Define Project Management Foundations

Why Projects are Created

Regulatory, legal, or social requirements
Stakeholder requests (customer requests something to create)
Technological advances
Create, improve, or fix products, processes, or services (moving from current state to desired future state)

Projects are Temporary! Operations are iterative!

Projects end when... (these also can be reasons why projects are temporary)

Objectives met
Objectives cannot or will not be met
Funds are depleted
Need no longer exists
Resources are no longer available (team member or material)
Legalities or convenience terminates the project

Projects Drive Change

Project moves, adds, changes, or deletes something(MACD). It changes the state of something.

Projects Enable Business Value Creation

Business value means benefits for the organization and stakeholders
2 values: Tangible and Intangible

Tangible Business Value:

Monetary assets
Stockholder equity
Fixtures and tools
market share

Intangible Business Value:

Goodwill and reputation
Brand recognition
Public benefit
Trademarks
Strategic alignment

Progressive Elaboration

Idea or concept ->
Formulate the idea (requirements gathering) ->
Business case ->
Feasibility study ->
Project

Typical Project Management

Identifying requirements
Addressing needs, concerns, and expectations of stakeholders (what's the desired state from stakeholders?)
Setting up, maintaining, and carrying out communications
Managing stakeholders (remember stakeholders are not only the person who orders but also something or someone that can affect the project and can be affected by the project!)

Balancing competing project constraints:

Scope / Quality / Schedule / Budget / Resources / Risks

Iron Triangle:

Cost / Time / Scope

What is Project Management?

Project Management is the application of the knowledge, the skills, the tools and techniques to meet the project requirements.
Project Managers utilize following; (but not all the time, we can use seletively)

49 Porject management processes

5 Project management process groups

Initiating, Planning, Executing, Monitoring and Controlling, and Closing

Project Management Life Cycle: IPECC (applies all projects)

Initiate, Plan, Execute, Control, and Close

Project Life Cycle (unique to each type of project)

Phases of the project (each phase describes the work, the deliverable that the phase is creating)

Phases allow the next phase to begin. End of the phase. It often creates milestones.