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Transcript for Project management:

While we looked at what a Project is, in the previous slide. Let’s now understand what Project Management is all about.As per the PMBOK definition, “Project Management is the application of knowledge, skills, tools and technique to project activities to meet the project requirements”.The keywords to pay attention here are knowledge, skills, tools and technique and project requirements. At this stage, let me ask you – do you remember that in lesson 1, we learnt, about the 5 process groups, 9 knowledge areas and 42 project management
processes? I hope you do. If not, please refer lesson 1 once again.
Project Management is achieved by proper application and integration of these 42 processes. Project application and integration means, these processes should be executed in the right manner as well as in the right order.
In terms of actual activities, managing a project typically requires doing three things. First, identify the project requirements. You might think that since there is a project, there would be requirements. So why is there a need to once again
identify project requirements. The reason is that when a project is initiated, it typically starts with the high level understanding of the project requirements. To actually meet the project objectives, these high level requirements need to be analyzed and specific project requirements need to be identified. Many projects fail, just because, requirements are not identified and managed properly, leading to chaos in the project.Secondly, managing a project also requires managing stakeholders. We briefly explained earlier that stakeholder is any one who has an interest in the project. For example, customer, company’s senior management and project team are all stakeholders of the project.Managing stakeholder is as important as identifying requirements. All stakeholders must work towards the single project objective, for the project to be
executed successfully.Finally, managing a project also requires balancing the project triple constraints. What are the project triple constraints? Cost, time, quality etc are the project constraints. For example, if you want a better quality product, it may require using better raw material, leading to a higher cost. But your project would have limited budget and you need to achieve a certain level of quality in that budget. So, you see, change in any one constraint is impacting the other constraint as well.

Duration : 0:3:47

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Try our free exam prep resources : Free PMP, ITIL, Six Sigma Tests

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Transcript for Develop Project Charter:

Let’s look at the Develop Project Charter process in more detail. What does the Project Charter contains? Well, it varies little bit from Organization to Organization. But at minimum, a Project Charter should establish the existence of the Project and also provide authority to the Project manager to commit money and other corporate resources to the Project.
The project charter also contains the high level project requirement and it should be created by the Project Sponsor and handed over to the Project Manager. The Project Manager can do the ground work to prepare the Project Charter, but it must be signed by the Project Sponsor.
In many Organizations, the Project Charter tries to cover detailed risk, schedule, cost etc of the project. But let me remind you that a Project Charter is not a Project Management Plan. The detailed risk, schedule, cost analysis etc is part of the Project Management Plan and it should be done during the Project Planning phase, when there is more details about the project available to do so.
Now, Lets look at the key inputs to be considered in preparing the Project Charter.
The first being the “Project Statement of Work”. This is created by project sponsor or the customer describing their needs, project scope and how the project fits into their strategic goal. If the project is taken up under a contract, the Request for Proposal (ie RFP) can be considered as “Project Statement of Work”.
The second input to be considered for Project Charter is “Enterprise Environmental factors”. This basically means that any project to be executed within the Organization has to deal with the Organization culture and existing systems. You can think of this as “Organization baggage” that comes with the project. This is why same project being executed in two different organizations may be done differently!!!
The next input to be considered is the constraint and assumptions. Constraints are factors that limit the project’s options. For example, there can be a constraint on the money to be spent on the project, which is a constraint on the Project budget.
Assumptions are things that are assumed to be true, which may work out to be actually true or it may turn out to be false as well. For example, it may be assumed that Project would not require purchasing any third party component but while project is being executed there can be the actual need to buy a third party component. This is an example of assumption, which may work out to be wrong.
The last factor to be considered is Organizational Process Assets. This is a broad term and includes all the Organizational Process, Procedures and Policies, Corporate Knowledge Base and Historical Project Information. Every Organization develops set of process, procedures and policies that are based on best practices learned by the Organization over time.
The historical information includes things like past Project Management Plans, Risks, lessons learned, etc of similar project executed in the past.

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Prepare now for PMP Certification Training Workshop India:

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Simplilearn Solutions had conducted PMP (Project Management Professional) Certification Workshop in Pune on 26th of FEB 2012.

Advantages of attending Simplilearn PMP Certification Exam Prep

- Unique blended learning model to maximize your success in PMP certification
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- Learn from the experts: We’ve trained 30000+ professionals across 110+ countries.

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Para acceder sin costo a mapas mentales de Dirección de proyectos:

http://grupos.emagister.com/documento/utilizacion_de_mapas_mentales_en_guia_de_estudio_pmbok_4ed_sandra_m_mercado/1046-207700

o
//empresa.proyectoskpractice.org

informacion@proyectoskpractice.org

Para adquirir el libro de preparación para el examen PMP:
Bogota – Colombia: Libreria Lerner, $ 90.000

Pedidos fuera de Colombia: lernercultural@librerialerner.com.co y/o comex@librerialerner.com.co

Duration : 0:6:50

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The PM StudyCoach Live combines recorded training materials with live, online coaching for your exam success.

The PM StudyCoach is an online coaching course that serves as your personal coach and study guide as you prepare for the PMP exam. It is a 10-week long course comprised of recorded coaching sessions, videos, podcasts, and articles as well as reading and homework assignments. Over 475 students have used this recorded version of the course to prepare for their PMP exam.

The PM StudyCoach Live adds live, online coaching calls to the recorded material. Therefore, as a student of the live class you not only receive the recorded lessons for self-study, but every week you also meet with your coach and the other students for a 60-75 minute long online call to discuss the study material and ask questions.

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