PROJECT MANAGEMENT

Updated for the session on 04-02-2022

 What’s the difference from an
Operations Management perspective?
The first universal characteristic of
projects is that every project is unique.
Projects- Three
characteristics
The second universal characteristic is
that a project is a one-time occurrence Projects- Three
with a well-defined and specific set of
desired end results. characteristics
The third universal characteristic of
projects is that they have a finite
duration.
Projects -Three
characteristics
Define
• Define Programs, Projects and Portfolios
Change and planning
Management and Monitoring
Success
Triple constraints

• Projects – The three constraints

Portfolio, program and project management
• Portfolio management aligns portfolios with organizational strategies
by selecting the right programs or projects, prioritizing the work, and
providing the needed resources.

• Program management harmonizes its program components and

controls interdependencies in order to realize specified benefits.

• Project management enables the achievement of organizational

goals and objectives.
Grading Structure
Professionalization of Project Management

PMI - Project Management Institute

• To foster growth and build professionalism in the discipline through various chapter

• Codify the areas of knowledge in Project Management

Codified knowledge
• PMBOK
Certification from PMI
• PMP – Project Management Professional

• Education, experience and testing requirements

Other bodies
• APM – Association for Project Management

• apm.org.uk
Trends in Project Management
• Achieving strategic goals
• Achieving routine goals
• Improving project effectiveness -PMOs
• Virtual projects
• Quasi Projects
Project Life Cycle - Stretched S
Project Life Cycle –2 J Stretched
Uncertainty in project
Uncertainty in project
Governance Structure for strategic projects
Project Selection

• Or selecting a project portfolio

• How should organizations do it?
Non-numeric models

• The Sacred cow

• The operating necessity
• The competitive necessity
• The product line extension
• Comparative benefit model
• Sustainability
Comparative

Q-Sort
Numeric models
• Pay back period
• Discounted Cash flow
• Real Options
Numeric methods
• Refer PDF
What other reasons?
 Numeric models - scoring
Picking a strategic project
to improve customer
service processes?
Numeric model- scoring
Scale
Numeric model -scoring
Numeric model- window of opportunity
• Find out the baseline data
• Compare with the benefits of the project
Selecting a portfolio of projects
• Portfolio Project Management
If not ROI what else?