A project is the allocation of capital and human resources to achieve a time-specific purpose. Project management is the procedure and technique used to achieve the goals of a project. This includes task identification, prioritization, and scheduling to systematically bring about rapid change. Many companies "manage their organization on a project-by-project" basis, using projects as a way to achieve business goals and strategic plans.
Business goals
Your organization may have dozens of future projects competing for limited resources. When choosing from future projects, evaluate how each project relates to your organization's goals and objectives. Choose based on the value each project gives to your organization's strategic plan. Review your organization's vision statement, mission statement, and business goals for the purposes of each project.
Selection criteria
The process of evaluating an individual project or group of projects for the purpose of choosing a project to implement can involve several factors. When choosing from competing project choices, additional project factors that may be reviewed and compared include costs, benefits, and risks. The exact parameters of these factors may not be known for sure, but estimates can be compared to assess the differences.
Goal matrix
Top management may create a matrix of project goals that are clearly based on the organization's business goals and strategies. Examples of goals include improving the corporate brand with customers, expanding into new markets, and increasing market share of a particular product or service.
Achievable
Projects need to be evaluated for realism, capabilities, and costs. According to a 2001 survey by the Centre for Innovative Management, 30% of all projects are completed prematurely, and half of completed projects are completed on average 200% beyond schedule and budget. An unfinished project is a huge waste of resources. Projects that cost more than twice the expected budget will have cost-benefit analysis issues.
Strategic planning sets long-term goals by analysing the strengths and weaknesses of an organization, investigating opportunities and threats in the business environment, predicting future trends, and predicting the need for new products and services. It involves making a decision. Strategic planning provides important information to help organizations identify and select potential projects.
Organizations often perform SWOT analysis to analyse strengths, weaknesses, opportunities, and threats. Strengths are these positive internal attributes that strengthen your business or team. You can plan to take advantage of those strengths. The downside is those negative internal attributes that go against your success. You can reinforce these weaknesses so that they do not interfere with your success. Opportunities are external conditions that can have a positive impact on your goals. Threats are external conditions that can adversely affect your goals. If you can identify and minimize these threats, you will have less impact on them.
As part of a strategic plan, an organization formally chooses to start a project by identifying potential projects and using realistic methods to publish a project charter. In addition to using SWOT analysis, organizations often use a four-step planning process to select IT according to the detailed process of project selection. project
A four-step planning process for selecting an IT project
Project Management Life Cycle: - The project management life cycle is a series of activities that are necessary to full fill project goals or objectives.
At the start of a project, the amount of planning and work needed can seem overwhelming. There may be dozens, or even hundreds of tasks that need to be completed at just the right time and in just the right sequence.
Seasoned project managers know it is often easier to handle the details of a project and take steps in the right order when we break the project down into phases. Dividing our project management efforts into these five phases can help give our efforts structure and simplify them into a series of logical and manageable steps:
1. Project Initiation: - Initiation is the first phase of the project lifecycle. This is where the project's value and feasibility are measured. Project managers typically use two evaluation tools to decide whether or not pursue a project:
* Business case document- This document justifies the need for the project, and it includes an estimate of potential financial benefits.
* Feasibility study - This is an evaluation of the project's goals, timeline and costs to determine if the project should be executed. If balances the requirements of the project with available resources to see if pursuing the project makes sense.
Teams abandon proposed projects that are labelled unprofitable and unfeasible. However, projects that pass these two tests can be assigned to a project team or designated project office.
2. Project Planning: - Once the project receives the green light, it needs a solid plan to guide the team, as well as keep them on time and on budget. A well- written project plan gives guidance for obtaining resources, acquiring financing and procuring required materials. The project pan gives the team direction for producing quality outputs, handling risk, creating acceptance, communicating benefits to stakeholders and managing suppliers. The project plan also prepares teams for the obstacles they might encounter over the course of the project, and helps them understand the cost, scope and timeframe of the project.
3. Project Execution: - This is the phase that is most commonly associated with project management. Execution is all about building deliverables that satisfy the customer. Team leaders make this happen by allocating resources and keeping team members focused on their assigned tasks.
Execution depends heavily on the planning phase. The work and efforts of the team during the execution phase are derived from the project plan.
4. Project Monitoring and Control: - Monitoring and control are sometimes combined with execution because they often occur at the same time. As teas execute their project plan, they must constantly monitor their own progress.
To guarantee delivery of what was promised, teams must monitor tasks to prevent scope creep, calculate key performance indicators and track variations from allotted cost and time. This constant vigilance helps keep the project moving ahead smoothly.
5. Project Closure: - Teams close a project when they deliver the finished project to the customer, communicating completion to stakeholders and releasing resources to other projects. This vital step in the project life cycle allows the team to evaluate and document the project and move on the next one, using previous project mistakes and successes to build stronger processes and more successful teams.
Although project management may seem overwhelming at times, breaking it down into these five distinct cycles can help our team manage even the most complex projects and use time and resources more wisely.
How to select a project
Therefore, your organization's strategic planning should guide the IT project selection process. In a 2012 survey, responses from more than 300 IT executives suggested that investments that generate revenue growth were a top priority (43%) and business process improvements (20%). Enables business innovation and expansion (19%), reduced business operating costs (13%), and reduced IT operating costs (3%).
There are usually more projects than the time and resources available to implement them. Here's how to select a project. An IT strategy that focuses on the needs of a wide range of organizations should be consistent with the organization's strategic plan to categorize information technology projects that perform net present value or other financial analysis using a weighted scoring model.
What is the project selection method?
Consider this scenario. Many project contracts have been passed to the organization in which you work. Due to resource constraints, your organization cannot handle all your projects at once, so you need to decide which projects will maximize your bottom line.
This is where the project selection method comes in handy. There are two categories of project selection methods:
- How to measure profit
- Constraint optimization method
How to select a project
1. How to measure profit
Profit measurement is a project selection method based on the estimated present value of cash outflows and inflows. Cost-benefit is calculated and compared to other projects to make a decision. The techniques used in profit measurement are:
2. Cost-benefit ratio
The cost-benefit ratio, as the name implies, is the ratio of the present value of inflows or the cost invested in a project to the present value of outflows, which is the value of revenue from the project. Projects with a high cost-benefit ratio or low cost-benefit ratio are usually selected over other projects.
3. Economic model
EVA (Economic Value Added) is a performance indicator that calculates the value creation of an organization while defining the return on capital. It is also defined as net income after deducting taxes and capital expenditures.
If there are multiple projects assigned to the project manager, the project with the highest economic value added is selected. EVA is always expressed numerically, not as a percentage.
4. Scoring model in project management
The project management scoring model is an objective method. The project selection committee lists the relevant criteria, weights them according to their importance and priority, and then adds the weighted values. Once these projects have been scored, the one with the highest score will be selected.
5. Recovery period
The payback period is the ratio of total cash to average cash for each period. The time required to recover the cost of investing in the project. Payback period is a basic project selection method. As the name implies, the payback period takes into account the payback period of the investment. The time frame required for the return on investment to repay the original cost of the investment. The calculation of recovery is fairly straightforward.
When using payback as a project selection method, organizations can recover their original investment faster, so the project with the shortest payback is prioritized. However, this method has some limitations.
Profit generated after the payback period is not considered. The focus is on liquidity, ignoring profitability.
The risks associated with individual projects are ignored.
6. Net present value
The net present value is the difference between the present value of the project's cash inflow and the present value of the cash outflow. NPV should always be positive. When selecting a project, the project with the highest NPV takes precedence. The advantage of considering NPV over the payback period is to take into account the value of future money. However, NPV also has its limitations.
There is no generally accepted method of deriving the discount value used to calculate the present value.
NPV does not provide a complete picture of the benefits or losses that an organization can gain by embarking on a particular project.
For more information on NPV and how to use NPV as a tool to exclude projects, see our insightful article on calculating opportunity cost for projects.
7. Discounted cash flow
It is well known that the value of money in the future will not be the same as it is now. For example, $ 20,000 will not be worth the same in 10 years. Therefore, be sure to consider the concept of discounted cash flows when calculating cost investments and ROI.
8. Internal rate of return
That is, it is achieved when the present value of the outflow is equal to the present value of the inflow. The IRR is used to select the most profitable project. When selecting a project, the one with the highest IRR is selected.
If you use the IRR as a project selection criterion, remember that your organization does not use it solely to determine the value of your project. Projects with a low IRR can have a high NPV, and assuming there are no capital constraints, you should choose a project with a high NPV. This will increase the interests of shareholders.
9. Opportunity cost
Opportunity cost is the cost that is abandoned when choosing another project. When selecting a project, the project with the lowest opportunity cost is selected.
10. Constraint optimization method
The techniques used in the constrained optimization techniques.
However, these topics are not covered in detail in PMP® certification. For exams, all you need to know is that this is a list of mathematical model techniques used in project selection.
11. Non-financial considerations
There are non-economic benefits that an organization must consider. These factors are related to the goals of the entire organization. Organizational strategy is a key factor in project selection methods that influence organizational choices in project selection. Customer service relationships are the most important of these organizational goals. An important need in today's business world is to build effective and heartfelt customer relationships.
Other organizational factors may include political issues, changes in management, speculative objectives, and shareholder demands.
Conclusion
As you know, project selection can be done in different ways. Before choosing a project, it is best for the organization to experiment with different methods and consider different factors to ensure that the best decisions for the company are made.
Sampliner offers multiple project management training courses and learning paths to help aspiring project managers get the education they need. You will pass not only certification exams like PMP, but also practical knowledge that will help you in your project management career.
Focus on the needs of the organization
Examples of organizational needs:
- safety
- morale
- communication
- customer service
Three important criteria for the project:
- There is a need for a project
- There are funds available
- I have a strong will to make the project a success
Key takeaways
- A project is the allocation of capital and human resources to achieve a time-specific purpose.
- Project management is the procedure and technique used to achieve the goals of a project.
- Your organization may have dozens of future projects competing for limited resources.
- Strategic planning sets long-term goals by analysing the strengths and weaknesses of an organization, investigating opportunities and threats in the business environment, predicting future trends, and predicting the need for new products and services.
- At the start of a project, the amount of planning and work needed can seem overwhelming.
- There may be dozens, or even hundreds of tasks that need to be completed at just the right time and in just the right sequence.
- Although project management may seem overwhelming at times, breaking it down into these five distinct cycles can help our team manage even the most complex projects and use time and resources more wisely.
- Consider this scenario. Many project contracts have been passed to the organization in which you work.
- When using payback as a project selection method, organizations can recover their original investment faster, so the project with the shortest payback is prioritized. However, this method has some limitations.
- Sampliner offers multiple project management training courses and learning paths to help aspiring project managers get the education they need.
- As you know, project selection can be done in different ways.
- Before choosing a project, it is best for the organization to experiment with different methods and consider different factors to ensure that the best decisions for the company are made.
Without an adequate PMP (Project Management Plan), clients will be exposed to chaotic management, facing unclear objectives, without adequate resources and depending on unrealistic planning that involves high risks that translate into low quality deliverables that stem from high expenses.
Definition of the project management plan
The Project Management Plan is a document formally approved and used to manage the execution of the project. The PMP clearly defines how the project is executed, monitored, controlled and closed.
The main criteria of said document are to provide a comprehensive framework of what should be achieved through the execution of the project, the procedures to solve it, the steps to measure and report the project and also how the information will be communicated and, what is more importantly, who will be involved in it. The PMP should be used as a reference for any decisions made about the project and to clarify unclear areas.
The steps to develop a complete project management plan are as follows:
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Figure 1
Project management plan inputs
- Project Charter - is the process of establishing detailed project goals, roles, and responsibilities, identifying key stakeholders, and the level of authority of a project manager.
Results of other planning processes: Other planning processes include results of all subsidiary plans that cover the details of various factors involved in the formal management plan. (For example, scope management, cost management, human resource management, quality management)
2. Environmental Factors of a Company: when developing a Project Charter and in the case of producing a Project Management Plan Internal and external factors will be considered.
Internal factors | External factors |
Organizational structure | Government regulations |
Organizational culture | Market conditions |
Work style | Political situations |
Organization policies | Climatic conditions |
Training records and reviews | Infrastructure
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Organizational process assets
As mentioned above in the Project Charter section, the OPA will analyze policies, procedures, financial database, project management database, previous project databases, etc.
Knowledge Base | Policies / Procedures / Policies |
Project lifestyle | Lessons learned |
Project file | organization process documents |
Financial database | communications management |
Project Management | Database Guidelines |
Database policies from previous projects |
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Project management plan: tools and techniques
Expert judgment: To carry out an accurate and personalized process that meets the needs of the project, the project manager will analyse the technical and management information to implement them in the plan.
- Data collection
- Brainstorming - Brainstorming technique is used to develop the project management plan in order to gather ideas and solutions on how to approach the project. Participants include members of the project team, subject matter experts (SMEs) and stakeholders.
- Checklists - Most organizations have standard checklists available based on their experience or use existing industry checklists. it makes project manager easy to develop a plan and also to check if all the required information is included in the project management plan.
- Focus groups: The focus group technique brings together project stakeholders to discuss the project management approach and the integration of the different components of the project management plan.
- Interviews: In order to obtain relevant information from stakeholders to develop project management or component plan or project document interviews are conducted.
2. Interpersonal and team skills
- Conflict Management: The main benefit of the conflict management technique is that it is used to incorporate various stakeholders into a collective agreement or decision based on all aspects of the project management plan.
- Facilitation - Effective participation is the key to a project's success, and this facilitation technique will allow and ensure that everyone associated with the project is on the same page. The project manager, team members, and stakeholders should have a mutual understanding and contribute accordingly.
- Meetings: Meetings are primarily used to discuss the project approach, determine how project work will be carried out to achieve project objectives, and establish a way to monitor and control the project. Typically, project managers hold a project kick off meeting at the end of project planning and before the start of project implementation. Your meeting will communicate project goals, team commitments, explain stakeholder roles and responsibilities.
3. Project Management Plan – Exit
a) Project Management Plan: Eventually, the Project Management Plan is the final result that will be derived from the developed project management process. The plan will also show all subsidiary plans for the project.
To further expand some ideas on the results of the Project Management Plan, the results mentioned below should be noted.
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Figure 2
b) Scope baseline: it's a baseline that judges the performance of the Project Manager and therefore the remainder of the team during a project. It includes aspects of the project scope statement, the work breakdown structure (WBS), and the WBS dictionary.
c) Schedule Baseline - The schedule baseline is that the approved version of a schedule template which will only be modified through formal change control procedures, and therefore the schedule baseline is employed as the basis for comparison with real results.
d) Cost Baseline - This is the phased spending plan authorized for the project against which the project cost performance will be measured.
e) Scope management plan: refers to the set of processes that ensure that the scope of a project is precisely defined and mapped. The techniques will allow project managers and supervisors to assign the correct amount of work primarily controlling which part of the project is essential in scope.
f) Requirements management plan: the method used to document the information necessary to efficiently manage project requirements from definition, through traceability, to delivery.
g) Cost management plan: it is considered one of the main functions of the project manager. It works as an important component of the entire life cycle of a project, as it defines the success and progress of any project.
h) Quality management plan: a characteristic that explains the level of quality approval, which is defined primarily by the customer, and shows how the project will guarantee this level of quality in its deliverables and work processes.
i) Human resource management plan: Human resource management may be a tool which will help in tracking the human resource activities of a project throughout the project until closure. It also decides the roles and responsibilities of the team members throughout the project.
j) Communication management plan: This method plays a crucial role as it acts as a mode of communication at all levels of a project and also addresses all stakeholders involved in the project.
k) Stakeholder Management Plan: the process of developing precise management strategies to effectively engage stakeholders throughout the project life cycle, based on the analysis of their needs, interests and the potential impact on the success of the project.
l) Risk management plan: it's a document that a project manager prepares to anticipate risks, estimate impacts, and define responses to problems.
m) Procurement Management Plan: The process of documenting project procurement decisions, specifying the focus, and identifying potential vendors. This process determines whether external support should be purchased and, if so, what will be obtained, how it will be received, how much it will be needed, and when it will be obtained.
n) Process improvement plan: This tool may be a subsidiary plan of the project management plan. This process, rather than focusing solely on individual issues, will encourage the team to examine how different circumstances are affecting current conditions on a project.
The project management plan is considered a meta plan of the project plan. It is the actual plan that the project management team follows at all levels to achieve the given project. The PMP is also considered crucial as it accurately describes all possible details in a broader way. The only agenda of a project management plan is to execute and achieve the vision of the project undertaken.
Key takeaways
- The Project Management Plan is a document formally approved and used to manage the execution of the project.
- The PMP clearly defines how the project is executed, monitored, controlled and closed.
- The main criteria of said document are to provide a comprehensive framework of what should be achieved through the execution of the project, the procedures to solve it, the steps to measure and report the project and also how the information will be communicated and, what is more importantly, who will be involved in it.
- The project management plan is considered a meta plan of the project plan. It is the actual plan that the project management team follows at all levels to achieve the given project.
- The PMP is also considered crucial as it accurately describes all possible details in a broader way. The only agenda of a project management plan is to execute and achieve the vision of the project undertaken.
What is directing and managing project work?
The execution direction and management process are a method used to perform project work that defines the project management plan. In general, after starting a project, it involves several departments working towards a common goal. Teams are generally well structured and managed when associated with the same department. But, when the teams involved belong to various departments, the reporting process becomes a difficult task.
Since the project interface includes formal and informal boundaries and relationships between team members, departments and organizations. Managing these interfaces becomes a crucial function for a project manager.
Characteristics of the direction and management of project execution:
- Produce project deliverables by executing the project management plan.
- Instigate approved changes, defect repairs, corrective and preventive actions
- Implement planned methods, processes and standards
Produce and distribute status information
If looked at carefully, the project implementation management and development process have the same access points of control as mentioned in the methods for producing a project charter and project management plan.
The components involved in the direction and management of the execution of the project are:
- Direction and management of project work – Inputs
- Project management plan
The Project Management Plan is the main agenda of the Direction and Management Execution Process, since it contains all the subsidiary plans (scope baseline, cost baseline, schedule baseline, scope management, etc.) PMP primarily guides the Project Manager in how to manage, execute, monitor and control the project. Since the direction and management process focuses on how to implement the project, PMP is an essential input in the process.
b. Project document
- Changelog - Changelog is a process that records and stores all the information of the changes that are executed in the project from its initiation stage to the completion stage.
- Lessons Learned Log: This process helps improve project performance through lessons learned from previously managed projects. The method mainly helps to avoid the errors that have occurred in the previous project. All the rules and guidelines are properly aligned based on the information obtained through this particular project.
- Milestone List - This is a process that describes and displays the project's scheduled dates and its specific milestones.
- Project Communications - All reports that are generated through the project are communicated and understood in this particular process. For example, performance reports, delivery status, and other information.
- Project Schedule: Describes the list of work activities, the duration of the work, the resources allocated, and the scheduled start and end stage of the project.
- Requirements Traceability Matrix: This process links product requirements to the project deliverables that satisfy them and helps focus on results.
- Risk register: the risk register provides information on threats and opportunities that may occur and impact project execution.
- Risk Report - This process provides information on the sources of overall project risks along with a detailed summary of the individual project risks identified.
c. Change requests approved
Change requests are predictable and authoritative changes that focus on expanding or narrowing the scope of the project. Directing and managing is the phase in which project defects, quality assurance and preventive measures are taken into consideration. Every little aspect is cared for and corrected accordingly. One important thing to remember is that changes happen on every project, but making too many changes in a timely manner will hamper the quality of the project and affect the outcome as well.
d. Environmental factors of the company
i) Stakeholder Risk Tolerances - Risk tolerance is the willingness to adapt to a high level of uncertainty when undertaking a task or making a decision. In simple terms, the desire to lose determines the risk tolerance of an individual or an organization. For example, people spend money on products that have no warranty or performance assurance in the hope that the replacement product for the existing item will cost them more and there are others who pay more for the same product that has a guaranteed performance.
ii) Culture and structure of an organization: The most important role of it is in determining the success rate of an organization. In any organization, the term culture should have a broader preference, as it defines how the company works to achieve a successful project. When it comes to structure, he mainly focuses on how the company is ideally structured. As in, how the workload is managed and distributed among the different departments involved in the project.
iii) Infrastructure: Well, when it comes to the role of infrastructure, it mainly revolves around the availability of adequate facilities and equipment in an organization to achieve the goals set by the project manager.
e. Organizational process assets:
i) Standardized work guidelines and instructions: Each organization has to establish and implement standardized guidelines that must be followed by all departments and that come to work instruction; They are the formalized rules and regulations that all teams must comply with during the project life cycle.
ii) Communication requirements: it is a form where communication takes place between various interfaces of the organization (electronic and manual), to collect details and records of previous projects to have a clear vision.
iii) Problem and defect management procedures: When a project takes shape, it is likely that it will experience problems and defects in one or other areas of the project. It is the team's responsibility to identify the problems that are going to arise and make sure they have the right solutions.
iv) Process measurement database: collect and prepare a database of available information pertaining to ongoing processes and products. The process will help to measure workflow in real time against previous ones.
v) Project files from previous projects - The availability of project files from previous projects will help provide room for improvement to identify gaps in the current project and close the gap where needed. The process will focus mainly on aspects of scope, cost, schedule, performance measurement baselines for reference also focusing on the project calendars and the project schedule for the assignment and execution of the work.
vi) Problem and defect management database: the database will contain information about the status of historical problems and defects, the methods used to control those problems, the resolutions that were produced to address the problems, and finally know the results of the actions in real time that were carried out.
2. Direction and management of project work: tools and techniques
Expert judgment
- Expert judgment is an essential stage in the direct and management process of project implementation, as it involves taking opinions from various units with the organization, consulting subject matter experts for reviews, including ideas from stakeholders, and, Last but not least, the opinions of professional and technical associations. Finally, the project management must make acquisitions.
- Project management information system (PMIS)
PMIS is the main tool for directing and managing project execution. The PMIS is a methodological process used to collect project information from the initial stage to the closing stage.
c. Meetings
Meetings must take place in a timely manner throughout the project life cycle. Regular meetings will allow the project manager to keep track of the procedure and interact with all departments and share important details with stakeholders. In general, running meetings will keep things organized / structured.
3. Direction and management of project work - Products
- Deliverables
The most important outcome of the process is achieving an approved deliverable. A deliverable is a unique and identifiable product, service or result identified in the project management plan that will be generated to complete a project. The main purpose of executing the project management plan is to produce deliverables.
b. Job performance data
A process in which the project manager monitors the status of the executed project. It is the compilation of the status of the project information and its distribution among all interested parties during the execution of the project.
c. Problem log
The problem log is a project document in which all problems are recorded and tracked. Data on problems can include:
i) Type of problem
ii) Who raised the issue and when?
iii) Description and priority
iv) Who is assigned to the problem?
v) Target resolution date
vi) State and final solution.
The main purpose of the issue log is to help the project manager track and manage issues efficiently so that they are investigated and resolved from time to time. Although problems can occur at any point in the project, they are first created as an outcome in this process.
d. Change requests
After the execution of the project, problems occur without precedent. These changes are requested to be made during the ongoing project and may affect certain aspects of the project that may modify project policies and procedures. Most importantly, they will have an impact on:
i) Corrective Action - An activity that realigns project work performance with the project management plan.
ii) Preventive action: an activity that ensures that future performance of project work is properly aligned with the project management plan.
iii) Defect repair: an activity to modify a product or component of a non-conforming product. All products that do not comply with the project are repaired and replaced.
iv) Updates - Implementation of changes to formally controlled project documents, project management plans, etc., to reflect modified or additional ideas or content.
e. Project management plan updates
Achieving the project deliverables specified in the project management plan and maintaining performance data as work progresses is the primary agenda of developing and managing the project execution process.
f. Project document updates
Project documents that can be updated as a result of carrying out this process include:
- Activity List: The activity list will be updated with additional or modified activities or processes that will be performed to complete the project work.
- Assumptions registry: the assumptions registry will be updated with new expectations and restrictions, depending on the status of the existing assumptions.
- Lessons Learned Log: The lessons learned log would help implement new methods and skills that will help improve the performance of ongoing or future projects. This process will record and store each and every one of the new lessons that can help in the development of project performance.
- Requirements Documentation - Any given project will encounter a situation where it might require additional resources, and the Requirements Documentation process will help identify requirements during the project life cycle and update them whenever it is obtained or implemented.
- Risk Register: This process is used to identify new risks involved in the project and update existing risks. These identified or updated risks are recorded through the risk management process.
- Stakeholder Registry - The process in which additional information about new and existing stakeholders is collected and recorded. The process will have information on the role of stakeholders, the changes and updates they have requested and implemented.
g. Organizational process asset updates
This process is used to thoroughly update the organization's process assets by conducting a thorough verification and monitoring the results.
In short, directing and managing project work is the process that ensures that the many methods in the execution process group, during which the actual project deliverables are produced, are directed and managed to meet the desired expectations set by the stakeholders and are consequently performed as set out in the project management plan.
Monitoring and Controlling Project Work
Monitoring and controlling project work involves tracking actual project perfor7mance using planned project management activities. You can think of this primarily as a control function that takes place at every stage of the project, from start to finish. For small projects, monitoring and controlling project work is a relatively easy task. He or she is not personally involved in carrying out the project work of a large project.
Beware of confusing terminology. In the review, the work of the monitoring and control project may simply refer to the integration process, not the entire group of monitoring and control processes.
The results of monitoring and control project work include:
- Update project management plan
- Update project documentation
This process of monitoring and controlling the work of the project is very important because it can sometimes complete the project on time, but it did not achieve the desired quality level. Similarly, the scope of the project has expanded, but beyond time and cost limits. Project managers need to balance the requirements of different domains of knowledge in order to control the project through project monitoring and control tasks. Project managers create performance measurements or use existing organizational performance measurements to identify project performance on a regular basis throughout the project. Monitoring and controlling project work includes monitoring other performance measurements created or used by the project manager for this project.
When thinking about monitoring and controlling project work, it is important to remember that it is compared to a project management plan.
Change request
Change is inevitable. Despite planning the project in detail, the project manager encounters change during the course of the project. These changes are additions to the project. You can also modify existing policies and procedures used in your project.
Preventive measures
Taking corrective action is a retroactive approach, and taking preventive action is a preventative approach. This means dealing with expected or potential deviations from the performance measurement baseline. Knowing when to take precautions requires more experience than just understanding the project management framework. Therefore, the process of taking precautionary measures is not as clear as corrective action. Examples of precautionary measures include:
Change supplier as product rarely meets acceptance criteria
Train team members on specific specialized tasks to manage and work with professional staff in case they inadvertently get sick or miss a job.
Performing integrated change management can be applied to any precautionary measure.
Defect repair
Another word for defect repair is "rework". If your project component does not produce the results you want, or if it does not meet the required specifications, you can request a default repair. Fixing a flaw can change a project management plan, baseline, policy or procedure, decree, contract, or statement of work, so an integrated change management process must be performed.
Expert judgment
An expert's judgment may contain opinions and advice from project management teams alongside the experience of stakeholders. Stakeholders also can be asked to require positions on the exchange control panel. These judgments and knowledge are applied in the least technical and management levels during the - perform the integrated change control process.
Meetings
In the case of the Perform Integrated Change Control process, the meetings are generally called change control meetings. A change control panel (CCB) is liable for fulfilling and reviewing change requests along side the task of approving, rejecting any changes to the project. Roles and responsibilities are defined and accepted by appropriate stakeholders, and these are documented within the change management plan. the choices made by the Change control panel are documented and communicated to interested parties as a sort of information.
Change control tools
One of the essential features of Changes is that it can help make sure that the project is correctly aligned with the requirements of the organization. Change control is taken into account a critical process in project management. It states that each one changes proposed during the project are defined, reviewed and approved even before they're implemented within the project. Built-in Track Changes under Perform Track Changes prevents all unnecessary changes which will disrupt your project. additionally, it also ensures that changes won't affect resources.
Change control tools must support the subsequent configuration management activities:
Identify CI: the method of identifying and selecting a CI to supply its basis, after which product configuration is defined and verified, documents are tagged, changes are managed, and accountability is maintained.
Configuration Item Status Logging and Reporting - the method during which the knowledge for every configuration item is logged and reported.
Perform configuration item verification and auditing - Configuration verification and audits make sure that the composition of the configuration items during a project is correct which corresponding changes are correctly recorded, evaluated, approved, tracked, and implemented. This process ensures that the functional requirements defined within the configuration documentation are met.
The tools mentioned above should also support the subsequent change management activities:
Identify Changes - The activity of identifying and selecting an item of change for project processes or documents.
Document Changes - the method of documenting the change that occurred within the project in an appropriate change request.
Decide on changes: This particular process helps you review your changes; approve, reject, defer or make the other decision about changes to the project documents, deliverables or baselines.
Change tracking: the method of verifying that the implemented changes are recorded, evaluated, approved and tracked and communicating the ultimate results to the project stakeholders.
Decision making
Decision-making techniques which will be used for this process include, but aren't limited to:
Voting: The voting process can take many forms, and a few of them are by unanimous, majority or plurality to make a decision whether to simply accept , defer or reject the change requests necessary for the project.
Autocratic Decision Making: during this decision-making technique, one individual takes full responsibility for choosing behalf of the whole group what would benefit the result of the project.
Multi-criteria Decision Analysis: a way that uses a choice matrix to supply a scientific analytical approach to assess and monitor requested changes consistent with a predefined set of criteria.
Data analysis
Data analysis techniques which will be used for this process include:
Analysis of alternatives: this system is employed to work out the requested changes and choose which of them are accepted, rejected, or require modification to be finally approved.
Cost Benefit Analysis: This analysis helps to assess whether the requested change is worth its associated cost.
Perform Integrated Shift Control - Outputs
Change requests approved
Approved change requests are the changes requested by the project manager. These changes are reviewed and approved by the Change Control Board, through the Integrated Change Control process for their implementation. Approved change requests can take place at any stage of the project (for example, during the early stages of the project, changes can occur in the form of: change in a contractor, change in relocation, or change in design)
Change Log
For each project, a project manager maintains a change log to record or document the changes that occur in a project. The record of changes and their impact on the project given in terms of time, cost and risk is communicated to the interested parties.
Project management plan updates
The characteristics or components of the Project Management Plan that are updated and influenced through the Perform Integrated Change Control process are: The Scope Management Plan (the procedures for scope changes) and the Scope baseline (definition of the product)
Project document updates
The Perform Integrated Change Control process helps to separate critical changes from possible ones. By implementing integrated changes, the scope of the project will dramatically increase and produce a better result. Establishing a Change Control Board to review and approve requested changes will help a smooth change implementation process and, most importantly, document all changes that are made and process them for transmission to key stakeholders as information. Therefore, Performing the integrated change control process proves to be one of the crucial stages of the project life cycle.
Key takeaways
- The execution direction and management process are a method used to perform project work that defines the project management plan.
- If looked at carefully, the project implementation management and development process have the same access points of control as mentioned in the methods for producing a project charter and project management plan.
- The main purpose of the issue log is to help the project manager track and manage issues efficiently so that they are investigated and resolved from time to time.
- Although problems can occur at any point in the project, they are first created as an outcome in this process.
- In short, directing and managing project work is the process that ensures that the many methods in the execution process group, during which the actual project deliverables are produced.
- Monitoring and controlling project work involves tracking actual project performance using planned project management activities.
- You can think of this primarily as a control function that takes place at every stage of the project, from start to finish.
- When thinking about monitoring and controlling project work, it is important to remember that it is compared to a project management plan.
- Establishing a Change Control Board to review and approve requested changes will help a smooth change implementation process and, most importantly, document all changes that are made and process them for transmission to key stakeholders as information. Therefore, Performing the integrated change control process proves to be one of the crucial stages of the project life cycle.
System integration involves integrating existing (often disparate) subsystems and then creating unique and new value for the customer or end user. Successful integration planning efforts must encompass a broad scope to warrant that an initiative meets all specific business requirements. In order to maximize success and minimize re-work, a business evaluation should start and guide each systems integration effort.
Systems integration consists of assuring that the pieces of a project come together at the right time and that it, then functions as an integrated unit. However to achieve the integration process, all the various types of interfaces must be monitored and controlled, because integration, for the most part , is just another way of saying interface management. In addition, the number of interfaces can increase exponentially as the number of organizational units increase, and the life of a project manager can become very complex.
It makes little difference whether "the system" is a missile, a nuclear power plant, a petroleum refinery or a transportation system, the principles of systems integration are applicable. Similarly, it makes little difference whether the project manager has a pure project organization or is in a matrix organization, his integration function is the same. Although his interface problems are greatly intensified in a matrix organization.
A number of positive actions that the project manager must make assure that integration takes place have been suggested. The most important one is that of maintaining communication links across the organizational interfaces. Proving once again that the principal function of the project manager is to serve as a catalyst to motivate his project team.
Project Management Life Cycle: - The project management life cycle is a series of activities that are necessary to full fill project goals or objectives.
At the start of a project, the amount of planning and work needed can seem overwhelming. There may be dozens, or even hundreds of tasks that need to be completed at just the right time and in just the right sequence.
Seasoned project managers know it is often easier to handle the details of a project and take steps in the right order when we break the project down into phases. Dividing our project management efforts into these five phases can help give our efforts structure and simplify them into a series of logical and manageable steps:
1. Project Initiation: - Initiation is the first phase of the project lifecycle. This is where the project's value and feasibility are measured. Project managers typically use two evaluation tools to decide whether or not o pursue a project:
* Business case document- This document justifies the need for the project, and it includes an estimate of potential financial benefits.
* Feasibility study - This is an evaluation of the project's goals, timeline and costs to determine if the project should be executed. If balances the requirements of the project with available resources to see if pursuing the project makes sense.
Teams abandon proposed projects that are labelled unprofitable and unfeasible. However, projects that pass these two tests can be assigned to a project team or designated project office.
2. Project Planning: - Once the project receives the green light, it needs a solid plan to guide the team, as well as keep them on time and on budget. A well- written project plan gives guidance for obtaining resources, acquiring financing and procuring required materials. The project pan gives the team direction for producing quality outputs, handling risk, creating acceptance, communicating benefits to stakeholders and managing suppliers. The project plan also prepares teams for the obstacles they might encounter over the course of the project, and helps them understand the cost, scope and timeframe of the project.
3. Project Execution: - This is the phase that is most commonly associated with project management. Execution is all about building deliverables that satisfy the customer. Team leaders make this happen by allocating resources and keeping team members focused on their assigned tasks.
Execution depends heavily on the planning phase. The work and efforts of the team during the execution phase are derived from the project plan.
4. Project Monitoring and Control: - Monitoring and control are sometimes combined with execution because they often occur at the same time. As teas execute their project plan, they must constantly monitor their own progress.
To guarantee delivery of what was promised, teams must monitor tasks to prevent scope creep, calculate key performance indicators and track variations from allotted cost and time. This constant vigilance helps keep the project moving ahead smoothly.
5. Project Closure: - Teams close a project when they deliver the finished project to the customer, communicating completion to stakeholders and releasing resources to other projects. This vital step in the project life cycle allows the team to evaluate and document the project and move on the next one, using previous project mistakes and successes to build stronger processes and more successful teams.
Although project management may seem overwhelming at times, breaking it down into these five distinct cycles can help our team manage even the most complex projects and use time and resources more wisely.
Key takeaways
- The project management life cycle is a series of activities that are necessary to full fill project goals or objectives.
- At the start of a project, the amount of planning and work needed can seem overwhelming.
- There may be dozens, or even hundreds of tasks that need to be completed at just the right time and in just the right sequence.
- Dividing our project management efforts into these five phases can help give our efforts structure and simplify them into a series of logical and manageable steps.
- It makes little difference whether "the system" is a missile, a nuclear power plant, a petroleum refinery or a transportation system, the principles of systems integration are applicable
References
- https://www.lucidchart.com/blog/the-4-phases-of-the-project-management-life cycle#:~:text=The%20project%20management%20life%20cycle%20is%20usually%20broken%20down%20into,the%20beginning%20to%20the%20end.
- https://wisc.pb.unizin.org/technicalpm/chapter/project-selection/
- https://aisel.aisnet.org/cgi/viewcontent.cgi?article=1010&context=irwitpm2009
- https://explore.easyprojects.net/blog/the-role-and-value-of-strategic-planning-in-project-management
- https://www.visual-paradigm.com/guide/pmbok/what-is-process-groups-and-knowledge-areas-in-pmbok/
- https://www.oreilly.com/library/view/a-guide-to/9781935589679/sub4.3.xhtml#:~:text=Direct%20and%20Manage%20Project%20Work%20is%20the%20process%20of%20leading,management%20of%20the%20project%20work.
- https://www.edureka.co/blog/monitoring-and-controlling-project/
- https://www.oreilly.com/library/view/a-guide-to/9781935589679/sub4.4.xhtml
