Flashcards in Chapter 1 Deck (16):
Your challenge as project managers
To create ‘order’ in seemingly empty and chaotic spaces and structures
To use ‘soft’ tools, such as people & time management to create the ‘hard’ deliverables of a successfully managed project
What is a project?
A complex, non-routine, one-time effort limited by time, budget, resources & 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
Project management is about:
Keeping things on
T – Time
R – Resources
A – Actions
C – Communications
Project management is for?
For the individual?
The challenge of project management
The Project Manager
Manages temporary, non-repetitive activities and frequently acts independently of the formal organization.
Marshals 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.
Project Life Cycle
Programs vs. Projects
A series of coordinated, related, multiple projects that continue over an extended time and are intended to achieve a goal.
A higher level group of projects targeted at a common goal.
Project - completion of a required course in project management
Program - completion of all courses required for a business major
Routine, Repetitive Work
Taking class notes
Daily entering of sales receipts into the accounting ledger
Responding to a supply-chain request
Practicing scales on the piano
Routine manufacture of an Apple iPod
Writing a term paper
Setting up a sales kiosk for a professional accounting meeting
Developing a supply-chain information system
Writing a new piano piece
Designing an iPod that is approximately 2 X 4 in., interfaces with PC, and stores 10,000 songs
The importance of project management
Factors leading to the increased use of project management:
Compression of the product life cycle
Triple bottom line (planet, people, profit)
Increased customer focus
Small projects represent big problems
Benefits of 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
Piecemeal project management systems
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
Major functions of portfolio 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