Project Management

 

Advantages of Project Management

1. Efficiency in delivering services
- Good management provides better path to perform project activities.
- It helps in timely completion of projects and yields greater productivity.

2. Improved customer satisfaction
- Completing project on time and within budget make customer satisfied.
- It acts as a base to build a strong customer network and increase organizational trust towards the customer.

3. Improved team development
- Positive result from the project inspire the team members to perform better in future.

4. Competitive standing in market
- Good project management helps to carry out project efficiently.
- It helps in making good reputation in the competitive market.

5. Increased risk assessment
- As all the members and their skills are properly analyzed, the possible risks can be detected and mitigated in time.

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PM as per PMI

- Project management is the application of knowledge, skills and techniques to execute projects effectively and efficiently.
- It is a strategic competency for organizations, enabling them to tie project results to business goals.
- It defines 5 processes and 10 knowledge areas.

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Project Management vs Project Portfolio Management

- Project management focuses on an individual project's path to completion whereas PPM considers every project or potential project and its viability to meet business goals.
- PPM provides the organization a view of upcoming, present and past projects which helps in analyzing to make sound decision.

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Role and Responsibility of a Key Project Members

- Any project can not move in required direction without each of its key team members.
- The general roles of key team members are project manager, project team member, project sponsor, executive sponsor and business analyst.

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Project Manager

- Develop a project plan
- Manage deliverables according to the plan
- Recruit project staff
- Lead and manage project team
- Determine methodology used on the project
- Establish a project schedule and determine each phase
- Assign task to team members

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Project Team Member

- Contribute to overall project objectives
- Complete individual deliverables
- Provide expertise
- Work with users to establish business needs
- Document the process

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Project Sponsor

- Approve project budget
- Ensure resource availability

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Executive Sponsor

- Approve changes to project scope
- Provide additional funds for scope changes
- Approve project deliverables

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Business Analyst

- Gather requirements
- Document technical and business requirements
- Verify that project deliverables meet the requirements