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Lecture 1

BUSI 3309 Lecture 1: Modern Project Management
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2 Pages
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Department
Business
Course Code
BUSI 3309
Professor
Paul Kendrick

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Description
Week 1 Swift growth in project management Mostly in internal projects o Developing new products o Opening new branches o Improving current services Project: complex, nonroutine, onetime effort that is constrained by time, budget, resources and performance specifications designed to meet customer needs. Project Characteristics Established Objective Defined timespan with beginning and end Requires crossorganizational participation Involves something totally new (never done before) Specific time, cost and performance requirements Program: series of coordinated, related, multiple projects that continue over an extended time and are intended to achieve a goal. Ex: completion of all courses required for a business degree Project Examples Completing a term paper Developing a supplychain information system Writing a new piano piece Wiretag projects for GE and Walmart Project Life Cycle 1. Defining Specifications of the project are defined, objectives are established, teams are formed and responsibilities are assigned. 2. Planning Level of effort increases and plansdocumentation is developed at this stage. (Schedules, Budgets, Resources, Risks, Staffing) 3. Executing Most of the project work happens at this stage. Physical product is produced and control mechanisms are used to assess progress (Status reports, Changes, Quality, Forecasts) 4. Closing Involves these three activities Delivering the project product to customer which might include customer training and document transfer
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