Introduction To Project Management

A project is a temporary endeavour undertaken to create a unique product, service or result. A project produces a unique result. This can be a product, service or outcome. The PMP definition is: A project is a temporary endeavour undertaken to create a unique product, service or result.

They are typically:- Performed by people- Constrained by resources that are finite- Are completed once with a definite beginning and an end (temporary in nature)- Are typically planned, executed and controlled

- Objectives are met- Funding is finished- Objectives cannot be met or there’s no need for the project output anymore (could be due to regulation changes, market requirements, etc.)- Sponsor takes a decision to end the project.

Operations are ongoing and repetitive while projects are temporary and unique endeavors. Creating a new application for processing loan applications is an example of a project. Once software is fully developed, we can say the objectives of the project have been met. At the point of using the software to process loan applications, operations begin. Examples of projects: - Merging or acquiring an organization- Building a house- Developing a new software application- Renovating an office

- To drive change, e.g. mergers and acquisitions, strategic shifts in business direction, for organizational growth (a company decides to open another branch of its office)- To enable the delivery of business value - for example, responding to competition, responding to decreasing profit margins and new market opportunities- It may also be due to the need to meet complex challenges such as technology changes, legal issues, environmental challenges etc

Project Management is therefore the application of knowledge, skills, tools and techniques to project activities in order to meet project requirements. It is a formalized approach for managing a unique product, service or result that comprises 5 Process Groups, 10 Knowledge Areas & 49 processes

A Project Manager has the overall responsibility for project success and should have Technical skills, Strategic & Business Management skills as well as Leadership skills.

- Program management is the centralized and coordinated management of a program to achieve its strategic objectives and benefits- Involves aligning multiple projects in order to obtain benefits and control not available by managing these projects individually. These projects are usually related.

- A project does not necessarily belong to a program but a program will always have projects- A program usually focuses on the delivery of strategic business objectives. For example, an organization may set up a program to increase profit margins, with multiple projects within it. - While a project manager fulfills project objectives, a program manager focuses on delivering benefits to the organization based on the strategic direction.

- Portfolios may comprise other portfolios, projects and programs, which may or may not be interdependent but managed as a group to achieve strategic objectives- Portfolio management is a centralized management of one or more portfolios to achieve strategic objectives