project management-overview l1
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Project Management
An Overview
JIMS, Kalkaji
C-702
Ankur Wahal
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About the Instructor
Ankur Wahal is working as an Assistant Vice President
with SBI Capital Markets Ltd. in Projects and Structured
Finance
He has more than 8 years of Professional experience in
Project and Structured Finance, Mergers and Acquisitions,
Private Equity Syndication and Corporate Finance Private Equity Syndication and Corporate Finance
Advisory.
Education: Double MBAs from SDA Bocconi School of
Management and FMS, Delhi
LL.B.: Campus Law Centre, Delhi University
B.Com (Hons) Delhi University
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Agenda
The Project and the Project Management
The Project life-cycle
The role of the Project Manager (PM)
The project Planning
Socio-economic Influence on Project
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Whats a Project
How can you define a Project?
What are the key elements of a Project?
Whats the relation with the organization? Whats the relation with the organization?
Whats the difference between a Project and a Process?
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Whats a Project
A project is a unique venture with a beginning and an
end, conducted by people to meet established goals
within parameters of costs, schedule and quality.
Buchanan and Boddy (1992)
The simplest form of a project is a discrete The simplest form of a project is a discrete
undertaking with defined objectives often including
time, cost and quality (performance) goals. All projects
evolve through similar life-cycle sequence during
which there should be recognised start and finish
points.
APM (1992)
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Whats a Project
A project is an organized work towards a pre-defined
goal or objective that requires resources and effort, a
unique (and therefore risky) venture having a budget
and a schedule.
Field and Keller (2002)
A project has dedicated resources, a single point of
responsibility, clear boundaries across which resources
and deliverables move, limited duration, it is one-off
task and has objectives. It is a useful way of organizing
work. Projects dont arise without deliberate
intervention.
Gray (1994)
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Whats a Project
A project is a set of people and other resources
temporarily assembled to reach a specific objective,
normally with a fixed budget and with a fixed time
period. Projects are generally associated with products
or procedures that are being done for the first time or
with known procedures that are being altered.
Graham (1985)
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Project Key Elements
A project is a non repetitive
activity
Introduce innovation /
something new for the company
devoted to achieving a specific
goal
A Project has a specific
objective, defined as the goal of the
group of activities
taking place in a limited time Constraint (time related)taking place in a limited time Constraint (time related)
consuming finite resources Constraint (resources: man-hours,
financial, equipment, etc.)
...developed by team. Teamwork (competencies)
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Examples of Projects
Planning a wedding
Designing and implementing a computer system
Hosting a holiday party
Designing and producing a brochure Designing and producing a brochure
Executing an environmental clean-up of a contaminated
site
Holding a high school reunion
Performing a series of surgeries on an accident victim
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Project Management
The application of knowledge, skills, tools and
techniques to project activities to meet project
requirements
Organizing and managing resources so the project is
completed within defined scope, quality, time and cost
constraints
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Laws of Project Management
Projects progress quickly until they are 90% complete. Then
they remain at 90% complete forever
When things are going well, something will go wrong. When
things just cant get worse, they will. When things appear to
be going better, you have overlooked somethingbe going better, you have overlooked something
If project content is allowed to change freely, the rate of
change will exceed the rate of progress
Project teams detest progress reporting because it manifests
their lack of progress
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How it should go
Requirements Analysis
Design
Implementation
System Testing
Delivery and Installation
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How it often goes
Requirements Analysis
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Peanuts
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A process:
Group of activities,
performed in a sequence
or in parallel, that starts
Key elements
Bo innovation
Routine job
Fixed output, from an
Difference between a Project and
a Process
or in parallel, that starts
from an input and
achieves a predefined
output
Fixed output, from an
input
Standard sequence
(procedure)
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A large view of projects and processes
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Key Features of Project
Management Define the goal to be achieved
Plan how to achieve the goal
Define the resources needed to do the work
Fix the check-points in order to control the risks
Control the status of the project and take the necessary
actions in order to fulfill the main goal
Evaluate the difference between the output and the goal
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Factors in Project Success
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Project Technical Life Cycle
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Managerial Implications
The early phases cost less then the later phases
The amount of cost decided in the early phases is 80 -
90% of the entire project budget
Cost of changes increases every time you pass in the
next phase
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Hurry / worry to waste time
Underestimate of time and costs for future changes
Difficulties related to uncertainty
Why people often do not anticipate
constraints in projects?
Difficulties related to uncertainty
Initial stages are considered less critical (limited use of
resources)
Lack of communication among organizational functions
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Important Points Importance of the decisions in the first phases of the
project
Importance of keeping in mind the whole project every time
a decision is made (impact on the later phases)
Everyone has to contribute to every decision made Everyone has to contribute to every decision made
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The Role of a Project Manager
The PM is the leader of the team
The PM should have these competencies:
Technical / specialized competencies Technical / specialized competencies
Managerial competencies
Public relations/ Begotiation competencies
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The Role of a Project Manager
Coordinates and manages the project
Defines the plan of the activities
Manages the resources, also in term of commitments
Evaluates the execution of the project in respect to the plan
and takes recovery actions
Updates the top management/stakeholders (feedback) about
the deployment of the project
Guarantees the quality of the results