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LEARNING OBJECTIVES
After watching this video you should be able to:
1-3 The role of project manager
1-4 Identify the different stages of project life cycle.
LO 1-3 The role of project manager
1. Activity and resource planning
Planning is contributory in meeting project deadlines, and many projects fail due to poor planning. First and foremost, good project managers define the project’s scope and determine available resources.
2. Organizing and motivating a project team
Good project managers don’t get their teams bogged down with elaborate spreadsheets, long checklists, and whiteboards. Instead, they put their teams front and center.
3. Controlling time management
Clients usually judge a project’s success or failure on whether it has been delivered on time. Therefore, meeting deadlines are non-negotiable.
4. Cost estimating and developing the budget
Good project managers know how to keep a project within its set budget. Even if a project meets a client’s expectations and is delivered on time, it will still be a failure if it goes wildly over budget.
5. Ensuring customer satisfaction
In the end, a project is only a success if the customer is happy. One of the key responsibilities of every project manager is to minimize uncertainty, avoid any unwanted surprises, and involve their clients in the project as much as is reasonably possible. Good project managers know how to maintain effective communication and keep the company’s clients up-to-date.
6. Analyzing and managing project risk
Risk management is the practice of identifying, evaluating, and preventing or mitigating risks to a project that have the potential to impact the desired outcomes.
They know how to avoid risks or at least minimize their impact.
7. Monitoring progress
During the initial stages, project managers and their teams have a clear vision and high hopes of producing the desired result. When things don’t go according to a plan, a project manager needs to monitor and analyze both expenditures and team performance and to always efficiently take corrective measures.
8. Managing reports and necessary documentation
Finally, experienced project managers know how essential final reports and proper documentation are. Good project managers can present comprehensive reports documenting that all project requirements were fulfilled, as well as the project’s history, including what was done, who was involved, and what could be done better in the future.
LO 1-4 Identify the different stages of the project life cycle.
The project life cycle is made up of five project stages:
project initiation, project planning, project execution, monitoring & control, and project closing. Each of these phases is necessary for the effective delivery of the project.
1. Project Initiation Phase
This is the start of the project for the project manager, who is responsible for defining the project at a high level. This usually begins with a business case, feasibility study, cost-benefit analysis, and other types of research to determine whether the project is feasible and should or shouldn’t be undertaken.
2. Project Planning Phase
This is where the project plan is created, and all involved in the project will follow it. This phase begins by setting SMART (specific, measurable, attainable, realistic, timely) goals.
The scope of the project is defined and a project management plan is created, identifying cost, quality, resources, and a timetable. Some of the features of this phase include a scope statement, setting of milestones, communication, risk management plans, and a work breakdown structure.
3. Project Executing Phase
Now begins the part of the project that most people think of as the project: executing the tasks, deliverables, and milestones defined in the project scope. Some tasks that make up this phase include developing the team and assigning resources using key performance indicators, executing the project plan, procurement management, and tracking and monitoring progress.
4. Project Monitoring and Controlling Phase
The project monitoring and controlling phase consists of setting up controls and key performance metrics to measure the effectiveness of the project execution.
The monitoring and controlling project phase is very important to make sure the execution goes as planned in terms of schedule, scope, and budget baselines
5. Project Closing Phase
Project closure is the last phase of a project.
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