Summary: Principles Of Project Management

Read the summary and the most important questions on Principles of Project Management

• Selecting Project

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• How to select a project?

  1. Technical Feasibility
     
  2. Support for strategy
     
  3. Resource availability
  4. Return on investment
  5. Risk tolerance
  6. Importance for compliance

• Project selection wrt to organisation's objectives

  1. SWOT analysis
     
  2. Balanced Scorecard
  3. Feasibility Study
  4. Categorising Projects
  5. Performing net present value and other financial analysis

• NPV( Net present Value)

  NPV is a method of calculating the expected net monetary gain or loss from a project by discounting all expected future cash inflows and outflows to the present point in time
  

  • +ve good
  • _ve bad 

• Project Planning

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• Estimation Methods for project planning

  1. Comparative(using historical data from similar project)
     
  2.  Parametric ( using defined parameters like area of a building)
  3. Bottom up (estimate time and cost - WBS)

• Project Organization

• Types of organisational structure

  1. Pyramid 
     
  2. Task based
  3. Formal & Informal
  4. Differentiation & Integration

• What are the project organisation key structure?

  
  

  1. Organisation
     
  2. Project team
  3. customer relationship

• Introduction to Project Management

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• Why PM is important for organizations?

  1. Achieve strategic objectives
     
  2. Shorten product life cycle
  3. Narrow product launch window
  4. Incorporate the global market
  5. Tackle the complex and technical projects

• Why do we manage projects?

  1. Need to plan and coordinate - large, complex, multifunctional efforts.
     
  2. Executing tasks - planning, organising, controlling and prioritising.
  3. Require solution for practical problems
  4. Need to deal with change.

• How is project success determined?

  1. Iron triangle
     

  • Time
  • Cost
  • Scope

  
  

  1. Impact on stakeholder
  2. learning
     
  3. user satisfaction

• What are the driving forces for PM?

  1. Efficiency and effectiveness
     
  2. New project development
  3. Executive understanding
  4. Competitiveness
  5. Customer expectations
  6. Capital projects