Performance Management

PROJECT MANAGEMENT
9 Areas of Project Management (E)

What is the project? How to select and justify the project? How to plan and execute the project?

Posted: Sep 2010

The project management is composed of 9 areas:

• Project Coordinator is the person that is accountable for project outcome. Project coordinator has the authority to manage the team and resources, in order to achieve the project objectives.

• Scope of the project defines the goal and expectation of project related activities. Scope must be clearly specified, in order to avoid deviations and side effects.

• Timeframe defines time period for whole project and individual process steps. Usual method of defining the time frame is the Gantt chart

• Cost defines all financial outflow caused by project activities. Costs are related to capital investments and operative expenses of the project.

• Quality and Effect of Project establish the expected standards of the project activities and project itself.

• Project Team is composed of team members from different areas, related to specific project ( technical, logistic, finance, ... )

• Information Flow during Project is important aspect of project management. Information should contain all necessary data about project status. Information should flow toward all stakeholders.

• Project Risks need to be assessed prior the project execution. Critical points should have the prepared contingency plans.

• Resources Required include funds, people, outsourcing, ...

All 9 areas of project should be defined. The responsibility for defining the aspects of these 9 areas is on the Project Manager, but on the Executive committee too.

Continue on Project Management:
 
1. Project Management Overview 
2. 9 Areas of Project Management 
3. Project Lifecycle – 5 Stages of Project  
4. How to Determinine a Value of the Project? 
    4.1. Simple Payback 
    4.2. Average Return on Investment (ROI) 
    4.3. Net Present Value (NPV) 
    4.4. Internal Rate of Return (IRR) 
    4.5. Cost/benefit analysis 
    4.6. Time value of money 
    4.7. Present value of future payments 
    4.8. Justification of Addopted project 
5. Project Planning – Project Charter 
6. Work Cascading Structure (WBS) 
7. Project Scheduling ( Arrow-on-Arrow and Gantt Chart ) 
8. Project Scheduling  ( CPM and PERT ) 
9. The Responisbility Matrix 
10. Resources and Budget Planning 
11. Clasification of Projects