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Introduction
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Projects are everywhere. Some examples are the replacement of an old bridge with a new one, the widening of a section of highway, constructing a new office building down the street, or the creation of a new computer game. What characteristics do all of these projects have in common? They are nonroutine, complex, and a one-time effort. What limits exist across all of these projects? They all have budget, time, and resource constraints that affect their completion. Completion involves meeting some documented end state, such as a specification or set of customer requirements. The Project Management Institute (PMI) views project characteristics in more general terms: nonroutine is considered temporary, and meeting customer needs is generalized as creating a “unique product, service, or result” (2004, p. 5). More specifically, PMI defines a project as “a temporary endeavor undertaken to create a unique product or service” (PMI, 2004, p. 4).
The Project Lifecycle
While there are many lifecycle approaches to managing a project, the traditional project lifecycle will be the focus here. The five phases of the traditional project lifecycle include:
· Initiation
· Planning
· Execution
· Control
· Closeout
The Initiation Phase involves evaluating whether the project should be undertaken and, if so, defining the project’s scope. The Planning Phase includes creating a detailed project scope definition, a schedule, and a budget; identifying risks; selecting resources; and completing/approving the final project plan. The Execution phase typically takes longer than the other phases, and involves the actual implementation of the project plan, including creation of project deliverables. The Control Phase primarily involves monitoring project progress and making adjustments to the project plan, resources, etc., as needed, to ensure successful completion of project deliverables. The Closeout Phase involves the administrative tasks necessary to ensure that all deliverables were accomplished per the project scope of work, and redeployment of resources to other projects.
Elements of Project Management
Project Management Institute (PMI, 2004) provides the most widely accepted articulation of the elements−also referred to as knowledge areas−of project management. The elements of project management include:
· Project Scope Management
· Project Quality Management
· Project Time Management
· Project Cost Management
· Project Risk Management.
· Project Contract/Procurement Management
· Project Human Resource Management
· Project Communications Management
· Project Integration Management
Project Management and Organizational Strategy
Another factor in project management involves strategic planning. Strategic planning helps an organization define its overall mission, objectives, goals, and strategies−all of which give direction to the organization. Part of project management involves creating harmony and a supportive relationship between an organization’s strategic plan and the particulars of the project undertaken. One way to implement strategy is through projects. A successful organization’s projects will be clearly linked to the organization’s strategy (Gray & Larson, 2008). Various projects need to be completed by the organization in order to reach the desired destination. These projects may be internal or external to the organization. External projects often are performed as services to the organization’s customers.
Project Portfolio Management
The concept of managing an investment portfolio can be applied to project management. For example, an investor purchases stocks, bonds, and the like to support the company’s goals and objectives, which are part of the investor’s overall strategic mission (e.g., to retire early). The individual investment choices within that portfolio require that the investor understand the particulars of each and how they relate to other investments within the portfolio, as individual investments impact the entire portfolio. Investors reduce risk by holding some investments that balance other investments. For example, an investor may invest in a resort hotel that does well in sunny weather and in an umbrella factory that does well during the rainy season. The two investments relate to each other and reduce the risk of the overall portfolio.
With regard to project management, the equivalents of individual investments are the organization’s projects that are undertaken to implement and support the mission. Similar to an investment portfolio, a portfolio of projects involves individual project factors and relationships between project factors. Also included are the relationships between the projects and the organization’s strategic plan. Just as with an investment portfolio, an organization’s project portfolio requires balance and making tradeoffs.
Conclusion
A project is defined as “a temporary endeavor to create a unique product or service” (PMI, 2004, p. 4). PMI provides the most widely accepted articulation of the elements (also referred to as knowledge area) of project management; a total of nine elements exist. The five phases of the traditional project lifecycle are essential to creating and implementing any project. Project development can be seen everywhere. All projects have budget, time, and resource constraints that affect their completion.
Project management links an organization’s strategic plans with a portfolio of projects. An organization’s projects exist in relationship to each other. Using a systems view, one can easily see these linkages and patterns. An organization manages its portfolio of projects to support its strategic plan.
References
Gray, C. F., & Larson, E. W. (2008). Project management: The managerial process (4th ed.). New York: McGraw-Hill.
Project Management Institute (2004). A guide to the project management body of knowledge (3rd ed.). Newton Square, PA: Author.
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