Project Management Overview (E)
What is the project? How to select and justify the project? How to plan and execute the project?
Posted: Sep 2010
Project Management Overview
A project is a specific, structured activity with clearly defined objectives, activities and timeframe. A successful project execution requires specific amount of the organization’s resources that will be engaged, in order to achieve the project objectives. Once the project objectives are achieved, the project is considered completed.
Project Management is a management method that is used to plan, organize and control project activities. The project is initiated by executive committee that will initiate project work. Usually, the executive committee is the top management of the company. The executive committee is assigning the Project Leader, approves the Project Plans and monitor the project performance. In specific situations the executive committee is changing, prioritizing or terminating projects.
The basic concept of Project Management is the delegation of general management authority to the Project Leader. The appointed project leader is responsible for whole project, budget, resources, process and activities and results of project team members.
The project management requires establishment of project team with clear roles and responsibilities. Usual structure of project team have following positions:
The Executive Sponsor has the authority to represent the Executive Committee on matters related to the Project Management. The Executive Sponsor is accountable to interface with Executive Committee and project team.
The Project Leader has the authority to manage and complete the assigned project. The Project Leader is responsible for the definition of the project objectives, project tasks, organization of project activities, budgets control necessary to complete the project objectives.
The Project Leader interfaces with the appropriate functional organization(s) throughout the planning and execution of the project. The Project Leader requests an assignment of people from different functions to form the project team. Functional managers and their assigned representatives collaborate with the Project Leader to define work, schedules and budgets required to accomplish their part of the project objective.
Project Team members
Project Team members are responsible to conduct planned work activities, related to their filed. They are responsible to meet the quality, schedule and budget targets, and to support the overall project objectives. They need to serve the team members in a collaborative, supportive manner.
Project team members shall be authorized by their functional management to make commitments in the design of work, time and cost estimations. The commitments, must therefore, be reviewed by the Functional.
The composition of the Project Team must be approved by the Executive Committee, based on proposal of Project Leader. The Project Leader forms a Project Team comprised of representatives from the functional departments. The project team members will be committed through full time or part-time engagement. Once when the project team is assembled, the project can commence.
Continue on Project Management:
1. Project Management Overview
2. 9 Areas of Project Management
3. Project Lifecycle – 5 Stages of Project
4. How to Determinine a Value of the Project?
4.1. Simple Payback
4.2. Average Return on Investment (ROI)
4.3. Net Present Value (NPV)
4.4. Internal Rate of Return (IRR)
4.5. Cost/benefit analysis
4.6. Time value of money
4.7. Present value of future payments
4.8. Justification of Addopted project
5. Project Planning – Project Charter
6. Work Cascading Structure (WBS)
7. Project Scheduling ( Arrow-on-Arrow and Gantt Chart )
8. Project Scheduling ( CPM and PERT )
9. The Responisbility Matrix
10. Resources and Budget Planning
11. Clasification of Projects