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Week 1 - Lecture

Week 1 - Lecture - Modern Project Management What is a...

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Modern Project Management What is a Project? | The Importance of Project Management | The Strategic Management Process | Organization | Study Guide There are several ways to organize the work of corporations, institutions, government departments, and other organizations. No one way to organize work is necessarily better or more prominent than another, but each has its role to play. While we will talk about the different ways to organize work later in this section, we will start with the way to organize work through the use of projects. Projects have some unique characteristics or features that distinguish them from the other ways to organize work. The two most prominent characteristics are that projects are results-oriented and that they have a beginning and an end. This means that a project has a life cycle of work that unfolds over the course of a project, and that over the project's life cycle, this work must be directed toward producing specified work outputs or work results. Moreover, this project work must be accomplished within specified time and cost constraints. To hold together a project team comprised of people with several different functional skills, a PM's responsibility is essentially to be a general manager and orchestrate the completion of the project by drawing upon the right people at the right time to do the right thing. Although the project method of organizing work seems to be gaining importance (because of several modern demands such as shorter time-to-market), other ways of organizing work remain not only useful but, in many cases, the preferred style of management. These other ways of organizing work are, in broad categories: continuous process, batch process, and job shop. What Is A Project? A project is a non-routine effort with limited time, limited budget
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and resource availability, and limited performance specifications to meet the needs of the project's customer, whether an external client or customer, or an internal operating group within an organization. There are forms of work other than projects that are pursued in organizations, whether or not those organizations are commercial or industrial firms, or government or not-for-profit institutions. These forms of work are described later in this section. Defining Characteristics Five essential characteristics differentiate a project from the other forms of work that organizations undertake. These five characteristics are as follows: 1. A project has an established objective . Projects are results-oriented. Specific tangible items called deliverables must be produced, or specific services must be provided. 2. A project has a defined life span with a beginning and an end . The work required in a project should be performed within a specific time period. For instance, a project to establish a telecommunications network may be scheduled to start on May 1 and to be completed six months later on October 31. At this point, the project comes to an end, and the completed project is
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Week 1 - Lecture - Modern Project Management What is a...

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