Project Management An Overview

JIMS, Kalkaji C-702 Ankur Wahal

About the Instructor

Ankur Wahal is working as an Assistant Vice President with SBI Capital Markets Ltd. in Projects and Structured Finance He has more than 8 years of Professional experience in Project and Structured Finance, Mergers and Acquisitions, Private Equity Syndication and Corporate Finance Advisory. Education: Double MBAs from SDA Bocconi School of Management and FMS, Delhi LL.B.: Campus Law Centre, Delhi University B.Com (Hons) Delhi University

Agenda
The Project and the Project Management The Project life-cycle The role of the Project Manager (PM) The project Planning Socio-economic Influence on Project

Whats a Project
How can you define a Project? What are the key elements of a Project? Whats the relation with the organization? Whats the difference between a Project and a Process?

Whats a Project
A project is a unique venture with a beginning and an end, conducted by people to meet established goals within parameters of costs, schedule and quality. Buchanan and Boddy (1992) The simplest form of a project is a discrete undertaking with defined objectives often including time, cost and quality (performance) goals. All projects evolve through similar life-cycle sequence during which there should be recognised start and finish points. APM (1992)

Whats a Project
A project is an organized work towards a pre-defined goal or objective that requires resources and effort, a unique (and therefore risky) venture having a budget and a schedule. Field and Keller (2002) A project has dedicated resources, a single point of responsibility, clear boundaries across which resources and deliverables move, limited duration, it is one-off task and has objectives. It is a useful way of organizing work. Projects dont arise without deliberate intervention. Gray (1994)

Whats a Project
A project is a set of people and other resources temporarily assembled to reach a specific objective, normally with a fixed budget and with a fixed time period. Projects are generally associated with products or procedures that are being done for the first time or with known procedures that are being altered. Graham (1985)

Project Key Elements

A project is a non repetitive activity devoted to achieving a specific goal taking place in a limited time A Project has a specific objective, defined as the goal of the group of activities Constraint (time related) Introduce innovation / something new for the company

consuming finite resources ...developed by team.

Constraint (resources: man-hours, financial, equipment, etc.) Teamwork (competencies)

Examples of Projects
Planning a wedding Designing and implementing a computer system Hosting a holiday party Designing and producing a brochure Executing an environmental clean-up of a contaminated site Holding a high school reunion Performing a series of surgeries on an accident victim

Project Management
The application of knowledge, skills, tools and techniques to project activities to meet project requirements

Organizing and managing resources so the project is completed within defined scope, quality, time and cost constraints

Laws of Project Management

Projects progress quickly until they are 90% complete. Then they remain at 90% complete forever When things are going well, something will go wrong. When things just cant get worse, they will. When things appear to be going better, you have overlooked something If project content is allowed to change freely, the rate of change will exceed the rate of progress Project teams detest progress reporting because it manifests their lack of progress

How it should go
Requirements Analysis Design

Implementation

System Testing

Delivery and Installation

How it often goes

Requirements Analysis

D E L A Y Vaporware

Peanuts

Difference between a Project and a Process

A process: Group of activities, performed in a sequence or in parallel, that starts from an input and achieves a predefined output Key elements o innovation Routine job Fixed output, from an input Standard sequence (procedure)

A large view of projects and processes

Key Features of Project Management

Define the goal to be achieved Plan how to achieve the goal Define the resources needed to do the work Fix the check-points in order to control the risks Control the status of the project and take the necessary actions in order to fulfill the main goal Evaluate the difference between the output and the goal

Factors in Project Success

Project Technical Life Cycle

Managerial Implications
The early phases cost less then the later phases The amount of cost decided in the early phases is 80 90% of the entire project budget Cost of changes increases every time you pass in the next phase

Why people often do not anticipate constraints in projects?

Hurry / worry to waste time Underestimate of time and costs for future changes Difficulties related to uncertainty Initial stages are considered less critical (limited use of resources) Lack of communication among organizational functions

Important Points
Importance of the decisions in the first phases of the project Importance of keeping in mind the whole project every time a decision is made (impact on the later phases) Everyone has to contribute to every decision made

The Role of a Project Manager

The PM is the leader of the team

The PM should have these competencies: Technical / specialized competencies Managerial competencies Public relations/ egotiation competencies

The Role of a Project Manager

Coordinates and manages the project Defines the plan of the activities Manages the resources, also in term of commitments Evaluates the execution of the project in respect to the plan and takes recovery actions Updates the top management/stakeholders (feedback) about the deployment of the project Guarantees the quality of the results