Slide 1What is a project?Characteristics of a projectCharacteristics of a project (cont’d)Characteristics of a project (cont’d)Examples of ProjectsWhy Project Management?Main Project ObjectivesThe Project ManagerWhat it takes to be a good PMIn place of conclusion…1BA 341 – Lean OperationsDr. Bogdan BichescuIntroduction to Project ManagementWhat is a project? A project is…a temporary endeavor undertaken to create a unique product or service. Project Management Body of Knowledge (PMBOK)Characteristics of a projectPurpose – a one time activity with well- defined desired end results__________ – has a definite beginning and a definite end, hence a finite durationLife Cycle - projects evolve in steps  from a slow beginning they progress to a build-up of size, then peak, begin a decline and then must be terminatedTemporaryCharacteristics of a project (cont’d)Interdependencies – projects can interact with other projects within the same parent organization and most typically, with the functional departments (marketing, finance, manufacturing, etc) of the firm;How are projects organized?As part of the functional organizationMatrix organizationPure ProjectCharacteristics of a project (cont’d)____________ – every project has elements that make it unique – e.g. an office building has different owners, design, location, contractors, etc.;________ – projects vs. functional dept. and project vs. project with respect to resources and personnel;UniquenessConflictExamples of ProjectsVW launches a new PassatApple launches iOS 10Construction of Haslam Business BuildingDisney (Lucasfilm) produces “Star Wars – The Force Awakens”Pfizer launches SudafedWhy Project Management?Exponential expansion of knowledgeGrowing demand for complex, customized goods and servicesGlobalization of worldwide marketsEver expanding size of projectsMain Project ObjectivesPerformance (scope) refers to the outcomes, deliverables of the project and compares them against project specifications and stakeholders’ expectations; CostTimeThe Project ManagerResponsible toThe parent organization________The project teamMajor challenges Selecting and motivating the personnelDealing with obstacles________________________Communicating with all partiesDealing with project risks and potential failure The clientMaking project goal trade-offsWhat it takes to be a good PMStrong technical and managerial background Credibility_________________________Excellent organizational (planning, goal-setting) skillsNegotiator and team-builder______________________Ability to handle pressureExcellent communication skillsSensitive to political issuesIn place of conclusion…MethodologyScheduleRequirementsCostCustomer ExpectationsBusinessObjectivesRiskRiskThe ProjectConstantly balancing customer expectations and achievement of internal business objectives, while simultaneously delivering within the triple constraintThe Role of Project Management consists of