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summary project management for IBA
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This file contains a detailed summary of the course project management given at Tilburg University with all relevant chapters
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Chapter 1. IntroductionThe need for projects
● Projects → one of the principal means by which we change our world
● Projects, rather than repetitive tasks are the basis for most value-added in business
● International competition → modify, introduce new products, respond, maintain
competitive cost and operating levels → first pick competitive niches to compete (low-
cost strategy OR product innovator OR focus on customer service)
○ Now: project management as competitive tool to achieve all 3
What is a project?
A Process is ongoing, day-to-day activities in which an organization engages while producing
goods and services. Projects take place outside the normal, process-oriented world of the firm.
Definitions of projects:
● A unique venture with a beginning and end, conducted by people to meet lished goals
within parameters of cost, schedule and quality
● Goal-oriented, involve coordinated undertaking of interrelated activities, are of finite
duration, and are to a degree, unique
● Any series of activities and tasks that: have a specific objective, have defined start and
end dates, have funding limits, consume human and non-human resources, are
multifunctional
● Organized work toward a predefined goal or objective that requires resources and effort,
a unique (and therefore risky) venture having a budget and schedule
The various elements of projects:
● Projects are complex, one-time processes: complex due to requirement of coordinated
input of numerous members // is temporary
● Projects are limited by budget, schedule and resources
● Projects are developed to resolve a clear (set of) goal(s): the project’s goals, or
deliverables, define nature of both the project +its team // yield a tangible result
● Projects are customer-focused
With these elements → key attributes of a projects + see how project-based work differs from
other activities most organizations undertake
General project characteristics
Projects are characterized by the following properties:
● Projects are ad hoc endeavors with a clear life circle
, Initiated as needed, operate for a specified time period over a fairly well understood
development cycle → disbanded
● Projects are building blocks in the design and execution of organizational strategies:
principal means by which organizations operationalize corporate-level objectives
● Projects are responsible for the newest and most improved products
Projects are tools for innovation
● Projects provide a philosophy and strategy for the management of change
By projects, innovation and change is possible
● Project management entails crossing functional and organizational boundaries:
Projects bring together people from various functions across the company
● The traditional management functions of planning, organizing, motivation, directing, and
control apply to project management
The responsibilities of the project manager are diverse + critical to project success
● The principal outcomes of a project are the satisfaction of customer requirements within
the constraints of technical, cost, and schedule objectives
Projects are defined by their limitations which define the focus of the project and the
options available → task of managing successful project development within constraints
● Projects are terminated upon successful completion of performance objectives
Projects are initiated, completed, and dissolved
Although project management is becoming popular, it is
not easy to assimilate into the conventional processes
of most firms. For every firm, discovering the benefits of
projects, many more underestimate the problems
involved in becoming project savvy. We should not
overestimate the benefits to be gained from project
management while underestimating the commitment
required.
Why are projects important?
Many reasons why projects and project management can be crucial in helping an organization
achieve its strategic goals arise from the pressures organizations find themselves facing
● Shortened product life cycles
A company has a shorter time in competitive domination // the life cycle of new products
is measured in weeks or months, rather than years
● Narrow Product launch windows
Because of fierce competition, firms can miss the optimum point at which to launch a
new product and run the risk of rolling out an also-ran
● Increasingly complex and technical products
Current products are very complex and firms constantly upgrade product and service
lines, pushing the technical limit
, ● Global markets
Emergence of new markets & globalization added lots of competitors + consumers
● An economic period marked by low inflation
Low inflation limits businesses to maintain profitability by passing along cost increases
Project management blends technical +behavioural challenges. Projects require project
managers to bring together individuals fr. across the organization, mold into an effective team,
manage conflict, provide leadership and engage in negotiation, appropriate political behaviour
Project life cycles
A project life cycle refers to the 4 stages in a project’s development:
● Conceptualization: the development of the initial
goal and technical specifications of a project →
scope of work, necessary resources +
stakeholders are signed on
● Planning: all detailed specifications are
developed; individual pieces of the project, work
packages, are broken down
● Execution: the ‘actual’ work is performed
● Termination: completed project is transferred to the customer, project is formally closed
The life cycle starts by the actual kickoff of the project development.
The life cycle is also a useful means of visualizing the activities required and challenges faced
during the life of a project. 5 components may change over the course of its life cycle (Balancing
requirements of these across the project life cycle is just 1 of many demands placed on a project team):
● Client interest: The level of
enthusiasm/concern expressed by the
project’s (internal or external) customer
● Project stake: the amount of corporate
investment in the project
● Resources: The commitment of financial,
human, and technical resources over the
life of the project
● Creativity: The degree of innovation
required by the project
● Uncertainty: The degree of risk associated with the project (number of unknowns)
, Determinants of project success
With project success, the elements that define the nature of a project must be taken into
consideration:
● Time: project should come in on /before established schedule
● Budget: was the project completed within budget guidelines?
● Performance: determine whether the finished product operates
according to specifications ー a quality check
● Customer satisfaction: The client’s satisfaction with the
completed project
A project used to be successful when meeting ¾ elements. The
criteria can also be thought of in terms of internal (time, budget,
performance) and external (customer satisfaction). Another additional approach to project assessment
argues that the project is a success if it can generate future opportunities. The four relevant
dimensions of success:
● Project efficiency: meeting budget & schedule expectations
● Impact on customer: meeting technical
specifications, addressing customer needs,
creating a project that satisfies the client’s needs
● Business success: determining whether the
project achieved significant commercial success
● Preparing for the future: Determining whether the
project opened new markets or new product lines/
helped develop new technology
A final model also challenges the triple-constraint model:
Understanding success criteria
Iron triangle Info system Benefits (organization) Benefits (stakeholder)
Cost Maintainability Improved efficiency Satisfied users
Quality Reliability Improved effectiveness Social and environmental impact
Time Validity Increased profits Personal development
Information quality Strategic goals Professional learning, contractor’s
profits
Use Organization learning Capital suppliers, content
Reduced waste Project team, economic impact to
surrounding community
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