Project is a temporary endeavour to create unique

product or service. Takes place outside the process

world, unique & separate from normal work doesnt use
existing system. Characteristics of Projects: Unique,
Specific Deliverable (limited time, budget and
resources), specific objective, temporary in nature (Adhoc endeavour with clear life cycle), Multidisciplinary,
complex, conflict b/w stakeholders & also project team,
part of the program, building blocks in design &
execution of organization strategies, responsible for new
products, services, organizational processes, provides
philosophy and strategy for management of change,
traditional management functions of planning,
organizing, motivating, directing and controlling apply.
Satisfaction of customer requirements within technical,
cost and schedule constraint. Terminated upon
successful completion.
Process: repeated, several objectives, ongoing,
homogenous, systems in place, performance, cost &
time known, part of line organization, bastions of
established practice, supports status quo
Elements of Projects: Complex, limited budget etc.,
clear goal, customer- focused.
Projects important? Shortened product life cycle,
narrow product launch windows, increasingly complex
technical products, emergence of global markets,
economic period marked by low inflation
Four stages of Product life cycle: Conceptualization
(goal, specification), PlanningInternal
(detailedRate
specs,of
schedules,
Return
schematics), Execution, termination
Project success determinant: Client acceptance,
budget, schedule, performance (quality check)
Dimensions of Project success: efficiency (budget,
schedule), impact on the customer (addressing needs,
technical specs, satisfying client needs), business
success (commercial success), future potential (opened
new marker, new product lines, new technology)
PMM: allows organizations to benchmark best practices
Project
Scoring
Models
of successful PM firms. Provides
framework
to analyse
and critically evaluate current practices, compare
practices to competitors, define systematic route for
improving. High Maturity (institutionalized, seeks
continuous improvement), Moderate (defined practices,
training programs, organizational support), low (Ad hoc
processes, no common language, little support)
PM is contextual: strategy, organizational structure,
culture
Strategic management: the science of formulating,
implementing and evaluating cross-functional decisions
that enable an organization to achieve its objectives.
1)review and define organizational mission. 2)set long
range goals and objectives. 3) analyse and formulate

PMO: Centralized units that oversee or improve the

management of projects resource centers for technical details,
expertise, repository, center for excellence. Forms of PMO:
weather station (monitoring and tracking), control of tower
(establishes standards, consult on how to follow them,
enforces, improves standards). Resource pool (maintain and
provide
skilled professionals)
C
Project Selection: Realism, Capability, Flexibility, Ease of
use, cost effectiveness, comparability
Screening & selection issues: risk, commercial (market
potential- ROI, payback period, potential market share),
internal operating (train employees, change in workforce),
additional (image, patent, fit)
Project Portfolio Management: the systematic process of
selecting, supporting and managing the firms collection of
projects. Requires: decision making, prioritization, review,
realignment, reprioritization. Successful Portfolio: flexible
structure & freedom of communication, low cost
environmental scanning, time- paced transition. Problems:
Conservative technical communities, out of sync project and
portfolios, unpromising projects, scarce resources.
Project Scope: Everything about the project, content &
expected outcomes. Consists of: naming activities, resources
consumed, end products & limitations.
Scope Management: Function of controlling projects in terms
of its goals, objectives through the process of conceptual
development, full definition, execution & termination.
1)Conceptual development: problem/ need statement, info
gathering, constraints, alternative analysis, project objectives
(successful will reduce project complexity, clearly state goals,
complete understanding of the problem), scope statement
(goal criteria: cost, schedule, performance, deliverables,
review gates; management plan, WBS, scope baseline), work
authorization (Scope Mngt. Definition of scope def., planning
docs. Management plans, contractual documents), scope
reporting (type of info, who receives copy, when & how info
is acquired, typically contains; cost status, schedule status,
technical performance), control systems (configuration,
design, trend monitoring, document, acquisition,
specification), project closeout (resolves disputes, trains
project managers, facilitates auditing; includes historical
records, post project analysis & financial closeout)
SOW: detailed narrative of work required; intro & background,
tech. description, timeline & milestone, client expectations.
WBS: breaking down mission into cohesive synchronous tasks
(echoes P. objectives, logical structure, method of control,
project status, improved communication, control structure).
Work Packages: lowest level, deliverable result, one owner,
miniature project, milestones, fits organisation, trackable.
Contractual Documents: requirements, valid consideration,
contracted terms, lump sum & cost plus
Risk Assessment: Define (the project), focus (plan risk

c-cost, Cs-schedule, Crreliability, Cp- Performance

Simple Scoring model
Financial Models
Cash flows should be discounted.
lower numbers are better (faster
payback)