Project planning begins with defining information flow, which mandates task dependencies, and then specifying sequences. Project Management is the application of knowledge, skills, tools and techniques to project activities to meet project requirements. Other drivers influencing the need of project management are: Many of the tools and techniques for managing projects are specific to project management. Portfolio management also concerns monitoring active projects for adherence to objectives, balancing the portfolio among the other investments of the organization, and assuring the efficient use of resources. Role of Project Manager is more like Expeditor or Coordinator than a Manager. Projects are completed when the project goals are achieved or it is determined the project is no longer viable. Growth Plan [$6B to $10B – Convert into projects], Increase market share [10% to 20% – Convert into projects], Increase ROI [5% to 10% – Convert into projects (Mainly Process Improvements)]. Here the product is developed in iterative and incremental fashion. With sales of more than 160,000 copies, Fundamentals of Project Management has helped generations of project managers navigate the ins and outs of every aspect of this complex discipline. Rather majority of the projects provide long lasting products like flyovers, buildings, etc. A program consists of a group of related projects and Program management is the process of managing multiple on going projects. A portfolio is a collection of projects, programs subportfolios, and operations that are grouped together to facilitate effective management of that work to meet strategic business objectives. The primary challenge of project management is to achieve all of the project goals within the given constraints. Project Management consists of 49 processes which are organized under 5 Process Groups as below: A portfolio is a collection of projects & programs, which are selected to achieve business objectives of an organization. Project Manager. PMBOK stands for Project Management Body of Knowledge. Building a road is an example of a project. One level above the project manager, this person is the organizational contact for the project. The project manager may report to the program manager in such cases. This program will prepare you to move into a project management role. Project Management Is an Art and a Science . Each process has following three important parts. Completing the project within constraints of scope, time, cost, quality, resources, and risk as approved between Project Manager and Senior Management. Provides project management methodologies, practices, training, and templates. Project Management starts with the decision to start a project upon weighing its need and viability. Projects are temporary in nature and have a definite beginning and end date. The process of building a road takes a finite amount of time, and produces a unique product. It is the conversion of Work Performance Information in the report format. Team is required to meet the demand with quality and standard. They need to know how to negotiate for more time, more resources, and fewer changes. Temporary doesn’t mean that the duration of the project is short. There are ten knowledge areas defined in PMBOK Guide, which are as follows: Each Knowledge area has certain processes. This Fundamentals of Project Management course is designed so that any aspiring professional can learn what they need to successfully manage any project. This section helps to build the fundamentals and basic concepts of project management. A portfolio consists of multiple programs. Temporary, also, doesn’t mean that the life of the product being provided by the project is short. All of these elements are interdependent and take time and effort to build. However, effective project management requires that the project management team acquire the following three dimensions of project management competencies: The management of interpersonal relationships includes: PMBOK Guide is the bible for Project Management. This uniqueness comes because of difference in requirements, interfaces, geographical locations which also include local laws. Functions of Project Management Office (PMO): 1 – Collect historical information and lessons learned from all projects and provide this knowledge base for the guidance of future projects. All projects have the following four roles, even if some of them are assumed by the same person: 1. Unique means every project delivers unique product, service or result even if it has been done so many times in the past. Every operating environment creates a large number of small projects to be completed as part of ongoing efficiency improvement and risk reduction. 2. What is a Project – A project is a temporary endeavor undertaken to create a unique product, service or result. Once a project starts, it is crucial to watch the project progress at every step so as to ensure it delivers what all is required, in the stipulated time, within the allocated budget. This uniqueness comes because of difference in requirements, interfaces, geographical locations which also include local laws. The Project Management Fundamentals Certificate explores the core principles of project management as documented in A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Sixth Edition. It has a definite beginning and end. Across settings, planning principles and execution methodologies can offer ways in which projects can be run more effectively and efficiently. Project managers deliver projects while balancing the following constraints: These all are so intertwined that a change in one will most often cause a change in at least one of the others. Conditions under which project may get terminated:1 – Meets requirements2 – Realized that this project cannot meet the needs3 – Need for which the project was undertaken is no longer there4 – Client wishes to terminate the project. Evaluation & Impact Analysis on Scope, Cost, Time, Quality, Resources,  and Risk. The focus in this article is on the fundamentals of project execution. Project Management Fundamentals. This information is usually described in project documentation, created at the beginning of the development process. Temporary means definite start and definite finish and not like operations. In some cases Project Management is a subset of Program Management. Project Management Fundamentals. Project Management Fundamentals Regardless of whether you apply a specific methodology, being able to understand and apply the fundamentals of project management is a highly sought after skill for managers and team members alike. What is Project Management – Project Management means application of knowledge, skills, tools & techniques to project activities to meet project requirements. Each process is part of one of these five project phases. Example: Schedule Variance, Cost Variance. If your need bread, you have to buy it from someone else. When we collect requirements from the stakeholders, we use many techniques so that we don’t miss out any requirement. Project Based Organization Advantages: Personnel are specifically assigned to the project and report directly to the project manager Complete line of authority over project efforts affords the project manager strong project controls and centralized lines of communication Project teams develop a strong sense of project identification and ownership Disadvantages: Limited opportunities exist for knowledge … definite start and definite finish and not like operations. 7 – Provides project management training, coaching and mentoring to improve project management competence. Once a project starts, it is crucial to watch the project progress at every step so as to ensure it delivers what all is required, in the stipulated time, within the allocated budget. Creating a framework that reinforces the main project management principles will give your team the freedom to innovate and keep things running smoothly. Using a simple step-by-step approach, the book is the perfect introduction to project management … They can be internal or external to the organization carrying out the project. Organizations manage their portfolios based on specific goals. Successful project management takes practice. Project Sponsor. It is also known as strategy group. Exercise: Answer at-least 80% of the questions correctly in order to master the topic.20 Questions Challenge50 Questions Challenge, 5 – Manage projects directly when empowered to do it. A successful project is one that meets or exceeds the expectations of your stakeholders. If time is extended, the cost of the project will increase. Rather majority of the projects provide long lasting products like flyovers, buildings, etc. The fundamentals of project management cover a wide variety of responsibilities. Changes to any of these legs sets off a series of activities that are needed to integrate the change across the project. In this course, she explains the fundamentals of project management, from defining the problem, establishing project goals and objectives, and building a project plan to managing team resources, meeting deadlines, and closing the project. Change in one constraint impact other constraints. Project management is accomplished through the use of the processes such as: Project managers or the organization can divide projects into above phases to provide better management control with appropriate links to the ongoing operations of the performing organization. Project Management means application of knowledge, skills, tools & techniques to project activities to meet project requirements. usiness case for the project which provides justification for the investment. If your job or career path includes project management, and if you want to improve your skills, talk to successful project managers, read, and practice. The learning outcomes of The Fundamentals of Project Management include how to: Implement Effective Planning, Control, and Risk Management Organize & Support Projects Meeting needs and expectations of the stakeholders during planning and execution, Ensuring appropriate communication and stakeholder engagement. Project life-cycle is a series of phases that a project passes through. Project management provides organizations (and individuals) with the language and the frameworks for scoping projects, sequencing …