What is
project management?
"A project is a temporary endeavor undertaken to create a
unique product, service, or result." - PMI
A project has a finite duration; it has a clear beginning and a
clear end. The length of the duration may be short, a few days, or long,
several years.
Projects have specific attributes.
- Has a well-defined objective
- Composed of a series of interdependent tasks
- Utilizes various resources
- Has a specific time frame
- Has a customer
- Involves a degree of uncertainty
Some examples of projects may include implementing a new product
for your company, doing a software upgrade, or even planning a wedding or going
on a vacation.
Project
life cycle
Most projects go through similar stages (or phases) from beginning
to end. There are some areas of commonality.
- The level of effort starts slow, comes to a peak, and then drops back off at the end of the project.
- The project selection process varies greatly but typically includes needs identification and developing a proposed solution. These processes take place during the initiating phase.
- Most project managers and teams focus on the last three phases: Planning, Performing, and Closing the project
Every project must address
Triple Constraint
The primary goal of project management is the achievement
of three key objectives, often called the "Triple Constraint."
Projects must be completed on schedule, at the planned cost, and
with performance that meets functional and quality specifications.
Performance = Scope + Quality
These three interrelated parameters are at EQUILIBRIUM. If one
of the parameters changes, one or both of the other two parameters will be changed
to maintain equilibrium.
Example, if a customer wants to add functionality (performance)
after your project has been baselined, the schedule and/or cost will be
affected.
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