Modern Project Management

Module 1: Modern Project ManagementDefinitions Importance Current trendsProject life cycleFeasibility StudyProject Selection Request for proposalApplications Software Development Projects Consultancy Projects

What is a Project?A project is a complex, non-routine, one-time

effort limited by time, budget, resources, and performance specifications designed to meet customer needs.

Characteristics of a project

1. An established objective.2. A defined life span with a beginning and an end.3. Usually, the involvement of several departments and professionals.4. Typically, doing something that has never been done before.5. Specific time, cost, and performance requirements.

Examples of a project:-

The development and introduction of a new services

The introduction of an improvement to an existing process

The creation of a large tender or the preparation of a response to it

The production of a new customer newsletter, catalogue or Web site

Definitions

"A discipline which requires budgeting, planning and resource management skills to enable a specified end deliverable to be completed within the allocated timeframe".

The Project Life Cycle

Another way of illustrating the unique nature of project work is in terms of the project life cycle.

cornerstone for managing projects The life cycle recognizes that projects

have a limited life span and that there are predictable changes in level of effort and focus over the life of the project.

There are a number of different life-cycle models in project management literature. Many are unique to a specific industry or type of project.

The Project Life Cycle

1.Defining stageSpecifications of the project are defined; project objectives are established; teams are formed; major responsibilities are assigned.

2.Planning stage: The level of effort increases, and plans are

developed to determine what the project will entail, when it will be scheduled, whom it will benefit, what quality level should be maintained, and what the budget will be.

3. Executing stage: A major portion of the project work takes

place—both physical and mental. The physical product is produced (a bridge, a

report, a software program). Time, cost, and specification measures are used for control. Is the project on schedule, on budget, and meeting specifications? What are the forecasts of each of these measures? What revisions/changes are necessary?

4. Delivering stage: Includes the two activities: delivering the

project product to the customer and redeploying project resources. Delivery of the project might include customer training and transferring documents. Redeployment usually involves releasing project equipment/materials to other projects and finding new assignments for team members.

Importance of Project ManagementCompression of the Product Life CycleGlobal CompetitionKnowledge ExplosionCorporate DownsizingIncreased Customer FocusSmall Projects Represent Big Problems

Current TrendsEnterprises continue to look for Efficiencies

in Process & Technology

Current TrendsAgile and Lean Processes are overtaking

Waterfall -With the need to do more with less, the demand by executives for "predictability" in projects and customers needing valuable deliverables produced quicker - Agile and Lean processes will become much more the norm rather than the exception in projects

Current TrendsPM's are becoming Independent Consultants

Current TrendsVirtual & Independent Teams will be more

Prevalent

Current TrendsSocial Media will become a Norm

Current TrendsPM & BA Roles are Converging

Feasibility StudyPiece of work designed to give support to an

initial concept or ideaTo minimize risk.

Among the issues that determine a project’s feasibility are: What are the goals and objectives of the project? Is there more than one way of arriving at the desired result? Does the project fit with the company’s overall philosophy

and long-term strategy? Will the project meet the goals and objectives of all

stakeholders? What are the the project’s costs and benefits? Does the company have, or can it readily obtain, the

resources it will need? How long will it take to see results? Will the project result in a product that generates positive

cash flow? Does the project (i.e., the product) have long-term potential? Are the risks known, understood, and manageable? If the

risks are not manageable, are they acceptable?

What is a Feasibility Study?Feasibility Study is a formal project document

that shows results of the analysis, research and evaluation of a proposed project and determines if this project is technically feasible, cost-effective and profitable. The primary goal of feasibility study is to assess and prove the economic and technical viability of the business idea. The outcome of the study will determine if there is economic sense to take the project initiative and proceed with the development of the implementation plan.

When to use a Feasibility Study? if you are unsure whether your solution will

deliver the outcome you want, then a Project Feasibility Study will help gain that clarity. During the Feasibility Study, a variety of 'assessment' methods are undertaken. The outcome of the Feasibility Study is a confirmed solution for implementation.

Feasibility Study StepsProject Description – Identify the project name and purpose. Include

details including stakeholders, and end result expected.Goals – List long and short-term goals and what processes will be

needed to achieve those goals.Timeline – What will be the estimated time until project completion?Costs and Budgeting – Include all costs incurred for the project

including the cost of the feasibility study itself.Purpose – What purpose does the project have and whom will it

benefit?Market Analysis – If applicable, will the market or market environment

benefit from the project. If so, list why.Resources – Identify all the resources both IT, technical, inventory, and

human that will be needed to complete the project.Project Process – How will the project flow? Include flow charts

showing project stages.Management and Teams – Who will manage and who will work on

scheduled tasks? Will project management outsourcing be needed?Observations– Statements that do or don’t support the project should

be included here. If for a client, does the client have the finances to complete the project or are there alternatives? If for a project or process, will it work and will it be beneficial?

Outcomes of a Feasibility Study A good feasibility study sample will include:Project Problems – Does the study include risk or

problematic areas that need to be addressed and are they clearly identified?

The Outcome – Ever study should identify the process, product, client request, and goal and how they will affect the outcome; positively or negatively. Will outcomes be beneficial or deterrent?

Alternatives – Are possible alternatives available or suggested and researched?

Assessment – The assessment part of your feasibility study should include risk management and controls, solutions, if the project is feasible, and how the project should be implemented.

Thank You