Project Management (1).pptx.presentation

Project presentation

1. Fundamentals of Project
Management
Presented By
Snehal D.Shipne

2. Fundamentals of Project Management
⚫Project:- A Project is a piece of planned work or
an activity that is finished over a period of time
and intended to achieve a particular purpose.

⚫ A Project is a set of tasks that must be completed in
order to arrive at a particular goal or outcome.
Depending on the size and scope of the project, these
tasks may be simple or elaborate, but all projects can
be broken down into objectives and what needs to be
done to achieve them.

3. The Project Life Cycle

4. The Project Life Cycle
⚫ Project management life cycle is the term used to
describe the series of phases a project passes through
from its start to its completion. It establishes the basic
framework that can be applied towards any kind of
project from software development to construction to
event planning.
⚫One of the benefits of a project management life cycle
is its role as a guide. The phases are used to make the
process clear for the project manager and project team.

5. Phases of Project Management

⚫Conception & Initiation
⚫Definition & Planning
⚫Launch or Execution
⚫Performance & Control
⚫Project Closure

6. Phase 1: Project Definition &
Project Planning
⚫Phase 1: Conception & Initiation
⚫This is the ground zero of any project. Your main goal
here is to conceive the project at a broad level:-
⚫Build a strong case for it (Why are we doing this and
what are the benefits?)
⚫Feasibility study/analysis (Can we do it? How much
time and resources will it require?
⚫Identify key stakeholders.
⚫Develop a project charter.

7. Phase 1: Project Definition &
Project Planning
⚫A project charter is a document that offers a formal initiation
definition of the project and authorized the project manager to use the
company’s organizational resources for project activities.
⚫The key tools and techniques for developing a project charter are as
follows:-
⚫Data gathering focus groups, stakeholder interviews, team
brainstorming.
⚫Meetings with key stakeholders/project sponsors.
⚫PM’s expert judgment.
⚫The main goal of a project charter is to define the project purpose, key
objectives and expected benefits. Knowing these factors leads to better
resource allocation during the next stages and smoother planning.

8. Phase 2: Project Definition &
Project Planning
⚫Once all the key stakeholders have approved your initial project
outline, it’s time to prepare a more formal set of plans, indicating how
the project will be executed. At this point, you will need to develop a
formal project management plan.
⚫A project management plan defines how a project will be executed,
monitored, controlled and closed basically, covering all the consequent
stages of a project. Depending on your needs, your project
management plan can be either summary level or highly detailed.
Remember, your plan should also account for the likely changes in the
project environment e.g. when new information becomes available, or
if any requirements change.

9. Phase 2: Project Definition &
Project Planning
⚫Here are the key documents you will need to develop:-
⚫Project scope management plan
⚫Requirements management plan
⚫Constraints
⚫Human resources requirements
⚫Project schedule and key milestones
⚫Budget/cost estimates

10. Phase 3: Project Execution

⚫At this point, the actual work on the project begins. All those
requirements, resources and tools outlined in the plan are leveraged to
meet the project goals. The tasks you are expected to complete at this
stage are as follows:-
⚫Assemble a team
⚫Assign resources
⚫Start executing the project management plan
⚫Proactive control and manage project execution
⚫Identify KPIs and set-up tracking systems.
⚫Distribute and assign tasks.
⚫Schedule status meetings
⚫Update project schedule
⚫Modify project plans as needed

11. Phase 4:Project Performance &
Project Controlling
⚫To ensure that your project remains on track at all times, you will want
to establish key performance indicators (KPIs). Most managers tend to
settle for 3-5 metrics that clearly indicate the project overall health in
regards to performance, budgets, timelines and objectives.
⚫Specifically, you may want to engage in:

⚫Cost tracking: review and refine project costs to reflect additional
details as those become available.
⚫Quality management: make sure that organizational quality policies
are incorporated into the project. All the deliverables are produced
according to the predefined specs.
⚫Overall project performance monitoring: monitor and respond to
changes in the project. Assess the team effectiveness, proactively
identify and prevent project bottlenecks and ensure that all the project
‘cogs’ are moving without any friction. This also includes sharing
project status reports with key stakeholders upon reached milestones.

12. Phase 5: Project Closure

⚫And we’ve made it to the final phase project completion. All the
objectives are met; all the tasks are completed; the final deliverables are
reviewed and sign-off by the customer.

⚫Apart from congratulating everyone on good work, professional PMs
will often schedule a closing meeting the so-called “project
post-mortem” to draw the final line. Such meetings are held to discuss
the overall project performance, identify key failures and successes and
apply those insights towards future projects.

13. Project Management
⚫Definition:- Project management is the application of
knowledge, skills, tools, and techniques to project
activities to meet the project requirements. The
planning and organization of an organization's
resources in order to move a specific task, event or
duty toward completion. Project management
typically involves a one time project rather than an
ongoing activity, and resources managed include both
human and financial capital.

14. Need of Project Management
⚫The importance of project management in
organizations can’t be overstated.
⚫When it’s done right, it helps every part of the
business run more smoothly. It allows your team to
focus on the work that matters, free from the
distractions caused by tasks going off track or budgets
spinning out of control.
⚫Here are just a few of the benefits of good project
management:-

15. Need of Project Management
⚫Save time and money:- With the right planning, you can ensure that
your work is delivered on time and within budget. Using project
management methods, you can map your project’s journey from the
outset and know in advance where the deadlines — and projected
spend — are going to fall, so you can more efficiently allocate your
resources, helping you to avoid delays and project overspend.
⚫Improve internal communications:-Working together can be hard.
With more efficient project management processes, you can reduce the
complexity of collaboration, increase transparency, and ensure
accountability, even when you’re working across teams or departments.
⚫Make better business decisions:-With clearer records of how your
project is progressing, you get a deeper understanding of where your
resources are being spent, what you need to prioritize and when, and if
you’re at risk of going off track. Good project management means that
you can forecast issues before they become issues, prevent bottlenecks,
and make smarter, data-driven decisions.

16. Need of Project Management
⚫Iterate on your successes:-Project management helps you to scale high
performance and build on your team’s best practices. By using the data
and learnings from previous projects, you’re able to pinpoint where
your team is excelling and where there’s room for improvement.
⚫Better project planning = better projects:-Those are the benefits at an
organizational level, and just some of the ways that project
management can help to improve your entire business.

17. Project Management Process
⚫The project management process helps anyone leading
a project, committee or team initiative for an
organization. Whether you are organizing a small
office party or leading a new product development
initiative, project management tools and processes
exist to increase success rate as a project manager.
⚫Project managers are tasked with launching and
keeping the project on track from start to completion.
Their job is to make everything run smoothly and
collaborate with their teams and clients.

18. Project Management Process
⚫Here are the five stages of the Project Process:-
⚫Step 1: Initiation:-This is where your project begins. In this
phase, the value and feasibility of the project are
determined. Before the project is approved or rejected, two
documents are created to sell the work to stakeholders and
sponsors.
⚫Business Case: This is where you justify the need of the
project including analyzing the return on investment.
⚫Feasibility Study: This is an evaluation of project goals,
the timeline to completion and how much they who project
will cost. Here is where you should also note what
resources will be required to fulfill the project and clarify
why and how it makes financial and business sense.

19. Project Management Process
⚫Step 2: Planning:-Once the project is approved, the next step is
to assemble a project team and start planning how to manage
the project to achieve goals within budget and on time.
⚫Step 3: Execution:-This phase is made of these detailed
processes:-
⚫Executing the Plan: follow the plan you created, assign the tasks
to team members and manage and monitor their progress with
project management tools, like a project dashboard.
⚫Administrate: Manage the contracts secured in the project.

20. Project Management Process
⚫Step 4: Managing and Controlling
⚫This step is to ensure that project you have planned is being
actualized. All aspects of the project must be monitored and
adjusted as needed. To do that, follow these processes.
⚫Scope: monitor scope and control changes.
⚫Quality: measure the quality of deliverables and make sure that
the planned quality is being met. If not, evaluate how to improve
quality.
⚫Schedule: keep track of delays or blocks that impact the timeline
of the project and manage and adjust to stay on track.
⚫Cost: keep track of expenses and control cost changes.
⚫Risk: keep an eye out for changes in risk throughout the project
and respond accordingly.

21. Project Management Process
⚫Step 5: Closing:-Your project is not over once your
goals and objectives have been met. The last phase is
closing out and it involves these processes:-
⚫Scope: checking to make sure all project deliverables
have been completed as planned.
⚫Administration: close out all outstanding contracts
and administrative matters, archive the paperwork and
disseminate final information to relevant parties.

22. The Project Manager
⚫A project manager is a professional who organizes,
plans, and executes projects while working within
restraints like budgets and schedules. Project
managers lead entire teams, define project goals,
communicate with stakeholders, and see a project
through to its closure. Whether running a marketing
campaign, constructing a building, developing a
computer system, or launching a new product, the
project manager is responsible for the success or
failure of the project.

23. Phases of Project Management

24. Phases of Project Management
⚫1) Project Initiation Phase:-
⚫The main goal of the Initiation Phase is to ensure that the project meets
business needs and that stakeholders and project teams are aligned on the
project success criteria throughout the project life cycle.
⚫To achieve the project goal, it’s best to involve internal and external
stakeholders from the Initiation Phase. This way, you can effectively align
expectations and increase the likelihood of completing all the deliverables
throughout the project management life cycle.
⚫During the Initiation Phase, the entire project team defines the project idea,
and the project sponsor evaluates it and authorizes the project to proceed. The
project manager starts the documentation process, which includes the
justification, deliverables, risks, estimated cost, and resource requirements.

25. Phases of Project Management
⚫2) Project Planning Phase:-Once the expectations and success
criteria are clear, the next project management life cycle phase focuses
on planning each task the team needs to perform to cover the scope,
achieve the deliverables, and meet the overall goal.
⚫In the Project Planning Phase, the project team members dive into
specific requirements, tasks, timelines, and actions. The project
manager works with the entire team to create the design, enumerate
the task list, and estimate the budget.
⚫The project team builds the resource plan, the communications plan,
and the initial project schedule. The project manager also establishes
the roles and responsibilities of the team and stakeholders. The project
scope is finalized depending on approved available resources and client
priorities.

26. Phases of Project Management
⚫3) Project Execution Phase:-The Project Execution Phase
is where the project team executes and follows through on tasks
based on the Project Plan. At this stage, the team spends most of its
time coordinating with people, helping to ensure quality work,
keeping track of resources, and updating stakeholders.
⚫Sometimes called the Implementation Phase, this is the phase
when the project manager tries to manage every task and aspect of
project delivery to keep the project on track for the remaining
duration of the project life cycle.
⚫The project team focuses on achieving all the objectives set in the
earlier phases. At this phase, the project leader likely uses project
management software to assign every task to team members. Tools
that centralize task information, along with resource availability
and team communication can simplify and optimize the needed
project management processes.

27. Phases of Project Management
⚫4) Project Monitoring & Control Phase:-

⚫The best way to ensure progress and improvement is by tracking and reviewing
project performance.
⚫Simultaneously during execution, the project team carefully tracks the progress
of the project based on the Project Plan established earlier. Tracking the
performance of the project through various metrics is crucial to ensure the
project stays on schedule, within budget, and within scope.
⚫The project team keeps track of change management documents, spending
records, QA checklists, and team time tracking. They are able to measure
where efforts and resources go throughout the project life cycle, crosschecking
it with the Project Plan.
⚫Both the Execution Phase and Monitoring & Control Phase are critical times
that can determine project success. Aside from monitoring the progress of
tasks, the project manager also tries to identify issues or risks, creates a
mitigation plan with the team, and reports the project status regularly to
stakeholders.

28. Phases of Project Management
⚫5) Project Closure Phase:-

⚫In the last project management life cycle phase, all the activities related to its
completion are concluded. These may involve the submission of a final
deliverable, fulfilling contractual obligations, terminating relevant agreements,
and releasing project resources.
⚫The causes of a project closure can be completion, cancellation, termination, or
transfer to a new organization. The documentation required to complete
Project Closure will differ depending on the situation.
⚫In this phase, the project manager communicates the final project disposition
and status to all stakeholders. This phase also ensures to inform participants
and stakeholders of any follow-on activities or continuing product life cycle so
they can communicate and coordinate with the people in charge.

29. Impact of Delays in Project
Completions
⚫ Negative influence on the stakeholders:-
⚫So many people are involved in one project such as
contractors, consultants, clients, workforce and even
the vendors. It will reduce their productivity and
anything which is dependent on this project.

⚫For example, the project might be housing society and
clients might have given the completion date to the
potential residents. Thus facing delay will negatively
impact the reputation of the client.
⚫

30. Impact of Delays in Project
Completions
⚫Over cost:-Because the project needs more time for
completion, then it means there is a need or resources
and workforce for another week or another month.

⚫The time and cost will add to the burden for the
project which means owner might launch a claim on
that. Even the extension of time will lead to more
budget. The delay expert can analyze the claim for the
proper recommendation.

31. Impact of Delays in Project
Completions
⚫Mistrust among stakeholders:-
⚫When people are aware of the fact that a particular
project will end on a specific date, then they are planning
ahead of time.
⚫If there is an issue in the completion schedule, then their
other plans will be ruined, and they won't be able to trust
the commitment of the contractor again.
⚫Claims/Lawsuits:-Another disadvantage of the having a
delay is that there can be a lawsuit against the defaulter
party. As we know how time-consuming it can be to fight
for a lawsuit.

32. Essential of Project Management
Philosophy
⚫A project management philosophy is a personal and professional framework
that helps you in your daily interactions with the people on your team. Broadly
speaking it’s about how you manage, communicate, and make decisions.

⚫1. Define the project objectives: When writing a project plan, one must first
define the project goals in detail.
⚫2. Establish a plan for execution
⚫3. Manage resources and risks
⚫4. Consistently communicate with your team
⚫5. Monitor progress, changes, and issues
⚫6. Keep your eye on the prize
⚫7. Maintain a positive attitude
⚫8. Develop a flexible coaching style

33. Project Management Principles
⚫1) Define a formalized project structure
⚫2) Set project goals
⚫3) Determine the right tools
⚫4) Divide roles and responsibilities
⚫5) Eliminate confusion
⚫6) Measure progress
⚫7) Review the project before completion