MGMT627 Short Notes

QNO1

What is a Project?

“a project is a problem scheduled for solution.”

The person, who is responsible for managing the project.

The members of the team who are directly involved in project management activities.

Short Range Projects:

Long Range Projects

They are completed within one year. They are completed within long period of times. They are not cross functional. They are most often cross functional. They are less rigorous; require less or no risk These projects involve higher risk and a proper feasibility analysis is essential before starting such projects. These projects require limited Project Management tools. Large numbers of resources are required to undertake long range projects

Why Projects are initiated?

1. When starting a new business
2. In order to develop/ modify a product or service.
3. For some community issues.
4. For implementing a new system or process
5. To introduce new equipment, tools or techniques.

Characteristics of Projects:

1. As already mentioned projects are temporary with a definite beginning and a definite end.
2. They also have temporary opportunities and temporary teams.
3. Most of the projects last for several years. However, they have a finite duration
4. They involve multiple resources (human and non-human) and require close coordination.
5. In every project, clients want changes, and the parent organization aims at maximization of profits.
6. There can be two bosses at a time and that too with different priorities and objectives.

Project Environment:

All projects are planned and implemented in a social, economic, environmental, political and international context.

1. Cultural and Social Environment
2. International and Political Environment
3. Physical Environment

stakeholder

A stakeholder is a person, group or organization with a vested interest, or stake, in the decisionmaking and activities of a business, organization or project.

Key Stakeholders:

Key stakeholders include the following:

1. Project Manager:
2. Customers, End Users:
3. Performing Organization:
4. Project Management Working on the Project:
5. Project Team Members:
6. Sponsors:
7. Influencers:
8. Project Management Organization:

The Triple Constraint of Project Management:

Meeting stakeholder needs and expectations involves balancing competing demands among cost, quality, scope, and time.

Q = f (T, C, S)

Operations and Projects:

1. They are both performed by people
2. They are constrained by limited resources
3. Both are planned, executed, and controlled

Management in any project is concerned with productivity. This refers to efficiency and effectiveness.

Efficiency:

In order to be efficient, management is concerned with minimizing resource costs. Efficiency is “doing things right”

Effectiveness:

In order to be effective, management is concerned with getting activities completed. Effectiveness is “doing right things”.

Who is a Project Manager?

A project manager is a professional in the field of project management. They have the responsibility of the planning and execution of any project.

Types of Project Managers:

1. Line managers
2. Staff managers
3. Functional managers
4. General Managers
5. An administrator

Activities of Project Managers:

1. Traditional management: 32%
2. Communication: 29%
3. Human Resource Management (HRM) 20%
4. Networking: 19%

Success for Project Managers:

1. Ability (A)
2. Motivation to manage (M)
3. Opportunity (O)

Together, they constitute the basic formula for managerial success (S).

S = A x M x O