THE PROJECT CONCEPT C AT H E R I N E E B L A M O U Y 1. Define project and its significant importance. Learning Objectives 2. Identify the key characteristics of a project 3. Measure success criteria of projects Introduction Any project is not just a way to make or do something but it’s an opportunity to achieve some desired result by implementing a systematic management approach. What is a Project? A Project is a temporary, unique and progressive attempt or endeavor made to produce some kind of a tangible or intangible result. What is a Project? A Project is a great opportunity for organizations and individuals to achieve their business and nonbusiness objectives more efficiently through implementing change. What are the key characteristics of a Project? From the given definition, any project can be characterized by these characteristics: • A Project is temporary This key characteristic means that every project has a finite start and finite end. Why project ends? (Temporary in nature) • The project objectives have been met • The project is terminated (prematurely) Recitation: What other factors you think are reasons to end a project? What are the key characteristics of a Project? • A project has unique deliverable(s) Any project aims to produce some deliverable(s) which can be in a form of a product, service, or some another result. What are the key characteristics of a Project? • A Project has a progressive elaboration This key characteristic means that the successive iterations of planning processes result in developing more effective solutions to progress and develop projects. What are the key characteristics of a Project? • A Project consumes resources Specific resources are needed to complete the project tasks. What are the key characteristics of a Project? • A Project is a risky endeavor A project involves uncertainty. For an instance, if the project objectives might not be clear, the project might be delayed or might face financial uncertainty. Managing Projects Project management is the art of planning, controlling and executing a project in a way that ensures successful delivery of the desired outcome. Key advantages of using Project Management • • • • Accelerating improvement and strengthening of the company’s management through implementing the ideas of participatory management. Projects help involve employees in decision making Adopting systems engineering approach that helps deal with risks effectively Accomplishing specific changes that are linked to the company’s strategies Success Criteria Robert Goatham (2015) explains the project success criteria in terms of multiple layers of project success. According to him, a project meets the success criteria when: Success Criteria • It meets its defined objectives. • Its product is successful. • The management of the project is successful. • The product outcome or solution (product or service) is acceptable to the customer. • The project solution was delivered on time. • The project solution was delivered within budget. Why Project fails? Robert Goatham (2015) elaborated the key reasons why some project fails: Why Project fails? • Lack of project sponsors’ commitment and support. • Not starting the project with the end in mind. • Not involving the key stakeholders in the decision-making • Unclear expectations, roles and responsibilities. • Lack of career growth opportunities. Why Project fails? • Poor stakeholder analysis and poor requirements analysis. • Not following a standard project management methodology. • Poor estimation of project scope, schedule and budget. • Poor project management skills of the project manager. Takeaways • Projects are attempts to implement desired change to a business environment in a controlled way. • Projects should be SMART. • Projects need to have an active participation, involvement, and commitment of everyone in the team. • Project success is a product of an efficient and effective management with defined objectives, leading to a development of an offering that creates value. References Goatham, R. (2015). Why Projects http://calleam.com/WTPF/?page_id=2213 Fail. Retrieved April 6, 2015, from Singh, H. (2014). Project Human Resource Management, 1st ed. Upper Saddle River, New Jersey: Pearson FT Press.) Singh, H. (2014). Project Management Analytics: A Data Driven Approach to Making Rational and Effective Project Decisions. Upper Saddle River, New Jersey: Pearson FT Press. Retrieved from https://learning.oreilly.com/library/view/project-managementanalytics/9780134190501/ch03.html#ch03lev2sec3 Your Guide to Project Management Best Practice (2021). my.managementguide.com. Retrieved from https://mymanagementguide.com/basics/what-is-a-project/. THANK YOU! C AT H E R I N E E B L A M O U Y
