Project Management- Quick Overview by Sergio Alejandro Torres

QUICK OVERVIEW OF PROJECT MANAGEMENT

Project Managementis the acquired knowledge and skills applied using a formal set of tools and techniques to initiate, plan, execute, monitor, control and close projects.

In today's economy, all business lines have incorporated Project Management as an integral part of their operational practices. Project Management has helped businesses to accompalish their pre-defined objectives within the defined time limits. Project Management has facilitated all business sectors to make profitable decisions as well as operationalize strategies to bring their projects to completion.

Project Management has brought profitability to various Business Lines in numerous ways. Few of the important ones have been summarized below. Project Management has provided:

  • A clear project framework for achieving project specific goals and business goals.
  • An emphasis on phased development i.e. regular and measurable progress.
  • A systematic approach to resolving high-risk factors associated with an objective.
  • A focus on team thus inculcating the concept of teamwork and skill specialization – delegating tasks to team members selected for their skills that correspond to the requirements of the project, leading to specialized input into the development process.
  • A built-in mechanism for assessing the feasibility of a proposed project – assessing requirements and matching available resources to those requirements.
  • A process for involving all concerned parties into project execution, ensuring that the end product perfectly matches the requirements and thus avoiding last minute glitches.
  • A measure for incorporating Quality Assurance within the project life cycle thus producing Quality Outputs.

The above list is by no means exhaustive, but it gives very accurate picture of what value add Effective Project Management can do to the business and its projects.

To get a better understanding on what Project Management is, lets us now have a look on the various Project Management Objectives.

Project Management Objectives

  • Coordinate the various interrelated processes of the project.
  • Ensure project includes all the work required, and only the work required, to complete the project successfully.
  • Ensure that the project is completed on time and within budget.
  • Ensure that the project will satisfy the needs for which it was undertaken.
  • Ensure the most effective use of the people involved with the project.
  • Promote effective communication between the projects team members and key stakeholders.
  • Ensure that project risks are identified, analyzed, and responded.

In practice, Project Management follows a Phased Approach for Project Excution and have a standard defined Project Life Cycle. Teamwork and Quality Assurance are few important inherent characteristics of successful Project Management.

The best Project Management tools

PM is divided onto different stages during its Project Life Cycle, as well as valuable information on Business Case Justification, Milestones Check-listScheduling Tools and Methodologies, Project Management Software Packages, Case Studies, etc.

Project Life Cycle - Project cycle management- quick overview

The Project Life Cycle refers to a logical sequence of activities to accomplish the project’s goals or objectives. Regardless of scope or complexity, any project goes through a series of stages during its life. There is first an Initiation or Birth phase, in which the outputs and critical success factors are defined, followed by a Planning phase, characterized by breaking down the project into smaller parts/tasks, an Execution phase, in which the project plan is executed, and lastly a Closure or Exit phase, that marks the completion of the project. Project activities must be grouped into phases because by doing so, the project manager and the core team can efficiently plan and organize resources for each activity, and also objectively measure achievement of goals and justify their decisions to move ahead, correct, or terminate. It is of great importance to organize project phases into industry-specific project cycles. Why? Not only because each industry sector involves specific requirements, tasks, and procedures when it comes to projects, but also because different industry sectors have different needs for life cycle management methodology. And paying close attention to such details is the difference between doing things well and excelling as project managers.
Diverse project management tools and methodologies prevail in the different project cycle phases. Let’s take a closer look at what’s important in each one of these stages:
1)Initiation
In this first stage, the scope of the project is defined along with the approach to be taken to deliver the desired outputs. The project manager is appointed and in turn, he selects the team members based on their skills and experience. The most common tools or methodologies used in the initiation stage are Project Charter, Business Plan, Project Framework (or Overview), Business Case Justification, and Milestones Reviews.
2)Planning
The second phase should include a detailed identification and assignment of each task until the end of the project. It should also include a risk analysis and a definition of a criteria for the successful completion of each deliverable. The governance process is defined, stake holders identified and reporting frequency and channels agreed. The most common tools or methodologies used in the planning stage are Business Plan and Milestones Reviews.
3)Execution and controlling
The most important issue in this phase is to ensure project activities are properly executed and controlled. During the execution phase, the planned solution is implemented to solve the problem specified in the project's requirements. In product and system development, a design resulting in a specific set of product requirements is created. This convergence is measured by prototypes, testing, and reviews. As the execution phase progresses, groups across the organization become more deeply involved in planning for the final testing, production, and support. The most common tools or methodologies used in the execution phase are an update of Risk Analysis and Score Cards, in addition to Business Plan and Milestones Reviews.
4)Closure
In this last stage, the project manager must ensure that the project is brought to its proper completion. The closure phase is characterized by a written formal project review report containing the following components: a formal acceptance of the final product by the client, Weighted Critical Measurements (matching the initial requirements specified by the client with the final delivered product), rewarding the team, a list of lessons learned, releasing project resources, and a formal project closure notification to higher management. No special tool or methodology is needed during the closure phase.

Project Life Cycle - Project cycle management- In depth

Project Initiation Phase I

The Project Initiation Phase is the first Project Phase and is usually represented by the conceptualization of the project. The purpose of this phase is to specify what the project should accompalish.

The basic processes of the Project Initiation Phase are:

  • Creation of a Product / Project Description Document. This is an informal, high-level statement describing the characteristics of the product / project / process to be created.
  • Development of Project Feasibility Document. This identifies project constraints, alternatives and related assumptions applied to the end product to be developed. Project feasibility is characterized by four basic components:
  • Business Problem Description.
  • Approach Overview to be used to develop.
  • Potential Solutions of the problem.
  • Preliminary Recommendations.
  • Development of Project Concept Document. It determines What is to be done? How will it be done? and Why is it to be done? Thus determining the business value achieved after project completion.
  • Creation of Project Charter. Project Charter formally communicates the initiation of the project. It consists of Project Scope, Project Authority and Critical Success Factors.

During this phase, Project Team is responsible for the following activities:

  • Conducting Interviews and yellow pad sessions with customers and stakeholders.
  • Conduct research and brainstorming sessions for generating more necessary information.
  • Preparation of Project Feasibility Document, Project Concept Statement and Project Charter.
  • Preparation of other ancilliary documents as defined in the organization standards.

Some common barriers and problems are faced by Project Managers during the Intiation Phase which hamper the project to get started. Let us have a summarised look at some of the common problems:

  • Project Team Frustration builds up as the project does not seem to get started.
  • There is a Lack of Committment from the Management and Key Stakeholders.
  • Customer Indecision may arise due to non-visibility of the end product by the customer.
  • Locating the right people can be difficult while assembling the Project Initiation Team.
  • Lack of consensus on Project Objectives can kill the project before it starts.

Project Planning Phase II

The Project Planning Phase follows the Project Initiation Phase and is the most important phase in project management. The effort spent in planning can save countless hours of confusion and rework in the subsequent phases.

The purpose of the Project Planning Phase is:

  • Establish Business Requirements.
  • Establish Cost, Schedule, List of Deliverables and Delivery Dates.
  • Establish Resource Plan.
  • Get Management Approval and proceed to next phases.

The basic processes of the Project Planning Phase are:

  • Scope Planning. This specifies the in-scope requirements for the project.
  • Preparing the Work Breakdown Structure. This specifies the breakdown of the project into tasks and sub-tasks.
  • Organizational Breakdown Structure. This specifies who all in the organization need to be involved and referred for Project Completion.
  • Resource Planning. This specifies who will do what work at which time of the project.
  • Project Schedule Development. This specifies the entire schedule of the activities detailing their sequence of execution.
  • Budget Planning. This specifies the budgeted cost to be incurred in the completion of the Project.

Project Initiation Phase defines a few facilitating processes as well that are required for successful Project Completion. These can be:

  • Procurement Planning. Planning for procurement of all resources (staff and non-staff).
  • Communication Planning. Planning on the communication strategy with all project stakeholders.
  • Quality Planning. Planning for Quality Assurance to be applied to the Project.
  • Risk Management Planning. Charting the risks, contingency plan and mitigation strategies.
  • Configuration Management Planning. Defines how the various project artifacts will get stored.

Both the basic processes and facilitating processes produces a Project Plan.

During this phase, Project Team is responsible for the following activities:

  • Project Managers are responsible for developing the Project Plan thus ensuring that all the project planning requirements are fulfilled.
  • Functional / Management personnel are responsible ensures that adequate resources are available for the project.
  • Key Stakeholders should approve the Project Plan before moving to the next phase.

Project Planning is essential for a project's success. Project Planning helps team members to understand their responsibilities and expectations from them. Project Planning Phase identifies scope, tasks, schedules, risks, quality and staffing needs.

Project Execution and Control Phase III

Project Execution and Control Phase follows the Project Planning Phase and ideally starts once the Project Plan has been approved and baselined. Project Execution is characterized by the actual work on the tasks planned and project Control involves the comparison of the actual performance with the planned performance and taking appropriate corrective action to get the desired output.

During this phase, Project Team is responsible for the following activities:

  • Team Members execute the tasks as planned by the Project Manager.
  • Project Manager is responsible for performance measurement which includes finding variances between planned and actual work, cost and schedule.
  • Project manager is responsible for providing Project Status Report to all key stakeholders to provide visibility.
  • All Project Key stakeholders are responsible for the review of the metrices and variances.
  • All Project Key stakeholders are responsible for taking necessary action of the variances thus determined so as to complet the project within time and budget.

The basic processes of the Project Execution and Control can be:

  • Project Plan Execution.
  • Review of Metrics and Status Reports.
  • Change Control Process. This defines the procedures to handle the changes that are introduced
  • during Project Execution and Control.

The facilitating processes during Project Execution and Control can be:

  • Quality Assurance and Quality Control.
  • Performance Monitoring.
  • Information Distribution or Status Reporting.
  • Project Administration.
  • Risk Monitoring and Control.
  • Scope Control.
  • Schedule and Cost Control.
  • Contract Administration.

Project Execution and Control Phase has a direct correlation to project progress and stakeholder's expectations. Even the minor issues, if unnoticed, can cause major impact on cost, schedule and risk and deviate the project from the Project Plan, thus emphasizing the importance for the Project Execution and Control Phase.

Project Closure Phase IV

Project Closure Phase is the last phase of the Project Life Cycle. The commencement of the Project Closure Phase is determined by the completion of all Project Objectives and acceptance of the end product by the customer.

Project Closure includes the following tasks:

  • Release of the resources, both staff and non-staff, and their redistribution and reallocation to other projects, if needed.
  • Closure of any financial issues like labour, contract etc.
  • Collection and Completion of All Project Records.
  • Archiving of All Project Records.
  • Documenting the Issues faced in the Project and their resolution. This helps other projects to plan for such type of issues in the Project Initiation Phase itself.
  • Recording Lessons Learned and conducting a session with the Project Team on the same. This helps in the productivity improvement of the team and helps identify the dos and donts of the Project.
  • Celebrate the Project Completion. Its party time folks!!!

The basic process of the Project Closure Phase involves:

  • Administrative Closure. This is the process of preparation of closure documents and process deliverables. This includes the release and redistribution of the Project Resources.
  • Development of Project Post Implementation Evaluation Report. It includes
  • Project Sign-Off
  • Staffing and Skills
  • Project Organizational Structure
  • Schedule Management
  • Cost Management
  • Quality Management
  • Configuration Management
  • Customer Expectations Management
  • Lessons Learned

Lessons Learnedform an integral part of the Project Closure Phase. It helps answer the following typical question during Project Closure.

  • Did the delivered product / solution meet the project requirements and objectives?
  • Was the customer satisfied?
  • Was Project Schedule Met?
  • Was the Project completed within Budgeted Cost?
  • Were the risks identified and mitigated?
  • What could be done to improve the process?

The outputs from Project Closure Phase provides as a stepping stone to execute the next projects with much more efficiency and control.

Project Managers: Learn lessons from past projects

The next time you make a mistake, write it down. No matter how trivial the problem might be, document the error (as well as the process required to remedy the mistake, and the correct steps that are to be taken instead). Just as it's frustrating to see your favourite hockey team make the same mistakes over and over without learning from them, project managers are equally vulnerable to an unending repetition of errors. What makes it acutely painful is the loss that the project, its members and the organisation, suffers. From time lost to unnecessary duplication of effort (which erodes morale) to financial losses from wasting time and resources, everyone loses.

By something as simple as maintaining a managers' log that documents all errors, such losses can be avoided. If this log is updated and shared between all project managers at all times, we have a unique opportunity for project managers to learn from mistakes (of others and their own). However, the process usually stops here, with mistakes documented for sake of formality and filed away only to never be seen again.

What's needed is an incentive for project managers to act upon the lessons learnt. By instituting management level policies that reward efficiency and better results, organisations can cut down on process mishandling, time mismanagement and resource wastage. Project management methodologies should be expanded to include not only complete sharing of information as mentioned above, but an emphasis on identifying, processing and rectifying mistakes in project phases even before they can affect output. However, before any of this can happen, someone has to write them down.

COMMON QUESTIONS:

Why you should write a strong business case justification

A strong business case must be built very carefully because only like this it can lead to a good conclusion and it can reveal the risks or the succes from it's end.

From the very beginning of a business case, you must know exactly what it's all about. This means you must calculate and perfectly understand it's costs, it's implications, it's benefits and risks. This means that, as enthusiastic as you can be, you must do your best to be objective and to accept the idea that even you can be wrong sometimes, and that even one of your ideas can lead to failure.

It's not such a big thing after all...we are all humans, and we all make mistakes. But we must keep in mind that the biggest mistakes we make are not caused by our exagerated imagination or by our dreaming, but by our lack of objectivity regarding our strenght, dexterity and limits.