C H A P T E R - 0 1 In Pursuit of Knowledge & Wisdom

The Tony Fernandes School of Business UC-Cambodia

Course BUS305: Fundamentals of Project Management
Instructor: Heng Serey Rathana, BA,BS,MA,MBA,MCE,Ph.d Candidate
Academic Year: 2021-2022

BUS305-FUNDAMENTALS OF PROJECT

MANAGEMENT
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Chapter Objectives
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OVERVIEW OF PROJECT MANAGEMENT

THE PROJECT LIFE CYCLE

PROJECT MANAGEMENT

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1 OVERVIEW OF PROJECT MANAGEMENT

The major characteristics of a project are as follows:

1. An established objective.
2. A defined life span with a beginning and an end.
3. Usually, the involvement of several departments and
professionals.
4. Typically, doing something that has never been done before.
Joseph Moses Juran (December 24, 1904 – February 28, 2008) 5. Specific time, cost, and performance requirements.
was a Romanian-born American engineer and management
consultant. (Gray & Larson, 2018)

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1 OVERVIEW OF PROJECT MANAGEMENT

Projects should not be confused with everyday work. A project is not routine, repetitive work! Ordinary daily work
typically requires doing the same or similar work over and over, while a project is done only once; a new product or
service exists when the project is completed.

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1 OVERVIEW OF PROJECT MANAGEMENT

Projects, Programs & Portfolios

• A project is a planned undertaking of
related activities to achieve a unique
outcome that has a specified duration. Portfolio
• A program is a group of related Project
projects coordinated to harness Program
synergies.
• A portfolio is a group of projects or
Project Project Project
programs (which may not be directly
related) pursued to reach strategic
objectives.

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Other Key Terms

▪ Stakeholders are those entities that are actively involved in the project, who have a
vested interest in its success, or who have a positive or negative influence over the
project and its results.
▪ Project sponsor is a member of the organization who is responsible for the high-
level support of the project.
▪ Project manager is a person with a diverse set of skills – general management,
leadership, technical, conflict management, and customer relationship management
– who is responsible for managing a project as it goes through its individual phases
from concept to completion.
▪ Project success is the degree to which project objectives have been achieved on
time, within budget, and with the agreed upon quality and scope.

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2 THE PROJECT LIFE CYCLE

▪ A project life cycle refers to

the stages in a project’s
development. Life cycles are
important because they
demonstrate the logic that
governs a project. They also
help us develop our plans for
carrying out the project.

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Determinants of Project Success

▪ Definition of project success must take into consideration the elements that define the very
nature of a project: that is, time (schedule adherence), budget, functionality/quality, and
customer satisfaction.

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▪ Time: Projects are constrained by a specified period of time during which they must be completed.
▪ Budget: A second key constraint for all projects is a limited budget. Projects must meet budgeted
allowances in order to use resources as efficiently as possible.
▪ Performance: All projects are developed in order to adhere to some initially determined technical
specifications.
▪ Client acceptance: The principle of client acceptance argues that projects are developed with
customers or clients in mind, and their purpose is to satisfy customers’ needs.

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PMI’s PMBOK® Guide

identifies five process
groups.
The new PMBOK® Guide has added
five new project management
processes:

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4 HOMEWORK-01

1. Define project and project management?

2. What is project life cycle? Please explain
3. According to PMI’s PMBOK® Guide, please identifies
five process groups.
4. Describe the know area of project management.
5. Explain the project management process.

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