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Fundamentals of Project Management

This document defines key concepts related to project management. It discusses that a project is a temporary endeavor with defined start and end points and objectives. Project management involves applying skills and techniques to organize resources and complete the project within defined scope, quality, time and cost constraints. The document outlines the five phases of a project and explains that planning helps execute the project feasibly and provide benchmarks to measure performance. It also defines several project planning terms and scheduling concepts.

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Shreyas
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294 views32 pages

Fundamentals of Project Management

This document defines key concepts related to project management. It discusses that a project is a temporary endeavor with defined start and end points and objectives. Project management involves applying skills and techniques to organize resources and complete the project within defined scope, quality, time and cost constraints. The document outlines the five phases of a project and explains that planning helps execute the project feasibly and provide benchmarks to measure performance. It also defines several project planning terms and scheduling concepts.

Uploaded by

Shreyas
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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 A project is a temporary endeavor undertaken

to create a unique product or service with a


defined start and end point and specific
objectives that, when attained, signify
completion.

Temporary Unique End point

Specific
Objectives
 Project management is the application of
knowledge, skills, tools, and techniques
applied to project activities in order to meet
or exceed stakeholder needs and
expectations from a project.

 Organizing and managing resources which


completes the PROJECT within defined SCOPE,
QUALITY, TIME and COST CONSTRAINTS
FIVE PHASES OF THE PROJECT

 1. INITIATING PHASE
 2. PLANNING PHASE
 3. EXECUTING PHASE
 4. CONTROLLING AND MONITORING PHASE
 5. CLOSING PHASE
 A Planning is the art of EXECUTING the
project, in a feasible manner with respect to
its cost, time factor, Quantity and QUALITY.
 It helps management to clarify, focus, and
research their project's prospects and
development.
 Offers a benchmark against Planned Vs Actual
performance can be measured and reviewed.
 Project Scope
 Project Schedule
 Resource Requirement
 project cost estimation
 Project Quality and
 Project Risk Management
 Time
 Cost
 Scope
 Target Verification
 Resource Planning
 Commitment
 Basis for “What-if”
 Step in Delegation
 Basis for Control
 Target Verification:
 Every project has targets to be achieved. With the
help of planning we can verify the targets at
every interval to keep a track of the project.
 Resource Planning:
 Planning helps in effective use of all the
resources required in a project which helps in
reducing the risk of losses.
 To help Commitment:
 To commit any date for the start/ finish
 of an activity or project, planning helps in
forecasting the most likely date for the
commitment
Basis for “What-if”:
 To prepare a scenario for the future risks on the schedule
(like political decisions, market shortage of materials,
special manpower availability or a natural calamity) that
could have an impact on the project, planning helps to
predict these problems effect and help to prepare for them
in advance.
Step in Delegation:
 Planning help in distributing/assigning authorized people
at different stages for the better outcome of the project.
 •Basis for Control:
 Planning helps in better coordination and controlling of
the project in an feasible manner thus resulting in easy
achievement of target at every interval of the project.
 To develop any project schedule we have to break down
the
 project to a certain detail of information
 (level of planning-
 WBS)
 to allow us to control the project. This detail is decided
 based on the information we need to produce in the
control
 phase. It has been agreed that we can reach till level 4 of
 planning
 • Level 1 - Executive Summary Level
 • Level 2 - Summary level
 • Level 3 - Management Level
 • Level 4 - Site level (Daily)
 Work Breakdown Structure:
 It means “breaking the work into different
parts”. It divides the entire project into its
component elements in order to establish a
framework for effective management control
of the project.
 It organizes and defines the total scope of the
project. Each descending level represents an
increasingly detailed definition of the project
work.
 An Organization Breakdown Structure (OBS) is
a hierarchical model describing the
establishment of organizational framework
for various project disciplines. It provides a
way of organizing project tasks by those
responsible for executing the work. It is a
hierarchical coding structure with each
succeeding level providing a lower level of
details and is represented by
 organization charts.
 Organization Break downStructure (OBS)
 Schedule
 Activity
 Predecessor
 Successor
 Path
 Lag
 Lead
 Data Date
 Cut-off date
 Milestone
 Baseline
 Original duration
 Remaining Duration
 Gantt chart (or) Bar chart
 Bar
 Variance
 Finish-to-Start
 Finish-to-Finish
 Start-to-start
 Start-to-finish
 1.Schedule calculation
 A) Forward path calculation
 B) Backward path calculation

 2).Critical path Identification


 A) Total float
 B) Free float
 C) Critical path
 Constraints

 1.Constraints Allowed for active project


 A) Early start constraint
 B) Early finish Constraint
 C) Late start Constraint
 D) Late finish constraints
 2) Constraints for “What if” Scenario:
 A) Start on constrain
 B) Expected Finish constraint
 C) Mandatory start constraint
 D) Mandatory Finish Constraint
 E) Zero total float constraint
 F) Zero free float constraint
 Cash flow is the money in and out of
company. It is of 2 types
 1.Cash in
 2.Cash out
 The lags which are estimated can thus vary form
 update to update according to the site condition
which is not subjected to change every week.
 Hence the resources are also used to monitor the
project. These methods are as follows:
 1) Using the curves (Early & Late vs. Actual)
 2) Using Earned value method (Equations)
 Each of the above methods contain the
monitoring procedure both time wise & cost
wise. Monitoring Progress
 1) Schedule analysis & Forecast
 Schedule Variance (SV): The schedule variance
(SV) determines whether
 a project is ahead or behind the schedule.
 SV = Earned Value (EV) – Planned Value (PV)
 Time Estimate at Completion (EACt): Using
the SPI & the Avg. PV
 per unit time, the project team can generate a
rough estimate of when
 the project will be completed.
 EACt= (BAC/SPI)/(BAC/months)
 Cost Variance (CV): The cost variance (CV)
determines whether a project
 is under or over budget.
 CV = Earned Value (EV) – Actual Cost (AC)
 To-Complete Performance Index (TCPI): It
helps to determine the
 efficiency that must be achieved on the
remaining work of the project
 to meet a specified endpoint.
 TCPI = (BAC - EV)/(BAC – AC)
 Estimate at completion (EAC): It helps to
project the final cost of the
 project if the current performance trends
continues.
 EAC = BAC / CPI
 Variance at completion (VAC): It helps to
determine whether the project
 will finish under or over budget.
 VAC = BAC - EAC
 THANKS FOR SPENDING YOUR VALUABLE TIME

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