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Unit 7: Business of IT

7.2 Project Management

Last edited 575 days ago by Makiel [Muh-Keel].

Project Management

A project is a purpose-driven event that has a defined start and finish. Project management frameworks ensure that projects are well defined, with clear, attainable goals, and that resources are in place for successful completion.

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Project Initiation

Project initiation broadly defines the project. It usually begins with a business case, followed by a feasibility study.

During the feasibility study, research assesses whether the business case will lead to a reasonable, feasible solution.

Project stakeholders provide input in the analysis of the business case, resulting in a project charter, or project initiation document, that outlines the business needs, the stakeholders, and the business case.

Project Planning

Project planning includes developing a road map that everyone follows. This phase starts with setting the project goals, commonly using the SMART or CLEAR frameworks, both of which are described below.

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Project Management Plan

The project management plan identifies project resources, including cost and time estimations. A project generally has each of the following documents by the end of the planning phase:

scope statement outlining the objectives, deliverables, and milestones

work breakdown structure (WBS) breaking the project into manageable segments for the team

milestones defining high-level goals to meet throughout the project’s duration

communication plan outlining the frequency and methods of communicating with stakeholders

risk management plan identifying foreseeable risks, including cost overruns and delays

Project Execution

During Project Execution, project deliverables are developed and completed. A kickoff meeting usually marks the start of this phase.

Tasks typically include developing the project team, assigning resources, setting up tracking systems, conducting status meetings, and monitoring the project timetable.

Project Closure

At the Project Closure phase, the project is declared complete and the project team is dissolved. Project managers complete the final project documentation, including financial reports.

Generally, meetings are also a part of this phase, allowing members of the project team to reflect on strengths and opportunities for improvement.

Mitigating Project Risks

Risks in execution, risks in integration, and risks of the unknown are three broad categories of risks a project may encounter.

Risks in Execution

Typically revolve around budget, people, technology, equipment, and stakeholder support.

Issues that can deem a project unsuccessful include:

Cost overrun

Insufficient staff

Inadequate tools to support the project

Lack of support from project stakeholders.

Planning in advance is one of the best ways to mitigate risks of execution.

Risks of Integration

Risks of Integration can be mitigated by assessing potential disruptions, ensuring adequate support from stakeholders, and having a shared understanding of the project’s complexity.

The outcome of a project will likely affect other systems and processes in an organization.

Project risks take many forms and emerge for different reasons. Some of the most common examples of project risks are listed here:

Scope creep—uncontrolled change of a project’s scope, typically adding tasks and increased, unplanned costs to the project

Budget risk—budget control issues, such as underestimated or improper allocation of cost

Resistance to change—departments and individuals resist organizational changes resulting from the project

Resource risk—inability to secure sufficient resources for the project

Contract risk—a vendor fails to deliver on contractual obligations

Disputes or disagreements between project participants

Project dependencies—especially when completion of some tasks is dependent on the completion of other tasks

Project assumptions risk—when assumptions about the project are invalidated during project development

Benefit shortfall—the project meets the requirements but delivers fewer benefits than outlined in the business case

Requirements quality risk—requirements have not been properly validated or documented

Force majeure risk—the chance of a major negative event beyond human control, such as a natural disaster

Project Management

Project Initiation

Project Planning

Project Management Plan

Project Execution

Project Closure

Mitigating Project Risks

Risks in Execution

Risks of Integration

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