discussion 1 2students Reflect on the assigned readings for the week. Identify what you thought was the most important concept(s), method(s), term(s -

discussion 1
2students

Reflect on the assigned readings for the week. Identify what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding.

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discussion 1 2students Reflect on the assigned readings for the week. Identify what you thought was the most important concept(s), method(s), term(s

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Also, provide a graduate-level response to each of the following questions:

Think of a successful project and an unsuccessful project with which you are familiar. What distinguishes the two, both in terms of the process used to develop them and their outcomes?
Consider the Expedition Everest case at the end of the chapter: what elements in Disneys approach to developing its theme rides do you find particularly impressive? How can a firm like Disney balance the need for efficiency and smooth development of projects with the desire to be innovative and creative? Based on this case, what principles appear to guide its development process?

Activity 1
Case Study 1.1 MegaTech, Inc.
MegaTech, Inc. is designed to highlight some of the reasons why an organization that had operated in a relatively stable and predictable environment would seek to move to an emphasis on project-based work. The trigger event, in this case is the advent of the NAFTA treaty, which opened up competition on a more price-competitive basis.
Questions

What is it about project management that offers MegaTech a competitive advantage in its industry?
What elements of the marketplace in which MegaTech operates led the firm to believe that project management would improve its operations?

Project Management: Achieving Competitive Advantage
Fifth Edition
Chapter 1
Introduction: Why Project Management?

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Learning Objectives (1 of 2)
1.1 Understand why project management is becoming such a powerful and popular practice in business.
1.2 Recognize the basic properties of projects, including their definition.
1.3 Understand why effective project management is such a challenge.
1.4 Understand and explain the project life cycle, its stages, and the activities that typically occur at each stage in the project.

Learning Objectives (2 of 2)
1.5 Understand the concept of project success, including various definitions of success, as well as the alternative models of success.
1.6 Understand the purpose of project management maturity models and the process of benchmarking in organizations.
1.7 Recognize how mastery of the discipline of project management enhances critical employability skills for university graduates.

P M B o K Core Concepts
Project Management Body of Knowledge (P M B o K) covered in this chapter includes:
Definition of a Project (P M B o K 1.2)
Definition of Project Management (P M B o K 1.3)
Relationship to Other Management Disciplines (P M B o K 1.4)
Project Phases and the Project Life Cycle (P M B o K 2.1)

What Is a Project?
Projects are complex, one-time processes.
Projects are limited by budget, schedule, and resources.
Projects are developed to resolve a clear goal or set of goals.
Projects are customer-focused.
A project is a temporary endeavor undertaken to create a unique product, service, or result.
P M B o K 5th edition

General Project Characteristics (1 of 2)
Projects are ad hoc endeavors with a clear life cycle.
Projects are building blocks in the design and execution of organizational strategies.
Projects are responsible for the newest and most improved products, services, and organizational processes.
Projects provide a philosophy and strategy for the management of change.
Project management entails crossing functional and organizational boundaries.

General Project Characteristics (2 of 2)
Traditional management functions of planning, organizing, motivation, directing, and controlling apply to project management.
Principal outcomes of a project are the satisfaction of customer requirements within the constraints of technical, cost, and schedule objectives.
Projects are terminated upon successful completion of performance objectives.

Process and Project Management
Table 1.1 Differences Between Process and Project Management

Process Project

Repeat process or product New process or product

Several objectives One objective

Ongoing One-shot-limited life

People are homogenous More heterogeneous

Well-established systems Integrated system efforts

Greater certainty Greater uncertainty

Part of line organization Outside of line organization

Established practices Violates established practice

Supports status quo Upsets status quo

Project Success Rates
Software and hardware projects fail at a 65% rate.
Over half of all I T projects become runaways.
Only 30% of technology-based projects and programs are a success.
Ten major government contracts have over $16 billion in cost overruns and are a combined 38 years behind schedule.
One out of six I T projects has an average cost overrun of 200% and a schedule overrun of 70%.
More than one-third of the $110 billion in costs spent on the post-war reconstruction projects in Afghanistan, total $110 billion was lost due to fraud, waste, and abuse.

Why Are Projects Important?
Shortened product life cycles
Narrow product launch windows
Increasingly complex and technical products
Emergence of global markets
An economic period marked by low inflation

Figure 1.4 Project Life Cycle Stages

Project Life Cycles
A project life cycle refers to the stages in a projects development and are divided into four distinct phases:
Conceptualizationdevelopment of the initial goal and technical specifications of the project. Key stakeholders are identified and signed on at this phase.
Planningall detailed specifications, schedules, schematics, and plans are developed.
Executionthe actual work of the project is performed.
Terminationproject is transferred to the customer, resources reassigned, project is closed out.

Change During Project Life Cycle

Figure 1.5 Project Life Cycles and Their Effects

Quadruple Constraint of Project Success
Figure 1.7 The New Quadruple Constraint

Figure 1.8 Four Dimensions of Project Success Importance

Table 1.2 Understanding Success Criteria

Iron Triangle Information System Benefits (Organization) Benefits (Stakeholders)

Cost Maintainability Improved efficiency Satisfied users

Quality Reliability Improved effectiveness Social and environmental impact

Time Validity Increased profits Personal development

Blank Information quality Strategic goals Professional learning, contractors profits

Blank
Use Organization learning Capital suppliers, content

Blank
Blank
Reduced waste Project team, economic impact to surrounding community

Six Criteria for IT Project Success
System Quality
Information Quality
Use
User Satisfaction
Individual Impact
Organizational Impact

Project Management Maturity
Project management maturity (P M M) models are used to allow organizations to benchmark the best practices of successful project management firms.
Benchmarking is the practice of systematically managing the process improvements of project delivery by a single organization of a period of time.

Figure 1.9 Spider Web Diagram for Measuring Project Maturity

Figure 1.10 Spider Web Diagram with Embedded Organizational Evaluation

Figure 1.11 Project Management MaturityA Generic Model

Developing Project Management Maturity
P M M models
Center for Business Practices
Kerzners Project Management Maturity Model
E S I Internationals Project Framework
S E Is Capability Maturity Model Integration

Center for Business Practices P M M
Level 1: Initial Phase
Level 2: Structure, Process, and Standards
Level 3: Institutionalized Project Management
Level 4: Managed
Level 5: Optimizing

Kerzners P M M Model
Level 1: Common Language
Level 2: Common Processes
Level 3: Singular Methodology
Level 4: Benchmarking
Level 5: Continuous Improvement

E S I Internationals Project Framework
Level 1: Ad Hoc
Level 2: Consistent
Level 3: Integrated
Level 4: Comprehensive
Level 5: Optimizing

S E Is Capability Maturity Model Integration
Level 1: Initial
Level 2: Managed
Level 3: Defined
Level 4: Quantitative Management
Level 5: Optimizing

Project Elements and Text Organization
Figure 1.12 Organization of Text

Project Management Employability Skills
Communication
Critical Thinking
Collaboration
Knowledge Application and Analysis
Business Ethics and Social Responsibility
Information Technology Application and Computing Skills
Data Literacy

Project Manager Responsibilities
Selecting a team
Developing project objectives and a plan for execution
Performing risk management activities
Cost estimating and budgeting
Scheduling
Managing resources

Figure 1.13 Overview of the Project Management Institutes P M B o K Knowledge Areas

Summary (1 of 2)
Understand why project management is becoming such a powerful and popular practice in business.
Recognize the basic properties of projects, including their definition.
Understand why effective project management is such a challenge.
Understand and explain the project life cycle, its stages, and the activities that typically occur at each stage in the project.

Summary (2 of 2)
Understand the concept of project success, including various definitions of success, as well as the alternative models of success.
Understand the purpose of project management maturity models and the process of benchmarking in organizations.
Recognize how mastery of the discipline of project management enhances critical employability skills for university graduates.

Related Questions:

Related questions