  16. Estimate • Predicts time and cost

  17. Schedule • Predicts time it will take to complete tasks

  18. Baseline The Agreement Event

  19. Present to Stakeholders • Written Document of Understanding • Done in person

  20. Negotiate • Details about the project are settled between the Owner, Project Manager, Team Members, and Stakeholders as appropriate.

  21. Sign-Off • Formal acceptance of the negotiation

  22. Control The Tracking Process

  23. Update DOU • Plan updated • Performance reviewed • Future actions projected

  24. Change Control • Changes will occur • Plan for change • Document the events leading to the change • Make a plan for managing change once it occurs • Plan to re-plan

  25. Project Closure Measuring Success

  26. Questions to Ask • What did we do right? • What did we do wrong? • What did we learn?

  27. Post Project Evaluation • Were project objectives met? • Was project completed within budget? • Was project completed according to schedule? • Did project impact other projects or normal business operation?

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