1. 8.04 Utilize project-management skills to start, run, and end projects
Explain the nature of project management (OP:158)

2. Compare and contrast projects and business operations.
Projects are the business endeavors used to accomplish a unique, specified purpose; they have a definite beginning and end; the work is temporary, although the outcomes may be long-term or indefinite. Often, the project manager is not a high-level manager and cannot make decisions and issue orders outside the project’s parameters.
Business operations, on the other hand, are ongoing activities performed on a regular basis to keep the business going, and they do not end. Business operations rely on the use of a traditional managerial hierarchy with management having the authority to make decisions and issue orders, etc.

3. Identify the elements that make up all projects (i. e
Identify the elements that make up all projects (i.e., resources, schedule, and outcomes).
For projects to function effectively, participants require a variety of resources (i.e., human, monetary, equipment, and materials); a time frame, or schedule, in which the work must be accomplished; and the outcomes of the project activity. Project management is the skills, tools, and processes used to generate the desired outcome by planning, executing, and controlling the elements of a project.

4. Describe why businesses are increasing their use of project management.
The business environment is dynamic (i.e., constantly changing). This is due to the global economy and to technological change. Both require businesses to be flexible so that they can take advantage of new and different opportunities the business encounters. Project management gives businesses the agility required to respond quickly, efficiently, and effectively to these opportunities so that they can beat their competition and get “to market” as quickly as possible.

5. Explain the goal of project management.
The goal of project management is to ensure the efficient, effective completion of a project with respect to quality, schedule, and budget.
Discuss benefits associated with the use of project management.
There are a variety of benefits associated with the use of project management. It has helped businesses to accomplish their pre-determined objectives within a specified time-frame, helped businesses of all types make profitable decisions, and aided them in operationalizing their strategies to complete their projects. These benefits have been obtained because project management
provides a framework for successful completion of a project,
gives businesses a systematic approach to risk analysis,
incorporates quality assurance techniques,
focuses on the implementation of teamwork skills,
provides a way to evaluate the feasibility of pursing a project,
gives employees valuable skills that can be applied to any situation in any industry, and
provides a common language for all project participants.

6. Describe typical constraints on project management (i. e
Describe typical constraints on project management (i.e., scope, time, and cost).
Three factors are traditionally recognized as constraining projects: scope, time, and cost. Scope designates what is and is not included in the project. Since projects have a beginning and end, time is a critical constraint on the amount of or the quality of work that can be performed. Naturally, the cost is the amount of money that must be paid to obtain a specific project scope within a specified timeframe. If any of the three constraints is changed, the other ones are impacted. As an example, if, as a project progresses, the customer adds more aspects to the project (i.e., increases the project’s scope), the project’s cost will be increased, and the time scheduled will have to be re-evaluated to determine whether a longer timeframe is needed or more employees can be effectively added to do the work in the original timeframe.

7. Explain significant challenges to project management.
Significant challenges face project managers throughout a project’s life cycle.
These challenges include:
a. Being able to clearly define the project’s purpose and outcomes
b. Having the monetary resources required to successfully complete a project
c. Accessing team members with the requisite skill sets
d. Limiting or avoiding project creep (i.e., the project’s scope becomes bigger and bigger due to newly identified needs from stakeholders).
e. Having clear, ongoing communications with project participants
f. Estimating time and resource requirements accurately
g. Dealing with uncertainty
h. Having a trained project manager
i. Creating a risk-management plan
j. Monitoring project changes closely

8. Identify the stages of project management (i. e
Identify the stages of project management (i.e., the project life cycle).
The number of stages in a project’s life cycle differs from author to author. Some authors identify as few as three stages, while others identify as many as seven. From a review of the literature, we will identify four stages of a project’s life cycle which encompasses all activities in project management regardless of how a specific author defines the stages in a project life cycle. A project life cycle begins with the idea for the project in the initiation stage, moves into the planning or development stage, progresses into the execution and control stage, and ends with the closure stage.

9. Discuss the activities involved in each stage of project management (in its life cycle).
The initiation stage involves determining a project’s feasibility, developing a statement of work (SoW), creating SMART objectives, and developing a project charter.
The planning stage involves in-depth project planning to ensure that the project’s scope is clearly defined. This entails developing a Work Breakdown Structure, identifying needed human and nonhuman resources, developing a project schedule, and preparing a project plan.
The execution, or implementation, stage requires the project manager to monitor and control project activities by maintaining ongoing communication with all project participants, updating and modifying the project plan, monitoring risks, controlling project quality, gaining change approvals, and maintaining project records.
The closure stage entails writing final project reports and preparing a lessons learned document.

10. Describe types of projects (i. e
Describe types of projects (i.e., derivative, platform, breakthrough, R&D).
Derivative projects extend or replace existing projects. They are very similar to the existing projects.
Platform projects are major departures from existing projects; they represent a new good/service, a new process, or both.
Breakthrough projects involve the use of newer technology than platform projects.
R&D projects are visionary, representing new directions or pursuits for a business.

11. Explain the role of project managers in project management.
Project managers handle a variety of tasks during their projects. These include such tasks as:
Developing and managing the direction of projects
Defining, planning, and controlling project scope
Developing project schedules, allocating resources, and managing project funds
Managing and motivating team members
Managing communications between and among team members, customers, and management
Identifying and lessening the impact of risks
Obtaining project resources
Developing and managing the project schedule
Managing project changes
Ensuring project meets quality standards

12. Describe technology currently used to improve the project management process (e.g., blogs, wikis, collaborative groupware, etc.).
Technology is used in developing a project schedule. A variety of software applications have been developed to enable project managers to generate scheduling tools in a chart format. The use of the software makes it easier to monitor and update project status.
Essential to efficient project management is ongoing communication with those involved in the project. A number of tools can be used to keep project participants aware of project status and changes made to the project. Examples of these tools include blogs, wikis, and collaborative groupware (e.g., Collaber).
Technology is also used in managing project costs and budget. Spreadsheets are often maintained to track monetary expenditures.

13. Discuss the use of governance mechanisms to ensure that the project meets its requirements.
Governance refers to the rules and regulations under which projects operate. It ensures that there is appropriate decision-making, communication, etc. Often, project managers consider the following:
Determining the roles and responsibilities of people involved with the project, i.e., who is responsible for what
Defining communications channels so that they specify the interaction structures that are to be used, e.g., committees, quality groups, teams, user groups, etc.
Identifying operational methodologies of a company so that the standard processes and methods are spelled out
Describing development methodologies that spell out how ideas will be evaluated, what approval processes will be required, how quality will be assessed, etc.
Identifying standards that will be adhered to
Setting up a mechanism for compliance so that project managers can ensure that the governance elements are being followed. They could use audits, periodic reviews, etc. Project managers also have to determine the metrics that will be used to assess whether the goals of the governance document are being achieved.

14. Student Activity
Ask each student to identify some type of project (e.g., writing a term paper, planning the prom, landscaping a yard, organizing a stockroom, etc.) that s/he completed recently.
Instruct the students to write down the resources that they used, the schedules that they followed, and the outcomes that they achieved through their projects. In addition, students should note what project management activities took place in each stage of the projects (i.e., initiation, planning or development, production or execution, monitoring and controlling, and closing).
When finished, each student should share his/her work with a partner and discuss the benefits of actively managing projects.