1. What is project management?
It is the “application of knowledge, skills, tools and techniques to project activities in order to meet or exceed stakeholder needs and expectations from a project.”
Source: Project Management Institute (PMI) Project Management Body of Knowledge (PMBOK)
2. Why use project management?
- To meet company/customer timing and resource constraints
- To reduce inefficiencies and costs
- To improve discipline and professionalism amongst employees
- To improve project co-ordination between all departments
- To identify potential problem areas in advance rather than crisis management
- To plan, organize, and control your work more effectively
- To manage your own responsibilities
- To enhance communication skills
- To help achieve company goals and objectives
- Have ownership and accountability for your own work tasks
3. What are the central supports of project management?
4. What are the principal steps?
- Obtain authorization from project sponsor
- Establish team with commitment to objectives
- Establish project plan of agreed expectations and deliverables
- Define the project activities and key milestones
- Assign responsibility to activities (“who’s doing what when”)
- Assign logical relationships
- Calculate the project schedule
- Implement plan maintenance and update cycle
5. What are the benefits of project management?
- Dynamic planning, control and management of work
- Identifies activity start/finish dates, critical path, float
- Identify and monitor activity progress/slippage
- Outlines impact of timing constraints
- Status vs. Target Analysis
- Can help towards smaller project “cycle times”
- Dynamic planning, control and management of resources
- Accurate planning of current and future workloads
- Supplier accountability and tracking
- Global planning of resources over one or many projects or locations
- Justification of future resource requirements
- Accurate control and management of costs summarized by project, plant, supplier etc.
- Early warning of potential cost overruns
- Cost comparisons between suppliers/in-house
- Identify budget reserves and undistributed funds
- Monitor important elements of the business without becoming submerged heavily into detail
- Control multiple projects running simultaneously
- Efficient control of budgets and resources
- Ensure a high quality structured business approach