Project Management

Project management is the practice of planning, organizing, and overseeing the successful completion of a project. It involves defining project goals, creating a project plan, managing resources, tracking progress, and ensuring that the project is delivered on time and within budget.

Project Management is the use of specific knowledge, skills, tools and techniques to deliver something of value to people.

Project is a temporary endeavor undertaken to create a unique product, service, or result. It is characterized by a defined beginning and end, specific objectives, and allocated resources.

**Endeavor** means “Try hard to do or achieve something.”

A program is a group of related projects managed in a coordinated way to achieve specific strategic objectives. It involves managing multiple projects that are interdependent and contribute to a common goal or outcome. Program management focuses on aligning projects with organizational goals, ensuring coordination and integration between projects, and optimizing resource allocation across the program.

A portfolio is a collection of projects, programs, and other work that are grouped together to achieve strategic objectives. It represents the entire set of projects and programs being undertaken by an organization. Portfolio management involves selecting and prioritizing projects and programs based on their alignment with organizational objectives, balancing resource allocation across the portfolio, and monitoring the overall performance and progress of the portfolio.

The differences between project, program and Portfolio

• A project is an endeavor that is unique, temporary, completable and measurable.
• A program is a collection of large, long-term, general and strategic projects
• A portfolio is a collection of projects and programs that are ongoing and aligns with the organization’s strategic objectives.

General/Operational Management is concerned with ongoing, day-to-day operations within an organization. It involves managing the regular activities and processes that are necessary for the organization to function effectively and efficiently. Unlike projects, general/operational management does not have a defined end date and is focused on maintaining and improving the ongoing operations of the organization.

In summary, project management is focused on the successful completion of specific projects with defined objectives, while general/operational management is concerned with the ongoing management of an organization's regular operations.

A CEO (Chief executive officer) is the top-ranking employee in a company's structure. They set the overall direction of a company and make strategic decisions about the long-term success of the business.

A COO (Chief operations officer) is seen as the second top-ranking individual and is in charge of the day-to-day operations of the company.

Effects of a project management

1. Increase the success rate
2. Mitigate risks
3. Reduce costs
4. Understand roles and responsibilities
5. Collaborate
6. Utilize resources

The benefits of project management include:

1. Increase the success rate of projects.
2. Mitigate risks by identifying and addressing potential issues early on.
3. Reduce costs by effectively managing resources and optimizing project processes.
4. Understand roles and responsibilities of team members, leading to better coordination and collaboration.
5. Collaborate effectively with stakeholders, ensuring their involvement and satisfaction.
6. Utilize resources efficiently, maximizing productivity and minimizing waste.

Mitigate means “Reduce”

Project requirements

1. Team agreement
2. Project Goals “The entire should agree to the project goals”
3. Develop requirements

Type of constraints of project management

1. Cost refers to the budget allocated to the project.
2. Scope defines the boundaries of the project.
3. Quality refers to the standard of deliverables and the degree to which the project meets specified requirements.
4. Risk
5. Resources
6. Time starting and ending date or Deadline date

Standard means “an ideal or set of criteria that you use to judge things against”