Project Management

Topics: Project management, Management, Project Pages: 4 (764 words) Published: August 5, 2014
Project - temporary endeavor undertaken to create a unique product, service, or result Program -group of related projects managed in a coordinated way Project management -the application of knowledge, skills, tools and techniques to project activities to meet project requirements Knowledge areas-key competencies project managers should develop Project portfolio management -involves organizing and managing projects and programs as a portfolio of investments Project management tools and techniques-assist project managers and their teams in various aspects of project management Super tools-those tools that have high use and high potential for improving project success Portfolio managers -help their organizations make wise investment decisions by helping to select and analyze projects from a strategic perspective Best practice-an optimal way recognized by industry to achieve a stated goal or objective A leader focuses on long-term goals and big-picture objectives while inspiring people to reach those goals A manager deals with the day-to-day details of meeting specific goals Project Management Institute (PMI)-international professional society for project managers founded in 1969 Ethics -a set of principles that guide our decision making based on personal values of what is “right” and “wrong” Three main categories of tools:

Low-end tools: handle single or smaller projects well, cost under $200 per user Midrange tools: handle multiple projects and users, cost $200-600 per user High-end tools: also called enterprise project management software, often licensed on a per-user basis, like VPMi Enterprise Online Advantages of using formal project management

Better control of financial, physical, and human resources
Improved customer relations
Shorter development times
Lower costs
Higher quality and increased reliability
Higher profit margins
Improved productivity
Better internal coordination
Higher worker moral
9 knowledge management
1. cost
2. time
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