1) Basics of Project management.

1. Definition: A project is a temporary endeavor undertaken to accomplish a

unique purpose.

–Project management is the application of knowledge, skills, tools, and

techniques to project activities to meet or exceed project requirements

2. Objectives: The primary objectives of project management include delivering

the project scope on time, within budget, and meeting quality standards while
managing risks and stakeholder expectations.

3. Project Lifecycle: Projects typically follow a lifecycle consisting of initiation,

planning, execution, monitoring and controlling, and closing phases.

4. Key Components: Project management involves managing various

components such as scope, schedule, budget, quality, resources,
communication, risk, and stakeholders throughout the project lifecycle.

5. Roles and Responsibilities: Project management assigns roles and

responsibilities to team members, including the project manager who
oversees the project's overall success and coordinates activities among team
members.

6. Tools and Techniques: Project managers utilize various tools and techniques
such as Gantt charts, critical path analysis, risk management matrices, and
communication plans to effectively plan, execute, and monitor projects.
7. Stakeholder Management: Effective stakeholder management involves
identifying, engaging, and communicating with all parties impacted by the
project to ensure their needs and expectations are addressed.

8. Risk Management: Project managers identify potential risks, assess their

impact and likelihood, develop response strategies, and monitor and control
risks throughout the project to minimize negative impacts on project objectives.

9. Communication: Clear and consistent communication among team

members, stakeholders, and other relevant parties is crucial for project
success, ensuring everyone is informed and aligned throughout the project
lifecycle.

10. Continuous Improvement: Project management involves learning from

past experiences, analyzing project performance, and implementing lessons
learned to continuously improve project management processes and
outcomes.

These basic principles provide a foundation for effective project management,

guiding practitioners in successfully delivering projects on time, within budget,
and to the satisfaction of stakeholders.
2) Triple Constraints in project Management.

The triple constraints in project management refer to the three primary factors
that constrain and influence the execution of a project: scope, schedule, and
budget.

a) Scope: The scope of a project defines the boundaries and deliverables of the
project. It encompasses all the work that needs to be done to achieve the
project objectives. Changes to the scope can significantly impact the project's
schedule and budget.
b) Schedule: The schedule outlines the timeline for completing various project
activities and milestones. It defines when each task or deliverable is expected
to be completed. Changes to the schedule can affect the project's scope and
budget, as delays in one task may cascade to other tasks.

c) Budget: The budget sets the project's financial constraints, including

resource allocation and funds for various project activities. It includes costs
for labor, materials, equipment, and other resources. Changes to the budget
can impact on the project's scope and schedule, as overspending in one area
may require adjustments elsewhere.

These three constraints are interrelated, meaning changes to one constraint

can have ripple effects on the others. Project managers must carefully manage
and balance these constraints throughout the project lifecycle to ensure
successful project delivery. This concept is often represented visually as a
triangle, where each constraint forms one side, illustrating the inherent trade-
offs involved in project management.
3) Project Management life cycle

a) Define Project Goal:

- Identify and define the purpose, objectives, and desired outcomes of the
project.
- Clarify stakeholders' expectations and ensure alignment with organizational
goals.
- Establish measurable success criteria to evaluate project performance
against the project goals.
b) Plan Project:
- Develop a detailed project plan outlining tasks, milestones, resources, and
timelines required to achieve project goals.
- Define project scope, deliverables, and constraints, considering the triple
constraints of scope, schedule, and budget.
- Identify and analyze risks and develop mitigation strategies to address
potential challenges.
- Allocate resources, including personnel, budget, and materials, to support
project activities.

c) Execute Project Plan:

- Implement the project plan by executing scheduled tasks and activities
according to the defined timeline and budget.
- Coordinate and manage project resources, including team members,
vendors, and equipment, to ensure efficient progress.
- Monitor project performance against the plan, tracking key metrics such as
progress, budget expenditures, and quality standards.

- Communicate regularly with stakeholders to provide updates on project

status and address any issues or changes.

d) Close Project:

- Formalize project closure by completing all outstanding deliverables and

obtaining necessary approvals.

- Conduct a final review to ensure all project requirements and objectives

have been met satisfactorily.
 - Hand over project deliverables to the client or end-users and obtain their
acceptance.

- Release project resources, close contracts, and finalize financial accounts

related to the project.

e) Evaluate Project:

- Reflect on the project's overall performance, assessing achievements,

challenges, and lessons learned.

- Gather feedback from stakeholders to identify strengths, weaknesses, and

areas for improvement.

- Analyze variances between planned and actual performance to understand

the project's success and areas for optimization.

- Document project outcomes, including successes, failures, and

recommendations for future projects.

By following these steps in the project management lifecycle, organizations

can effectively plan, execute, and evaluate projects to achieve their goals while
delivering value to stakeholders.
4) PMBOK Knowledge Base.

PMBOK, the Project Management Body of Knowledge, serves as a standard

framework for project management. It encompasses the following key
knowledge areas:

1. Project Integration Management: Coordinating all project aspects for

seamless execution.
2. Project Scope Management: Defining and controlling project boundaries.
3. Project Time Management: Planning and controlling project schedules.
4. Project Cost Management: Estimating, budgeting, and controlling project
costs.
5. Project Quality Management: Ensuring project meets required standards.

6. Project Human Resources Management: Managing project team throughout

the lifecycle.

7. Project Communications Management: Ensuring timely and appropriate

project information flow.

8. Project Risk Management: Identifying, analyzing, and responding to project

risks.

9. Project Procurement Management: Acquiring goods and services from

external sources.

These areas cover essential aspects of project management, providing

guidance for effective project execution.
5) Project selection Model ( Numeric and Non numeric Selection Model)

A project selection model is a structured approach or framework used to

evaluate and prioritize potential projects based on predetermined criteria. It
helps organizations make informed decisions about which projects to pursue
by considering factors such as feasibility, strategic alignment, resource
availability, and expected returns.

1. Numeric Project Selection Model:

a. Cost-Benefit Analysis:
- Evaluates projects based on the ratio of benefits to costs.

- Example: Calculate the net present value (NPV) or return on investment

(ROI) for each project option.

b. Payback Period:
- Measures the time it takes for a project to recoup its initial investment.

- Example: Select the project with the shortest payback period, indicating
faster returns.

c. Internal Rate of Return (IRR):

- Determines the discount rate that makes the net present value of the
project's cash flows zero.
 - Example: Choose the project with the highest IRR, indicating higher
profitability.

d. Scoring Models:

- Assigns numerical scores to various project attributes and selects the

project with the highest overall score.

- Example: Rate each project on factors like strategic alignment, risk, and
resource requirements.

2. Non-Numeric Project Selection Model:

a. Qualitative Assessment:

- Considers subjective factors such as strategic alignment, market demand,

and organizational fit.
- Example: Select the project that aligns best with the company's long-term
goals and values.

b. SWOT Analysis:
- Evaluates projects based on their strengths, weaknesses, opportunities,
and threats.

- Example: Assess each project's internal capabilities and external factors

to identify potential risks and opportunities.

c. Multi-Criteria Decision Analysis (MCDA):

- Considers multiple criteria, including qualitative and quantitative factors,
to rank project options.
 - Example: Use a decision matrix to compare projects based on criteria such
as cost, risk, and strategic alignment.

d. Expert Judgment:
- Relies on the insights and expertise of project stakeholders and subject
matter experts to select the most suitable project.

- Example: Engage a panel of experienced professionals to review project

proposals and provide recommendations.

These models provide structured approaches for selecting projects based on

both quantitative and qualitative factors, ensuring alignment with
organizational goals and maximizing value.
6) https://youtu.be/Us5YtgvfomQ?si=_TFJ5275q5_QimIH