Unit 10

The World of Project Managementand

The Role of Project ManagerThe Role of Project Manager

Source: Project Management in Practice, 4th Edition, Mantel, Meredith, Shafer, Sutton, Wiley, 2011.

Project Management: A Systems Approach to Planning, Scheduling, and Controlling, 10th Edition, Harold Kerzner, Wiley, 2009.

1. The World of Project ManagementManagement

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What is a Project?What is a Project?

A project is any task within an organization that does p j y gnot fit neatly into ‘business-as-usual’. The “Big Dig” project in Boston and the “787 Dreamliner” project at Boeing are two examples of large scale projects On smaller scale anare two examples of large scale projects. On smaller scale, an individual might self‐build a new house, a car manufacturer may want to develop a new engine or a company may want to set up a quality system. In the school context, students are given a design and make project which needs to be managed – although on a smaller scale – using many of the same g g yprinciples as the larger projects.

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Who is Involved?Who is Involved?

d l d lIn industry, many projects are complex and may involve input from people with different kinds of knowledge and expertise. Projects usually involve a team who are managed by j y g ya project manager or project leader who may be appointed for the duration of the project.

It is worth noting that project management is adopted as a career specialism by many engineers and is considered to be p y y ga mainstream engineering discipline. 

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Definition of a ProjectDefinition of a Project

1. A temporary endeavor undertaken to create a unique p y qproduct or service. (PMI 2008)

2. A project is a formal enterprise that addresses the matter f d i i d d l i th i tof designing and developing the various systems.

3. A project is typically defined as a collaborative enterprise, frequently involving research or design, that is carefully q y g g , yplanned to achieve a particular aim.

4. A planned set of interrelated tasks to be executed over a fi d i d d i hi i d h li i ifixed period and within certain cost and other limitations.

5. A project is specific and unique with a specific deliverable aimed at meeting a specific need or purpose.aimed at meeting a specific need or purpose.

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Project CharacteristicsProject Characteristics

• Have a specific objective (which may be unique p j ( y qor one‐of‐a‐kind) to be completed within certain specifications

d f d d d d• Have defined start and end dates

• Have funding limits (if applicable)

C h d h (i• Consume human and nonhuman resources (i.e., money, people, equipment)

• Be multifunctional (cut across several functional lines))

• Often involve conflicts6

Overview of Project ManagementOverview of Project Management

Project management techniques originated in industry to address the need for managing increasingly complex activities such as civil and mechanical engineering projects. The techniques involved are something quite different in scope and purpose from the ‘Design Process’ that is familiar to the engineers. Project management concentrates on the management of resources and time 

h lif l f j i iover the life cycle of a project in a systematic manner. 

Project management involves applying a systematicProject management involves applying a systematic approach to achieving the objectives of the project.

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Definition of Project ManagementDefinition of Project Management

“The application of knowledge, skills, tools, and techniques to a broad range ofand techniques to a broad range of activities in order to meet the requirements of a particular project ”requirements of a particular project.

Project Management Institute 2007

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Project ManagementProject Management

• Project Planningoject a g– Definition of work requirements

– Definition of quantity and quality of work

– Definition of resources needed

• Project monitoring– Tracking progress

– Comparing actual outcome to predicted outcome

A l i i t– Analyzing impact

– Making adjustments

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Trends in Project Management?

Project management techniques are increasingly used for:

Achieving Strategic Goals – e.g. Boeing 787 dreamiliner

Achie ing Ro tine Goals i hi iAchieving Routine Goals – e.g. routine machine maintenance

Improving Project Effectiveness – e.g. creation of project management office

Organizing Virtual Projects – e.g. Microsoft Windows 8 development involves global teams whose members operate in different countries, time zones.

Handling Quasi‐Projects – e.g. a new drug development in a pharmaceutical company without a clearly defined objective, a fixed deadline, and a determined budget., g

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Project Management vs.Project Management vs. General Management

Project management differs from general management as “projects” differs from “nonprojects”

General manager “manage by exception”. Project manager only deals with the exceptions.

General management success is dependent on good planning. Project success is absolutely dependent on p g j y pcarefully detailed planning.

“Non‐project” budget follows standard budgeting procedures while project budget is delivered directlyprocedures while project budget is delivered directly.

“Non‐project” rarely crossing organization functional boundaries and the projects crossing them freely.

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What is Managed?What is Managed?

Project management refers to the administration of the j gproject, its supervision and organization. It means analyzing the objectives of the project, defining the tasks needed to achieve these objectives and controlling the executionachieve these objectives and controlling the execution.

Projects have three interrelated goals, these are to:j g ,

•Finish on time

•Meet the scope (specifications that satisfy the clients) 

•Meet the budget limit

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Scope, Cost, and Time Project Performance GoalsProject Performance Goals 

The performance of the project and PM is measured by the degreemeasured by the degree to which three goals are achieved. 13

Tradeoffs between Scope, Cost, and Time 

The primary method of adapting to unpredictedThe primary method of adapting to unpredicted change is to trade off one objective for another.

• Project falls behind schedule → Add more resources.• Budget is short → Negotiate a later delivery date.• Neither cost nor schedule is negotiable→ take lessNeither cost nor schedule is negotiable → take less profit.

• When there is no acceptable ways to deal with the bl t i t th j tproblem → terminate the project. 

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Abilities Needed for EffectiveAbilities Needed for Effective Project Management

Ability to resolve conflicts y Creativity and flexibility Ability to adjust to change Ability to adjust to change Good planning skills Negotiation skills Negotiation skills

• win‐win versus win‐lose 

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The Life Cycle of ProjectsThe Life Cycle of Projects

All organisms have a life cycle (i.e., they are born, All organisms have a life cycle (i.e., they are born, grow, wane, and die) … and so do projects

Some projects follow an S‐shaped curve … they start p j p yslowly, develop momentum, and then finish slowly (e.g. building a house)

Other project follow a J‐shaped curve … they start slowly , proceed slowly, and then finish rapidly (e.g. 

k b k k )cooking or baking a cake)

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Figure 1‐2 The Project Life CycleFigure 1 2  The Project Life Cycle

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Figure 1‐3 An Alternate Project Life CycleFigure 1 3  An Alternate Project Life Cycle

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Selecting Projects to Meet O i i l Obj iOrganizational Objectives

Project selection is the process of evaluating individual projects or groups of projects and then choosing to implement a set of them so that the objectives of the parent organization is achieved.

Conditions considered in selection Is it profitable?

Is it required by law? Is it required by law?

Does the firm have the knowledge and skill to carry it out?

Does the project involve building competencies, consistent with the firm’s strategy?the firm s strategy?

Does the firm has the capacity to carry it out on schedule?

If R&D project, could the technical success bring economic success?

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Nonnumeric Selection MethodsNonnumeric Selection Methods

The “Sacred Cow”‐ a pet project advocated by a senior executive of the firm. 

The operating/competitive necessity –any project that is necessary for the continued 

ti f th fioperation of the firm.

Comparative benefits – among complex projects selection could be made by individuals in theprojects, selection could be made by individuals in the committee through rank‐ordering, such as the Q‐sort method.

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The Q‐Sort MethodThe Q Sort Method

First, separate projects into “good”, “fair” and “poor” subsets. If there are more hthan 7 or 8 in a group, further separate them into, for example, “good‐plus”, and “good minus” Rank theand  good‐minus . Rank the projects in a subset. Arrange the subsets in order of rank to obtain the list of ordersto obtain the list of orders.

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Numeric Selection MethodsNumeric Selection Methods

Financial assessment methods Financial assessment methods

• payback period

di d h fl• discounted cash flow

• opportunity cost analysis 

Scoring methods

• unweighted 0‐1 factor methodunweighted 0 1 factor method

• weighted factor scoring method

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Payback PeriodPayback Period

The Payback Period represents the amount of time that itThe Payback Period represents the amount of time that it takes for a Capital Budgeting project to recover its initial cost. 

InflowsCashNetAnnual

Investment Fixed Initialn

InflowsCash Net Annual

Example ‐ A project with an initial investment of $100,000 and an annual return of $25,000 each year, the payback period, n = $100,000/$25,000 = 4 years.p , $ , /$ , y

* Problem – not consider time value of money 23

Discounted Cash FlowDiscounted Cash Flow

n

tFI-(project)NPV

ttk1

0 )1(I- (project) NPV

where

I0 = the initial investment

Ft = the net cash flow in period t

k = the required rate of return or hurdle rateq

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Discounted Cash Flow ‐ Example

PsychoCeramic Science, Inc. – Prepare a net present 

Discounted Cash Flow  Example

worth analysis using an interest rate of 13% and an inflation rate of 2%

$50

$105 $115 $90 $97$75

$82$65

$35

13

09

10

11

12

14

18

16

17

19

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$90$125 $100

$90

NPV = ‐$125,000‐$100,000(1+0.13+.02)‐1‐$90,000((1+0.13+.02)‐2 

+$50 000((1+0 13+ 02)‐3 + + ($65 000+$35 000)((1+0 13+ 02)‐10+$50,000((1+0.13+.02) + ….+ ($65,000+$35,000)((1+0.13+.02)

= $17,996.77 Since NPV >0, select the project25

Discounted Cash Flow ‐ ExampleDiscounted Cash Flow  ExampleA B C D E F G

Discount Factor NPV Inflation

Year Inflow Outflow Net Flow 1/(1 + i + p)t D x E Rate (p)

2010* 0.00 125,000.00 -125,000.00 1.0000 -125,000.00 0.02

2010 0.00 100,000.00 -100,000.00 0.8696 -86,956.52 0.02

2011 0.00 90,000.00 -90,000.00 0.7561 -68,052.93 0.02

2012 50,000.00 0.00 50,000.00 0.6575 32,875.81 0.02

2013 120,000.00 15,000.00 105,000.00 0.5718 60,034.09 0.02

2014 115 000 00 0 00 115 000 00 0 4972 57 175 32 0 022014 115,000.00 0.00 115,000.00 0.4972 57,175.32 0.02

2015 105,000.00 15,000.00 90,000.00 0.4323 38,909.48 0.02

2016 97,000.00 0.00 97,000.00 0.3759 36,465.89 0.02

2017 90 000 00 15 000 00 75 000 00 0 3269 24 517 63 0 022017 90,000.00 15,000.00 75,000.00 0.3269 24,517.63 0.02

2018 82,000.00 82,000.00 0.2843 23,309.52 0.02

2019 65,000.00 65,000.00 0.2472 16,067.01 0.02

2019 35,000.00 35,000.00 0.2472 8,651.46 0.02, , ,

Total 759,000.00 360,000.00 399,000.00 17,996.7726

Opportunity Cost AnalysisOpportunity Cost AnalysisOpportunity cost is the cost of any activity measured in terms of the value of the next best alternative forgone g(that is not chosen). It is the sacrifice related to the second best choice available to someone, or group, who has picked among several mutually exclusive choicespicked among several mutually exclusive choices. 

For example, if an asset such as capital is used for one h h l f h bpurpose, the opportunity cost is the value of the next best 

purpose the asset could have been used for. Opportunity cost analysis is an important part of a company's decision‐y p p p ymaking processes, but is not treated as an actual cost in any financial statement.

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Opportunity Cost Analysis – An ExampleOpportunity Cost Analysis  An Example Noel has just graduated from medical college and has been offered a job at a prestigious hospital in town with $45, 000 a year. His uncle, who runs a health care and fitness center has also offered him a position for $35 000 a year Howeverand fitness center, has also offered him a position for $35, 000 a year. However, Noel chose to enroll for a medical research program at a local university, which would cost him $38, 000 a year.

Solution: Number of Economic Alternatives = 3 ($45, 000 job, $35, 000 job and ‐$38, 000 research program)

Desired Alternative 38 000Desired Alternative = ‐ 38, 000Next Best Alternative = 45, 000

Since, Opportunity Cost = Cost of Selected Alternative ‐ Cost of Next Best AlternativeTherefore, Opportunity Cost = ‐38, 000 ‐45, 000 = ‐83, 000

Hence his opportunity cost not only includes the cost his Desired AlternativeHence, his opportunity cost not only includes the cost his Desired Alternative would incur but also the value of the Next Best Alternative which he gives up.

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The Weighted Scoring ModelThe Weighted Scoring Model

n

wsS

j

jiji wsS1

wherewhere

Si = the total score of the ith project

s = the score of the ith project on the jth criterionsij = the score of the ith project on the jth criterion

wj = the weight or importance of the jth criterion

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Weighted Scoring Model‐ Example

A college student needs to purchase a car. There are two i i i “ ” d “ li bili ” d hi l

Weighted Scoring Model Example

primary criteria, “cost” and “reliability”, and everything else a “nicety”. Three alternatives are identified. A 5‐point scale is used in each criterion.

Criteria Cost Reliability Niceties

Weights 0 4 0 4 0 2Weights 0.4 0.4 0.2

Alternative Total

A 3 2 4 2.8

B 2 4 1 2.6

C 4 3 1 3 0C 4 3 1 3.0 ←

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Uncertainties Encountered in Project Management

Time required to complete a project l b l d f kAvailability and cost of key resources Timing of solutions to technological 

problemsproblemsMacroeconomic variables The whims of clients The whims of clientsActions taken by competitors 

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Can Uncertainty be Eliminated?Can Uncertainty be Eliminated?

No … uncertainty cannot be eliminated.  However, if managed properly, it can be minimizedp p y,

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Risk AnalysisRisk Analysis

Estimate probabilities or distributions associated with key parametersassociated with key parameters

Construct a mathematical model of the i i d i l i i isituation and run a simulation ... given various scenarios

Analyze distribution of outcomes generated by model

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Risk Analysis with Crystal Ball

Assumption Cells

Distribution Gallery

Forecast Cells

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Risk Analysis with Crystal Ball

An ExamplePsychoCeramic Science, Inc. – Considering the installation of a new manufacturing line with the following cash flows –

End of Year Inflow Outflow Net Flow

End of Year Inflow Outflow Net Flow

2009 0.00 125,000.00 -125,000.00 2015 105,000.00 15,000.00 90,000.00

2010 0.00 100,000.00 -100,000.00 2016 97,000.00 0.00 97,000.00

2011 0.00 90,000.00 -90,000.00 2017 90,000.00 15,000.00 75,000.00

2012 50,000.00 0.00 50,000.00 2018 82,000.00 0.00 82,000.00

2013 120,000.00 15,000.00 105,000.00 2019 65,000.00 0.00 65,000.00

2014 115,000.00 0.00 115,000.00 2019 35,000.00 0.00 35,000.00

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Risk Analysis with Crystal Ball

PsychoCeramic Science, Inc. – Prepare a net present worth analysis using an interest rate of 13% and an inflation rate of 2%

$50

$105 $115 $90 $97$75

$82$65

$35

13

09

10

11

12

14

18

16

17

19

15

$90$125 $100

$90

NPV = ‐$125,000‐$100,000(1+0.13+.02)‐1‐$90,000((1+0.13+.02)‐2 

+$50 000((1+0 13+ 02)‐3 + + ($65 000+$35 000)((1+0 13+ 02)‐10+$50,000((1+0.13+.02) + ….+ ($65,000+$35,000)((1+0.13+.02)

= $17,996.77 Since NPV >0, select the project36

Risk Analysis with Crystal Ball

PsychoCeramic Science, Inc. – Pessimistic, Most Likely, and Optimistic Estimates for Cash Inflows

Minimum Most Likely Maximum End of Minimum Most Likely MaximumEnd of Year Inflow Inflow Inflow Year Inflow Inflow Inflow

2012 $35,000.00 50,000.00 60,000.00 2017 75,000.00 90,000.00 100,000.00

2013 95,000.00 120,000.00 136,000.00 2018 67,000.00 82,000.00 91,000.00

2014 100,000.00 115,000.00 125,000.00 2019 51,000.00 65,000.00 73,000.00

2015 88,000.00 105,000.00 116,000.00 2019 30,000.00 35,000.00 38,000.00

2016 80,000.00 97,000.00 108,000.00

• Use BetaPERT distribution as the p.d.f. for the inflow

• Use Normal distribution as the p.d.f. for inflation rate with a mean ofUse Normal distribution as the p.d.f. for inflation rate with a mean of 0.02 and a std. dev. Of 0.0033

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Risk Analysis with Crystal Ball

PsychoCeramic Science, Inc. –

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Risk Analysis with Crystal Ball

PsychoCeramic Science, Inc. –Statistics Net Present Value of Project

Trials 1000Base Case 17,996.77Mean 14,423.78Median 14,558.57Mode ---Standard Deviation 6 963 06Standard Deviation 6,963.06Variance 48,484,240.19Skewness -0.1192Kurtosis 2.86Coeff. of Variability 0.4827Minimum -6,805.37Maximum 35,540.09R Width 42 345 46Range Width 42,345.46Mean Std. Error 220.19

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Steps in the Project Portfolio Process (PPP)

PPP Attempts to link the organization’s projects directly to the goals and strategy of the organization is also a means forgoals and strategy of the organization … is also a means for monitoring and controlling the organization’s strategic projects. Steps are ‐

Establish a project council Identify project categories and criteriaC ll j dCollect project dataAssess resource availabilityReduce the project and criteria set h hPrioritize the projects within categories Select the projects to be funded and those to be held 

in reserve Implement the process Implement the process

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Categories of ProjectsCategories of Projects

Derivative projects … those that are onlyDerivative projects … those that are only incrementally different from existing offerings

Platform projects … major departures fromPlatform projects … major departures from existing offerings … the next generation

Breakthrough projects … involving a newerBreakthrough projects … involving a newer technology … possibly a “disruptive” technology

R&D projects … “blue sky” or visionary endeavors   

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The Aggregate Project PlanThe Aggregate Project Plan

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Murphy’s Laws in Project ManagementMurphy s Laws in Project Management

Projects progress quickly until they are 90% complete. j p g q y y pThen they remain at 90% complete forever.

When things are going well, something will go wrong. When things just can’t get worse, they will.

When things appear to be going better, you have overlooked something.

If project content is allowed to change freely, the rate of change will exceed the rate of progress.

Project teams detest progress reporting because it if h i l k fmanifests their lack of progress.

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2. The Manager, the Organization, and the Teamand the Team

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Project Manager’s JobProject Manager s Job

Make sure that the project is properly planned, p j p p y p ,implemented, and completed.

The hard partsThe hard parts ‐ Playing the many roles of PM. Negotiating with stubborn functional managers 

and clients. Keeping the peace among project team members. Dealing with senior managers Dealing with senior managers. Being surrounded by the chaos of trying to run the 

project in the organization.

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Project Manager’s RolesProject Manager s Roles

Manager‐as‐facilitator versus manager‐as‐g gsupervisor. PM is usually not a competent overseer in various areas of the project and thus had a different role – the facilitator.

Use of a systems approach as opposed to an Use of a systems approach as opposed to an analytical approach that could lead to suboptimization. Study the bits and pieces in the system and how they fit together, how they interact, and how they affect and are affected by their environment. 

Avoid micromanagement, one of the deadly managerial sins. g ,

Communicate … ensure that project team members have appropriate knowledge and resources. Responsible to the project team, to senior management, to the client, and to any other stake holders.

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Manager as CommunicatorManager as Communicator

Communication paths between a project’s parties‐at‐interest

Solid line – the PM’s communication channels.Dotted line – other communication path bypassing PM.

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Virtual Project ManagerVirtual Project Manager

Geographically dispersed project teams. For Geographically dispersed project teams. For example, aircraft production, many parts are carried out by different organizations in different locations.

C i i i Communication via

•email

•web•web

•telephone

•video conferencingvideo conferencing

In order for virtual project to succeed, communication between PM and project team must be frequent, open , and two way.

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Project Manager’s Golden Rule

“Never let the boss be surprised ”Never let the boss be surprised.

It’s the PM’s job to keep senior management up to date on the state of the project, and keep them informed about the problems affecting the project.

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Project Manager’s ResponsibilitiesProject Manager s Responsibilities to the Project

Three overriding responsibilities ‐

Acquiring resources• Is not difficult but getting necessary quantity and quality can be key challenges• Is not difficult but getting necessary quantity and quality can be key challenges

• Hard to get competent human resource as department managers would not want to release them.

Fighting fires and obstaclesg g• Initially, often links to the need for resources.

• As the project progresses, associated with technical problems, supplier problems, and client problems.

L d hi d ki d ffLeadership and making trade‐offs• Making trade‐offs between project cost, schedule, and scope.

• Among the three goals, scope is usually the most important, followed by schedule, and then cost.then cost.

• Trade‐offs could be between different projects, adding to one and reduce for another.

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Essential Skills of Project ManagerEssential Skills of Project Manager 

It is not possible for the PM to meet these responsibilities without being a skilled negotiator and a resolver of conflict.

Need ability to:Need ability to:• negotiate

• resolve conflicts• resolve conflicts

• persuade• Four essential parts, 1. credible, 2. have common goals, 3. use vivid p , , g ,

language and compelling evidence, and 4. connect with those they try to pursuade. (Jay Conger, 1998) 

• avoid “irrational optimism”p

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Growing Importance of l i l l jMulticultural Projects

Project managers have to be aware of culturalProject managers have to be aware of cultural differences between countries

Common practice in one country may be illegalCommon practice in one country may be illegal in another

P i t ffi i l t f t t k Paying a government official to fast track an approval, leaving out obvious information in a bid, inviting a client to dinner etcinviting a client to dinner, etc.

Project managers have to be trained to the highest ethical standardsethical standards

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Factors Increasing the Importance f jof Projects

Emphasis on time‐to‐market Emphasis on time to market

Need for specialized knowledge from a variety of areasvariety of areas

Explosive rate of technological change i id irequire system‐wide responsiveness

Need for accountability and control

Rapid growth of globalized industry

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The Pure Project OrganizationThe Pure Project Organization

President

VP VPProject Manager VP Marketing

VP

Manufacturing

VP

R&D

M k tiManager

Project A

MarketingManufacturingR&DHuman Resources

M k iManager

Project B

MarketingManufacturingR&DHuman Resources

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The Pure Project OrganizationThe Pure Project Organization

AdvantagesAdvantages• effective and efficient for large projects• resources available as needed• broad range of specialists• broad range of specialists• short lines of communication

Drawbacksi f ll j t t i d d• expensive for small projects, not everyone is needed 

all the time.• specialists may have limited technological depth, and if so, need to hire additional specialists.if so, need to hire additional specialists.

• may require high levels of duplication for certain specialties in the parent organization

• “projectitis” – people got attached to a projectp j p p g p j

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Functional Project OrganizationFunctional Project Organization

PresidentPresident

Manufacturing Marketing R & D Human Resources Finance

Project

56

The Functional Project OrganizationThe Functional Project Organization

Advantages• Embedded in the functional groupI di t di t d l t t i d th• Immediate, direct, and complete access to in‐depth technology

• Minimize the fractional need problem and “projectitis” symptomsymptom

Drawbacks• lines of communication outside functional department can be slow

• technological breadth can be missing• project rarely be given high priority in the divisionp j y g g p y

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Matrix Project Organizationj g

President

ProgramManager

Manufacturing Marketing Finance R&D HumanRManager

PM1 3

Marketing

1 ½ ½ 4

Resources

½

PM2

PM3

1

0

4

1/2

¼

3

1 ½

1/2

¼

1PM3 1/2 3 1/2 1

Two distinct levels – vertical functional hierarchy and horizontal project structure overlay the functional hierarchy. 58

Matrix Project OrganizationMatrix Project Organization

Advantages Advantages• flexibility in the way it can interface with parent organization• Has access to any or all of the parent organization’s technology.• Far less expensive than pure project organization• strong focus on the project itself• contact with functional groups minimizes “projectitis”• ability to manage fundamental trade‐offs across several projects

Drawbacks Drawbacks• violation of the unity of command principle – for each subordinate, 

there shall be one and only one superior. The individual specialist has two bosses, the project manager and the functional manager.

• complexity of managing the organization’s full set of projects• complexity of managing the organization s full set of projects• intrateam conflict, individuals are often committed to their 

functional area rather than to the project. Same people is expected to be at different projects and functional area at the same time. 

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Mixed Project OrganizationMixed Project Organization

President

Project 

MFinance Engineering

Project 

ZManufacturing

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Project Management OfficesProject Management Offices

There is another way of solving the problems of choosing one or another organizational form … setting up a project management office (PMO) … act as staff to some or all projects … shall never replace PM as officer in charge of the project … useful for small project with short lives.

There can be several different types of PMOs in large firms … with different and sometimes overlapping areas of operationswith different and sometimes overlapping areas of operations• CPMO (corporate project management office)

• EPMO (enterprise project management office)

Project management maturity could be measured by PMI’s Project management maturity could be measured by PMI s OPM3 (Organizational Project Management Maturity Model) or other models.

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Characteristics of Effective Project jTeam  Members

Team members must be/have:• technically competenty p

• politically sensitive (for senior members)

• problem oriented

• goal oriented (could not succeed if view it as a 9 to 5 job)

• high self‐esteem

• sufficient trust in their fellow team memberssufficient trust in their fellow team members

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Project Management as A ProfessionProject Management as A Profession

Project Management Institute (PMI), founded in 1969, is a project‐oriented organization with more than 300 000 members worldwidemore than 300,000 members worldwide www.pmi.org

PMI publishes The Project Management Body of l d ( ) d jKnowledge (PMBOK), and Project Management 

Journal and PM Network Certification – Project Management Professionals Certification  Project Management Professionals 

(PMPs) and Certified Associates in Project Management (CAPM)

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