Key Steps to Successful Project Management Principles

Carol Friedhoff
Carol Friedhoff
60 Minutes
Product Id:
6 months

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$132 Recorded
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A project is a temporary endeavor undertaken to create a unique product, service or result. Project management is the application of knowledge, skills, tools and techniques to project activities to meet the project requirements. Companies have come to recognize the importance of project management in helping them achieve their objectives and have added this to their organizational structure. Project management started with the construction industry and has evolved over time.

It is now principally used for Information Technology projects. However, project management can be used and applies to any temporary endeavor, no matter how large or small. The Project Management Institute was founded in 1969 on the premise that there were many management practices that were common to projects in diverse areas including construction and pharmaceuticals. It has evolved into the world's leading not-for-profit professional membership association for the project, program and portfolio management profession. PMI delivers value for more than 2.9 million professionals working in nearly every country in the world through global advocacy, collaboration, education and research. PMI advances careers, improves organizational success and further matures the profession of project management through its globally recognized standards, certifications, resources, tools, academic research, publications, professional development courses, and networking opportunities. It provides a Guide to the Project Management Body of Knowledge which is a recognized standard for the project management profession. It provides information about the application of appropriate knowledge, processes, skills, tools, and techniques that can have a significant impact on project success.

Although projects are iterative in nature, the description of Process Groups and Knowledge Areas that are used to manage projects will be sequential. However, in practice there is much overlap. Project Management requires the effective management of appropriate processes. A process is a set of interrelated actions and activities performed to achieve a product, result or service. The project management process groups are:

  • Initiating - Processes performed to define a new project or phase by obtaining authorization to start that project or phase. Key project management processes are Develop Project Charter and Identify Stakeholders.
  • Planning - Processes required to establish the scope of the project, refine the objectives and defined the course of action required to attain the objectives of the project.
  • Executing - Processes performed to complete the work and satisfy the project specifications.
  • Monitoring and Controlling - Processes required to track, review, and regulate the progress and performance, to identify areas in which changes to the plan are required and to initiate the corresponding changes.
  • Closing - Processes performed to finalize all activities across all process groups to formally close the project or phase.

There are 9 Knowledge areas that contain the project management processes that are needed to complete the project. They are:
  • Integration Management - Identify, define, combine, unify, and coordinate various processes and activities.
  • Scope Management - Ensure that the project includes all the work required, and only the work required, to complete the project successfully. Defining and controlling what is and is not included in the project.
  • Time Management - Identify and manage time required to successfully complete the project.
  • Cost Management - Estimate, budget and control costs so project can be completed within approved budget.
  • Quality Management - Determine quality policies, objectives, and responsibilities so that the project will satisfy the needs for which it was undertaken.
  • Human Resource Management - Plan, organize, manage and lead the project team.
  • Communications Management - Ensure timely and appropriate generation, collection, distribution, storage, retrieval and ultimate disposition of project information.
  • Risk Management - Conduct risk management planning, identify what could go wrong, analysis, response planning, and monitoring and control.
  • Procurement Management - Purchase or acquire products, services, or results needed from outside the project team.
PMI offers certification to Project Managers. A Project Manager can become certified as a Project Management Professional (PMP). A Project Manager who has enough experience and training can submit an application to sit for Certification Exam. Certification is an important step in career development and recognizes quailfied and competent individuals.

Why should you Attend: Have you ever received an assignment but did not know what tools to use to complete it? Could it be managed as a project? Do you know anything about projects and project management? Did you know that there are processes or a set of interrelated actions and activities that can be performed to achieve the results of a project? Do you know how to initiate, plan, execute, monitor and close a project which could be used to manage an assignment? What skills are most important for managing a project?

How do you determine what needs to be included in a project and what should be excluded? Once the requirements for the project are determined, how do you determine the level of quality that is expected? How do you get approval to start a project? How do you determine who should provide that approval? How do determine how long the project will take and what the expectations are for when the project should be completed? What steps are needed to determine the cost of a project and who authorizes the expenditures? How do you determine what resources (which may include people, products, services or results) that you will need to complete the project? What steps do you need to take to acquire those resources and what approval is needed? Are there legal or contractual processes needed in order to acquire and use the resources? How will you make sure that project information is communicated in a timely and appropriate manner?

How do you determine who needs this information and what information they need? When managing the project things may go wrong or there may be risks that negative events will impact the project? How do you identify those risks, how to plan to respond to the risks and what are ways to monitor and control them so the project remains on track? Are you feeling overwhelmed? Did you know that the Project Management Institute (PMI) has documented standards for managing projects that are common to most projects? Training and certification are available to help people understand and use Project Management.

Areas Covered in the Session:
  • Introduction to Projects and Project Management
  • Project Management Institute (PMI)
  • 5 project processes
  • 9 knowledge areas
  • Certification

Who Will Benefit:
  • Supervisors
  • Managers
  • Quality Managers
  • Human Resource Managers
  • Communication Managers
  • Risk Managers
  • Procurement Managers

Speaker Profile
Carol FriedhoffCFP®, MS, EA, PMP, President of Savvy Outcomes Inc., is a fee-only Certified Financial Planning™ practitioner. She has many years of business experience with more than 20 years in financial services. An active member of numerous organizations including the National Association of Personal Financial Advisors (NAPFA), Alliance of Comprehensive Planners (ACP), Financial Planning Association (FPA), Professional Member of National Speakers Association, and Project Management Institute (PMI).

Carol is also active in the community. She offers financial presentations and planning services to help people with all financial backgrounds reach their goals. Carol is the author of Keep Investments Simple but Sweet, has an undergraduate degree from St. Francis University and a master’s degree (Systems Engineering) from The Ohio State University.

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