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 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 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 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

Introduce innovation /

something new for the company

devoted to achieving a specific

goal

A Project has a specific

objective, defined as the goal of the

group of activities

taking place in a limited time Constraint (time related)taking place in a limited time Constraint (time related)

consuming finite resources Constraint (resources: man-hours,

financial, equipment, etc.)

...developed by team. Teamwork (competencies)

Examples of Projects

Planning a wedding

Designing and implementing a computer system

Hosting a holiday party

Designing and producing a brochure 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 somethingbe 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

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YVaporware

Peanuts

A process:

Group of activities,

performed in a sequence

or in parallel, that starts

Key elements

Bo innovation

Routine job

Fixed output, from an

Difference between a Project and

a Process

or in parallel, that starts

from an input and

achieves a predefined

output

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

Hurry / worry to waste time

Underestimate of time and costs for future changes

Difficulties related to uncertainty

Why people often do not anticipate

constraints in projects?

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 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 Technical / specialized competencies

Managerial competencies

Public relations/ Begotiation 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