What is Project Management?
Project management is "the application of knowledge, skills, tools and techniques to project activities to meet project requirements."
PMI, A Guide to the Project Management Body of Knowledge (PMBOK Guide) (2004), p. 8.
Stakeholders are the people involved in or affected by project activities.
- Stakeholders include:
- Project sponsor
- Project manager
- Project team
- Support staff
- Opponents to the project
Nine Project Management Knowledge Areas
- Knowledge areas describe the key competencies that project managers must develop.
- Four core knowledge areas lead to specific project objectives (scope, time, cost, and quality).
- Four facilitating knowledge areas are the means through which the project objectives are achieved (human resources, communication, risk, and procurement management).
- One knowledge area (project integration management) affects and is affected by all of the other knowledge areas.
- All knowledge areas are important!
Project Management Tools and Techniques
- Project management tools and techniques assist project managers and their teams in various aspects of project management.
- Specific tools and techniques include:
- Project charters, scope statements, and WBS (scope).
- Gantt charts, network diagrams, critical path analyses, critical chain scheduling (time).
- Cost estimates and earned value management (cost).
- See Table 1-1 for other examples.
Project Portfolio Management
- Many organizations support an emerging business strategy of project portfolio management:
- Organizations group and manage projects as a portfolio of investments that contribute to the entire enterprise’s success.
(For more information, see Chapter 7, Project Cost Management.)
Why the Improvements in project management
The reasons for the increase in successful projects vary. First, the average cost of a project has been more than cut in half. Better tools have been created to monitor and control progress and better skilled project managers with better management processesare being used. The fact that there are processes is significant in itself
The Standish Group, "CHAOS 2001: A Recipe for Success" (2001)
Project Success Factors
1. Executive support
2. User involvement
3. Experienced project manager
4. Clear business objectives
5. Minimized scope
6. Standard software infrastructure
7. Firm basic requirements
8. Formal methodology
9. Reliable estimates
10. Other criteria, such as small milestones, proper planning, competent staff, and ownership
Project Management: What the Winners Do
- Recent research findings show that companies that excel in project delivery capability:
- Use an integrated project management toolbox that includes standard and advanced tools and lots of templates.
- Grow project leaders, emphasizing business and soft skills.
- Develop a streamlined project delivery process.
- Measure project health using metrics, including customer satisfaction and return on investment