Project Life Cycle
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Transcript of Project Life Cycle
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PM Fundamentals
What is a Project?
A temporary endeavor with an established beginning and end time, that has a set of defined tasks and assigned resources, undertaken to deliver a unique product, service or result.
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PM Fundamentals
What is Project Management?
o The application of knowledge, skills, tools, techniques, people, and systems focused on meeting or exceeding stakeholder needs.
o A discipline that will support the planning, implementation, tracking, and control of projects.
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PM Fundamentals
What are Project Phases?1. Initiation
Define project’s objective2. Planning
Detail who does what when3. Execution, monitoring and Control
Actual work occurs Compare performance to plan, make corrections
4. Closeout Project’s deliverables are accepted
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PM Fundamentals
Initiation Phase1. Describe the characteristics of the product or service
expected from the project.
2. Analyze the project’s requirements, identify potential solutions, determine the technical and economic feasibility of each, compare and select the best solution.
3. Develop the project proposal– What is to be done– Why is it to be done– How is it to be done– How much risk is involved
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PM Fundamentals
4. Approve the project Based on the ROI (Return On Investment) of
cost, resources, time
5. Select a Project Manager Responsible for managing all aspects of the
project
Output of Initiation Phase – Project Charter
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Project Goals - Identification
Prepare and launch the new shuttle line Atlantis from Earth to the Moon Colony by March 5, 2025.
Connect Italy with Sicily via the new G. Garibaldi world's longest single-span suspension bridge and have it open for traffic no later then July 2008.
Design and complete testing by April, 2005, of MS Project 2005, Project Management software.
Obtain an “MSc.” Degree in the EESI program from the Royal Institute of Technology by spring next year.
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PM Fundamentals
Planning Phase
1. Define an orderly arrangement of activities and resources to deliver the product or service.
2. Begin by outlining all tasks (the work)
3. Identify the resources (people, hardware, software, services, etc.) required for all tasks
4. Organize the tasks into sequences of chronological events (schedule)
5. Develop a spending plan within the budget
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PM Fundamentals
5. Arrange to procure external resources6. Identify all stakeholders and the method (how),
frequency (how often), and content (what) of communications to them
7. Analyze risks and decide what can be done about them • Accept, Mitigate, or Transfer
8. Determine how to measure success
Output of Planning Phase – Project Plan
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PM Fundamentals
Depending on complexity, project plans can contain:
1. Work Breakdown Structure
2. Resource Breakdown Structure
3. Schedule
4. Budget and Spending Plans
5. Performance Plan
6. Risk Management Plan
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PM Fundamentals
7. Procurement Plan
8. Communications Plan
9. Change and Configuration Management Plan
10. Quality Management Test Plan
11. Quality Management IV&V Plan
The Project Plan is used to guide project execution and project control.
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PM Fundamentals
Execution, monitoring and Control Phase Execution of the Project Plan is the act of
performing tasks and activities that result in the production of project deliverables.
Performance must be monitored against the plan
Schedule Deviation Cost Overruns Project Issues Change Requests
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PM Fundamentals
Project Managers produce regular Status Reports for key stakeholders
Not meeting scheduled dates, exceeding spending plans, unresolved issues and requests for changes should be reported to stakeholders and addressed immediately
Outputs of Execution and Control Phase are the Project Deliverables.
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PM Fundamentals
Closeout Phase Closeout occurs when the sponsor accepts the
project deliverables and the project’s oversight authority concludes the project has met all goals
New systems are turned over to operations, project documentation is archived, lessons learned are cataloged, any staff and resources are returned
Output of Closeout Phase is User Acceptance
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Overview of project life cycle
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PM Fundamentals
The Trilogy of Project Management – Scope, Budget, Schedule
1. Scope Defines what the project will do and what it
won’t Scope Creep occurs when additional
requirements are allowed to sneak in PM must know how to say NO!
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Project Life Cycle
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PM Fundamentals
2. Budget Highly visible measure of Project Managers Requires constant monitoring, immediate
corrective action Vendor management is key
3. Schedule Most likely to change Unexpected events can and do occur This is where PMs earn their salary