This complete and elaborate summary covers the lectures of the course Project Management (1CM900) as given in study year 2020/2021 at the University of Technology Eindhoven. It covers knowledge on the management of projects. Topics that are covered are budgeting, scheduling, resource allocation, li...
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Last updated: 18 January 2021, 14:17
Version 1
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, Project Management 1CM900
Lectures
Lecture 1
Planning the work activities, project costs, and budgets
A project is a temporary endeavour undertaken to create a unique product or service.
Characteristics of a project are:
- A unique, one-time effort
- Requires the completion of a large number of interrelated activities
- Resources, such as time and/or money, are limited
- Typically has its own management structure
Three objectives of a project are:
- Performance (creating a desired outcome/final product)
- Cost
- Time
A project can be divided into three main phases, which each consider different aspects of the project:
- Initiation
o Strategic management
o Project manager
o Organisation
o Planning
o Negotiating
- Implementation (focus of this course)
o Budgeting
o Scheduling
o Resource allocation
o Monitoring
o Control processes Figure 1.1: Traditional project lifecycle
- Termination
Project planning considers many elements:
- Gives an overview of the project
- Defines the objectives and scope
- Defines the general approach
- Defines contractual aspects between involved Figure 1.2: Project lifecycle with increasing
marginal return
parties
- Details scheduling
- Allocates resources & personnel
- Defines risk management plans
- Defines evaluation methods
To develop a budget for a project one must consider the following things:
- What will be needed? How much labour and material are needed?
- How much will these materials and this labour cost?
- When will these materials and this labour be needed?
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