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PM1_20JAN10 - ProjectManagement IEORE4510...

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1 Project Management IEOR E4510 Professor Moshe Rosenwein [email protected]
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    2 Objectives of the Course Understand the critical tradeoffs and decisions in project management Learn how to select and organize projects Learn how to monitor and control single projects Learn how to manage uncertainty and risk in projects Learn how to prioritize and manage multiple projects Learn how to manage projects  better  than typical business practice
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3 Chapter  Introduction to Project Management
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    4 History of Project Management One of the first examples of project management was the construction of the  pyramids in Egypt  Henry L. Gantt (1861-1919) added an important visualization tool around 1917  with the Gantt Chart In the late 1950s, DuPont Company developed the Critical Path Method (CPM) Also in the late 1950s, Booz Allen Hamilton developed the Program Evaluation  and Review Technique (PERT), which models uncertainty in project  management
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    5 Importance of Project Management Project management effectively controls organizational change,  allowing organizations to introduce new products, new processes,  and new programs effectively. Projects are becoming more complex, making them more difficult to  control without a formal management structure. Projects with substantially different characteristics, especially in IT,  are emerging. Project management helps cross-functional teams to become more  effective.
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    6 Comment on the Importance of  Project Management “At last we are beginning to see research which proves  how important project management is ... without well- trained and capable project managers the percentage of  GDP spent through projects is inflated due to many  exceeding their budget through poor management.”  Richard Pharro, author and consultant (2003) Still, many organizations under-appreciate the contributions made by their  project managers.
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    7 What is a Project? A project is a “temporary endeavor undertaken to create a unique  product or service”. ( PMBOK,  2000) A project is a well-defined set of  tasks  or  activities  that must all  be completed in order to meet the project’s goals. Two  prevalent characteristics: Each task may be started or stopped independently of  other tasks; Tasks are ordered such that they must be performed in a  technological sequence.
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    8 Examples of Projects Construction of the pyramids Apollo moon landing mission Development of MS Windows Making  The Lord of the Rings Organizing the Olympics Games Development and marketing of a new drug  Implementing a new company wide IT system Design of this course Project management spans both the  manufacturing and service sectors.
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