Project Management Lecture Notes

Overview of Project Management

• Project management is a daily necessity in various contexts (e.g., car manufacturing, construction, event organization).
• The scale of the project determines the complexity of management required.

Importance of Project Management

• Approximately 50% of companies fail to recognize the importance of project management.
• Project management leads to efficient achievement of goals.

Definition of Project Management

• Key Questions:
  • What do you want to achieve?
  • How are you going to achieve it?
  • How much time will it take to achieve?
• Project management involves a set of practices that guide projects toward their goals.

The 5 Stages of Project Management

1. Initiation
   • Determine WHAT the project is.
   • Understand WHY the project is necessary.
   • Identify WHO is involved in the project.
2. Planning
   • Outline project details:
     • Timeline
     • Cost
     • Resources needed
     • Risks
     • Quality
3. Execution
   • Begin working on the project while ensuring it stays on track.
4. Monitoring & Controlling
   • Compare real-time progress to the original plan.
   • Address errors or deviations from the plan.
5. Closing
   • Wrap up the project and analyze outcomes.
   • Identify areas for improvement for future projects.

Benefits of Project Management

• Enhances productivity.
• Fosters better collaboration among team members.
• Ensures the right people are assigned to the right tasks.
• Prepares teams to manage potential risks.
• Aids in timely completion of projects.