PMP : Learning from LinkedIN

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Introducing the PMBOK® Guide—Seventh Edition

https://www.youtube.com/watch?v=vzqDTSZOTic

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Project Management is the application of knowledge, skills, tools, and techniques into a Project Activity to meet Project requirements .

Project Charter /or Business Case :

Basics of Project Management :

PMBOK : Guide is published by PMI and it is typically structured like this.

What is a Project ?

A project is a temporary endeavor undertaken to create a unique product , service or result .

Uses of Projects :

• Some times projects are undertaken to drive change. example  : Agile transformation project. it took 18 months. 
• It can be for business value creation . It can be tangible or intangible . By  launching a product you can achieve customer satisfaction. Everything is measured in terms of value. 

 

Importance of Project Management

Project Manager are evaluated by these constraints :

These are the 6 constraints

STCQRR -- Scope , Time , Cost , Quality , Risk , Resources

Even if you change one , one other will get affected. 

• If you increase the scope the cost might go up .
• If you are not increasing the cost and only increasing the scope the risk might go up and quality might go down.
  
•  At the same time if you reduce the time and want the project to be completed early you need to increase the resources. If you do not increase the resource you will not be able achieve the scope or you will not be able to achieve the result.
  
  So you will play around with these constraints. 

A effective project manager will know how to deal with these constraints. So whenever there is a change it is important to go back and make changes to the relevant document such as the 

• Scope Management Plan
  Risk Management Plan
  Resource Management Plan

These constraints needs to be managed from the point of view of the stake holders. 

We need to go back and update these documents well  , whenever there is any change to the constraints. In that point of view these constraints are very very important to manage. if the scope is not fulfilled your stake holder might not be satisfied. 

How can you deal with a scenario where you are behind the schedule ?

Either you have reduce the scope or either you have to delay your project by either couple of weeks. If you are in such a situation and then how will you handle the situation.And that's when the skills and knowledge of a Project Manager will come into picture.

How can you go back to the stake holders and understand the importance Is it the scope that is important or is it delivering that is important. 

The tutor was working on a regulatory project from the regulatory point of time it was important to deliver within the time. Or your company may be fines or you will be pay the regulatory boards.

In that point in time we will have to go back re-prioritize the scope items. There were some scope items that we had to drop them off. Whatever rest of the scope was there we took them ahead.

Projects and Strategic Planning :

• Programs : If you talk about program it is made-up of multiple projects .
  
• Portfolio : will have programs and projects together.
  

In Portfolio level :

In the planning level you are planning to put up a new line of business in the organization so strategically is what you have decided . Would it be feasible to go-ahead and setup a new line

Understand the difference between , Project , Programs and Portfolio.

PMBOK: 

Project Life Cycle : Contains series of Phases.

The Project Management Body of Knowledge (PMBOK) defines the project life cycle as "the series of phases that a project goes through from its initiation to its closure." The PMBOK identifies five phases of the project life cycle

The number and names of the phases may vary depending on the project management methodology used, but most project management methodologies define at least five project phases. These phases are:

1. Initiation: This is the first phase of the project, where the project is defined, and its feasibility is evaluated. The project goals, objectives, and scope are identified, and a preliminary project plan is developed.

2. Planning: This phase involves developing a comprehensive project plan that outlines the project's scope, schedule, budget, and resource requirements. The project team is identified, and responsibilities are assigned.

3. Execution: This phase involves the actual implementation of the project plan. The project team performs the activities outlined in the project plan and monitors progress against the plan.

4. Monitoring and Control: This phase involves tracking and managing the project's progress against the project plan. Any deviations from the plan are identified, and corrective actions are taken to get the project back on track.

5. Closure: This phase marks the completion of the project. The project team reviews the project to ensure that all objectives have been met, and any remaining activities are completed. The project is closed out, and any necessary documentation and reports are prepared and submitted.

By breaking down a project into distinct phases, project management becomes more manageable and easier to control. Each phase has its own set of deliverables and objectives, which ensures that the project progresses in a controlled and structured way.

what is a scope in project management ?

In project management, scope refers to the extent and boundaries of the project, including its goals, objectives, deliverables, and requirements. The scope outlines the work that needs to be done to achieve the project objectives and defines the project's boundaries.

The scope statement is a key document in project management that describes the project's scope in detail. It typically includes the project objectives, deliverables, requirements, and boundaries, as well as any constraints, assumptions, and risks that may affect the project's scope.

The scope statement is used as a reference throughout the project to ensure that the project stays on track and that the work being done is aligned with the project's objectives. It helps the project team to understand what is expected of them and what they need to deliver.

Scope management is an essential part of project management, and it involves defining, monitoring, and controlling the project scope. The project manager is responsible for ensuring that the project remains within its defined scope and that any changes to the scope are managed and controlled through a formal change management process.

By defining the project scope, the project manager can ensure that the project is completed successfully and that the project team's efforts are focused on achieving the project objectives.

What is a Phase gate ?

A phase gate, also known as a stage gate or a milestone gate, is a project management technique that involves a structured review and approval process at the end of each project phase.

The phase gate approach divides the project into several distinct phases, and each phase is separated by a gate or a milestone. Before progressing to the next phase, the project team must demonstrate that they have met the objectives and deliverables of the previous phase and have obtained the necessary approvals.

At each phase gate, a review is conducted to assess the project's progress and ensure that the project is on track to meet its objectives. The review is typically led by a review committee, which may include stakeholders, sponsors, and subject matter experts.

The review committee evaluates the project's performance against the predefined criteria for that phase, including budget, timeline, quality, and scope. If the project team has met these criteria, they are granted approval to proceed to the next phase. If not, they must take corrective actions to address the issues before being allowed to progress.

The phase gate approach provides a structured and disciplined approach to project management, ensuring that the project is thoroughly reviewed and evaluated at each critical juncture. It helps to minimize the risk of project failure by identifying issues early and allowing the project team to take corrective actions before they become major problems.

However, the phase gate approach can also be time-consuming and may increase the project's overall duration. Therefore, it is important to carefully balance the benefits of the phase gate approach with the project's overall objectives and constraints.

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The Project Management Institute (PMI) identifies ten knowledge areas that are essential to successful project management. These knowledge areas are:

1. Project Integration Management: This knowledge area includes the processes and activities needed to ensure that all project components are coordinated and working together effectively.

2. Project Scope Management: This knowledge area includes the processes and activities needed to define, manage, and control the project scope.

3. Project Time Management: This knowledge area includes the processes and activities needed to develop and manage the project schedule.

4. Project Cost Management: This knowledge area includes the processes and activities needed to develop and manage the project budget.

5. Project Quality Management: This knowledge area includes the processes and activities needed to ensure that the project meets the specified quality standards.

6. Project Human Resource Management: This knowledge area includes the processes and activities needed to manage the project team.

7. Project Communications Management: This knowledge area includes the processes and activities needed to manage project communications.

8. Project Risk Management: This knowledge area includes the processes and activities needed to identify, assess, and manage project risks.

9. Project Procurement Management: This knowledge area includes the processes and activities needed to acquire goods and services from outside the project team.

10. Project Stakeholder Management: This knowledge area includes the processes and activities needed to identify and manage project stakeholders.

Project managers use these knowledge areas as a guide to ensure that they have considered all critical aspects of the project and have developed a comprehensive plan to manage them effectively. By applying best practices and standards from these knowledge areas, project managers can successfully plan, execute, and control their projects, ensuring that they are completed on time, within budget, and to the desired quality.

Project Management 10 Knowledge Areas :

 

The Project Management Institute (PMI) identifies ten knowledge areas that are essential to successful project management. These knowledge areas are:

1. Project Integration Management: This knowledge area includes the processes and activities needed to ensure that all project components are coordinated and working together effectively.

2. Project Scope Management: This knowledge area includes the processes and activities needed to define, manage, and control the project scope.

3. Project Time Management: This knowledge area includes the processes and activities needed to develop and manage the project schedule.

4. Project Cost Management: This knowledge area includes the processes and activities needed to develop and manage the project budget.

5. Project Quality Management: This knowledge area includes the processes and activities needed to ensure that the project meets the specified quality standards.

6. Project Human Resource Management: This knowledge area includes the processes and activities needed to manage the project team.

7. Project Communications Management: This knowledge area includes the processes and activities needed to manage project communications.

8. Project Risk Management: This knowledge area includes the processes and activities needed to identify, assess, and manage project risks.

9. Project Procurement Management: This knowledge area includes the processes and activities needed to acquire goods and services from outside the project team.

10. Project Stakeholder Management: This knowledge area includes the processes and activities needed to identify and manage project stakeholders.

Project managers use these knowledge areas as a guide to ensure t

ISTCQHCRPS    

Project Life Cycle :

• Feasibility
  Analysis
  Design
  Implementation
  

Project Life Cycle is based on the Industry that you are working in.

Product Life Cycle :