Overview
This lecture covers the fundamentals and advanced strategies of project management, including methodologies, life cycles, processes, tools, certification (PMP), and best practices for managing projects from initiation to closure.
Introduction to Project Management
- Project management is the application of knowledge, skills, tools, and techniques to meet project requirements within constraints.
- Major constraints include scope, time, cost, quality, risk, and resources.
- A project is a temporary endeavor creating a unique product, service, or result.
Project Life Cycle and Process Groups
- Five process groups: Initiating, Planning, Executing, Monitoring & Controlling, Closing.
- Each group contains specific processes that guide project progress from start to finish.
- Life cycle phases structure project work for better control and clarity.
Key Knowledge Areas
- Ten knowledge areas: Integration, Scope, Schedule, Cost, Quality, Resource, Communications, Risk, Procurement, Stakeholder Management.
- Work Breakdown Structure (WBS) breaks deliverables into manageable parts.
- Gantt charts, network diagrams, and critical path methods are key scheduling tools.
Agile and Scrum Methodologies
- Agile focuses on iterative, flexible development with regular feedback and adaptation.
- Scrum organizes work into sprints with daily meetings and continuous delivery.
Project Manager Roles & Skills
- Key skills: communication, leadership, organization, problem-solving, risk management, negotiation, and team management.
- Responsible for planning, resource allocation, stakeholder management, and ensuring quality and timely delivery.
PMP Certification
- PMP: Globally recognized project management certification by PMI.
- Eligibility: 4-year degree plus 36 months experience, or secondary degree plus 60 months experience, and 35 hours of project management education.
- PMP exam: 180 questions in 230 minutes; covers process groups and knowledge areas.
- Certification valid for 3 years, requires 60 PDUs for renewal.
Project Management Tools
- Popular tools: Jira, Trello, MS Project, Asana, Monday.com.
- Tools support planning, resource tracking, collaboration, reporting, and risk management.
Core Concepts & Formulas
- Earned Value Management tracks project performance using PV, EV, AC, CV, SV, CPI, SPI.
- Critical Path Method determines minimum project duration and identifies key tasks.
Stakeholder Management
- Identify and analyze stakeholders to manage their needs and influence.
- Maintain regular communication and engagement throughout the project.
Quality, Cost, and Risk Management
- Quality: Testing, audits, and continuous improvement (Six Sigma, TQM).
- Cost: Estimation, budgeting, and controlling expenses to avoid overruns.
- Risk: Identify, analyze, prioritize, and mitigate project uncertainties.
Product and User-Centric Approaches
- MVP (Minimum Viable Product) launches basic product versions for user feedback.
- User personas represent target audience segments for better design and delivery.
Action Items / Next Steps
- Review the PMBOK Guide and practice with project management tools.
- Prepare for the PMP exam by studying process groups, knowledge areas, and key formulas.
- Complete assigned homework, practice exams, and case studies as recommended.
- Engage in continuous learning and professional development for certification renewal.
Key Terms & Definitions
- Scope Creep — Uncontrolled expansion to project scope without adjustments to time, cost, and resources.
- Work Breakdown Structure (WBS) — Hierarchical decomposition of total project work.
- Gantt Chart — Bar chart illustrating project schedule and task dependencies.
- Critical Path — Longest sequence of dependent tasks determining project duration.
- Earned Value (EV) — Value of work performed expressed in terms of approved budget.
- PMP — Project Management Professional, a PMI certification for experienced project managers.
- PDUs — Professional Development Units, required for maintaining PMI certifications.
- Agile — Iterative project management methodology focusing on adaptability and feedback.
- Stakeholder — Any individual or entity affected by or having interest in a project.