Risk Management

Risk Management Professional

Course overview

Integration Management

Risk management

Project management office

Project Management

The Project Life Cycle and Phases

2

1

The PMO may:

Help provide resources

Monitor compliance with organizational processes

Help gather lessons learned and make them available to other projects

Provide templates (Le., for work breakdown structures)

Provide guidance

Provide centralized communication about the projects

Project life cycle is a collection of sequential phases determined by management to control the needs

of an organization involved in a project.

Can be shaped to fit of the project

Closing

Life Cycle Phases

What is a project?

• Once a project is complete, a PM will often hold a meeting “post mortem” – to evaluate what went well in a project and identify project failures

Executing

• Cover all activities required to bring closure to the project.
• Includes product acceptance
• Perform a final project budget and prepare a final project report.
• Finally, they will need to collect all project documents and deliverables and store them in a single place.

• This is the phase where deliverables are developed and completed
• A “kick-off” meeting usually marks the start of the Project Execution phase where the team members are informed of their responsibilities.
• Tasks completed during the Execution Phase include:

Planning

• Project manager and team plan for all of the work to be done

• Assign resources
• Execute project management plan
• PM directs and manages project execution
• Status meetings
• Modify project plans as needed

" developing a road map that everyone will follow"

Initiating

• Define objectives
• A feasibility study is conducted "Should we do the project"
• Start the project with a project request to address a problem or a business need
• Identify major deliverables and major stakeholders

Deliverables within the Closing Phase include:

• Delivery of product to client;
• Project files;
• historical information (knowldege base)

• A Project is a vehicle that companies use to achieve their strategic goals
• “A temporary endeavor undertaken to create a unique product, service, or result,”

Business need

The Business Need describes why the organization is initiating the project

(market demand, technological advance, legal requirement, government regulation, etc.).

Project request by project sponsor

or by senior management

• Stakeholders are identified
• Divide large project into phases
• Understand the business case

Idea

Project Charter developed and promote engagement of a project manager

Uncover initial requirements

and risks

Create measurable objective

Deliverables within the Initiation Phase include:

• Develop a business case;
• Develop the Project Charter;
• Major Stakeholders

Projects Vs Operational Activities

characteristics of Project Phases

Project Organizational Activities

Temporarily Ongoing

Unique Repetitive

• The word “phase” means a stage within a process of change or development.
• Phases are due to the iterative nature of processes and work that is developed to deliver a project’s Deliverables.
• Deliverables are usually sequential in nature, which in turn supports the iterative project processes.
• End of a phase can be represented by a milestone that used for productivity measurements.

What is Project Management?

Project management is the “application of knowledge, skills,tools and techniques to project activities to meet project requirements.”

• Applied to projects, not to Operational activities

This department centralizes the management of projects.

Time: complete the project by June 15

Cost: Complete the project less than 125,000 $

Scope: complete all the work listed

Quality:There should be nor more than 3 bugs per module

Risk: the risk score for the project should be no more than 60 on a 1 to 80 scale

Resources:Only three resources will be available from marketing department

At the end of phase review there is a natural point, also called a phase gate, phase exit point or kill point

To reassess the activities and to change or terminate the project if necessarily.

Project Constraints

Count the Numbers of Fs you find

in

the next sentence .