PROJECT MANAGEMENT FOR BUSINESS
TABLE OF CONTENT……………………………………………………………………..01
INTRODUCTION……………………………………………………………………...…….02
1.1…Background & Principles of
Project Management …………………………………..03
1.2…Viability of Project Developing success / failure criteria…………………………....04
1.3…Principles behind Project
Management Systems and Procedures..…………………04
1.4…Terminating and Conducting
Post-Project……………………………………………05
2.1…Appropriate Organisational
Structure, Roles and Responsibilities of Participants
Within a Project ……………………………………………………………………………..05
2.2…Control and Co-ordinate a
Project ..………………………………….………………06
2.3…Project Leadership Requirements
& Qualities ………………………………………07
2.4…Plan and Specify Human
Resources and Requirements for a Project …..…………08
3.1…Project Plans and Establishment
of the Project Organisation...………………….…09
3.2…Project Scheduling, Estimating
& Cost Control Techniques.....….………………....09
3.3…Methods Used to Measure Project
Performance …..………………………………...10
3.4…Project change control
Procedures …..………………………………………………..11
3.5…Evaluation of the Completed
Project …...……………………..……………..………..11
4…… SUMMARY
……………………………………………………………………………12
INTRODUCTION
A project is carried out in order to provide a solution to a
problem that can be clearly defined. The solution to the problem follows the analysis
of the needs triggered by the existence of the problem. Projects must be from real
resources should be sustainable, and the result of the solution must justify
the cost of the resources used.
While most college graduates do not have formal skills in a project
methodology; taking part as a project team member can be an excellent learning
opportunity to improve a person's career profile.
Projects are known for
their uniqueness, creativity and innovation because they are solving specific
problems of certain scenarios existing within the organizations. The uniqueness
of a project and the developed procedure for solving problem don’t limit
the project managers to the adaptation of existing solutions and
the partial use of existing available methods and approaches in their ongoing
project. The assessment of a project takes place in a variety of forms, ranging
from individual performance criteria and progress indicators for project
phases. Project management is often summarized as a
triangle. The three significant factors that form the vertices of a triangle
are time, cost and scope with quality enclosed in the centre. (BIS, 2012).
TASK
1
ü
1.1 PRINCIPLES
OF PROJECT MANAGEMENT:
While every project is
unique in its own way, there are certain basics which define most project work.
These are:
ü
objectives
ü
constraints
ü
lifecycle
Ø OBJECTIVES:
The Primary motive
of any project is to achieve specified goals and objectives. The goals and
objectives of any project must be SMART. (Lewis, 2007)
S Specific
M Measurable
A Achievable
R Realistic
T Timely
Without these attributes, project is likely to derailed
and lack focus from objectives which may ultimately incur chances
of failure. Once objectives have been completed ,a clear communication and
agreement is necessary between team workers and stakeholders.
Ø CONSTRAINTS:
It is any
factor which may limit or make an impact on a successful completion of a
project. Typical constraints are funding, available resources and time. It is
important to understand what the constraints of any project are in order to
clearly define the boundaries in which project work must be done. The Projects
which do not consider these constraints have high chances of failure.
Ø LIFECYCLE:
A Project has a definite life cycle with a definite start and
finish dates in which its objectives need to be fulfilled. While it is usually
defined by a start and finish date; the lifecycle of a project sometimes can be
limited by finite resources like such as funds or staff time available to the
project. A successful project must deliver its goals and objectives taking into
consideration of these constraints, and by definition do so within the anticipated
lifecycle of the project.
ü 1.2 VIABILITY OF PROJECT DEVELOPING SUCCESS /
FAILURE CRITERIA:
The discipline
of calculating the viability of the project is called a Project Appraisal.
A factor, which provides the baseline for project appraisals throughout the
life of the project, is the investment
appraisal. Project viability is usually defined in largely economic or financial
terms.
Critical Success Factor is the factor
or an activity required for
ensuring the success for the business whereas failure results, where the
project cannot meet end user expectations.
The success criteria for
the Project will be the principal approving with the idea. The sponsor
is most important and primary source for providing funds
for the project. The formation of a team with Collection of articles and
enthusiasm of students while making the Project with compliance of deadlines and the teammates delegating and doing the
tasks individually as well, completing at the appropriate time. Quality standards and
performance management must be considered equally by students which may lead
the project to an adjusted scope and even a revised plan. Delay of any of these activities could be another
failure factor. If Ideas are not approved by the principal, no sponsor is
ready to give funds. These are some success and failure instances of a
project.
ü 1.3
Principles
behind Project Management Systems and Procedures:
Construct an Initial Plan
|
Define Project Scope
|
Define Project Objectives
|
Assemble Team
|
Add Resources, Costs, Risks etc.
Obtain Stakeholder Buy-in
Publish the Plan
Collect Progress Information
Analyze Current Status
Adjust the Plan, and Manage Project
Change
Close Project
Add Resources, Costs, Risks etc.
|
Obtain Stakeholder Buy-in
|
Publish the Plan
|
Collect Progress Information
|
Analyze Current Status
|
Adjust the Plan, and Manage Project
Change
|
Close Project
|
ü 1.4 Terminating and
Conducting Post-Project
(Clements
& Gido 2009)
Ø Conducting a
Post-Project-
Once a project is complete and all went as
planned. It encourages moving on to the next project. A post project may have
many benefits such as the assessment of organizational strengths and improving
according. Similarly, it can be a role model for future projects. The more
effective is the post project, the newer and innovative lessons can be learned
by a project manager to minimize time and cost for agreed goals and objectives
within the agreed time frame.
Terminating a Post-Project-
A project can be terminated in two
ways.
1. Natural: It happens when
project meets all end user requirements.
2. Unnatural- It happens when performance is
insufficient; especially due to lack of proper time or enough project funding.
There are few good benefits of
successful project closure. On one hand, it increases morale and confidence of
staff . It also develops a sense of achievement and encourages to commit
for improving future projects from the lessons learnt from past performance and
experiences.
On the other hand, it helps to
boost customer satisfaction. This is because the company gains experiences in handling
such projects efficiently, controlling project cost and without compromising
the quality of specifications and standards to be met for end user
requirements.
ü
2.1
Appropriate Organizational Structure, Roles and Responsibilities of
Participants Within a Project-
Ø
Ten characteristics that can be used to
describe the concept of organizational culture, Roles and Responsibilities. These
are:
·
Member identity–this describes how members of an organization
may seek their identity in their specific role, their job or as an integral
part of a wider entity that is the organization.
·
Team emphasis–this shows how strong a team spirit
culture is within the organization or whether members show a high degree of
individualism.
·
Management focus–this refers
to the organization’s awareness of how management practices may be affecting
the well-being and the role of the organization’s employees.
·
Unit integration–this dimension identifies the
extent of integration of the different organizational units as opposed to those
working in isolation.
·
Control–this is a measurement of how strong
policies, procedures and practices are in dictating how operations take place.
·
Risk tolerance–this shows whether the organisation
is prepared to deal with risks associated with certain decisions and
operations.
·
Reward criteria–this classifies organizations according
to the reward mechanisms used to increase employee motivation and reward the
achievement of targets.
·
Conflict tolerance–this distinguishes organizations
according to their tolerance to
conflicts being openly discussed and resolved against to those that prefer
complete avoidance of conflicts.
·
Means versus end orientation–this
dictates where the focus of management is on achieving its aims rather than the
processes followed.
·
Open systems focus–this explains how organizations choose.
2.2 Control and Co-ordinate a Project:
Ø Controlling
a Project:
Controlling a project is to deal with any
issues that require the attention of the project manager and typically some
form of action. The reactive nature of the procedure means that a certain level
of decision-making and problem solving is involved. It is necessary to fully
appreciate that projects are rarely in line with original plans for various
reasons. Therefore the role of the project manager is not limited to the
development of a project plan and its documentation, but spans a number of
areas that can be grouped together under project control. Such areas of concern
could include measuring performance, assessing whether project requirements are
met, dealing with problems, identifying risks, etc.
Ø Coordinating
a Project:
·
Timing any
project updates
·
Reporting on tasks completed
·
Recording historical information
·
Estimating remaining work
·
Reporting on start and finish milestones
·
Reflecting on duration and progress
·
Reviewing effort and resources
·
Providing completion rates
2.3 Project Leadership Requirements
& Qualities :
Ø Project Leadership
Requirements
Juli,
2010
|
Ultimate
satisfaction
|
|
Esteem Needs
|
|
Physiological
Needs
|
|
Basic
Needs
|
|
Safety
and Security Needs
|
|
Self-actualization
|
|
Social Needs
|
Ø Project
Leadership Qualities
|
|
Leadership as a trait
|
Possessing
leadership qualities is therefore a differentiating characteristic of certain
individuals who should be awarded certain roles in the organization.
|
Leadership as a responsibility
|
Some organizations perceive leadership as a responsibility that
comes with the role, so if someone holds a certain job title they should be
able to lead
|
Leadership as a behavior
|
Leadership becomes part of the
individual's behavior and is likely to affect decisions and the way a project
or a team is managed.
|
Leadership as a style
|
The personality of an individual
also affects the way leadership is exercised, and more specifically how
leading roles affect communication and coordination of peer and subordinates.
|
Leadership as a condition
|
The demonstration of
leadership skills may be triggered by an event or a project crisis. This
approach leadership as a behavior that varies with time and adapts to
different conditions.
|
Leadership as a
transformation tool
|
One of the effects of leadership
should be to enable the transformation of an organization and its structures,
the human capital and individual members, in order to achieve set targets and
work towards the common mission.
|
Leadership as inspiration
|
Eventually
leadership is perceived as a virtue that once possessed can help the
management of individuals and teams. Regardless of the leadership style, a
good leader should be able to inspire others.
|
ü 2.4 Plan and Specify
Human Resources and Requirements for a Project:
Human
Resources for a Project
Human resource is a vital component of
any project. Be sure to plan properly for human resources to ensure success.
The Human Resource Plan is a tool which aids in the management of all projects.
At the least it defines things such as roles and responsibilities,
organizational charts, how resources will be acquired, time when each resource
will be needed and any specialized training requirements.
Requirements
for a Project
Resources are the
means we use to achieve project objectives. The primary resource is obviously
people with applicable skills and competencies. The other main grouping of
resources we need includes capital, facilities, equipment, material and
information. There is usually a gap between the investment reach of a project
and the project demands.
TASK 3
ü 3.1 Project Plans and Establishment of the
Project Organization
Ø To develop a basic project plan you need a list of the tasks, and
understanding of the relationships between the tasks and to know the priority
of each task. In larger projects the list of tasks is organized into a work
breakdown structure. The relationships between the tasks, called dependencies,
are established. And the critical path for the project is calculated.
Ø The organizational
approach describes the way most organizations view quality as it emphasizes the
importance of meeting customer and stakeholder requirements. This perspective
requires constant communication with project stakeholders as they provide the
necessary input used for assessing project quality.
ü 3.2 Project Scheduling,
Estimating & Cost Control Techniques:
Ø Project Scheduling is
usually the core of the project plan as it associates the project objectives
with specific deliverables and the resources used. The project schedule depends
on the duration of the project, and the choice of time units used for
scheduling needs to be appropriate for the project duration. For example, for a
project that is likely to last for a month it may not be wise to use weeks as
the time units as this will not allow sufficient detail in the project plan.
The scheduling effort must be based on two factors. This means that the project
activities and tasks are outlined and then grouped together according to the
project phase with specific reference to the required resources.
Ø Estimating
Cost Control Techniques
It is the aspect of project management is providing cost estimates
and planning for the costs of the project activities. It is often difficult to estimate the exact
time and cost involved in the project. It is therefore, important to take care
of several other factors that may influence project time and cost of each
activity. Some activities of the project may demand significant amount of
overheads in the form of preventing, reporting or monitoring techniques.
It is necessary for project managers to
break down large projects into small defined tasks and estimate the workload
associated with each one of these identified tasks. Each project stage may be
different in terms of time factor bound within it. There are still other
factors that may limit the time factor which ultimately may determine whether
the project will be successfully completed or failed on required time. These
factors that may control the duration of each activity of the project may be:
v Skills of the Employees involved
v Efficiency of Workers
v Errors made in each stage of project
v Random variations
ü 3.3 Methods Used to Measure Project
Performance:
If Projects can’t be measured, they
can’t be controlled and vice versa. Project performance measurement is
essential for assessing current performance, setting goals for improvement,
anticipate and correct if any deviations occur against objectives.
v Measuring
Quality of products and Process
Project managers must know if their
product is deliverable, meeting specification or satisfaction of end users and
stakeholders or not?
They must make sure whether the undergoing
project is according to business needs, and the plan was accomplished as
anticipated or not?
v Measuring Time
Monitoring
and control of project to ensure that the objective is met in the right time/
anticipated time of the project
v Measuring Budget
Project
managers must examine different costs involved within the project and examine
whether the planned budget justify the goals of project or not?
The
measure of elements that are regarded as critical elements for success of
project (critical success factors) is essential in any project.
Tools and
Techniques used for measuring project Performance:
There
are four general categories used by project managers to conduct monitoring and
controlling of a project.
1.
Collecting Information: Techniques
involved in collection of Project Performance information are Pulse meetings,
variance reports etc.
2.
Analyzing whether change is needed: Techniques involved are technical reviews,
project forecasts etc.
3.
Reporting: Techniques used here are
Management information system, Reviews, Dashboards etc.
4.
Managing Change: Techniques involved could be Change management Log.
Earned value analysis is a powerful
project management technique widely used by Project managers to measure Scope,
Schedule and Cost of a project.
3.4 Project change control Procedures:
Project managers often have to deal
with changes and project creep is one of the undesirable situations for them.
The change also depends upon the nature of project he/she is involved with.
Changes in a project can be coped with formal procedures like follow:
1. If any end user or concerned
party demands for change, ask him/her to fill a formal change request template
in writing.
2. Review the impact of change in
the project, analyze what may happen if change is not implemented in terms of schedule,
cost, time and outcome.
3. Accpet/ reject change. Involve
team members and sponsors in decision making process, and if rejection is the
decision, inform what has happened to these end users/ concerned parties.
4.
If the change is accepted, incorporate it with ongoing process. Inform change
and its possible impacts to the interested parties.
ü
3.5 Evaluation
of the Completed Project:
Different types of evaluation take place in the
end of a project. The primary concern is determining the extent to which the
project outcomes have been achieved. Evaluation Process includes meeting the
sponsor, key stakeholders and project team leaders. The evaluation in this sort
is the final stage of the project, which help project managers to ensure that
the project has met all of the contracted expectations and can be ‘signed off’
as complete.
Review of the process might be another way of evaluation that
assists managers to learn from their experiences. It is generally carried out by examining the
real life achievements of project with the anticipated project plan, all the
variations that occurred in the long run in terms of cost, quality and time,
both in processes and the outcomes. The lesson is how to avoid such deviations
from the plan in the future or how to make effective planning for
contingencies.
Although monitoring takes place throughout a project, evaluation
based on the information thus gained is likely to happen at the end of the
project, in a final summative evaluation which identifies:
ü
SUMMARY
A project is
carried out in order to clearly define the solution to a problem. The three major
factors that play role in a significant project are time, cost and scope
commonly called as triple constraints. The Primary task for any project is to set up goals and
objectives. These goals and objectives must be SMART .
S specific
M measurable
A attainable
R realistic
T timely
M measurable
A attainable
R realistic
T timely
Projects have definite life cycle, with a clear start
and finish point within their objectives to be met. There may be certain finite
resources like money and the number and skills of workforce that may also limit
the start and finish dates of the project.
The viability of the project is calculated by a
discipline called Project appraisal. A factor that plays a role in
project appraisal throughout the significant life of a project is investment
appraisal. The later is related with the project viability which is largely
defined in economic or financial terms.
The
personality of an individual also affects the way leadership is exercised, and
more specifically how leading roles affect communication and coordination of
peer and subordinates. The human resource plan is a tool that assists
the management of all projects. It defines organizational charts, roles and
responsibilities, resources and time , any specialized trainings requirements etc.
Earned value analysis is a powerful
project management technique widely used by Project managers to measure Scope,
Schedule and Cost of a project.
References:
1. BIS,
2012. (online) [Pdf] available at: http://www.bis.gov.uk/assets/biscore/corporate/docs/g/10-1257-guidelines-for-managing-projects
Accessed on 10/22/12
2. Clements,
J.P., & Gido, J. “Succesful Project Management” 4th edn. USA:
Cengage learning.
3. Juli, T.
2010. “Leadership Principles for Project
Success”Google ebook: CRC
4. Lewis, J. P. , 2007. “Fundamentals of Project Managemen”. 3rd edn. USA: American
Management Association.
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