005WHA~1
Summary
TLDRThis 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.
Outlines
📈 Generating Project Demand Factors
This paragraph discusses the various factors that can create a demand for a project within a business. It starts with a request for the audience to review the course, emphasizing the importance of ratings for visibility and validation. The main content delves into key triggers for project initiation, such as market needs, business needs, technological advancements, customer requests, legal requirements, social needs, and ecological considerations. It explains how these factors relate to a company's wider strategy and how they can lead to the approval of a project. The paragraph also touches on the process of project selection, where management evaluates and prioritizes projects based on urgency and alignment with business goals.
📚 Project Selection and Portfolio Management
The second paragraph focuses on the critical role of project selection and portfolio management by top management. It explains that projects are considered investments that require careful analysis to ensure they align with the business strategy and provide a return. The paragraph highlights that multiple projects often run concurrently, and the board of directors is responsible for selecting projects that bring the most value, both financially and otherwise. It introduces the concept of project portfolio management, which involves prioritizing projects and efficiently combining resources across them. The importance of preliminary analysis is stressed, as projects consume significant resources and misalignment can lead to severe consequences for the business.
Mindmap
Keywords
💡Project Demand
💡Business Strategy
💡Market Need
💡Financial Crisis
💡Technological Advancement
💡Customer Request
💡Legal Requirements
💡Social Needs
💡Ecological Impact
💡Project Selection
💡Project Portfolio Management
Highlights
The course asks for a favor by requesting a review and rating to help validate their efforts and inform other students.
Projects must relate to a business strategy, but the connection and reasons for project demand need exploration.
Market needs can trigger a project, as companies aim to develop products to meet client needs or stay competitive.
An example of a market need is DTM Bank developing mobile banking to keep up with competitors.
Business needs, such as during a financial crisis, may require projects for cost reduction, process optimization, or revenue increase.
Technological advancements can create project demand as businesses seek to automate or update their products.
Smartphone usage evolution illustrates how technology drives project creation for services like payments and bookings.
Customer requests for tailored services or products can initiate projects, as demonstrated by a car dealer accommodating a taxi company.
Legal requirements and regulations can necessitate projects to ensure business compliance, such as with data privacy laws.
Social needs, like infrastructure projects, can drive demand for projects to meet community or government objectives.
Ecological impact considerations may require companies to undertake projects to improve industrial processes and reduce emissions.
Project demand is connected to a company's or organization's wider strategy and is used as an instrument to achieve strategic goals.
Project proposals need to be presented to higher management to compete for an organization's limited resources.
Urgency is a key factor in project selection, with management prioritizing projects that address immediate needs or crises.
Project selection is essential for top management to choose projects that bring the most value, both financially and non-financially.
Projects are investments that consume resources with the objective of providing a worthwhile return for the business.
Project portfolio management involves prioritizing, administering, and controlling large sets of projects and programs for optimal resource utilization.
Preliminary analysis of projects is crucial to ensure they are aligned with business strategy to avoid wasting resources and disappointing stakeholders.
The next lesson will explore the role of the project manager and the responsibilities involved in project management.
Transcripts
welcome back to the beginner to project
manager course
in this lesson we will talk about the
factors generating project demand
but first we'd like to ask you a favor
we would be really grateful if you could
review our course
it's easy to do all you have to do is
click here and leave a rating
this will mean a lot to us and will help
other students know that this course is
worth taking
the reason we're asking you to do this
now is that this is a large course and
most people do not complete all the
lessons in one sitting
and eventually they miss the moment to
leave a rating so please do it now
it should only take a couple of seconds
and it will really validate our efforts
thank you so much for this okay
now having said that let's continue with
the lesson in which we will study
exactly what
creates the demand for projects
as i said in the previous lesson a
project must relate to a business
strategy
but how are the two connected and what
creates the demand for a project in the
first place
good questions so let's look into them
there are a few key triggers that will
jump start a business into executing a
project
there might be a market need this is
when your company wants to develop a
product to address their clients needs
or
to keep up with the competition for
example
dtm bank needs to develop mobile banking
as other banks have done but to get
there the bank needs to manage a complex
project with various activities
like software development security
financial and privacy regulations
etc and of course all under time and
budget constraints
if you are too late to introduce it you
risk losing customers
or there could be a business need
during the financial crisis for example
many companies had to execute projects
to reduce
costs optimize processes or increase
revenues
by expanding the customer base just to
stay in business also
the demand for a project may arise from
technological advancement
technology may advance to the point
where your business can be
automated or your products need to
change
for example anything you use your
smartphone for nowadays
paying for things booking a taxi even
ordering lunch
surely involved a project
a project may come as the result of a
customer request
say if a key customer requires a
tailored service or product
for example you are a car dealer and
your biggest client is a taxi company
and they request making your internal
systems more compatible with theirs
you are likely to approve such a project
or due to legal requirements
regulations and laws change and the
business will need to comply
social media is a prime example where
laws and regulations are constantly
updating as their technology and
features advance
you've probably noticed the general data
privacy regulations introduced in the eu
right if not just check your email inbox
there could also be social needs these
can be anything from digging tunnels
to extending hospitals to building an
eiffel tower
anything that a government or
organization can do to satisfy a social
need
and lastly there are ecological impact
considerations
companies are often required and obliged
to improve their industrial processes to
reduce emissions
many countries have vowed to only allow
electric cars on the road by a certain
year
a massive project for car manufactures
see there are many things that can
create a demand for a project
and all have to do with the companies or
organizations wider strategy
once a strategic goal is defined or a
need arises the project will be the
instrument to achieve that goal
but needs such as the ones mentioned are
not likely to arrive
one by one in a timely manner so how
does a corporation
choose which ones take priority and
deserve a project
the demand will require a project
proposal
and the owner of this proposal will need
to put it to the attention of higher
management to compete for the limited
resources of the organization
management will then review the projects
and decide which ones to execute
which to discard and which to postpone
for a later date
urgency is a key factor when selecting
projects
say a new regulation is imposed which
requires your company to comply with the
latest standards
or lose their license to work in the
country
you can bet that the board of directors
will prioritize a project that resolves
this first
this process is referred to as project
selection
it's an essential task for top
management they must select the projects
which bring the most value to the
company
financial and non-financial in the eyes
of the board of directors
projects are investments they use
resources
again financial and otherwise with the
objective of seeing a worthwhile return
for the business
as you can probably guess several
projects are usually on the go at the
same time
that said when the board of directors is
presented with possible projects they
often select several of them and add
them into a project portfolio
the board of directors then dabbles in
what is called project portfolio
management
this is the process of prioritizing
projects and the administration and
control of large sets of projects and
programs
basically the objective is to achieve
the results and combine resources across
projects in an optimal way
like we said projects are investments
and with any investment the preliminary
analysis
needs to be performed with care projects
consume enormous amounts of resources
finances time effort and attention
so if they're not aligned with the
business strategy then they're a massive
waste
leading to many disappointed
stakeholders at best and a bankrupt
business
at worst no pressure then
great next lesson we'll have a look at
the project manager themselves
and what their role involves see you
there
you
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