PJM. Sessions 1-5. 2023-24 Batch

1-1
What is Project Management
• What is a Project?
A project is a temporary endeavor undertaken to create a
unique product, service or result.
• What is a Project Management?

Project management is the application of knowledge,
skills, tools and techniques to create and complete
project activities.
An Overview of Project Management
1–3
What is a Project?
Project Defined
◦ A complex, nonroutine, one-time effort limited by time, budget,
resources, and performance specifications designed to meet
customer needs.
Major Characteristics of a Project
◦ Has an established objective.
◦ Has a defined life span with a beginning and an end.
◦ Requires across-the-organizational participation.
◦ Involves doing something never been done before.
◦ Has specific time, cost, and performance requirements.
1–4
Project Objectives
Scope
Time
Cost
Quality
1-5
Comparison of Routine Work with
Projects
Routine, Repetitive Work Projects
Taking class notes Writing a term paper

Daily entering sales receipts into Setting up a sales kiosk for a
the accounting ledger professional accounting meeting
Responding to a supply-chain Developing a supply-chain
request information system
Practicing scales on the piano Writing a new piano piece
Attaching tags on a Opening a new store of Reliance
manufactured product trends and Wal-Mart etc
TABLE 1.1
1–6
The Challenge of Project
Management
The Project Manager
◦ Manages temporary, non-repetitive activities and frequently acts
independently of the formal organization.
◦ Arranges resources for the project.
◦ Is linked directly to the customer interface.
◦ Provides direction, coordination, and integration
to the project team.
◦ Is responsible for performance and success of the project.
◦ Must induce the right people at the right time to address the right
issues and make the right decisions.
1–7
Why Project management
The basic purpose for initiating a project is to
accomplish specific goals. The reason for organizing
the task as a project is to focus the responsibility and
authority for the attainment of the goals on an
individual or small group.
Actual experience with project management (such as
through the currently popular Six-Sigma projects)
indicates that the majority of organizations using it
experience better control and better customer
relations, and probably an increase in their project’s
return on investment
1-8
Current Drivers of Project
Management
Factors leading to the increased use of project management:

◦ Compression of the product life cycle
◦ Knowledge explosion
◦ Triple bottom line (planet, people, profit)
◦ Corporate downsizing
◦ Increased customer focus
◦ Small projects represent big problems
1–9
Project Governance:
An Integrative Approach
Integration (or centralization) of project management provides senior
management with:
◦ An overview of all project management activities
◦ A big picture of how organizational resources are used
◦ A risk assessment of their portfolio of projects
◦ A rough metric of the firm’s improvement in managing projects relative to
others in the industry
◦ Linkages of senior management with actual project execution
management
1–10
Project Life Cycle
1-11
What are risks
during project life
cycle?
1-12
Alignment of Projects with
Organizational Strategy
Problems resulting from the uncoordinated project management
systems include:
◦ Projects that do not support the organization’s overall strategic plan
and goals.
◦ Independent managerial decisions that create internal imbalances,
conflicts and confusion resulting in dissatisfied customers.
◦ Failure to prioritize projects results in the waste of resources on non-
value-added activities/projects.
1–13
What are the problems with
these type of products?
1-14
Major Functions of Portfolio
Management: The “Science” and “Art” of Project
Management
Oversee project selection.

Monitor aggregate resource levels and skills.
Encourage use of best practices.
Balance projects in the portfolio in order to represent a risk level
appropriate to the organization.
Improve communication among all stakeholders.
Create a total organization perspective that goes beyond silo
thinking.
Improve overall management of projects over time.
1–15
Expectations
vs Reality
1-16
Forces Fostering Project
Management
Main forces in driving the acceptance of project
management:
◦ Exponential growth of human knowledge
◦ Growing demand for a broad range of
complex goods and services
◦ Increased worldwide competition
All of these contribute to the need for
organizations to do more and to do it faster
1-17
Projects Tend to be Large
Projects tend to be large
◦ The Channel Tunnel, or Burj Khalifa
◦ Denver International Airport
◦ Panama Canal expansion project
◦ Three Gorges Dam, China
Projects are getting larger over time

◦ Flying: balloons  planes  jets  rockets  reusable
rockets
The more we can do, the more we try to do
1-18
Project Management Also
Getting Smaller
More people are seeing the advantages
of project management techniques
The tools have become cheaper
The techniques are becoming more
widely taught and written about
1-19
Please answer my questions
1-20
What is a Project Charter?
The project charter is a document that officially
starts a project or a phase. It formally authorizes
the existence of the project and provides a
reference source for the future. The charter gives
a direction and a sense of purpose to the
management from start to end.
1-21
Key elements of project charter
1.Project title: The project's name should be clearly stated at the

top of the document.
2.Project background: This section should explain why the
project is necessary and how it will benefit the organization.
3.Project scope: It should define the boundaries of the project
and what is included and excluded from the project.
4.Project objectives: It should be specific, measurable,
achievable, relevant, and time-bound (SMART).
5.Project timeline: It should include the start and end dates of the
project and any key milestones.
Key elements of project charter (contd..)
6. Project budget: It should outline the estimated project cost,
including any resources needed.
7. Project stakeholders: The project charter should identify all
stakeholders, including project sponsors, project team
members, and external stakeholders.
8. Risks and assumptions: The project charter should identify
any potential risks and assumptions associated with the
project.
9. Project management approach: It should outline the
methodology and processes used to manage the project.
10.Project deliverables: It should be clearly defined, including
any reports, products, or services that will be produced as a
result of the project.
Trends in Project Management
• Achieving Strategic Goals

• Organization strategy and mission
• Achieving Routine goals
• If deadline is not important then the worker find out it is only artificial
• Improve project effectiveness
• Whether strategic or routines
• Project Management Office (PMO)
• Liaison with project’s stakeholders
• Virtual projects
• Rapid increase of globalization [Different physical geographical location and time
zones]
• Project Management Office (PMO)
• Liaison with project’s stakeholders
• Agile Project Management
• It provides greater flexibility to respond to changing customer requirements and
ultimately complete projects more efficiently.
4–25
Let’s go back to Project life cycle
How to initiate a project?
• Project initiation starts with organization’s goals and strategies, it

involves appropriate governance systems and putting structures in
place.
What Is Project Portfolio Management
(PPM)?
Project portfolio management (PPM) is the centralized
management of an organization's projects. While these
projects may or may not be related, they are managed under
one umbrella (called a portfolio) to oversee and manage any
competing resources.
Portfolio management in project management also involves

the intake process of projects. This includes identifying
potential projects, authorizing them, assigning project
managers, and including them in the overall portfolio. It also
includes high-level controls and monitoring to ensure
ongoing projects are directly related to the business's overall
goals and strategies.
Why project portfolio management is
important
• According to the Project Management Institute,
"portfolio management is a way to bridge the gap
between strategy and implementation." The
portfolio manager's job is to ensure the right projects are
being done at the right time to maximize the company's
investment. This is particularly important in an
organization with a lot of internal projects.
• Ideas for projects can come from anywhere, at any time,
and it's common for a business to have a long list of
potential projects to complete.
Benefits of project portfolio management
• Provides alignment between company

objectives and projects
• Takes the personal bias out of project
planning
• Makes decision-making easier
• Helps prioritize projects
• Focuses on the big picture
The conception of project management
The project conception phase encompasses critical tasks for ensuring a
product’s success before spending effort developing a potential white
elephant/full product/service. Activities include initial requirements capture
and verification, feasibility studies, and proof of concept prototypes.
Teams/management should address a few questions at this stage,

including:
•What is the purpose of this project?

•What are some potential obstacles?
•Who are the key stakeholders?
•Does it have a minimum or maximum budget?
•How long will this project take?
• Business case document
• The business case document is a formally compiled list of
reasons of why the project is needed and if the execution
of the project worth its estimated results. If the justification
in the business case document is good enough to convince
the panel, then the project will move ahead. If not, the
project may be shelved.
• Feasibility study
• If the project management office does not have enough
resources and expertise to carry out the proposed project,
then at this point, the panel may decide to shelve the
project. Taking on the project with the necessary
knowledge or resources, even if it may be beneficial for
the business, may prove to be disastrous for the PMO.
Resulting in wasted time, effort, and money.

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1-1

What is Project Management

• What is a Project Management?

Taking class notes Writing a term paper

Factors leading to the increased use of project management:

Oversee project selection.

Projects are getting larger over time

1.Project title: The project's name should be clearly stated at the

• Achieving Strategic Goals

• Project initiation starts with organization’s goals and strategies, it

Portfolio management in project management also involves

• Provides alignment between company

Teams/management should address a few questions at this stage,

•What is the purpose of this project?

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