Project management; Overview of what you need to know
Tags: projectmanagement
Published: 2022-12-08 11:02:02

1.Foundations of Project Management
2.Project Initiation
3.Project Planning
4.Project Execution
5.Agile Project Management
6.Capstone: Applying Project Management in real world

## **<u>COST BENEFIT ANALYSIS</u>**

-The process of adding up the expected value of a project, the benefits, and comparing them to the dollar costs.
-A cost-benefit analysis can minimize risks and maximize gains for projects and organizations. It can help you communicate clearly with stakeholders and executives and keep your project on track
ROI
-The process of calculating costs and benefits is also called calculating return on investment
(G-C)/C = ROI
G- expected financial gain from the project
C- upfront and ongoing costs of your investment in the project
For example, imagine your project costs $6,000 up front plus $25 per month for 12 months. This equals $300 per year, but you estimate that the project will bring in $10,000 in revenue over the course of that year. Using the formula above, you calculate the ROI as: ($10,000 - $6,300) ÷ $6,300 = 0.58 = 58%

Customer satisfaction. Will the project increase customer retention, causing them to spend more on the company’s products or services? 

Employee satisfaction. Is the project likely to improve employee morale, reducing turnover? 

Employee productivity. Will the project reduce employee’s overtime hours, saving the company money?

Brand perception. Is the project likely to improve the company’s brand perception and recognition, attracting more customers or providing a competitive advantage?

**<u>KEY COMPONENTS OF PROJECT INITIATION</u>**
-Goals
-Scope
-Deliverables
-Success criteria
-Stakeholders
-Resources

**<u>SMART (Specific, Measurable, Attainable, Relevant, Time-bound) </u>**

“Office Green will create an app that offers tips and reminders to help customers care for their plants. The app will be completed within 18 months and be compatible with 100% of the types of plants Office Green sells.”

Specific: The team knows what they’re building: an app that helps users care for their plants and reminds them to do so. 

Measurable: The app will be complete when it includes 100% of the plant types of Office Green sells.

Attainable: The company has the knowledge, time, resources to build the app. 

Relevant: Office Green’s business model relies on customers caring for their plants successfully. 

Time-bound: The goal includes an 18-month timeframe.

<u>**OBJECTIVES + KEY RESULTS (OKR)**</u>
Objectives define what needs to be achieved and describe a desired outcome. Key results define how the project team knows whether or not they have met their objective.

<u>**TRIPPLE CONSTRAINTS**</u>
		
**Scope, Time & Cost** - they affect the output and quality of the project



A **RACI chart** helps to define roles and responsibilities for individuals or teams to ensure work gets done efficiently. It creates clear roles and gives direction for each team member. There are four types of participation included in a RACI chart. These are: 
R: Responsible: who gets the work done

A: Accountable: who makes sure the work is done

C: Consulted: who gives input or feedback on work

I: Informed: who needs to know the outcome

A project charter clearly defines the project and outlines the necessary details for the project to reach its goals. The charter is the formal way that the project’s goals, values, benefits, and details are captured.


<u>**PROJECT PLANNING**</u>
Schedule, budget, and risk management plan

**<u>COMPONENTS OF A PROJECT PLAN</u>**
Tasks, milestones, people, documentation and time

-In addition to the schedule, you should also include the following components in your project plan: 
Scope and goals
Work Breakdown Structure (WBS)
Budget 
Management plans such as the change management plan, risk management plan, and communication plan


<u>**WATERFALL METHODOLOGY**</u> - Traditional methodology in which tasks and phases are completed in a linear, sequential manner, and each stage of the project must be completed before the next begins.

<u>**AGILE METHODOLOGY**</u> - Short phases of collaborative, iterative work with frequent testing and regularly implemented improvements. Scrum and Kanban are examples of Agile frameworks.
<u>Scrum</u> is an Agile framework that focuses on developing, delivering, and sustaining 	complex projects and products through collaboration, accountability, and an iterative 	process. It is ideal for projects with rapidly changing requirements, using short sprints.
<u>Kanban</u> is a tool used in both Agile and Lean approaches that provides visual feedback 	about the status of the work in progress through the use of Kanban boards or charts. It represents the team’s tasks with categories like “To do,” “In progress,” and “Done.” It visualizes project progress and is great for tasks requiring steady output.	
<u>6 SIGMA</u> - (DMAIC) Define, Measure, Analyze, Improve, Control
<u>Lean</u> uses the 5S quality tool to eliminate eight areas of waste, save money, improve quality, and streamline processes. It streamlines processes, eliminating waste for customer value.
<u>Extreme Programming (XP)</u>: It enhances software quality and responsiveness to customer satisfaction.

**<u>PROCUREMENT</u>**
<u>Initiating</u>: planning what you need to meet your project goals
<u>Selecting</u>: deciding which supplies and vendors to use
<u>Contract writing</u>: developing, reviewing, and signing contracts
<u>Controlling</u>: making payments and maintaining and ensuring quality
<u>Completing</u>: measuring your success