AGENDA Project definition Examples of high profile projects Project manager Advantages of project management Disadvantages of project management Project parameters Project life cycle Project risk Group Homework Subject Individual Homework for next week PMI DEFINITION OF PROJECT MANAGEMENT D. CLELAND DEFINITION OF PROJECT MANAGEMENT STRATEGIC MANAGEMENT DEFINITION OF PROJECT Purpose… Life Cycle… Interdependencies… Uniqueness… Conflict… PURPOSE One time activity Well defined set of desired end results LIFE CYCLE Analogous to an organic life form Has different stages May resist termination Some may be phased into normal operation INTERDEPENDENCIES Other project may be executed concurrently Projects exist within the organizational framework Different organization departments may be involved at different stages of the project UNIQUENESS Differences between projects Some aspects will always differ Cannot treat these aspects routinely CONFLICT Competition for resources Stakeholders Internal External Examples? EXAMPLES OF HIGH PROFILE PROJECTS ? PROJECT MANAGEMENT INSTITUTE (PMI) PMBOK Project Management Journal PM Network Annual Conference Text books Local Chapter PROJECT MANAGER FUNCTIONS Planning Organizing Motivating Directing Controlling ADVANTAGES OF PROJECT MANAGEMENT More responsive Client and environment Early identification and correction of problems Timely decisions between goals Reduced suboptimization Sharp orientation toward results Better interdepartmental coordination Higher worker moral DISADVANTAGES OF PROJECT MANAGEMENT Greater organizational complexity Higher costs Management difficulties Low personnel utilization PROJECT PARAMETERS Primary parameters Time Cost Technical performance Others PROJECT PARAMETERS GRAPHICAL REPRESENTATION 1 PROJECT PARAMETERS GRAPHICAL REPRESENTATION 2 PROJECT LIFE CYCLE Similar stages observed in most projects Conceptual Planning Execution Termination Level of effort Slow start Increasing momentum Decreasing momentum Slow finish PROJECT LIFE CYCLE PROJECT RISK Some uncertainty will always exist Example sources? How does this impact time, cost, tech. performance? Reforcasts may be helpful in reducing uncertainty Use of SPC to evaluate project progress Group Homework Subject Concept Can be related to Accomplishable within the semester Fairly complex with subsystems Cost information must be easily attainable (Internet) Past subjects In ground pool Sailboat Your Ideas? Individual Homework for next week Tuesday – Current Events Related to chapter 2 Backup article Thursday – Critical Chain Chapters 1 and 2 Characters and Plot