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PROJECT MANAGEMENT (IE 016)

PROJECT MANAGEMENT (IE 016). Lecturer Zeynep Gergin ( z.gergin @iku.edu.tr ). GENERAL INFORMATION (IE 016). Lecture Hours : Thursday 1 4 :00 – 1 6 :45 Grading Project 25% Midterm 25% Final 50% Reference Books

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PROJECT MANAGEMENT (IE 016)

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  1. PROJECT MANAGEMENT(IE 016) Lecturer Zeynep Gergin (z.gergin @iku.edu.tr)

  2. GENERAL INFORMATION (IE 016) Lecture Hours: Thursday 14:00– 16:45 Grading • Project 25% • Midterm 25% • Final 50% Reference Books • ANSI/PMI 99-001-2004, A Guide to Project Management Body of Knowledge (PMBOK Guide), Third Edition, Project Management Institute Global Standard. • Meredith, Jack R., Mantel, Samuel J., Project Management- A managerial approach, Fifth Edition, John Wiley&Sons, Inc., 2003. • Kerzner, Harold, Project Management – A systems approach to planning, scheduling and controlling, Ninth Edition, John Wiley&Sons, Inc., 2006.

  3. CHAPTERS • Introduction to Project Management • Project Management Processes • Project Integration Management • Project Scope Management • Project Time Management • Project Cost Management • Project Risk Management • Project Quality Management • Project Human Resources Management • Project Communications Management • Project Procurement Management • Project Presentations

  4. Chapter 1Introduction to Project Management

  5. Ch.1 Introduction to Project Management • What is a “project”? • What is “project management”? • Understanding the “project environment” • “Project life cycle” • Project stakeholders and organization • Project selection • “Project management processes” and “knowledge areas”

  6. What is a project? A project is a temporary endeavor undertaken to create a unique product, service or result. • Temporary  every project has a definite beginning and a definite end. • Unique products, service or result • Product: a quantifiable item • Service: a capability to produce a service • Result: outcomes or documents Projects can create;

  7. Project Characteristics • Performed by people • Have a specific objective • Have defined start and end dates • Have funding limits (if applicable) • Consume human and nonhuman resources (i.e., money, people, equipment) • Be multifunctional (cut across several functional lines)

  8. Examples of projects • Developing a new product or service • Effecting a change in structure or staffing of an organisation • Designing a new transportation vehicle • Developing a new information system • Constructing a building • Running a campaign for political office • Implementing a new business procedure or process • Responding to a contract

  9. Projects and Strategic Management Projects are typically authorized as a result of one or more of the following strategic considerations; • A market demand • An organizational need • A customer request • A technological advance • A legal requirement

  10. What is Project Management? Project management is the application of knowledge, skills, tools and techniques to project activities to meet project requirements. Project management is accomplished through the application and integration of project management processes (initiating, planning, executing, monitoring and controlling, closing).

  11. What is Project Management?(contd.) Managing a project includes; • Identifying requirements • Establishing clear and achievable objectives • Balancing the competing demands for quality, scope, time and cost (project management tradeoffs) • Adapting the specifications, plans and approach to the different concerns and expectations of the various stakeholders.

  12. For a projectto be successful; • Selectappropriateprocesseswithinthe Project ManagementProcessGroupsrequiredtomeettheproject’sobjectives (Chapter 2). • Use a definedapproach. • Complywithrequirementstomeetstakeholderneedsandexpectations. • Balancethecompetingdemands of scope, time, cost, quality.

  13. Project Management Tradeoffs Cost Performance Scope Time C P S T Triple constraints of a project Fig. 1.1: Project ManagementTradeoffs

  14. The Technical and Socio-cultural Dimensions of Project Management

  15. Areas of expertise Effective project management requires the project management team to understand and use knowledge and skills from the following areas of expertise; • Project Management Body of Knowledge: • Project life cycle • Five Project Management Process Groups (Chpt.2) • Nine Knowledge Areas (Chpt. 3-11) • Application area knowledge, standard and regulations • General management knowledge and skills • Interpersonal skills • Understanding the project environment

  16. Project Environment The project should be considered in its environmental contexts; • Cultural and social environment • International and political environment • Physical environment

  17. Project Life Cycle Projects can be dividedintophasestoprovidebettermanagementcontrol. Colectivelythesephasesareknown as theproject life cycle. Fig. 1.2: Resourcelevelaccrosstheproject life cycle

  18. Project Life Cycle(contd.) The transition from one phase to another within a project life cycle generally involves, and is usually defined by, some form of technical transfer or handoff. Fig. 1.3: Typicalsequence of phases in a project life cycle

  19. Project Stakeholders and Organization Project stakeholders are individuals and organizations that are actively involved in the project, or whose interests may be affected as a result of project execution or project completion. • Customers • Organization • Suppliers • Society • Environmentalgroups • etc. Fig. 1.4. Therelationshipbetweenprojectstakeholdersandtheproject

  20. Organizationalinfluences Project will be influenced by the organization that initiated it; • Maturity of the organization with respect to the project management system • Cultureand style • Organizational structure • Project Management Office (PMO)

  21. Project Selection • Project selection is the process of evaluating individual projects or groups of projects, and then choosing to implement some set of them so that the objectives of the parent organization will be achieved. • Managers often use decision-aiding models to extract the relevant issues of a problem from the details in which the problem is embedded (Modellingthereality). • Models represent the problem’s structure and can be useful in selecting and evaluating projects.

  22. Project Selection(contd.)Alignment of Projects with Organization Strategy

  23. Project Selection(contd.) • Whatarefirms’sobjectives • Whethertherequiredcompetenceexists in theorganization • Howprofittabletheoffering is likelyto be • Howriskytheproject is • Ifthere is a potential partner tohelpwiththeproject • Iftherightresourcesareavailable at righttimes • Iftheproject is a goodtechnological/knowledge fit withtheorganization. • …

  24. Project Selection Models • 2 Basic Types of Models • Nonnumeric • Numeric • Profit/Profitability, • Scoring Two Critical Facts: • Models do not make decisions - People do! • All models, however sophisticated, are only partial representations of the reality the are meant to reflect

  25. Nonnumeric Models • Sacred Cow - project is suggested by a senior and powerful official in the organization • Operating Necessity - the project is required to keep the system running • Competitive Necessity - project is necessary to sustain a competitive position • Product Line Extension - projects are judged on how they fit with current product line, fill a gap, strengthen a weak link, or extend the line in a new desirable way. • Comparative Benefit Model - several projects are considered and the one with the most benefit to the firm is selected

  26. Numeric Models: Profit/Profitability • Payback period - initial fixed investment is divided by the estimated annual cash inflows from the project • Average Rate of Return - the ratio of average annual profit to the average investment in the project • Discounted Cash Flow -Net Present Value Method • Internal Rate of Return - Finds rate of return that equates present value of inflows and outflows • Profitability Index– Benefit cost ratio: Net Present Value of all future expected cash flows divided by initial cash investment

  27. Numeric Models: Scoring • Unweighted 0-1 Factor Model – factors are rated either 0 or 1 • Unweighted Factor Scoring Model – factors are rated on a scale (eg.1-5) • Weighted Factor Scoring Model – numeric weigts are added to the factors, factors are not assumed to be equal importance • Constrained Weighted Factor Scoring Model –criteria is added to the model as constraints which represent project characteristics that must be present/absent for the project to be acceptable. • Goal Programming with Multiple Objectives – a variation of the general linear programming method

  28. Project ManagementProcessesandKnowledgeAreas Process management is accomplished through processes, using project management knowledge, skills, tools and techniques. Process management processes are grouped under 5 Process Management Process Groups (Chpt. 2); • Initiating Process Group • Planning Process Group • Executing Process Group • Monitoring and Controlling Process Group • Closing Process Group

  29. Project ManagementKnowledgeAreas Process management knowledge areas organize the project management processes into 9 knowledge areas; • Project Integration Management (Chapt.3); Effort made to ensure that everything comes together to produce the intended product. • Project Scope Management (Chapt.4); Defines waht to be done, how large is the job. • Project Time Management (Chapt.5); Developing the project schedule. • Project Cost Management (Chapt.6); Controlling project costs. • Project Risk Management (Chapt.7); Managing the things (resources, cost, etc) that can varry from estimated.

  30. Project ManagementKnowledgeAreas(contd.) • Project Quality Management (Chapt.8); Aimed at preventing the suffering of the quaality of the project due to other constraints. • Project Human Resources Management (Chapt.9); Deals with all aspects of managing human resources, including staffing, evaluating, motivating, and so on. • Project Communications Management (Chapt.10); Deals with determining the various stakeholders to the project who need information, at what intervals and in what formats. • Project Procurement Management (Chapt.11); Ensure to have procured materials or services when needed and as needed.

  31. Chapter 2Project Management Processes and Process Groups

  32. Ch.2 Project Management Process Groups • Project management processes • Project management process groups • Initiating • Planning • Executing • Monitoring and controlling • Closing • Process group interactions

  33. Project ManagementProcesses • Process management is accomplished through processes, using project management knowledge, skills, tools and techniques. • These processes apply globally and across industry groups. • The project manager, in collaboration with the project team is always responsible for determining what processes from the Process Groups will be employed, by whom, and the appropriate degree of rigor for each process, for any given project.

  34. Project ManagementProcesses(contd.) • Project processes - Common to most projects (under 5 process groups) • Ensure that the product produced by the project matches what was intended in the beginning. • Associated with each other (there is interaction between the processes) • Performed for an integrated purpose • Product processes - Product-oriented processes (actions taken to produce the product) • Defined by the project life cycle • Vary by application area

  35. Project Management Process Groups Figure 2.1. Project Management Process Groups Mapped to the Plan-Do-Check- Act Cycle

  36. Project Management Process Groups Figure 2.2. Project Management Process Groups Triangle

  37. Project Management Process Groups • Initiating Process Group: Defines or authorizes a project or project phase. • Planning Process Group: Defines and refines objectives, and plans the course of action required to attain the objectives and the scope that the project was undertaken to address. • Executing Process Group: Integrates people and other resources to carry out the project management plan for the project. • Monitoring and Controlling Process Group: Regularly measures and monitors progress to identify variances from the project management plan so that corrective action can be taken when necessary to meet project objectives. • Closing Process Group: Formalizes acceptance of the product, service or result and brings the project or project phase to an orderly end.

  38. Mapping of the Project Management Processes to the Project Management Process Groups and the Knowledge Areas

  39. Mapping of the Project Management Processes to the Project Management Process Groups and the Knowledge Areas (contd.)

  40. Mapping of the Project Management Processes to the Project Management Process Groups and the Knowledge Areas (contd.)

  41. Initiating Process Group • Processes that facilitate the formal authorization to start a new project or project phase. • Before beginning the initiation, • the feasibility of the new undertaking may be established through a process of evaluating alternatives. • Clear descriptions of the project objectives are developed. • Documentation of the following is prepared; • Basic description of project scope • Deliverables • Project duration • Forecast of the resources

  42. Initiating Process Group • During the initiation; • Project manager is selected (if not already assigned) • Project charter is documented. • Preliminary project scope statement is developed.

  43. Life Cycle of a Troubled Project

  44. Planning Process Group • Processes that help to gather information from many resources and develop the project plan. • Identify, define and mature the project scope, project cost, and schedule the project activities that occur within the project. • Significant changes occuring throughout the project life cycle trigger a need to visit one or more of the planning processes (and possibly some of the initiating processes).

  45. Executing Process Group • Processes used to complete the work defined in the project management plan to accomplish the project’s requirements. • Involves coordinating people and resources as well as integrating and performing the activities of the project in accordance with the project management plan. • This group also addresses the scope defined in the project scope statement and implements approved changes.

  46. MonitoringandControllingProcessGroup • Processes performed to observe project execution so that potential problems can be identified in a timely manner and corrective action can be taken. • The key benefit of this project group is that project performance is observed and measured regularly to identify variances from the project management plan. • This process group also includes controlling changes and recommending preventive action in anticipation of possible problems.

  47. Closing Process Group • Processes used to formally terminate all activities of a project or a project phase, hand off the completed product to others or close a cancelled project. • This process group, when completed, verifies that the defined processes are completed within all the Process Groups to close the project or project phase, and formally establishes that the project or project phase is finished.

  48. Process Group Interactions • Process Groups are seldom either discrete or one time events; • They are overlapping activities that occur at varrying levels of intensity throughout the project (Figure 2.3). (However, just not all of the processes will be needed on all projects, not all of the interactions will apply to all projects or project phases.)

  49. Process Group Interactions Figure 2.3. Process Groups Interact in a Project

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