Chapter_5_-_Project_Management

Chapter_5_-_Project_Management - BUS 370 Chapter 5 Project...

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BUS 370: Chapter 5 Project Management Tracy Freeman Poole College of Management North Carolina State University
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Chapter Objectives Be able to: Explain the difference between routine business activities and projects. Describe the five major phases of a project. Construct a project network diagram and calculate the earliest and latest start and finish times for all activities. Identify the critical activities and paths in a network. Crash a project (reduce the length of a project). 2
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Project Management: Why Do It? Building Mega Refineries in Record Time Demand for gasoline is increasing – India builds refinery to convert crude oil to gasoline – facility covers several square miles Need to build utilities, roads, infrastructure Transportation and receipt of materials Built residential complex, infrastructure to support 150,000 workers Hundreds or thousands of tasks occurring simultaneously 3
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What is a project? A temporary endeavor undertaken to create a unique product, service or result. Examples: Oil Refinery New Software System Olympics Developing a website for your new internet business 4
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Projects Are Distinct from Business Activities Non-Routine, significant impact Difficult to manage – new, complex, many tasks and interdependencies Requires a large amount of cross-functional and inter-organizational coordination Clear starting and ending points with people and resources reassigned when project is complete 5
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Project Management Challenge “Triple Constraint” The Project Manager must meet (and exceed) customer expectations while managing scope, time and cost Scope Time Cost Customer Value 6
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Project Management The Project Management Institute (PMI) defines project management as “the application of knowledge, skills, tools and techniques to project activities to meet project requirements.” 7
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5 Project Phases 1. Concept Phase Broad definition, scope and feasibility analysis Budget estimates +/- 30% Identify key resources and time considerations Secure approval 1. Project Definition Phase If feasible and approved, identify how to accomplish the work, organize the project Tentative schedules, budgets, organization (number of people, roles) Budget estimates +/- 5 to 10% Secure approval 8
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5 Project Phases (cont’d) 3. Planning Phase Detailed tasks, timing, budgets, milestones and resources (specific names of people) Project management tools Secure approval 3. Performance Phase Execution and control of project plan (i.e., do the project) Directing and coordinating Secure approval 3. Post Completion Phase Confirms outcome, critiques project, and reassigns project personnel Conduct post implementation review 9
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Chapter_5_-_Project_Management - BUS 370 Chapter 5 Project...

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