Project Management 101. A successful Project Manager must simultaneously manage the four basic elements of a project: resources, time, money, and most importantly, scope. All these elements are interrelated. Each must be managed effectively. All must be managed together if the project, and the project manager, is to be a success. Resources People, equipment, material Time Task durations, dependencies, critical path Money Costs, contingencies, profit Scope Project size, goals, requirements Most literature on project management speaks of the need to manage and balance three elements: people, time, and money. However, the fourth element is the most important and it is the first and last task for a successful project manager. First and foremost you have to manage the project scope. The project scope is the definition of what the project is supposed to accomplish and the budget (of time and money) that has been created to achieve these objectives. Usually, scope changes occur in the form of "scope creep".
Critical Path. Definition: In Project Management, the Critical Path is the succession of connected tasks that will take the longest to complete. The Critical Path is the longest path to complete the project. Therefore, to complete the project on schedule it is the critical path and the tasks that are part of it that must be managed most closely. All tasks in the project first are assigned a duration, an estimate of how long they will take to complete. Then the connections between the tasks, known as dependencies, are established.
By following a path among the project tasks that is the longest duration between connect (dependent) tasks and adding these durations together the critical path is calculated. The critical path of a project can be changed for better or for worse. Also Known As: Critical Path Method, CPM Examples: The project manager was able to complete the project ahead of schedule by shortening two tasks on the critical path. Planning a Project, The Basics - How To Plan A Project. Planning a project is pretty simple. You do it all the time, often without thinking about it. Let's use the simple example of having cold cereal for breakfast as an example to show how to plan any project. Basic Project Plan To develop a basic project plan you need a list of the tasks that need to be done , and understanding of the relationships between the tasks, and to know the priority of each task.
In larger projects the list of tasks is organized into a work breakdown structure (WBS). Planning Breakfast Your project is to prepare cold cereal for your breakfast. So your project plan might look like this: Put bowl on counter Put cereal in bowl Add milk Add sugar Now let's look at the plan in more detail. Go shoppingBuy a bowlBuy milkBuy sugarPut bowl on counter Put cereal in bowl Add milk Get spoon from drawerAdd sugar More Details You can add more precision to the plan by adding dependencies. Bottom Line. Project Stages. Whether a project is large or small, the stages of a project are ultimately the same. Initiate the project, and then move into planning, followed by execution. Once the project is in the execution stage, you'll monitor and control it, which will continually influence changes that loop back to the planning stage as necessary.
Once all project tasks are complete and approved, you will finally be ready to close the project. Initiation A solid project initiation will not only set your project up for success but it will also lay the groundwork for all future stages. Planning Once you've initiated the project and gathered all relevant information, you'll then begin planning your project. Execution Now that you have a solid project plan, the team can begin executing the project against their assigned tasks. Monitor and Control While the project is in the execution stage, you'll begin monitoring and controlling it to ensure it's moving along as planned.
Project Close. Build A Work Breakdown Structure. Project Managers use a work breakdown structure (WBS) to define and organize the tasks needed to compete the project. Building a work breakdown structure takes a systematic analysis of the elements needed to complete the project. Difficulty: Average Time Required: Varies depending on the size and complexity of the project Here's How: Determine the desired project results.
Once you know what the desired end result is you can list the steps needed to get there.List the major steps. When you figure out the major steps first, it gives you a framework that you can use to think about and organize the smaller tasks.Define the smaller tasks of each major step. What You Need You can build the WBS from either end, but it is easier to start from the end.Some tasks/steps have more sub-tasks than others.The more levels of detail you add the better. Get Your Project Done On Time. There are three steps to getting your project done on time. The steps are simple to define and understand, but completing them takes work.
The more complex the project is the more complex and difficult the steps will be. The more you use and practice these three steps the better you will be as a project manager who completes their projects on time. Difficulty: Average Time Required: Varies depending on project complexity Here's How: Build the Work Breakdown Structure (WBS). Time Management Secrets. There is no one secret to time management. In fact, there are three time management secrets. They are easy to learn and remember. The hard part is making yourself use them consistently. Do that, however, and you will master the time management secrets and you will get more done - in your business and in your life. The Three Secrets of Time Management There are three key elements of time management. Do The Right Things First Perhaps the most important of the time management secrets is to do the right things first. Use Time Efficiently Even when you master the time management secret of only working on the important tasks, you still need to be efficient with your time if you want to get everything done.
Get Things Done You know the importance of doing the right things first and you are good at using your time efficiently. Bottom Line There are three time management secrets. Pareto's Principle - The 80-20 Rule. In 1906, Italian economist Vilfredo Pareto created a mathematical formula to describe the unequal distribution of wealth in his country, observing that twenty percent of the people owned eighty percent of the wealth. In the late 1940s, Dr. Joseph M. Juran inaccurately attributed the 80/20 Rule to Pareto, calling it Pareto's Principle. While it may be misnamed, Pareto's Principle or Pareto's Law as it is sometimes called, can be a very effective tool to help you manage effectively. Where It Came From After Pareto made his observation and created his formula, many others observed similar phenomena in their own areas of expertise. As a result, Dr.
What It Means The 80/20 Rule means that in anything a few (20 percent) are vital and many(80 percent) are trivial. You know 20 percent of your stock takes up 80 percent of your warehouse space and that 80 percent of your stock comes from 20 percent of your suppliers. How It Can Help You Manage This Issue More Management Feature Articles.