Project Management

HOMEWORK WEEK 1

Video 1 Understand Project Management

The prime benefit of project management is that it allows us to get closer to the triple constraint on projects. Triple constraint means meeting budget, schedule, and scope using good customer relations. Project management improves the effectiveness and efficiencies in an organization. Project management improves profitability of a business in normal operations. Reduces scope changes good project planning minimizes scope changes. Scopes should be avoided once the project starts. Project management allows work to flow horizontally as well as vertically at the same time. This makes organizations more stable allowing information to flow more smoothly in all directions. Project management allows you to get closer to your customer. Sole source contracting can now be conducted due to the project management process. Problem solving is another key benefit of project management. Application, project management can be used on all projects no matter the size. Authority issues with the project manager are decreasing as time goes on. Cost of implementing project management is minimal compared to the benefits it provides. Project management processes allow companies to function as solution providers rather than just supplier of products and services. Also allows for minimizing the risk involved in projects.

Video 2 How Project Mgt. has changed

Traditional project management 1960-1985

1986-1992 resonance period

Current modern project management where most changes has occurred.

Success: technical success drove project. Now it’s about the triple constraint, accepted by the customer and produce the correct value. Restructing the company is not necessary as project management can work within the existing company structure. Accountability with only the project manager….todays it is shared between the project manager and the line managers. Skills…used to be only technical skills were needed. Now, not only project...