PROJECT MANAGEMENT- GROUP YUKON

INTRODUCTION TO PROJECT MANAGEMENT.

NAME E-MAIL STUDENT ID

1. JINESH PANSARA(LEADER) jpansara@algomau.ca 239629590

2. BHUPESH bhupesh01@algomau.ca 239666710

bhupesh710@algomabrampton.ca
3. GURSEWAK SINGH gursewaksingh@algomau.ca 239610000

4. SEHAJPREET SINGH sehajpreetsingh01@algomau.ca 239685850

5. MONIKA DEVI monikadevi001@algomau.ca 239626700

6. JASMEEN jna@algomau.ca 229610480

 QUESTION:-You have been appointed the President of the Toastmaster Club in
your institution, how would you explain to your members;

o The key characteristics of project management and the principal reasons

project management has become such a popular tool in recent years?
o With an example distinguish the major characteristics of a project program
and portfolio.

ANSWER:- As a President of the Toastmaster Club in my institution , firstly I would like to

explain my members the meaning of Project because the key concept is to learn what is project
and after that how to manage the project.

A project is, in general, a brief endeavor with a clear scope, timetable, and resources taken on
to accomplish a certain aim or purpose. There are projects in many different disciplines,
including finance, engineering, building, developing software, and many more.

A project often has a predetermined beginning and ending date, a list of particular goals or
deliverables, a budget, and resources allotted to help it reach its goals. A team of individuals
collaborates on projects frequently to finish particular tasks and activities that fall inside the
project's scope.

Secondly, I would like to share them about the main qualities of project management.

Businesses often carry out projects to achieve specific objectives that cannot be attained via
everyday labor. Projects assist the business in achieving goals that are outside the scope of
routine production or service. It may be the introduction of a brand-new item, service, or
program. When adjustments to an existing good or service are required right now,
organisations can start initiatives. Project management is necessary for businesses to
successfully finish projects since projects do not arrive with prior information.

Project management entails organising and carrying out a task from start to finish in order to
accomplish its goals. The task must be completed with the time and resources available while
maintaining the acceptable level of quality, according to project managers. Additionally,
coordination with the many departments from which the resources are requested is necessary.
Over time, projects have grown more complicated, necessitating the use of specialised talents
by project managers. We must first examine the two distinct project management structures
before examining the traits of project management.

The key features of Project Management are:-

1. Multifaceted Goals:-
Typically, project management includes several goals. There are goals to be accomplished in
terms of time, cost, and quality. Any choice on any of these issues might have an impact on the
others. The business determines a project's success parameters. These objectives must be
satisfied while staying within the ever-changing cost, time, and quality restrictions, according to
project management. There are constantly a number of different success criteria that must be
satisfied, which is one of the most crucial aspects of project management. A project may only
be deemed successful if it achieves the organization's time, cost, and quality objectives.

2. Specialised Personnel:-
Traditionally, project managers were either designers or financial specialists. To lead the project
teams, companies choose them from within the firm. These representatives were tasked with
leading the group and ensuring that the project's cost, schedule, and quality goals were
reached. Unfortunately, they were limited to one project-related area of expertise. Only quality
control and cost management can be guaranteed by engineers and financial specialists,
respectively. The need for someone who can handle all three components of a work is one of
the key features of project management.

3. Controlling the full project lifecycle:-

In the past, businesses used consultants to provide them with advice on certain project
stages. They serve a purpose in the preparation of the design or the production of the
product. It resulted in a lack of collaboration across various project lifecycle phases.
Because actions made at one point of the lifespan might affect those made at later stages,
this can be challenging. Control over every phase of the project's lifecycle was provided
via project management. The fact that all choices are made with the big picture in mind is
one of the best aspects of project management.

4. Co-ordination among Departments:-

The fact that project management encourages collaboration across other departments and
makes it easier for individuals from various divisions to work together is one of its finest
qualities. Depending on the abilities required to perform the task, project participants are
selected from a variety of disciplines. To offer the required resources, departmental managers
must work in concert with one another and project managers.

There are several reasons why project management is getting popular now a days.

1. Increasing Project Complexity: Without a disciplined strategy, managing projects efficiently

gets tougher as they get more complicated. A structure for planning, carrying out, and
regulating projects is provided by project management, which helps to assure their success.

2. Virtual teams and globalisation: As globalisation has grown, virtual teams have proliferated.
In order to ensure everybody is working towards the same objectives, project management
offers a mechanism for coordinating projects throughout different time zones, traditions, and
geographical locations.

3. Increased outcomes Focus: Companies are putting more emphasis on providing outcomes
and accomplishing their strategic objectives. Project management offers a mechanism to match
initiatives with strategic objectives and track progress in that direction.

Distinguish between Project Management and Portfolio Management.

1. Project management focuses on specific, short-term goals and is transient, whereas
portfolio management concentrates on goals for the future and includes strategic,
coherent objectives.
2. A project generally ceases to exist once its deadline has passed since it has served its
function. According to the number of initiatives it includes and what its overarching goal
is, a portfolio may last for years.
3. Project management concentrates on attaining a specific, immediate goal for a firm,
whereas portfolio management concentrates on balancing many initiatives that help a
company achieve its long-term goals.

Example of Project Management:- 1. Cross-functional workflow creation as a marketing

project

At STX Next, Jakub Grajcar, a marketing manager, oversees a group of content and social
media experts, directs the marketing division's lead generation and brand awareness
strategy, and collaborates with several divisions to complete projects. Up to five content
deliverables are often executed by the team each day, and Jakub frequently reviews tens of
different projects at once.

Example of Portfolio Management:-

The same, At STX Next, assume Jakub Grajcar, a Portfolio Manager, he has to oversee the
whole Projects, Programs and even he also has to lead the Project Management and
Program Manager, in simple words, the project manager and program manager has to work
under him and has to give all the reports to the him as he is a portfolio manager.

REFERENCES:-
1:-Cruz, L. (2023). 5 Real Project Management Examples for Your
Team. ClickUp. https://clickup.com/blog/project-management-examples/
2:https://monday.com/blog/project-management/portfolio-management-vs-project-
management/#:~:text=What%20is%20the%20difference%20between,term%20goal%20for%20a
%20company.

3:- https://www.edureka.co/blog/characteristics-of-project-management/
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