Project
A project is a temporary initiative that aimed to create a unique product, service, or result. Let’s take a closer look at its main characteristics:
- Temporary – They are temporary because they have a defined beginning and end. They orientation is to achieve goals that bring change to the business. Thus, they are distinct from operations, which are ongoing activities aimed at maintaining business functions. Being temporary doesn’t imply the product will have a short lifetime. For instance, everyone expectes that a bridge last many years after the project completion.
- Creates Unique Products – They develop unique products. These unique products introduce uncertainty in terms of “what to do,” “how to do it,” “when to do it,” “who will do it,” and “how well to do it.” This is why they are distinct from operations, which focus on repetitive tasks.
- Progressively Elaborated – Progressive elaboration means that they will progressively plan them. That is, the plan will become more detailed as better information becomes available.
Proj. Management Courses
Project Lifecycle
The lifecycle refers to the series of phases a project undergoes. They divide the initiative into phases to streamline planning, execution, and control. This segmentation allows project managers to more effectively monitor progress and determine next steps.
The lifecycle varies depending on the nature of the project and its deliverables. Each project has unique phases tied directly to its specific goals. Additionally, each phase links to a key milestone and includes deliverables that must conform to the plan and be formally closed.
Project Constraints
All stakeholders must consider the contraints to carried out the project. These constraints limit the options by imposing conditions that restrict the outcomes. Not only do constraints limit the project, but they also influence how the project manager will handle it, what they will focus on, and what adjustments the PM will make throughout the initiative.
Constraints can be internal, imposed by stakeholders, or external, imposed by external entities such as legislation.
The three primary constraints are the Triple Constraint: scope, time, and cost. However, there are many more constraints beyond these three, such as risk, quality, resources, benefits, legislation, and safety.
The lifecycle varies depending on the nature of the project and its deliverables. Each project has unique phases tied directly to its specific goals. Additionally, each phase links to a key milestone and includes deliverables that must conform to the plan and be formally closed.
Project Success
To considerd an initiative a successful, it must meet the requirements and objectives it set out to achieve. However, success also depends on the perspective of those receiving it. For example, The company that developed the product may considered the initiative a success because they completed on time, within scope, and on budget, but the client may no longer want it because, for example, the technology has changed, and the product no longer meets the original need.
What really matters is that everyone defines the success criteria early in the initiative. So that even if circumstances change during the initiative lifecycle, it can still be possible to evaluated as a success or not.
Role of Project Management
Project management is essential for any initiative as it helps the project manager organize, plan, execute, monitor, control, and close the initiative. Project management enables:
- Organizing and Structuring Initiatives – Proj. management provides a clear as well as a well-defined structure for planning, executing, monitoring, controlling, and closing initiatives in a controlled manner.
- Managing Resources – One of the most important tasks of any project manager is to manage both physical and human resources. Knowing where to assign each person, how to allocate money, and how to effectively use time are tasks that project management can in fact helps with. This ensures that resources become available at the right time and are deployed only when needed.
- Identifying and Managing Risks – Proj. management plays a key role in identifying potential risks. This allows the project manager and also the team to take preventive and corrective actions to ensure that risks do not affect the initiative and that opportunities are seized to benefit the initiative.
- Ensuring Communication – The proj. manager spents most of his time communicating. They communicate progress to stakeholders, coordinate with the team to ensure tasks are completed on time, liaise with suppliers to confirm when resources are needed, and so on. Project management improves communication, as well as, collaboration by providing tools and organizing all information, and keeping everyone aligned with the goals.
- Monitoring and Controlling – Proj. management allows the project manager and also the teams to monitor and control the initiative by comparing actual performance against the plan. This way, the team can take preventive and corrective actions in case of deviations or if they identify potential issues.