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Mis Lecture Notes

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02/04/2013
Lecture 6: Project Management – Day 1

Word of the day: Stakeholder

Announcements: * Please submit your assignment appropriately into the three designated areas for the memo, spreadsheet and organization chart. What is Project Management?

* Running a project from planning through completion * May also involve ideation, idea selection, the feasibility analysis, writing a proposal, managing the proposal approval process, and other pre-planning aspects * Project Management is important to know because you will manage projects at some point in life.

What is a Project?

* A project is a temporary endeavor undertaken to achieve a particular goal. * Must have a unique purpose * Must have a fixed lifespan. A project has a beginning and an end. * Requires resources, often from various areas * Should have a primary sponsor * Involves uncertainty. Projects can be risky at times and can fail. * Typically in the real world, someone is assigned as the project manager and someone as the project sponsor. The project manager gets some resources, particularly people to work with to bring the project to fruition. * E.g., upgrading financial systems, migrating from one CRM system to another, etc.

* Projects are bound by the Triple Constraints:

a) Time: When do we have to be done? (e.g. person month, person hours) b) Resources: How much money do we have? (e.g. money, materials, and everything that given for this project) c) Scope: What do we need to accomplish?

Note: If you decrease time, you will have to increase resources or decrease scope. If you define your scope well, you should be able to manage your project. It’s best for extra capacity to be taken into consideration if the uncertainty id 5% or 10%.

* The triple constraints now commonly add quality:

Stages before Project…...

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