pmm281

• Project


  A temporary endeavor undertaken to create a unique product, service, or result
• Characteristics of a project

  • Temporary: Clear start and end date, not ongoing activities
  • Unique: One-time endeavors, specific tasks and processes
  • Goal-oriented: Clearly defined goal or objective
  • Defined scope: Limitations in terms of resources, time, budget, and deliverables
  • Requires resources: Human, materials, equipment, financial
  • Involves planning and control: Outlining tasks, assigning responsibilities, establishing timelines, setting milestones
  • Cross-Functional: Requires cross functional or multi-disciplinary teams
  • Sponsor: Usually has a sponsor or customer
• Projects


  Different from operations, which are normal, ongoing everyday activities
• Operations


  • Production line making cars
• Operations are not projects because they do not end when their objectives have been reached or the project has been terminated
• Main constraints that influence the success of a project

  • Scope
  • Cost
  • Time
  • Quality
  • Resources
  • Risk
• Scope


  Project scope defines the total work involved, outlining the deliverables, tasks, and boundaries of the project. It's crucial because it sets expectations, avoids scope creep, and helps allocate resources effectively.
• Cost


  The financial resources (i.e. money) required to complete the project, including costs for labor, materials, equipment, and other expenses. Managing cost effectively ensures the project stays within budget.
• Time


  The timeframe available to complete the project. It involves creating a realistic schedule, managing deadlines, and ensuring tasks are completed on time.
• Quality


  Delivering a product or service that meets the desired standards and specifications. It involves quality control processes, testing, and ensuring the final outcome meets stakeholder expectations.
• Resources


  Human resources (team members), equipment, technology, and other assets needed to complete the project. Managing resources effectively ensures they are used efficiently and available when needed.
• Risk


  Potential risks and uncertainties that can impact success. Identifying, assessing, and mitigating these risks is essential to ensure the project stays on track and avoids potential issues.
• The first three: Scope, Cost and Time are often referred to to as the triple constraint.
• Project managers need to understand these constraints, balance them effectively, and make adjustments as needed throughout the project lifecycle.
• The fundamental interconnectedness of all things
• Changing one constraint


  Will impact the others
• Changing the scope


  May require more resources, may take more time, may cost more
• Trying to do a project faster (i.e. in a shorter time)


  May require more resources, may cost more and can negatively impact quality
• Not having the right resources on a project

  May cause delays (take a longer time) and result in additional costs
• An unforeseen risk


  May result in delays (take a longer time), result in additional costs, and negatively impact project quality
• Project management tools and methodologies attempts to manage constraints and ensure project success