UNIT-II_PPT_REC.pptx content of project management

ppt for content of project management

1. UNIT-II PROJECT PLANNING, SELECTION AND RISK MANAGEMENT The Planning Process – Work Break down Structure (WBS). Cost Estimation and Project Budgeting. Project Cost Management. Selection criteria and methods. Risk Analysis in Project Management. Case Study.

2. PROJECT PLANNING Project planning refers to the phase in project management in which determine the actual steps to complete a project. This includes laying out timelines, establishing the budget, setting milestones, assessing risks, and solidifying tasks and assigning them to team members.  Project planning is the second stage of the  project management lifecycle .

3. Why is project planning important? Project planning is important because it helps guide and streamline every other phase of a project. It lays out the basics of a project, which include the following: Project scope . Objectives. Goals. Schedule, milestones and deadlines. Budget. Resources. Key deliverables.

4. Components of a project plan Scope Budget Timeline Milestones Tasks Resource allocation

5. Project planning software  1. Asana This is a great option for small businesses, because it offers features like  task management , time tracking, and file sharing. 2. ClickUp ClickUp is a cloud-based software for managing projects, teams, and tasks. You can create projects, organize tasks, assign tasks to team members, track progress, and much more. 3. Freedcamp Freedcamp is a web-based project management tool designed specifically for people who need help managing multiple projects at once.

6. Project planning software  4. Hive This is a very simple and easy-to-use project management tool that's great for teams of any size. It offers time tracking, progress reporting, and task management features. 5. Scoro This is another popular project management tool with many great features like  Gantt charts , resource planning, and issue tracking. 6. Trello Trello is a popular free project management app for managing projects and collaborating with teams 7. Wrike Wrike is a project management and collaboration tool that allows you to manage projects from start to finish.

7. Work Break down Structure (WBS) A work breakdown structure (WBS) is a visual tool that helps project managers break down projects into smaller, more manageable tasks. It's a key part of project management because it helps with planning, organization, and tracking progress. 

8. Why Use a WBS In Project Management? (Importance) Clear organization Better planning Improved communication Simplified tracking Enhanced focus Cost estimation

9. How to create a work breakdown structure / Process Identify project deliverables Break down deliverables into work packages . Define task relationships Assign resources and durations Review and refine

10. Types of WBS - Deliverable-based WBS

11. Types of WBS - Phase-based WBS Team-based WBS Tasks are organized according to the teams or departments responsible for each component of the project.

12. Types of WBS Charts

13. Project Cost Estimation Project cost estimation is the process that takes direct costs, indirect costs and other types of project costs into account and calculates  a budget  that meets the financial commitment necessary for a successful project. 

14. Techniques for estimating project costs Statement of Work ( SoW )

15. Project Budget A project budget is the total projected costs needed to complete a project over a defined period of time. It’s used to estimate what the costs of the project will be for every phase of the project. Creating a project budget is a critical part of the project planning process.

16. Project Budgeting Project budgeting is the process of estimating the full cost of the project from the very beginning until the end. The project budgeting process involves the following: Budget planning:  Estimating costs and making a budget based on a project estimate Budget tracking:  Keeping track of project expenses during the project execution phase Project budget management:  Setting guidelines and control procedures to guarantee that costs don’t exceed the project budget

17. Importance of Accurate Project Budget  Project success Project management Project profitability Financial reporting Risk management Cost control Budget alerts Building trust Establishing a track record 1. Analogous estimating 2. Parametric estimating 3. Top-down method 4. Bottom-up method 5. Three-point estimate 6. Earned value analysis Types of project management budgeting methods

18. How to Make a Project Budget 1. Use Historical Data 2. Reference Lessons Learned 3. Leverage Your Experts 4. Confirm Accuracy 5. Baseline and Re-Baseline the Budget 6. Update in Real Time 7. Get on Track

19. Project Budgeting Process

20. Project Cost Management Project cost management is the process of estimating, budgeting and controlling costs throughout the project life cycle, with the objective of keeping expenditures within the approved budget.

21. What Is Project Selection Project selection  refers to the process of outlining and choosing the next venture for a team. Projects typically compete for resources, so you must consider the demands and goals of each potential project and prioritize them accordingly.

22. Key components of project selection criteria Strategic Alignment:   Financial Viability Feasibility: Risk Profile:   Resource Availability:

23. Risk Analysis in Project Management Risk analysis is a process that helps project teams identify, assess, and respond to potential risks that could affect a project's quality, budget, or timing. It's a proactive way to deal with issues before they become problems. 

24. Importance of Risk Analysis in Project Management Proactive Identification : Risk Mitigation : Resource Allocation : Decision Making Stakeholder Confidence Cost Control Quality Management

25. Methods of Risk Analysis in Project Management