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Simplified Project Management Lecture Notes

Jul 12, 2024

Simplified Project Management Lecture Notes

Introduction

  • Video duration: 1 hour, detailed and comprehensive coverage
  • Covers: project life cycle, process groups, knowledge areas, WBS, scheduling, cost
  • Aim: Make project management easy to understand
  • Target audience: Professionals managing projects, PMP exam aspirants
  • Presenter’s background: 10 years in management consulting

Fundamentals of Project Management

  • Definition of project: A temporary endeavor to create a unique solution. Differs from operations which are ongoing.
  • Program: Multiple projects combined
  • Portfolio: Multiple programs combined

Project Life Cycle vs. Project Management Process

  • Project Life Cycle: Unique to the project/industry. Highly customizable and sequential

Example (Human Development as a Project):

  • Conceiving, Birth, Childhood, Teenagehood, Adulthood, Death

Example (IT project)

  • High-level design, Detailed design, Coding, Testing, Installation, Turnover
  • Project Management Process: Standard process groups defined by PMI. Not customizable. Order is fixed
    • Initiation, Planning, Executing, Monitoring and Controlling, Closing

Initiation Process Group

  1. Developing Project Charter
    • Mini project plan outlining objectives, scope, cost, time, key stakeholders, milestones
    • Provides a high-level overview
    • Secures senior leadership buy-in
  2. Stakeholder Identification
    • Create a list of stakeholders (Stakeholder Register)

Planning Process Group

  • Key questions:
    • What are we going to do?
    • How are we going to do it?
    • How to know when the project is done?
  • Project Plan Components:
    • Requirements and Scope
    • Work Breakdown Structure (WBS)
    • Schedule and Timelines
    • Cost and Budget
    • Quality

Requirements Collection:

  • Understand what stakeholders want. Use the stakeholder registry.
  • Methods: Meetings, interviews, Delphi technique

Defining the Scope:

  • Specify inclusions and exclusions
  • Create Scope Baseline:
    1. Scope statement
    2. Work Breakdown Structure (WBS)
    3. WBS Dictionary

Work Breakdown Structure (WBS):

  • Breaks project into smaller, manageable pieces
  • WBS levels:
    • Level 1: Project name
    • Segmentation: e.g., Design, Manufacturing, Electronics, Rigging, Testing
    • Work Packages: Deliverables
  • Importance: Core for estimating costs and scheduling

Time Management:

  • Estimate duration for work packages
  • Use sequencing (e.g., Gantt Chart for simplicity)

Cost Management:

  • Estimate costs at work package level
  • Consider direct costs, indirect costs, variable, and fixed costs

Execution Process Group

  • Complete work defined in project plan
  • Manage team, follow processes, manage information exchange, manage stakeholder expectations
  • Preventing scope creep, manage change requests

Monitoring and Controlling Process Group

  • Run in parallel with execution
  • Monitor and control scope, schedule, costs, quality, risks, procurement
  • Importance of documenting discrepancies
  • Introduce Earned Value Management
    • EVM = Total Project Budget Ă— % complete

Closing Process Group

  • Hand over to client
  • Complete procurements
  • Gather final lessons learned
  • Release resources
  • Celebrate completion

Final Notes

  • Importance of fundamentals for PMP exam success
  • Advice on PMP certification vs. practical project management skills
  • Emphasis on learning foundational concepts from video

Full transcript