005WHA~1

Summary

This lesson in the beginner project manager course explores the factors that generate project demand. It explains how projects connect to business strategy through various triggers such as market needs, business needs, technological advancements, customer requests, legal requirements, social needs, and ecological impacts. The importance of project selection and portfolio management is highlighted, emphasizing the need for alignment with business strategy to ensure a worthwhile return on investment and avoid resource waste.

Takeaways

• 📚 The course is aimed at beginners in project management and focuses on understanding the factors that generate project demand.
• 🙏 The instructor asks for a favor by requesting a course review and rating, emphasizing its importance for validation and helping other students.
• 🔗 Projects must relate to a business strategy, and the lesson explores how they are connected and what triggers the demand for a project.
• 💡 Key triggers for starting a project include market needs, business needs, technological advancements, customer requests, legal requirements, social needs, and ecological impacts.
• 🏦 An example given is DTM Bank needing to develop mobile banking to keep up with the competition, highlighting the necessity of managing a complex project under constraints.
• 🚀 Projects can arise from the need to automate business processes or adapt products to new technologies, as illustrated by the evolution of smartphone capabilities.
• 📈 The demand for projects may also stem from the need to comply with new regulations, such as data privacy laws in the EU.
• 🛠️ Projects are often chosen based on urgency and alignment with strategic goals, with management deciding which projects to execute, discard, or postpone.
• 📊 Project selection is a critical task for top management, who must evaluate which projects will bring the most value to the company, both financially and otherwise.
• 📋 Projects are considered investments that consume resources with the expectation of a worthwhile return, necessitating careful preliminary analysis.
• 📈 Project portfolio management involves prioritizing and administering multiple projects to achieve optimal results and resource allocation.

Q & A

What is the main purpose of asking the audience to review the course?

The main purpose is to validate the efforts of the course creators and help other students understand that the course is worth taking by leaving a rating.

Why is it important for a project to relate to a business strategy?

It is important because a project must align with the strategic goals of the company to ensure that it contributes effectively to the overall business objectives.

What are some key triggers that can initiate a business to execute a project?

Key triggers include market needs, business needs, technological advancements, customer requests, legal requirements, social needs, and ecological impact considerations.

Why is it crucial for a company like DTM Bank to develop mobile banking?

It is crucial to keep up with the competition and to address the clients' needs, as other banks have already done so, and to manage the complex project under time and budget constraints.

How can a financial crisis impact the demand for projects within a company?

A financial crisis can lead to the need for projects that focus on cost reduction, process optimization, or revenue increase to help the company stay in business.

What is the significance of technological advancement in creating project demand?

Technological advancement can create project demand by enabling business automation or requiring changes in products to adapt to new technologies, such as the various uses of smartphones.

How can a customer request influence the initiation of a project?

A customer request can influence project initiation if a key customer requires a tailored service or product, prompting the company to approve and execute a project to meet that specific need.

What role do legal requirements and regulations play in generating project demand?

Legal requirements and regulations can generate project demand as businesses need to comply with new standards or updates to avoid penalties or loss of operational licenses.

Why are social needs considered a factor in creating project demand?

Social needs are considered a factor because they can drive projects that aim to improve public services or infrastructure, such as building hospitals or public monuments.

How does a company prioritize projects when multiple demands arise?

A company prioritizes projects through a process called project selection, where management reviews project proposals and decides which ones to execute based on factors like urgency, alignment with business strategy, and potential return on investment.

What is project portfolio management and why is it essential for top management?

Project portfolio management is the process of prioritizing, administering, and controlling large sets of projects and programs to achieve optimal resource allocation and results. It is essential for top management to select projects that bring the most value to the company.