Lecture Notes on Project Management

Lecture Notes on Project Management I. Introduction to Project Management A. Definition and Importance Project Management is the application of knowledge, skills, tools, and techniques to project activities to meet project requirements. It's essential because it helps organizations achieve their strategic goals, improve efficiency, and deliver value to stakeholders. Projects are temporary endeavors with specific goals, timelines, and resources. B. Key Concepts Projects vs. Operations: Projects have a defined start and end, while operations are ongoing. Stakeholders: Individuals or groups with an interest in the project's outcome. Triple Constraint: Balancing scope, time, and cost constraints. Project Life Cycle: Initiation, planning, execution, monitoring, and closure. II. Initiating a Project A. Project Selection Organizations choose projects based on strategic alignment, ROI, and resource availability. Project Charter: Document that formally authorizes a project and defines its scope. B. Project Stakeholders Identify and analyze stakeholders to understand their expectations and influence. Stakeholder Register: Document that identifies stakeholders and their interests. III. Project Planning A. Scope Management Define project scope: What's included and excluded. Work Breakdown Structure (WBS): Hierarchical representation of project tasks. Scope Creep: Uncontrolled changes to project scope. B. Time Management Define project schedule: Activities, durations, dependencies. Gantt Charts: Visual representation of project schedule. Critical Path Method (CPM): Identifying the longest path to project completion. C. Cost Management Estimate project costs: Direct and indirect. Budgeting: Allocating resources to project activities. Cost Control: Monitoring and managing project costs. IV. Project Execution A. Team Management Assemble project team: Skills, roles, responsibilities. Team Development: Forming, storming, norming, performing. Motivation: Rewards, recognition, and communication. B. Quality Management Define quality standards: Meeting requirements and expectations. Quality Assurance: Preventing defects. Quality Control: Inspecting deliverables for defects. V. Project Monitoring and Control A. Performance Measurement Key Performance Indicators (KPIs): Metrics to assess project progress. Earned Value Management (EVM): Tracking cost and schedule performance. B. Risk Management Identify project risks: Events that may impact the project. Risk Assessment: Assessing probability and impact. Risk Response: Mitigation, avoidance, acceptance, or transfer. VI. Project Closure A. Closing Activities Finalize project deliverables. Release project resources. Conduct a lessons learned session. B. Project Documentation Archive project documents for future reference. Create a final project report. VII. Agile Project Management A. Agile Principles Iterative and incremental development. Customer collaboration and flexibility. Responding to change over following a plan. B. Scrum Framework Roles: Product Owner, Scrum Master, Development Team. Artifacts: Product Backlog, Sprint Backlog, Increment. Events: Sprint Planning, Daily Scrum, Sprint Review, Sprint Retrospective. VIII. Conclusion Project Management is a vital discipline for successful project delivery. Effective project managers must balance scope, time, and cost while managing stakeholders, risks, and quality.