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Introduction to managing your project
Introduction to what is a project
Project are Unique – every project is different, and whilst they might be similar, or appear on the outset the same, they are different. Transient are a temporary structure to achieve planned organisation outcomes or objectives
Every project should have an agreed and clearly defined start and a defined finish. I have worked on projects where the project seems to never end and as one person stated, they were managing the issues in live operation!
The project Objectives and benefits should be defined at the outset and should intend to add stakeholder value to an organisation through the realisation of the project benefits. If the project cannot deliver the agreed business benefits, the project should be closed down early, so as not to waste the organisations resources. Clearly, at the point of early closure, you will have sunk costs in your project. Sunk costs are monies or costs you have already paid out or committed to paying for
What is a project
What is a project and how are these projects different form the business as usual activities. Projects generally have defined capital budgets, whereas operations or BAU activities, typically have operating cost or OPEX budgets.
In this context, what is a project is a single project delivered by one project manager, the definition of a project is a single project, which is often referred to in the construction industry as a PROGRAMME of works or just the programme. Whereas, to the APM, the generic definition of a programme is a number of projects, which together will deliver strategic benefit, to an organisation, please see www.apm.org.uk
Projects are temporary structures, that will exist for an agreed fixed duration to deliver business benefit. Whereas, the operational BAU world is a continuous process, whereby the same work or the same products are produced every day. For example, in manufacturing, manufacturing products such as cars, which may employ continuous improvement.
Project Time
Time is the agreed project duration of when the project will actually be completed
Project Cost
The project cost is the agreed budget, agreed with the project sponsor. This project budget is just the cost of the resources, materials and any plant, it is the build up of these elements, plus any contingency, plus a management reserve
Project cost + contingency (10%) + a management reserve (5%) = a simple budget
Project Quality
The quality is the deliverables or outcomes which have been built to the correct specification and tested, to be fit for purpose
Stakeholder value
Stakeholder value is delivering the agreed objectives, outcomes, to ensure the organisation or business realises the project business benefits. These benefits may be realised some time after the project has completed.
The primary stakeholder is what is known as the project sponsor, they agree the project objectives with the project manager
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Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.
Support the show (https://projectmanagerpodcast.online/support-the-show/)
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Introduction to what is a project
Project are Unique – every project is different, and whilst they might be similar, or appear on the outset the same, they are different. Transient are a temporary structure to achieve planned organisation outcomes or objectives
Every project should have an agreed and clearly defined start and a defined finish. I have worked on projects where the project seems to never end and as one person stated, they were managing the issues in live operation!
The project Objectives and benefits should be defined at the outset and should intend to add stakeholder value to an organisation through the realisation of the project benefits. If the project cannot deliver the agreed business benefits, the project should be closed down early, so as not to waste the organisations resources. Clearly, at the point of early closure, you will have sunk costs in your project. Sunk costs are monies or costs you have already paid out or committed to paying for
What is a project
What is a project and how are these projects different form the business as usual activities. Projects generally have defined capital budgets, whereas operations or BAU activities, typically have operating cost or OPEX budgets.
In this context, what is a project is a single project delivered by one project manager, the definition of a project is a single project, which is often referred to in the construction industry as a PROGRAMME of works or just the programme. Whereas, to the APM, the generic definition of a programme is a number of projects, which together will deliver strategic benefit, to an organisation, please see www.apm.org.uk
Projects are temporary structures, that will exist for an agreed fixed duration to deliver business benefit. Whereas, the operational BAU world is a continuous process, whereby the same work or the same products are produced every day. For example, in manufacturing, manufacturing products such as cars, which may employ continuous improvement.
Project Time
Time is the agreed project duration of when the project will actually be completed
Project Cost
The project cost is the agreed budget, agreed with the project sponsor. This project budget is just the cost of the resources, materials and any plant, it is the build up of these elements, plus any contingency, plus a management reserve
Project cost + contingency (10%) + a management reserve (5%) = a simple budget
Project Quality
The quality is the deliverables or outcomes which have been built to the correct specification and tested, to be fit for purpose
Stakeholder value
Stakeholder value is delivering the agreed objectives, outcomes, to ensure the organisation or business realises the project business benefits. These benefits may be realised some time after the project has completed.
The primary stakeholder is what is known as the project sponsor, they agree the project objectives with the project manager
Buzzsprout - Let's get your podcast launched!
Start for FREE
Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.
Support the show (https://projectmanagerpodcast.online/support-the-show/)