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PM CH 1

A project is defined as a temporary endeavor undertaken to create a unique product, service or result. It is characterized by having an established objective, defined life span with a beginning and end, involvement of several departments, and doing something that has never been done before. Key considerations for a project include its cost, time required, value provided to the organization, and fit with organizational strategies. Project parameters like scope and quality are influenced by constraints like time and cost. Projects differ from routine work in their temporary nature and defined objectives.

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41 views

PM CH 1

A project is defined as a temporary endeavor undertaken to create a unique product, service or result. It is characterized by having an established objective, defined life span with a beginning and end, involvement of several departments, and doing something that has never been done before. Key considerations for a project include its cost, time required, value provided to the organization, and fit with organizational strategies. Project parameters like scope and quality are influenced by constraints like time and cost. Projects differ from routine work in their temporary nature and defined objectives.

Uploaded by

Asfand Rasheed Khan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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PROJECT

MANAGEMENT
The Managerial Approach: Forth Edition By Grey and Larson
Ch:1 Introduction to Project Management
Defining Project:

■ The Project Management Institute provides the following definition of a project:


“A project is a temporary endeavor undertaken to create a unique product, service, or
result”
■ A Project is a group of unique interrelated activities that are planned and executed in a
certain sequence in order to create a product or service ,within a specific timeframe,
budget and client’s specifications.
■ The British standard define project as
A unique set of coordinated activities , with define starting and finishing points, undertaken
by an individual or organization to meet specific objectives within define schedule, cost and
performance parameters.
Major Characteristics of a Project:
The major characteristics of a project are as follows:
1. An established objective.
2. A defined life span with a beginning and an end.
3. Usually, the involvement of several departments and professionals.
4. Typically, doing something that has never been done before.
5. Specific time, cost, and performance requirements.

Key Considerations of a Project:


■ What is the Cost?
■ What is the time required?
■ What are the capabilities it provides to the organization?
■ Whether it fits into the strategies of the organization?
Relationship between Project Parameters:
The scope and quality of project are influenced by variety of constraints
■ Time
■ Cost
■ Availability of Resources
Comparison of Routine Work with Projects
Program versus Project
The Project Life Cycle
■ The Project Lifecycle is the sequence of phases through which a project progresses.
■ The number of phases and sequence of the cycle may vary based on the company and
the type of project undergone.
■ As part of a project, however, they should have a definite start and end, and they are
constrained by time.
■ The lifecycle provides the basic foundation of the actions that has to be performed in the
project, irrespective of the specific work involved.
Continue….
Functions Performed in Project
The Importance of Project Management

There are several reasons why this is the case are briefly discussed below.
■ Compression of the Product Life Cycle
■ Knowledge Explosion
■ Triple Bottom Line (planet, people, profit)
■ Corporate Downsizing
■ Increased Customer Focus
■ Small Projects Represent Big Problems

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