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Introduction to Project Management

Stakeholder Analysis

The people and groups that are affected by a company's business decisions are called stakeholders. It is important to identify stakeholders when ensuring project success because stakeholders supply a company with its productive resources and as a result, they have a claim on and a stake in the company.

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Typical types of company stakeholders.

Stakeholders Analysis is an important tool for stakeholder identification and analysing their needs. The aim is to develop a strategic view of the human institutional landscape and the relationships between different stakeholders. In literature, several descriptions of stakeholder analysis processes can be found but most companies have their own definition of the process. The typical structure is the following:

• Identify stakeholders
• Analyse stakeholders
• Engage stakeholders

Quality Management Systems

Quality Management System (QMS) is a collection of business processes and functions aimed at continuous improvement of quality to ensure customer expectations and requirements are met or exceeded (1). Quality management systems enable the organizations to identify, measure, control and improve their core business processes that will ultimately lead to improved business performance (2).

Different methods to manage quality

Every business has its own unique set of products, goals and values. Quality management systems should be implemented with the aim of embracing those differences. To do so, there are several types of quality management systems that can be used, each with their own set of advantages and disadvantages. The following, along with a broad description, are the most commonly used:

• Standardized Systems: Any quality management systems that follow a set of federal codes and regulations (for example ISO 9000/9001).
• Total Quality Management (TQM): A management approach in which quality is emphasized throughout every aspect of a business.
• Continuous Quality Improvement (CQI): A quality system that is never satisfied
• Six Sigma: Data-driven approach that aims for perfection in quality (define, measure, analyze, improve and control) (1).

Benefits of quality management systems

Implementing a QMS affects every aspect of an organization’s performance. Examples of benefits are as follows:

• Meeting the customer’s requirements which can lead to increased number of customers and more sales.
• Meeting the organization’s requirements which can create room for expansion, growth and profit.
• Defining, improving and controlling processes
• Reducing waste
• Preventing mistakes (3)

SWOT Analysis

SWOT analysis for project management is an effective process where it allows the project manager to identify areas that need improvement and get a quick overview of what obstacles needs to overcome. It provides valuable knowledge about both customer preferences and competitors intents, and also where are the possible opportunities to grow.

SWOT analysis is an important part of the project planning process and can provide a backbone to the project plan if it is conducted early on in the planning because it considers both the internal and external factors that can impact the project. The sooner the factors are identified, the sooner it is possible to use them for advantage.

• Strengths: attributes of the organisation that help achieve the project objective.
• Weaknesses: attributes of the organisation that stop achievement of the project objective.
• Opportunities: external conditions that help achieve the project objective.
• Threats: external conditions that could damage the project.

Steps to delivering business value

Business value is used to help see the additional ways to improve the performance of an organization. Efficient portfolio, project and program management can help to realize the predetermined goals and values of the business. Project Management is used in organization to help applying tools and techniques that increase the possibility of success of projects.

There are steps that a project manager should consider to ensure that the project is capable of delivering business value.

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1. Understand the vision

The vision should include a high-level view of the scope of the project and the reason the project was created. The vision is then internalized and it is vital that the project manager believes in the purpose of the project and feels that it is worthy of the effort that will be extended.

2. Be clear about the business value of the project

The organization needs to identify the value the project will deliver and how it will be measured during the project. The business value should be stated in monetary terms whenever possible.

3. Evangelize the vision and business value to the project team

A key function of a project manager is to motivate the project team. If the project team can understand the vision and business value of the project, they will become much more engaged in their work and even enthusiastic about delivering value to the customer.

4. Foster a team environment to effectively deliver value

It is the responsibility of the project manager to foster an environment and remove any roadblocks in their way and this will allow the team to deliver efficiently.

5. Measure the realization of the business value

The project manager is responsible for reporting on the progress of a project. This step occurs throughout the project and often requires continued measurement after the project is complete.

Organizational project management maturity model (OPM3)

Strategy sets out the direction of a company, what goals and objectives they wanna achieve and what values and missions they want to pursue. Organizational Project Management (OPM) is a systematic framework that utilizes project, program and portfolio management to maximize its delivery of strategy and achieve better performance, better results, and sustainable competitive advantage. The aim is to ensure that organizations take the right projects and allocate critical resources appropriately.

Organizational Project Management Maturity Model (OPM3) is a framework that defines maturity in organizational project management. First, the model is divided into three sections: knowledge, assessment and improvement. Then there are five steps that relate to these sections in the following way:

Knowledge

1. Prepare for Assessment

Assessment

2. Perform Assessment

Improvement

3. Plan for Improvements

4. Implement Improvements

5. Repeat the process

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The maturity is defined in step 2 but there are stages of every project, portfolio and program considered. The stages are four: standardize, measure, control, and improvement. Once this has been established, it is clear where the maturity of the organizational project management stands and if it has to be improved.

Risk Management

Risk Management is a structured process that helps managers to react to uncertain events or situations (positive or negative) that might come up. It is usually implemented at the earliest stage of a project and is a key part of good management. The aim is to ensure the best value in terms of cost, quality and time.

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The process of risk management consists of five steps. Identify the risk Evaluate the likelihood of an risk occurring Plan how to react if risk occurs Implement the control actions as planned Monitor and review the risk

There are 12 principles of risk management, published by The International Organization for Standardization (ISO). Risk management should: create value be an integral part of organizational processes be part of decision making explicitly address uncertainty be systematic and structured be based on the best available information be tailored take into account human factors be transparent and inclusive be dynamic, iterative and responsive to change be capable of continual improvement and enhancement

Gantt Chart and Scheduling

Investment portfolio management

Analysis of the current state

Lean Project Management

Project Schedule Development

Key Performance Indicators