What is Project Management? Definition, Fundamentals, Objectives & Examples - AIMS Education

Summary

This script explores the concept of a project as a temporary endeavor to create unique products, services, or results. It delves into the reasons for initiating projects, such as market demand, strategic opportunities, and legal requirements. The video also covers why projects conclude and introduces project management, emphasizing the need to balance scope, time, cost, and quality—the triple and quadruple constraints. It further discusses the six constraints model, the core components of project success, and distinguishes between projects and operations, providing real-world examples to illustrate the differences.

Takeaways

• 📈 A project is a temporary endeavor undertaken to create a unique product, service, or result, with a definite beginning and end.
• 🌟 Projects are initiated to achieve objectives within an organization's strategic plan, driven by market demand, strategic opportunities, customer requests, technological advances, or legal requirements.
• 🏁 Projects conclude when their objectives are met, become unfeasible, are no longer needed, or are terminated by a client.
• 🛠️ Project management involves applying knowledge, skills, tools, and techniques to project activities to meet specific goals and success criteria.
• 🔄 The five process groups in project management are initiating, planning, executing, monitoring and controlling, and closing.
• 🎯 Traditionally, project managers focus on the triple constraints of scope, time, and cost, but some also consider the quadruple constraint by adding quality.
• 🔍 The six constraints model for project control includes cost, time, scope, quality, benefits, and risks, which influence a project's outcome.
• 👥 The three core components of project success are people, processes, and technology, which when combined effectively, reduce risk and enhance productivity and quality.
• 🔄 Operations are ongoing activities that produce the same product or provide repetitive services, in contrast to projects which are temporary and unique.
• 🔗 The link between operations and projects is that the end product of a project may become the responsibility of operational areas for ongoing care and maintenance.
• 🏗️ Projects are cross-functional, temporary, and unique, aiming to achieve specific objectives, while operations are ongoing, repetitive, and functional, ensuring continuous organizational functioning.

Q & A

What is a project?

A project is a temporary endeavor undertaken to create a unique product, service, or result. It has a definite beginning and end, and its outcome can be tangible or intangible.

Why are projects started?

Projects are started to directly or indirectly achieve objectives within an organization's strategic plan. Reasons include market demand, strategic opportunity, customer request, technological advance, and legal requirements.

Why do projects end?

Projects end when their objectives are achieved, when objectives will not or cannot be met, when the need for the project no longer exists, or when a client wishes to terminate the project.

What is project management?

Project management is the application of knowledge, skills, tools, and techniques to project activities to achieve specific goals and meet success criteria. It involves managing scope, time, cost, and sometimes quality.

What are the five groups of project management processes?

The five groups of project management processes are initiating, planning, executing, monitoring and controlling, and closing.

What are the triple constraints in project management?

The triple constraints in project management are scope, time, and cost. These are the limitations that project managers must balance to create a successful project.

What is the quadruple constraint in project management?

The quadruple constraint adds quality as a fourth constraint to the triple constraints of scope, time, and cost, emphasizing the importance of the quality of the products or services delivered.

What are the six constraints in an enhanced model for project control?

The six constraints in an enhanced model for project control include cost, time, scope, quality, benefits, and risks. These factors influence a project's outcome and the ability to meet scope, time, and cost goals.

What are the three core components of a project's success?

The three core components of a project's success are people, processes, and technology. People skills involve managing human interactions, processes are the methods for managing a project, and technology includes the tools used to manage the project.

How is a project different from operations?

A project is temporary with a definite beginning and end, aiming to achieve specific objectives, while operations are ongoing and repetitive, focusing on maintaining the organization's functioning.

What is the link between operations and projects?

The link between operations and projects is that upon completion, a project's end product or result may be turned over to the organization's operational areas for ongoing care and maintenance.

Can you provide an example to illustrate the difference between a project and operations?

An example is the construction of a new hotel, which is a project that starts with planning and ends when the structure is ready for occupancy. In contrast, the staff at the hotel performing tasks like registering guests and maintaining rooms are involved in operations, which are ongoing.

Outlines

00:00

📈 Understanding Projects and Project Management

This paragraph introduces the concept of a project as a temporary endeavor aimed at creating a unique product, service, or result. It highlights the reasons for initiating projects, such as market demand, strategic opportunities, customer requests, technological advances, and legal requirements. The paragraph also discusses why projects end, which can be due to achieving objectives, the inability to meet objectives, the project's need ceasing to exist, or client termination. Project management is defined as the application of knowledge, skills, tools, and techniques to project activities to meet specific goals and success criteria. It outlines the five groups of project management processes: initiating, planning, executing, monitoring and controlling, and closing. The concept of triple constraints (scope, time, and cost) and the quadruple constraint (adding quality) is explained, emphasizing the need for project managers to balance these competing goals. The paragraph concludes with an introduction to the six constraints model for project control, which includes quality, risk, and resources, and the three core components of project success: people, processes, and technology.

05:01

🔗 Projects vs. Operations: Distinctions and Examples

The second paragraph contrasts projects with operations, explaining that operations are ongoing activities that produce repetitive products or services without a definite end date. It provides examples of operations, such as production manufacturing and accounting, and how they differ from projects, which are temporary and have a clear beginning and end. The paragraph further elaborates on the link between projects and operations, using examples like the implementation of a new human resources software package, where the implementation is a project and the ongoing maintenance is an operation. It also compares the construction of a residential building to its maintenance, and the design and marketing of a car model to its assembly, to illustrate the temporary nature of projects versus the repetitive nature of operations. The paragraph concludes with a comparison of a wedding and the Apollo 11 mission as examples of projects, and the day-to-day management of a restaurant as an example of operations, emphasizing the need for different management approaches for each.

Keywords

💡Project

A project is defined as a temporary endeavor undertaken to create a unique product, service, or result. It has a definite beginning and end, and its outcome can be either tangible or intangible. In the context of the video, projects are initiated to achieve objectives within an organization's strategic plan, such as market demand, strategic opportunity, customer request, technological advance, or legal requirement.

💡Project Management

Project management is the application of knowledge, skills, tools, and techniques to project activities to achieve specific goals and meet success criteria. It involves managing the project to deliver on time and on budget. The video emphasizes that project management processes include initiating, planning, executing, monitoring and controlling, and closing. This concept is central to ensuring that projects are completed successfully.

💡Triple Constraint

The triple constraint refers to the three primary constraints of a project: scope, time, and cost. Project managers must balance these often competing goals to create a successful project. The video explains that focusing on these constraints helps in defining what work will be done, the schedule, and the budget for a project.

💡Quadruple Constraint

The quadruple constraint adds quality as a fourth dimension to the triple constraint, emphasizing that project managers also need to ensure the quality of the product or service delivered. The video mentions that quality focuses on how good the product or service needs to be and what is required to satisfy the customer.

💡Scope

Scope defines what work will be done as part of the project and what the unique product, service, or result is that the customer or sponsor expects. The video uses the term to illustrate the boundaries of a project, which is crucial for setting clear expectations and ensuring that the project delivers what is intended.

💡Time

Time in the context of the video refers to the schedule or duration of a project. It is about how long it should take to complete the project. Time is a critical factor in project management as it influences the project's overall timeline and is part of the triple constraint.

💡Cost

Cost pertains to the financial aspect of a project, including what it should cost to complete the project and what resources are needed. The video highlights cost as one of the triple constraints that project managers must manage to ensure the project is completed within budget.

💡Quality

Quality is the standard of excellence or fitness of a product or service. In the video, it is mentioned as part of the quadruple constraint, emphasizing the importance of not just delivering a project on time and within budget, but also ensuring that it meets the required standards of quality.

💡Risk

Risk in the video is discussed as an inherent part of all projects. It refers to the potential for an event to occur that could have a negative impact on the project's objectives. Project managers must identify, assess, and manage risks to ensure the project's success.

💡Resources

Resources are the assets needed to complete a project, including human, financial, and physical assets. The video mentions that resources affect the ability to meet scope, time, and cost goals. Effective resource management is crucial for the successful execution of a project.

💡Operations

Operations are the ongoing activities that produce the same product or provide a repetitive service within an organization. The video contrasts operations with projects, highlighting that while projects are temporary and unique, operations are continuous and repetitive, such as manufacturing or accounting.

Highlights

A project is a temporary endeavor to create a unique product, service, or result.

Projects have a definite beginning and end, and their outcomes can be tangible or intangible.

Projects are started for reasons such as market demand, strategic opportunity, customer request, technological advance, and legal requirements.

Project management is the application of knowledge, skills, tools, and techniques to project activities to achieve specific goals.

Project management processes include initiating, planning, executing, monitoring and controlling, and closing.

The triple constraints of a project are scope, time, and cost.

Some project managers also consider the quadruple constraint, adding quality as a fourth element.

Scope defines the work to be done and the expected product, service, or result.

Time involves the project schedule and how long it should take to complete the project.

Cost pertains to the project's budget and the resources needed to complete it.

Quality focuses on the level of excellence required for the product or service and customer satisfaction.

An enhanced model for project control includes six constraints: cost, time, scope, quality, benefits, and risks.

The core components of project success are people, processes, and technology.

Operations are ongoing activities that produce the same product or provide repetitive services.

The link between operations and projects is that the end product of a project may become the ongoing responsibility of operations.

Operations are done to achieve regular business goals, while projects are executed to start new business objectives.

A project is temporary with a definite beginning and end, whereas operations are ongoing.

Projects are cross-functional, while operations are functional, focusing on specific tasks within a department.

Examples of projects include designing a new car model, constructing a hotel, and planning a wedding, while operations include maintaining a building or managing a restaurant.

Transcripts

[Music]

what is a project a project is a

temporary Endeavor undertaken to create

a unique product service or result the

temporary nature of projects indicates

that a project has a definite beginning

and end the outcome of the project may

be tangible or

intangible why are projects started

projects are often utilized as a means

of directly or indirectly achieving

objectives within an organization

strategic plan following are the reasons

why projects are started market demand

for example a car company authorizing a

project to build more fuel efficient

cars in response to gasoline

shortages strategic opportunity or

business need for example a training

company authorizing a project to create

a new course to increase its

revenues customer request for example an

electric utility authorizing a project

to build a new substation to serve a new

Industrial Park technological advance

for example an Electronics firm

authorizing a new project to develop a

faster cheaper and smaller laptop and

legal requirement for example a chemical

manufacturer authorizing a project to

establish guidelines for proper handling

of a new toxic

material why do projects end the end is

reached when project objectives are

achieved when project objectives will

not or cannot be met or when the need

for the project no longer exists or when

a client wishes to terminate the

project what is project management

project management is defined as the

application of knowledge skills tools

and techniques to project activities to

achieve specific goals and meet specific

success criteria all must be expertly

managed to deliver the ontime and on

budget results project management

processes fall into five groups they are

initiating planning executing monitoring

and controlling and

closing triple constraints some project

managers focus on scope time and cost

constraints these limitations are

sometimes referred as the triple

constraint to create a successful

project project managers must balance

these three often competing goals

however some project managers focus on

the quadruple constraint which adds

quality as a fourth constraint they are

explained below scope what work will be

done as part of the project and what you

unique product service or result does

the customer or sponsor expect from the

project time how long should it take to

complete the project and what is the

project

schedule and cost what should it cost to

complete the project what is the

Project's budget and what resources are

needed quality focuses on the following

points how good does the quality of the

products or Services need to be

and what do we need to do to satisfy the

customer six constraints an enhanced

model for project control project

professionals have long recognized cost

time and scope as the constraints

influencing a Project's outcome Prince 2

has expanded this list to include

quality benefits and risks the triple

constraint goals have a specific Target

at the beginning of the project the

other three constraints quality risk and

resources affect the ability to meet

scope time and cost goals all projects

by definition involve risk and resources

however the customer defines the

quality there are three core components

of a project success they are people

processes and Technology people skills

are basically the soft skills of

managing projects these skills let you

engage humans with each other in a

Cooper operative process of managing the

project processes are methods for

managing a project ranging from formal

to informal a defined method involves

steps or

operations technology is the tools of

project management scheduling cost risk

reporting or Graphics generally it is in

any software Gadget which is used to

manage the project so when an improved

process competent Workforce and

appropriate technology are combined the

project will succeed with a reduced risk

higher productivity and better

quality operations these are an

organizational function performing the

ongoing execution of activities that

produce the same product or provide a

repetitive service they involve work

that is continuous without an ending

date and you often repeat the same

processes and produce the same results

some good examples of operations are

production manufacturing and

accounting link between operation and

project on completion of a project the

end product or result may get turned

over to the organization's operational

areas such as ongoing care and

maintenance for example your company

implements a new human resources

software package that tracks employees

time expense reports and benefits so

defining the requirements and

implementing the software is a project

and ongoing maintenance of the software

adding or updating its contents are

called

operations projects versus operations

operations are done to achieve regular

business goals whereas projects are

executed to start new business

objectives a project is temporary and it

has a definite beginning and a definite

end for example construction of a

residential building is a project whose

possession date has been announced by

the building contractor on the other

hand operations are ongoing tasks and

they produce repetitive products

services or results for example

maintenance of the residential

building the table below shows a

comparison between project and

operations which explains the

differences and similarities between

them a project is temporary while

operations are ongoing a project has a

unique purpose and every project should

have a well-defined objective while

operations are repetitive the purpose of

a project is to meet its goals and to

conclude while the purpose of operations

is to keep the organizations functioning

project concludes when its specific

objectives are attained but operations

adopt a similar set of objectives and

the work continues a project is cross

functional while the operation is

functional

let us see an example to compare

projects with operations Toyota motor

company is in the business of Designing

and assembling cars each model that

Toyota designs and produces is

considered as a project the models

differ from each other in their features

and they are marketed to people with

different needs the initial design and

marketing of these models are unique

projects but the actual assembly of

these makes and models are repetitive

processes so they are

operations construction of a new hotel

is a project it starts with planning

designing and financing and that

continues until the structure is ready

for occupancy while staff at the hotel

reception desk perform the operations

their task is to register guests handle

their requests maintain hotel rooms and

provide information to

guests managing activities at the

Supermarket is an example of operations

this includes handling daily procedures

managing internal controls purchasing

warehousing and activities of a cashier

or checkout operator who scans the goods

through a machine a wedding is one of

the most important ceremonies in our

lives it is a project of life that

encourages the people to invest a huge

amount and accomplish their dreams

marriage at the British royal family is

an example of such a project most most

of the arrangements for the marriage

will remain a secret but there was

clearly some effective project

management

employed Apollo 11 was the first manned

mission to land on the moon and it is

one of the biggest examples of a

successful project day-to-day management

of any restaurant requires a tremendous

amount of organizational skill

restaurant operations involves many

different aspects including public

relations inventory managing sta have

and customer

service