What is Project Management? Definition, Fundamentals, Objectives & Examples - AIMS Education

0:00 [Music] what is a project a project is a temporary Endeavor undertaken to create a unique product service or result the temporary nature of projects indicates that a project has a definite beginning and end the outcome of the project may be tangible or intangible why are projects started projects are often utilized as a means of directly or indirectly achieving objectives within an organization strategic plan following are the reasons

0:45 why projects are started market demand for example a car company authorizing a project to build more fuel efficient cars in response to gasoline shortages strategic opportunity or business need for example a training company authorizing a project to create a new course to increase its revenues customer request for example an electric utility authorizing a project to build a new substation to serve a new Industrial Park technological advance for example an Electronics firm authorizing a new project to develop a faster cheaper and smaller laptop and legal requirement for example a chemical manufacturer authorizing a project to

1:32 establish guidelines for proper handling of a new toxic material why do projects end the end is reached when project objectives are achieved when project objectives will not or cannot be met or when the need for the project no longer exists or when a client wishes to terminate the project what is project management project management is defined as the application of knowledge skills tools and techniques to project activities to achieve specific goals and meet specific success criteria all must be expertly managed to deliver the ontime and on budget results project management processes fall into five groups they are

2:19 initiating planning executing monitoring and controlling and closing triple constraints some project managers focus on scope time and cost constraints these limitations are sometimes referred as the triple constraint to create a successful project project managers must balance these three often competing goals however some project managers focus on the quadruple constraint which adds quality as a fourth constraint they are explained below scope what work will be done as part of the project and what you unique product service or result does the customer or sponsor expect from the

3:06 project time how long should it take to complete the project and what is the project schedule and cost what should it cost to complete the project what is the Project's budget and what resources are needed quality focuses on the following points how good does the quality of the products or Services need to be and what do we need to do to satisfy the customer six constraints an enhanced model for project control project professionals have long recognized cost time and scope as the constraints influencing a Project's outcome Prince 2 has expanded this list to include quality benefits and risks the triple

3:53 constraint goals have a specific Target at the beginning of the project the other three constraints quality risk and resources affect the ability to meet scope time and cost goals all projects by definition involve risk and resources however the customer defines the quality there are three core components of a project success they are people processes and Technology people skills are basically the soft skills of managing projects these skills let you engage humans with each other in a Cooper operative process of managing the project processes are methods for managing a project ranging from formal to informal a defined method involves

4:39 steps or operations technology is the tools of project management scheduling cost risk reporting or Graphics generally it is in any software Gadget which is used to manage the project so when an improved process competent Workforce and appropriate technology are combined the project will succeed with a reduced risk higher productivity and better quality operations these are an organizational function performing the ongoing execution of activities that produce the same product or provide a repetitive service they involve work that is continuous without an ending date and you often repeat the same processes and produce the same results

5:26 some good examples of operations are production manufacturing and accounting link between operation and project on completion of a project the end product or result may get turned over to the organization's operational areas such as ongoing care and maintenance for example your company implements a new human resources software package that tracks employees time expense reports and benefits so defining the requirements and implementing the software is a project and ongoing maintenance of the software adding or updating its contents are called operations projects versus operations

6:12 operations are done to achieve regular business goals whereas projects are executed to start new business objectives a project is temporary and it has a definite beginning and a definite end for example construction of a residential building is a project whose possession date has been announced by the building contractor on the other hand operations are ongoing tasks and they produce repetitive products services or results for example maintenance of the residential building the table below shows a comparison between project and operations which explains the differences and similarities between them a project is temporary while operations are ongoing a project has a

6:59 unique purpose and every project should have a well-defined objective while operations are repetitive the purpose of a project is to meet its goals and to conclude while the purpose of operations is to keep the organizations functioning project concludes when its specific objectives are attained but operations adopt a similar set of objectives and the work continues a project is cross functional while the operation is functional let us see an example to compare projects with operations Toyota motor company is in the business of Designing and assembling cars each model that Toyota designs and produces is considered as a project the models

7:45 differ from each other in their features and they are marketed to people with different needs the initial design and marketing of these models are unique projects but the actual assembly of these makes and models are repetitive processes so they are operations construction of a new hotel is a project it starts with planning designing and financing and that continues until the structure is ready for occupancy while staff at the hotel reception desk perform the operations their task is to register guests handle their requests maintain hotel rooms and provide information to guests managing activities at the Supermarket is an example of operations

8:32 this includes handling daily procedures managing internal controls purchasing warehousing and activities of a cashier or checkout operator who scans the goods through a machine a wedding is one of the most important ceremonies in our lives it is a project of life that encourages the people to invest a huge amount and accomplish their dreams marriage at the British royal family is an example of such a project most most of the arrangements for the marriage will remain a secret but there was clearly some effective project management employed Apollo 11 was the first manned mission to land on the moon and it is one of the biggest examples of a successful project day-to-day management

9:18 of any restaurant requires a tremendous amount of organizational skill restaurant operations involves many different aspects including public relations inventory managing sta have and customer service