1-intro pcfm 2016

Project Cost and Finance Management

1st Lecture MSPM-1 (Spring 2016)

projects_management@hotmail.com

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PCFM-Project Cost and Financial Management

• Project budget and Project costs plays akey role in the project success.

• The goal of this course is to develop skillsrequired to effectively manage project’scost and budget.

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The PMBOK® Guide—Fifth Edition is the preeminent(excellent) global standard for project management. Itrepresents generally recognized Good Practices thatall project managers need to attain high standards andproject excellence.

The project management is accomplished through theappropriate application and integration of 47 Logicallygrouped project management Processes.

The main activities of each PM process group can bemapped into 10 knowledge areas. PMBOK® FifthEdition 2013.

The PMBOK® Guide—Fifth Edition

Not for Sale , Print or Copy . Only for education inside the classroom. M.Shoaib Naqshbandi MSPM- Islamabad. 2016.

Not for Sale , Print or Copy . Only for education inside the classroom. M.Shoaib Naqshbandi MSPM- Islamabad. 2016.

Project and Project ManagementA Project is Group of activities to beperformed with limited resources to yieldspecific objectives, in a specific time, and in aspecific locality. [PMBOK] Describes projectas “a temporary endeavor to produce aunique product, service or result.”Project Manager follows PM Plan.

• Project Management is the application ofskills, knowledge, tools and techniques toproject activities.

Not for Sale , Print or Copy . Only for education inside the classroom. M.Shoaib Naqshbandi MSPM- Islamabad. 2016.

Q1. Your client has asked to increase the Scopeduring execution. Discuss its effects on projecttime and Cost. Give practical example from yourown field?Q2. Your client has asked to reduce time duringexecution. Discuss its effects on project scope andCost. Give practical example from your own field?

Q3. Your client has informed about reduction inbudget during execution. Discuss its effects onproject scope and time. Give practical examplefrom your own field?

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Home Assignment

Scope achieved.

Completed within scheduled time

Completed within approved budget

Accepted by the customer

Not for Sale , Print or Copy . Only for education inside the classroom. M.Shoaib Naqshbandi MSPM- Islamabad. 2016.

Project is sucessful when!

PortfolioVs Program1. Program: is a group of related projects managed in a

coordinated way to obtain benefits and control notavailable from managing them individually. A projectmay or may not be part of a program but a programwill always have projects.

2. Portfolio: is a collection of projects or programs andother work that are grouped together to facilitateeffective management of that work to meet strategicbusiness objectives.

3. A program manager provides leadership anddirection for the project managers. Programmanagers are responsible for more than the delivery ofProject results.

Not for Sale , Print or Copy . Only for education inside the classroom. M.Shoaib Naqshbandi MSPM- Islamabad. 2016.

(Project Management Office)• PMO: A body responsible for centralized and coordinated

management of projects under its domain.• PMO Function.

1. Managing shared resources across all projects.2. Identifying/developing project management

methodology, best practices, and standards.3. Coaching, mentoring, training, and oversight.4. Monitoring compliance with project management

standards, policies, procedures, and templates viaproject audits.

5. Developing and managing project policies, procedures,templates, and other shared documentation.

6. Coordinating communication across projects.Not for Sale , Print or Copy . Only for education inside the classroom. M.Shoaib Naqshbandi MSPM- Islamabad. 2016.