Office of the Senior Associate Vice President for Finance Project Management Fundamentals
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Office of the Senior Associate Vice President
for Finance
Project Management Fundamentals
Office of the Senior Associate Vice President
for Finance
Project Management Institute Project Management Fundamentals
Page 2 www.pmi.org
PMI is an aggregation of best practices from thousands of professional project managers
Principles in this training are based on PMI methodologies, there are other methodologies
Organizations typically use these as a basis for developing custom project management processes
For PMPs, this course counts towards PDUs.
Office of the Senior Associate Vice President
for Finance
GW MS in Project Management Project Management Fundamentals
Page 3 business.gwu.edu/mspm/
Office of the Senior Associate Vice President
for Finance
Outline Project Management Fundamentals
Page 4
1. Project Issues
2. Project Characteristics – Definition of a Project
– Project vs. Operations
– Key Elements of Project Management
– Project Lifecycle Phases
– Project Management Functions
3. Project Participants – Project Stakeholders
– Project Sponsor & Owner
– Project Manager
– Project Team
4. Basic Project Tools – Project Charter
– Project Management Plan
– WBS / Schedule
– Action / Risk / Change Tracking
– Document Management
Office of the Senior Associate Vice President
for Finance
Project Issues Project Management Fundamentals
Page 5
Office of the Senior Associate Vice President
for Finance Page 6
Project Characteristics Project Management Fundamentals
Office of the Senior Associate Vice President
for Finance
Definition of a Project Project Management Fundamentals
Project - A temporary endeavor undertaken to create a unique product, service, or result.
Temporary / Not Ongoing - Definite beginning and end - Does not mean a short duration - Does not necessarily apply to product,
service, or result created by a project
Unique - Outcome is a unique deliverable - Could come in the form of either
products, services or results
Page 7
Office of the Senior Associate Vice President
for Finance
Projects vs. Operations Project Management Fundamentals
The primary differences are… Projects Operations
Purpose of the project is to attain its objective and ends
Purpose of an ongoing operation is to sustain the business
Ends with transition to operations Only ends with product, process or service no longer needed
Project team comes together at beginning and disbands at end Team continues to perform tasks
Page 8
Both Projects and Operations are… • Performed by teams of people • Achieved by means of work • Constrained by limited resources • Planned, executed, and controlled
Office of the Senior Associate Vice President
for Finance
Key Elements of Project Management Project Management Fundamentals
Communicate Keep stakeholders informed
Plan Develop the specific project
management approach
Define Establish clear and
achievable objectives
Page 9
Manage Schedule/time, cost/resource &
quality/scope control
Triple Constraints
Office of the Senior Associate Vice President
for Finance Page 10
At the start of the project: • The level of uncertainty is highest • Stakeholders’ influence is highest • Risk of failing to achieve the
objectives is greatest
Effect of Stakeholders & Changes Project Management Fundamentals
Towards the end of the project: • Cost of changes increases • Stakeholder influence decreases • Risk of failing to achieve
objectives is reduced Stakeholder Influence
Cost of Changes
Project Time
High
Low
Office of the Senior Associate Vice President
for Finance
Project Life Cycle Project Management Fundamentals
Page 11
The Five
Project Phases
Monitoring & Controlling
Planning
Executing
Initiating
Closing
Office of the Senior Associate Vice President
for Finance
Project Management Functions Project Management Fundamentals
PMI refers to these as Knowledge Areas. These are the actual functions performed within the life cycle phases.
Scope Management
Time Management
Cost Management
Quality Management
HR Management
Communications Mgt
Risk Management
Procurement Mgt
Project Integration
Page 12
Office of the Senior Associate Vice President
for Finance
Monitoring & Controlling
Planning
Executing
Initiating
Closing
Project Life Cycle Project Management Fundamentals
Page 13
Bridge Team Reunion Discuss and list examples of where
these processes were used in the bridge project.
What additional activities could have been performed?
Office of the Senior Associate Vice President
for Finance Page 14
Project Participants Project Management Fundamentals
Office of the Senior Associate Vice President
for Finance
Project Stakeholders Project Management Fundamentals
Page 15
Customers / Users
Operations
Functional Managers
Vendors
Project Team
Project Sponsors
Business Partners
Stakeholders may or may not exert direct influence over the project
People or groups positively or negatively affected by the project outcome. Project Stakeholder
Office of the Senior Associate Vice President
for Finance
Project Owner Executive Sponsor • Accountable owner of the project objectives and outcome
• Provides funding and resources for the project, including the PM
• Manages the overall timeline (at a high-level) and key deliverables
• Provides regular decision making and direction for the project
• Approves key deliverables and artifacts
Project Sponsors / Owners Project Management Fundamentals
Page 16
Champions, charters and funds the project, fosters cross-organizational support, manages escalations, makes key decisions and provides overall direction.
Project Sponsor
In Finance, this is divided into two roles…
• Champions the project at the executive level
• Provides approval for the initiating group to fund the project
• Fosters support amongst other participating organizations
• Manages very high-level direction and escalations
• Approves phase and project completions
Office of the Senior Associate Vice President
for Finance
Project Manager Project Management Fundamentals
Page 17
Accountable manager of the project, including planning, leading, managing, monitoring, escalating and communicating project status, issues and tasks.
Project Manager
Risk
Procurement
Communications Human Resources
Time Cost Scope
Integration
Quality
Project Manager
Office of the Senior Associate Vice President
for Finance
Project Team Project Management Fundamentals
Page 18
Team members who carry out the work, including the project manager, project management team and team members with specific expertise to carry out the work.
Project Team
Project Leads ~Own deliverables from their areas~
Project managers do not have to be the SMEs for a project to be successful
Temporary Reporting Matrix Project Management Team
~Coordinate, administer and monitor the project~
Office of the Senior Associate Vice President
for Finance Page 19
Basic Project Tools Project Management Fundamentals
Office of the Senior Associate Vice President
for Finance
Project Charter Project Management Fundamentals
Page 20
Authorizes the project
Defines high-level scope, exclusions, objectives, milestones & timeline
Establishes project leadership, including project manager
Authorizes the budget
Outlines assumptions/constraints
Commits general resource availability
Prepared by project owner
Approved by executive sponsor
Office of the Senior Associate Vice President
for Finance
Business Requirements Project Management Fundamentals
Page 21
Defines the “what” for the solution to be delivered
Breaks overall scope into specific actionable deliverables
Allows the team to develop specifications for development of product, process or service
Provides traceability of project team activities to project scope
Prepared by project team in collaboration with customer / users
Approved by project owner
Office of the Senior Associate Vice President
for Finance
Project Management Plan Project Management Fundamentals
Page 22
Establishes the plan for project planning, execution, monitoring and closing
Includes all subsidiary plans
Defines the project phases and deliverables
Establish clear project roles and responsibilities
Prepared by project manager
Approved by functional & project managers
Office of the Senior Associate Vice President
for Finance
Work Breakdown Structure Project Management Fundamentals
Page 23
Breaks deliverables into manageable work packages Critical to the ability to determine resources needed, effort levels & cost
Stakeholder Communications
WBS1
Posters WBS 1.1
Postcards / Mailings WBS 1.2
Email WBS1.3
Initial announcement
email WBS 1.3.1
First reminder email
WBS1.3.2
Last reminder email
WBS 1.3.3
Meetings / Seminars WBS 1.4
Website Development
WBS2
Graphics Design WBS2.1
Work Package
Level
Control Account
Level Planning Package
Level
“Software Implementation Project”
Office of the Senior Associate Vice President
for Finance
Project Schedule Project Management Fundamentals
Page 24
Sequences and defines detailed project tasks
Monitors status of project against milestones / baselines
Guides project team in daily work activities
Identifies task and external dependencies
Identifies critical path and areas of required escalation
Manages resource usage
Office of the Senior Associate Vice President
for Finance
Action, Risk & Change Tracking Project Management Fundamentals
Page 25
Log and track all actions and issues being worked on by the project team – ensure accountability
Identify, log and monitor all risks to the project – a continual process Log and manage all formal Change Requests – any request to modify the
project scope (change request process defined in project management plan)
To Do List
Office of the Senior Associate Vice President
for Finance
Documentation Management Project Management Fundamentals
Page 26
RASI / RACI Matrix – Responsible, Approve, Support/Consult, Inform Clearly communicates documentation anticipated as part of project Clearly communicates roles required to complete documentation
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