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Chapter 1

CGMS450- Chapter 1- The World of Project Management.docx

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Ryerson University
Global Management Studies
GMS 450
Stan Katz

CGMS450- Chapter 1- The World of Project Management 1.1 What is a project?  Emphasis on project management—daily, organizations are asked to accomplish tasks that do not fit neatly into business as usual  Projects—tasks are specific and unique with a specific deliverable aimed at meeting a specific need or purpose  Project management institute defines project management temporary endeavor undertaken to create a unique product or service  Multidisciplinary- requires input from people with different kinds of knowledge and expertise o Nature of projects—complex, composed of many interconnected elements and requiring input from groups outside the project o Conflict—schedule, budget, specifications conflict with each other  Program subdivisions of projects o View projects as various levels of detail  Why projects? – to fix responsibility and authority for the achievement of an organizational goal o When it does not fall into the definition of routine work Trends in Project Management  Changing global markets, technology, and education  Competition pressure—prices, response times, and product/ service innovation  Achieving strategic goals objectives support organizations strategy and mission  Achieving routine goals using project management to accomplish routine departmental tasks—artificial deadlines and budgets created (projectizing)  Improving project effectiveness creating a formal project management office o Evaluation of an organizations project management maturity o Skill and experience in managing projects o Ancillary goals Identify organizational strengths and weaknesses in project- related personnel, management, and decision-making techniques and systems o Better control—phase gates, earned value, critical rations, etc  Virtual projects members operate in different countries and time zones—bring a unique set of talents o Team members may never physically meet before the team is disbanded and another is constructed  Quasi-Projects extended to areas where projects objectives are not well understood, time deadlines unknown, and budgets undetermined o Sets artificial due date and budget—then specify projects objectives to meet limits 1.2 Project Management VS General Management  Project manager (PM)—be creative, flexible, and adjust to rapid changes  Non- projects everything is routine and is handled routinely by subordinates Major differences  Project management o Product scope- product, service, or result of a project (USE THIS DEFINATION OF SCOPE) o Project scope- details the work required to deliver the product scope o Projects plan—work, resources, and time needed by the project to deliver the product scope to the customer o Scope and due date of project determines its plan—budget, schedule, control, and evaluation o Project budgeting— newly created for each project and covers several “budgeting periods” in the future  Derived directed from the project plan—specific activities  Non-project—modifications for the same activity in a previous period  General Management o Activates are not altered when new models are produced o Defined managerial hierarchy o Non unique o Managers by exception o Budgets are modifications of previous budgets 1 CGMS450- Chapter 1- The World of Project Management Negotiation  Project manager depends on negotiation skills—gain cooperation of many departments  Win-win understand what each other party needs  Win-lose e.g. the less you pay for a home or car 1.3 What is managed? The 3 Goals of a Project  Measured by 3 criteria’s o Is the project on time or early o Is the project on or under budget o Does the project deliver the agreed-upon out-puts to the satisfaction of the customer  Performance measured by the degree to which these goals are achieved  Scope—set by client—capabilities required and what makes the project unique  Predicting uncertainties – adapting to trade offs o Effects projects schedule or budget or scope  Must have some flexibility 1.4 The Life Cycle of a Project 1. Initiation stage—start the project 2. Definition—organize and prepare 3. Implementation stage—keeping the project on budget and schedule 4. Completion—close out the project  Slow-fast-slow S-shaped curve, J-shaped curve  Different life cycles helps focus attention on appropriate matters to ensure completion 1.5 Selecting Projects to Meet Organizational Objectives  Enterprise project management—dealing with accelerating growth in the number of multiple, simultaneously ongoing, and often interrelated projects in organization o Tie projects more closely to organization goals and strategy  Project portfolio process- process of strategically selecting the best projects for implementation  Project selection- evaluating individual projects or groups of projects and then choosing to implement a set of them  Conditions o Project profitable o Required by law or rules if an industrial association o Have or acquire skills and knowledge to carry out project successfully o Involve building competencies that are considered consistent with out firms strategic plan o Currently have the capacity to carry out the project on schedule o R&D projects—project technically successful Nonnumeric selection methods  The sacred cow—suggesting a potential product or service that the organization might offer to its customers o If it becomes approved it becomes “sacred cow” o Technically if not economically feasible 2 CGMS450- Chapter 1- The World of Project Management  The operating/ competitive necessity—selects any project that is necessary for continued operation for a group, facility, or the firm itself  Comparative benefits—arrange a set of potential projects into a rand-ordered set Numeric selection methods  Financial assessment methods—selecting projects based on expected economic value to the firm o Payback period—initial fixed investment n the project divided by the estimated annual net cash inflows form the project  Surrogate measure of risk to the firm
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