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MODERN PROJECT MANAGEMENT (Benefits of Project Portfolio Management and…
MODERN PROJECT MANAGEMENT
Characteristic of Project
An established objective.
A defined life span with a beginning and an end.
Usually, the involvement of several departments and professionals.
Typically, doing something that has never been done before.
Specific time, cost, and performance requirements.
Project Life Cycle
Defining stage:
Specifications of the project are defined; project objectives are established; teams are formed; major responsibilities are assigned
Planning stage
: The level of effort increases, and plans are developed to determine what the project will entail, when it will be scheduled, whom it will benefit, what quality level should be maintained, and what the budget will be.
Executing stage:
A major portion of the project work takes place—both physical and mental. The physical product is produced (a bridge, a report, a software program).
Closing stage:
Closing includes three activities: delivering the project product to the customer, redeploying project resources, and post-project review. Delivery of the project might include customer training and transferring documents.
A project is a temporary endeavor undertaken to create a unique product, service, or result
Importance of Project Management
Compression of the Product Life Cycle
One of the most significant driving forces behind the demand for project management is the shortening of the product life cycle.
Knowledge Explosion
The growth in new knowledge has increased the complexity of projects because projects encompass the latest advances.
Triple Bottom Line (planet, people, profit)
The threat of global warming has brought sustainable business practices to the forefront. Businesses can no longer simply focus on maximizing profit to the detriment of the environment and society
Corporate downsizing
has also led to a change in the way organizations approach projects. Companies outsource significant segments of project work, and project managers have to manage not only their own people but also their counterparts in different organizations.
Project Classification
Benefits of Project Portfolio Management and project screening
Builds discipline into project selection process.
Links project selection to strategic metrics.
Prioritizes project proposals across a common set of criteria, rather than on politics or emotion.
Allocates resources to projects that align with strategic direction.
Balances risk across all projects.
Justifies killing projects that do not support organization strategy.
Improves communication and supports agreement on project goals.
