What Is Project Management? | Introduction To Project Management | PMP Training Videos | Simplilearn
Simplilearn2019-11-26
importance of project management#introduction to project management#pmp training videos#project management definition#project management definition and characteristics#project management fundamentals#project management tutorial#simplilearn#simplilearn pmp#what is project management#what is project management and its characteristics#what is project management life cycle#what is project management skills#why project management#why project management interview questions
56K views|4 years ago
💫 Short Summary
This extensive guide to project management covers the fundamental principles, best practices in procurement and contracting, critical success factors, project roles, and certifications. It emphasizes the importance of understanding project organization, monitoring and control processes, and the role of key performance indicators in ensuring project success. The guide also explores various project management roles and the associated certifications, providing a comprehensive overview for professionals in the field.
✨ Highlights
📊 Transcript
✦
Project organization decides on the make or buy strategy for project deliverables and products.
25:53Some deliverables and products are made in-house, while others are purchased from external suppliers.
Evaluation, qualification, and selection of suppliers is a crucial part of the process.
✦
Three types of contracts - cost plus, fixed price, and time and material - are used depending on the project scenario.
27:00Cost plus contract involves a known cost with an additional fee paid to the supplier.
Fixed price contract requires a clearly defined scope of work.
Time and material contract is based on the billing of resources spent.
✦
Critical success factors in a project are supported by metrics and key performance indicators (KPIs) to measure the achievement of objectives.
28:02KPIs are used to measure the success of critical factors, such as passing an exam with a minimum score of 60%.
Regular measurement and focus on KPIs are important for project success.
✦
Deliverables in a project refer to the output within the project scope and need to be measured, tested, and confirmed for performance.
29:32Deliverables may include products, services, or results.
Each deliverable has a defined scope and specification.
Monitoring and control processes are used to ensure deliverables meet the required standards.
✦
Work breakdown structure (WBS) is essential for visualizing the various components and actions involved in achieving a project's deliverables.
30:32Products and services should be broken down into multiple components for better visualization.
WBS helps in understanding the detailed work elements and assigning resources.
Activity sequencing and optimization are important for the smooth flow of the project.
00:07 hi
00:08 welcome to project management tutorial
00:10 from simple learn i am chandra mr a
00:12 professional consultant and coach
00:15 in best practices related to project
00:17 management and i.t service management
00:18 today as part of this tutorial we are
00:21 going to learn the basic
00:23 understanding about the project
00:24 management and the required knowledge
00:27 for a project manager to become
00:28 successful in managing projects so as
00:31 part of this tutorial we are going to
00:32 look at
00:33 what is project management what is
00:36 project components of project management
00:38 project life cycle key focus areas in
00:40 project management job roles in project
00:43 management and project management
00:45 certifications so what is project
00:47 management now as defined in pmis pmbok
00:51 project management is application of
00:54 knowledge skills tools and techniques to
00:56 project activities to meet project
00:59 requirements so every project will have
01:01 an objective to accomplish similarly the
01:03 objective of project management is to
01:05 make the final deliverables in a finite
01:07 time and budget this involves having
01:09 clear understanding about the
01:11 deliverables of the project require
01:13 resources for the project resource in
01:15 terms of human resources technical
01:17 resources financial resources etc
01:19 project managers should have a full
01:21 picture of those aspects we can call it
01:23 as constraints or aspects and manage
01:26 those throughout the project life cycle
01:28 for which a project manager should have
01:30 a full view about a project and what is
01:34 that this project has to accomplish that
01:36 objective should be clear
01:38 so as part of project management the six
01:40 constraints which project manager should
01:42 look at are scope time quality cost risk
01:47 and resources so each of these areas has
01:50 very important role to play in project
01:52 management the clarity in scope the
01:54 clarity in terms of schedule within
01:56 which the project has to be delivered
01:58 the cost what it incurs to that
02:00 particular project once it is finalized
02:02 one cannot vary when cannot change
02:05 without any proper approvals similar to
02:07 that we have quality management which
02:09 has to ensure the scope the
02:11 specifications what are defined project
02:13 output will be accordingly achieved risk
02:16 every project is taken up for a specific
02:18 reason by organization so organization
02:21 should assess the risk associated with
02:23 the project and similarly as project
02:25 progresses various different risks has
02:28 to be identified like risk related to
02:30 project management risk related to
02:32 technology area risk related to
02:34 resources risk related to financial
02:36 things so broadly risk management plays
02:40 a very important role so there will be
02:42 something called contingency reserve
02:43 kept for a identified risk above the
02:46 cost what is estimated for various
02:49 deliverables from the project so every
02:51 projects require resources resources may
02:54 be in terms of human resources financial
02:56 resources
02:57 technology resources environmental
03:00 resources so all these resources are
03:02 used to produce the output of the
03:05 project so these resources has to be
03:07 managed with the sufficient optimization
03:10 and standardizations required now let us
03:12 understand the definition of a project
03:14 so what is the project pmi defines a
03:17 project as a temporary endower
03:19 undertaken to create a unique product
03:21 service or result the temporary nature
03:23 of a project indicates that a project
03:25 has a definite beginning and end so when
03:27 i say product unique product it means
03:31 every output it may be similar products
03:33 you are producing with the same features
03:35 and functionality but the output of
03:37 every project is unique because it is
03:39 unique in terms of
03:41 all the six constraints what we just
03:43 discussed now now when i say product it
03:45 is very easy for us to visualize it may
03:47 be a desktop it may be a laptop it may
03:49 be a car it may be a machine etc but how
03:52 do i visualize a service a project
03:55 output is a service now it is it's about
03:58 building a capability a project by
04:00 through a project a capability can be
04:02 built to ensure services can be provided
04:05 that's what the output of project is
04:07 service for example if i think about a
04:09 taxi services for providing a taxi
04:12 services i need a mobile app i need taxi
04:15 i need a server i need a data center
04:19 so all these are various different
04:20 products and services here service
04:22 example can be internet service so
04:24 combination of all these services and
04:26 products builds the capability for an
04:28 organizations who can provide the taxi
04:30 services so building that capability we
04:33 say it is an output of a particular
04:35 project which is called service
04:37 similarly results can be
04:39 improvement of something improvement in
04:41 customer satisfaction increase in
04:44 some specific objectives or specific
04:46 results needs to be achieved in
04:47 performance perspective so
04:49 output of every project will be unique
04:51 product or a service or a result this we
04:54 need to clearly understand so when we
04:55 say there is a definite beginning and
04:57 end every project starts at a certain
05:00 point in time and ends at certain point
05:02 in time so it has a definite beginning
05:04 and end that is the reason it is
05:05 temporary in nature it is not an ongoing
05:08 business activity right
05:10 so every project will have a life cycle
05:13 a beginning and end so when it starts
05:16 till end until the result or a service
05:20 or a product which comes as an output of
05:21 a project project lifecycle is not ended
05:24 so interestingly in a product life cycle
05:27 or in a service life cycle you come
05:29 across
05:30 many project life cycles so one project
05:32 life cycle means one project is
05:34 initiated to introduce a product or
05:36 services next project or
05:39 initiated would be to enhance the
05:41 capability of a service or a product
05:42 next project initiated after some time
05:44 is to optimize something similarly at
05:46 the end of the product lifecycle project
05:48 is initiated to retire that product or
05:50 services so in a given product life
05:52 cycle there will be multiple project
05:54 life cycle so what is involved in the
05:56 project life cycle it involves five
05:58 areas five groups we can call it so
06:00 initiation planning execution monitoring
06:04 and closure so when i say initiation
06:06 it's all about understanding what is
06:08 project giving the basic understanding
06:11 of the project collating the details and
06:13 having key stakeholders identified once
06:17 that is done one will move towards
06:19 planning so here in the initiation it is
06:22 very clearly one has to understand is
06:25 project is worthwhile of doing so one
06:28 has to check the feasibility one has to
06:30 measure that particular investment is
06:32 making sense and then confirm yes it
06:35 makes sense to invest now next planning
06:38 as we have a basic understanding of yes
06:40 this project has to be done and a
06:42 discussion with the key stakeholders
06:44 have happened
06:45 now that moves towards planning now in
06:48 planning one will understand the project
06:50 in entirety if it is a waterfall
06:52 approach one has to have a clear
06:54 articulation of entire project a
06:56 comprehensive details holistic approach
06:59 now if you go if you are going in a
07:01 project in an agile way of approach now
07:03 in this planning you may have a big
07:04 skeleton as you go in each of the
07:06 iteration you may go deep dive into
07:08 detailed planning if it is agile
07:10 approach so planning provides you the
07:12 clear insight towards what needs to be
07:14 done in this project how it has to be
07:16 done and what are the results which can
07:18 be achieved out of that particular
07:20 project so this involves making that a
07:22 clear blueprint often project objectives
07:25 what we are supposed to achieve so this
07:27 will become a reference point throughout
07:29 the project life cycle then execution as
07:32 you have a blueprint of the project as
07:33 the direction of that project is set
07:35 detailing of the project has been made
07:37 one will go ahead and execute the
07:39 project execute in the sense
07:40 implementation acquiring resources and
07:43 implementing it so execution phase
07:45 involves the allocation of resources and
07:48 making the deliverables as required you
07:50 acquire resources you configure a
07:52 resource you ensure right resources are
07:55 required if it is human resource one has
07:57 to educate that human resource with the
07:59 project required knowledge or details or
08:02 one has to provide that assignment in
08:05 such a way that skills of that
08:06 individuals what they should have is
08:09 acquired by those individuals so that
08:10 deliverables can happen
08:12 and they need to be managed the entire
08:14 team needs to be managed for that a
08:16 clear structure has to be created
08:18 similarly when you do technology
08:20 resource perspective those components
08:22 has to be tested configured then
08:24 integrated again tested for uncheck the
08:26 performances so collective action of
08:29 this results in a deliverable during the
08:31 execution so as the deliverables are
08:33 happening in the execution it is quite
08:35 obvious project manager has to monitor
08:38 review control that particular
08:41 deliverable and also the processes tools
08:43 resources used during the project even
08:45 those needs to be monitored so that they
08:47 are complying to the defined processes
08:50 so during monitoring there may be a
08:52 deviation one can found during
08:54 monitoring there may be the project is
08:56 running the way it is required so in
08:58 this monitoring phase it involves an
09:01 action from project manager to monitor
09:04 and control the work of the project so
09:06 comparing with the blueprint of plan
09:08 what is accomplished what is created
09:10 during the planning
09:11 phase of this project and as the
09:14 execution happens monitoring and control
09:16 is monitoring it and checking is that
09:19 activities what is being done is
09:21 according to the plan or not similarly
09:23 the deliverables which comes as an
09:25 output of a project are tested
09:27 thoroughly whether those have a specific
09:29 features and functionality and are they
09:31 functioning the way it is required now
09:34 project has to be delivered to the scope
09:36 what is defined it should not go beyond
09:38 that or below that similarly the
09:40 schedule what is made for the project
09:41 within that schedule project
09:43 deliverables has to be accomplished
09:45 within the cost what is budgeted for the
09:47 project so during the project your
09:50 project manager may find
09:51 there are certain uh deviations which
09:54 are occurred there are additional
09:56 challenges which has come in so for this
09:58 reason one has to ensure continued
10:01 monitoring as the execution happens and
10:03 identify those deviation and ensure
10:05 whenever there is a deviation there is a
10:07 correction whenever there is an
10:09 additional things coming in that needs
10:10 to be considered carefully whether that
10:12 need to be involved as part of this
10:14 deliverable or should be taken it
10:16 separately so this requires a lot of
10:18 conversation with all the stakeholders
10:19 of the project during the entire project
10:21 life cycle especially during planning
10:23 execution monitoring and control since
10:26 they are not the one which is happening
10:27 in sequence so planning can also come
10:29 back again where there is something
10:31 which you may require to modify
10:33 so may require to have a change in the
10:35 blueprint itself by adding that new
10:37 change which is coming in so you go back
10:39 to planning so planning execution
10:41 monitoring and control are going hand in
10:43 hand so that project deliverables are
10:45 happening as needed similarly all the
10:48 process work instructions all those
10:50 templates what is given are used one is
10:53 complying to those requirement it is
10:55 very important and project is done
10:57 within the scope schedule and time
11:00 and the quality metrics defined then as
11:03 the completion of the project happens as
11:05 the monitoring and control says yes
11:07 deliverable has happened according to
11:09 the requirement
11:10 then the project moves to the closure
11:12 the closure may be closure of a specific
11:14 project phase a milestone deliverable or
11:16 a phase deliverable
11:18 or it can be deliverable at the end of
11:20 the project which is the ultimate
11:22 deliverable
11:23 so processes in closing has to be
11:25 triggered whenever there is end of the
11:27 phase whenever there is a deliverable to
11:29 conclude and also at the end of the
11:30 project to conclude the entire project
11:32 so during the closure one has to ensure
11:36 capturing all the details in terms of
11:38 what is accomplished against what is
11:39 defined what went wrong what went well
11:42 what is a learning one has to take to
11:44 the next level or next phase or to the
11:46 next project and at the same time a
11:48 sign-off has to be obtained formally and
11:51 everything should be summarized and have
11:53 a good handshake with the project
11:55 stakeholder mainly a business or
11:57 customer and also disseminating of team
12:00 means you will dismantle the entire team
12:02 and send them back to their specific
12:04 units or specialization and they may get
12:06 assigned to new project or if it is a
12:08 functional they can go back to their
12:09 functions to do their functional
12:10 activities so that was about entire
12:12 project lifecycle what happens now while
12:15 doing this i mentioned there are six
12:17 constraints that is scope schedule cost
12:20 quality risk and resources so keeping
12:23 these in mind one has to ensure project
12:26 is successful in all aspects so to
12:28 become successful there are few key
12:30 areas which has to be looked at so first
12:34 six key areas are scope schedule cost
12:37 quality resources and stakeholders now
12:39 let us look at the scope what does scope
12:41 means scope is about what needs to be
12:44 delivered what is in scope what is out
12:46 of the scope so this refers to all those
12:49 deliverable scope all those activity
12:52 scope basically we speak about two
12:54 things one is product scope and project
12:56 scope product scope is all about
12:58 ensuring the features functionality of
13:00 products are well defined and understood
13:02 and signed off and while delivering that
13:04 product that is tested against those
13:06 defined features and functionalities
13:08 whereas project score focus on all the
13:10 activities needs to be done all those
13:12 templates which has to be used all the
13:14 process which has to be complied with
13:15 all the skills which is required to be
13:17 applied so it is going as defined so by
13:20 doing this activities which is defined
13:22 as part of project scope the result the
13:24 deliverable will come out which will be
13:27 in line with the deliverables features
13:29 and functionality which is defined as
13:31 part of product scope it is very
13:32 important to ensure entire projects
13:35 happens within this particular scope
13:37 there should not be any deviations from
13:38 this schedule perspective for that
13:40 specifications what we are defined for a
13:42 product and project so these needs to be
13:44 done in a specific point in time means
13:46 in a specific schedule there will be
13:48 start time and time right so
13:51 one has to plan how long a project would
13:53 take and what are the deliverables
13:55 should happen in what sequence what
13:57 activities are required to accomplish
13:59 this so all these needs to be understood
14:02 so while performing the schedule
14:05 management one has to look at a specific
14:08 deliverable at a specific point in time
14:10 by applying a specific set of activities
14:13 required so this will tell you the
14:14 duration of the project
14:16 this will provide you the sequence of
14:17 project this will also help you to
14:19 understand the dependency between one
14:22 task to another task this will also help
14:24 you to understand how the deliverables
14:26 happening in what sequence which helps
14:28 in prioritizing your deliverables third
14:31 is cost so as we know to do any project
14:34 it is very essential to ensure project
14:37 happens within that budget so project
14:39 cost is estimated initially then that
14:42 estimated cost will be checked checked
14:44 in terms of is the assumptions
14:46 considerations are right or wrong is
14:48 that really so much of a monetary
14:50 resource required for the project
14:52 and then after understanding the
14:53 justification and obtaining the clarity
14:56 budget is i mean monitor resources are
14:58 allocated and confirmed approved then it
15:01 will become a budget that will be a cost
15:03 based line so these estimation
15:05 allocation of budget once it happens
15:08 that will become a base and any
15:09 deviations from that cannot happen so
15:12 easily so any deviations because of
15:14 additional of scope that can be handled
15:16 through change management but idealistic
15:18 scenario the cost should not escalate or
15:20 come down organization can also set
15:22 certain tolerances at the project level
15:24 considering various different scenarios
15:26 like scenario of risks scenario of
15:29 something which deviated from the
15:30 deliverable so to what extent it can
15:33 deviate that tolerance will also be set
15:35 at the economic or monetary value
15:37 perspective that is about cost now
15:40 quality as we know quality is a very
15:43 important area which ensures the project
15:46 is delivered in time with all the
15:48 specifications defined
15:50 by using all the methods means by
15:52 following all the processes work
15:54 instructions templates
15:56 and delivering as needed where it
15:59 enables the project to monitor it easily
16:01 so basically the requirement of
16:04 compliance and standardization and
16:06 optimization is to ensure everyone
16:09 follows the same steps do the activity
16:11 so what quality management focus is to
16:13 ensure the intended objectives of
16:15 projects are achieved already there is a
16:16 definition done in terms of various
16:18 different practices or processes needs
16:20 to be followed similarly specification
16:22 of each of the products are defined and
16:25 from that there should not be any
16:26 deviation so quality management should
16:28 focus on ensuring those activities are
16:30 done as defined those deliverables are
16:33 done according to the specifications
16:35 what is different it is very important
16:37 that way so for that there is a layer of
16:39 quality management there should be a
16:40 layer of quality management where
16:42 auditing or control activities are
16:45 initiated periodically so that any
16:47 deviations can be seen easily and
16:50 remember
16:51 a project manager can become cannot
16:53 become part of quality management like
16:55 project manager cannot audit project
16:56 managers should have a team or take the
16:58 help of a team who can able to do mostly
17:02 the one which is who is not part of the
17:03 project is always better resources
17:06 now as i mentioned earlier every project
17:09 need resources it may be human resources
17:11 it may be technology resources it may be
17:13 any other resources which are required
17:15 to do the project so organization
17:17 acquires resources configured and then
17:20 deployed
17:21 for example in the project you acquire a
17:23 server you configure a server you deploy
17:26 a server technology resource human
17:28 resource is onboarded recruited project
17:31 induction is given then at the same time
17:33 the skills and capabilities of
17:35 individuals are according to the
17:37 requirement of project that needs to be
17:38 ensured and what needs to be delivered
17:40 and how it has to be delivered should be
17:42 clear to the particular human resource
17:44 so looking at all the aspects of
17:46 resources to acquire to build and manage
17:49 it is very important to look at the
17:51 resource management so this will help in
17:53 carrying out a specific task in the
17:55 project in the best possible manner so
17:58 interestingly when i say human resource
18:01 always there is a possibility that a
18:04 conflict can occur so when i say
18:06 conflict conflict of interest maybe in
18:08 terms of what the individuals has to do
18:10 conflict in terms of the preferences in
18:12 terms of solutions what they're looking
18:13 at conflict in terms of using resources
18:16 different opinions different preferences
18:19 various reasons conflict can come across
18:21 so it is very important to project
18:22 manager to understand this dynamics of
18:24 human resources
18:26 and manage those conflicts project
18:28 manager cannot shy away from handling
18:31 conflicts project manager has to hone
18:33 and resolve those conflicts in the favor
18:35 of project not in the favor of any
18:36 individuals so there are various
18:38 techniques to look at resolving
18:40 conflicts so that is like compromising
18:42 problem solving smoothing accommodating
18:45 so whichever helps for that project
18:47 scenario for the project objectives that
18:50 needs to be applied that technique has
18:52 to be taken up so here the resolution is
18:55 not at the specific individual's
18:57 preference it is with the objective of
18:59 other projects as any impact what kind
19:02 of impact positive or negative if it is
19:04 negative no that's not the direction the
19:06 direction should be ensuring project
19:08 gets that value through this conflict
19:10 resolution so project manager should own
19:12 it it's an accountability of a project
19:13 manager then as the human resources are
19:16 acquired there are five stages
19:18 team dynamics are involved so one has to
19:21 bring them
19:22 then educate them about a project as
19:25 education on the project happens one has
19:27 to go and do the job on floor that needs
19:30 to be observed means one has to manage
19:32 by looking at it
19:34 and
19:34 any corrections needs to be done that
19:36 needs to be guided so it is very dynamic
19:38 thing when it comes to human resources
19:40 similarly in technology resources
19:42 standardization there is no ambiguity as
19:44 such but right resources with the right
19:46 configurations should be acquired that
19:48 is very important the next stakeholders
19:51 so who can be stakeholders every project
19:53 will have a stakeholder who are internal
19:56 and external to the project so the
19:57 internal stakeholders are those who are
19:59 part of the project who are part of the
20:03 organization who are part of the
20:05 customer organization or part of
20:07 supplier organization a competition to
20:09 my business means my organization's
20:11 business all this we can call it as a
20:12 stakeholders now every stakeholders will
20:15 have a specific interest a power an
20:17 ability to influence now through their
20:19 position through their distance from the
20:22 project
20:23 they will get impacted at the same time
20:26 they will also impact the project
20:28 similarly they influence and they get
20:30 influenced because of the project so a
20:32 project manager should identify all the
20:34 stakeholders and understand this what is
20:37 the kind of stakeholder is this in terms
20:39 of power in terms of legitimacy in terms
20:42 of influence in terms of impact after
20:44 understanding that there should be a
20:45 strategy for handling the stakeholders
20:48 how am i going to engage with these
20:49 stakeholders it is very important and
20:51 accordingly the engagement should happen
20:54 and then stakeholder engagement should
20:56 resolve in the favor of projects again
20:58 so if it is a customer customer should
21:00 get that
21:01 inputs required through review are
21:04 periodic updates and the engagement
21:06 required with the customer so that
21:07 customer is having up-to-date
21:09 information about the project if it is a
21:11 team continued monitoring and control
21:13 and ensuring team delivers the results
21:15 what is required so focus of a
21:17 stakeholder should be in such a way that
21:19 your strategy should enable project to
21:21 become successful and get a proper
21:23 response from the stakeholder means a
21:25 supporting engagement so next few key
21:28 focus areas to mention is communication
21:30 risk procurement critical success
21:33 factors deliverables and work breakdown
21:36 so this list is not exhaustive as we
21:38 deep dive into project i think you can
21:41 just keep listing the key focus areas
21:43 more than this but whatever we have
21:45 indicated are the minimum which needs to
21:47 be looked at so when i say communication
21:49 communication is basically a
21:51 conversation exchange of message which
21:54 happens between two entities now
21:55 whenever we communicate it is necessary
21:57 to understand that it has to happen with
22:00 two individuals or two entities there
22:03 should be sender there should be a
22:04 receiver in the absence of receiver if
22:06 sending is happening that communication
22:08 doesn't make any sense there should be a
22:10 receiver and there should be an
22:11 acknowledgement from the receiver now
22:13 this is one of the most ignored area in
22:16 many of the projects even the
22:17 communication happens more often more
22:19 frequently but what people face
22:22 difficulty in realizing that as they
22:24 communicate generally informally
22:27 formally they just take those for
22:28 granted now when you identify the
22:30 stakeholder one has to understand what
22:32 is the communication requirement for
22:34 those stakeholders what is that
22:36 communication why is that communication
22:39 what is the content of that
22:40 communication
22:41 how frequently we should do that
22:43 interactions or communications intent of
22:45 that particular communication what is
22:47 the expected action or response from
22:50 that communication all this needs to be
22:52 very very clear and this can be
22:53 articulated it has to be articulated so
22:56 one it is articulated once there is a
22:58 picture in terms of what kind of
22:59 communication has to happen it is quite
23:01 obvious there should not be any
23:03 deviation from the agreed communications
23:05 requirements and whenever there is a
23:07 need of change to the communication
23:09 requirements from the stakeholders that
23:10 needs to be updated for this one has to
23:13 have a stakeholders identified so
23:14 stakeholder management and communication
23:17 are very closely linked and associated
23:20 engagement with the stakeholder will
23:21 become successful with an effective
23:23 communication approaches next is risk so
23:26 every project which is undertaken by
23:28 organization that will have certain
23:30 amount of risk which organization will
23:31 evaluate similarly within the project
23:34 life cycle lot of risk comes up which
23:36 would have such an impact to the project
23:39 now risk refers to by definition an
23:42 uncertain event it has an uncertainty an
23:45 event which is uncertain and when it
23:47 occurs it will have an impact on the
23:50 project positively or negatively now
23:53 current scenario in everywhere the
23:55 projects what you observe closely people
23:57 tend to look at the risk which are
23:59 threats that is negative only but they
24:01 fail to recognize the risks which are
24:03 opportunities the positive risks so
24:06 another gap which we see when do the
24:08 risk management is that is done in the
24:09 initial phase of the project as the
24:11 project is kicked off someone will do
24:14 the risk assessment have a list of risk
24:15 identified but unfortunately there is no
24:18 categorizations for that risk and how is
24:20 that going to impact the project that is
24:22 not clear thirdly risk management or
24:25 list of risk
24:26 are created only once it is not done
24:29 repeatedly so risk identification and
24:32 analysis and assessment of that risk has
24:34 to be done throughout the lifecycle of
24:35 your project reason being the risk which
24:38 looks as in high impact when project is
24:40 initiated as the project progresses the
24:43 impact levels will vary maybe in the
24:45 middle of the project the impact may be
24:47 very high or low so likewise the impacts
24:49 of the risk will vary throughout the
24:50 project life cycle it may be positive it
24:52 may be negative so as you identify the
24:55 stakeholder throughout the project life
24:57 cycle as i said that is also a dynamic i
24:59 cannot just have a list of stakeholders
25:01 and i keep it as it is i need to update
25:03 that also regularly risk identification
25:06 assessment and analysis should also be
25:08 done regularly periodically so that one
25:11 will have a clear understanding about is
25:13 that risk still valid is that risk is
25:15 there still or not what is the level of
25:18 variations in terms of impact of the
25:19 risks so this clarity will be there so
25:22 that necess organization or project
25:24 manager can get ready to face those risk
25:26 if it is a negative risk definitely
25:28 should have a mitigation or avoidance or
25:31 acceptance whatever the mitigation plan
25:33 you have to eliminate the negative
25:35 impact of the risk when it occurs if it
25:37 is a project positive risk is quite
25:39 obvious one has to take the advantage of
25:41 that one has to enhance exploit share a
25:44 positive risk so that organization is
25:47 benefited further procurement so
25:49 whenever a project is initiated whenever
25:51 a project is taken up the organization
25:53 who is doing the project cannot create
25:56 everything cannot develop everything in
25:58 that project life cycle so organization
26:00 would take a decision make a decision
26:02 stating that some of the deliverables we
26:06 make ourselves some of the products we
26:08 make ourselves some of the products we
26:10 purchase some of the services we
26:12 purchase so to purchase that has to
26:14 happen from a
26:15 specific supplier you cannot go with
26:18 every supplier you should evaluate the
26:19 suppliers qualify the suppliers and then
26:22 select on board the supplier and then
26:25 get the services or products supplied by
26:28 that particular supplier so while doing
26:30 this one has to understand what type of
26:32 contracting they need to enter with so
26:35 three types of contracts we speak
26:36 basically one is about
26:38 a cost plus contract where cost is fully
26:41 known to the project manager and to the
26:43 organization so apart from known cost a
26:46 fee will be paid to the supplier another
26:48 one is fixed price where project manager
26:51 or the organization who is awarding that
26:53 contract to a supplier will not know
26:55 what is the cost instead it is a fixed
26:57 price but important here is the scope of
26:59 work needs to be clearly articulated and
27:01 defined another type of contract can be
27:03 time and material where
27:05 the billing will happen based on the
27:07 amount of time one is spent on that
27:09 particular a higher resource or on board
27:11 resource on a time on material basis and
27:13 what is that effort that resource has
27:15 been put based on that building will
27:17 happen so three types of contracts
27:18 depending on the different scenarios of
27:20 the project will be signed with the
27:22 contractor however before doing that it
27:24 is very essential to identify those
27:26 suppliers sign off with them and monitor
27:29 and manage them so if deliverables are
27:31 not there it is very essential to look
27:33 at the termination one has to terminate
27:36 otherwise one has to ensure instead of
27:39 terminating should be able to put some
27:40 effort to educate them also so that they
27:43 come up to the mark so project is
27:44 benefited so depending on what needs to
27:46 be done that call has to be taken on a
27:48 regular basis then critical success
27:50 factor so for every project there should
27:53 be an articulation of critical success
27:55 factor so based on that one can confirm
27:59 yes project has achieved his objectives
28:02 our project has not achieved his
28:03 objectives so key critical success
28:06 factor should be supported through the
28:08 metrics key performance indicators so
28:10 key performance indicators provide those
28:12 metrics to say critical success factor
28:14 is achieved for example if i want to
28:16 become successful in an exam critical
28:18 success factor is scoring or passing the
28:20 examination or let me say to pass the
28:23 examination key performance indicator is
28:25 scoring 60 percent and above so critical
28:28 success factor for me to get promoted is
28:30 to pass in this particular exam so to
28:32 pass in this exam minimum i should score
28:34 is 60
28:35 that is kpi passing in the exam that is
28:38 critical success factor so how will i
28:40 measure that success factor is kpi so
28:42 every project which it produces a
28:45 specific product or services by using a
28:47 specific resources and each of these the
28:50 resources the processes the templates
28:54 the deliverables all these needs to be
28:56 measured on a continual basis so there
28:58 are critical success factors defined and
29:01 those are measured by defining kpis to
29:03 the critical success factors so
29:05 basically critical success factor
29:07 provides the insight towards what needs
29:09 to be measured and when you measure what
29:11 should be the focus and to achieve those
29:13 critical success factors the indicator
29:15 is key performance indicators when you
29:17 measure yes the moment you achieve that
29:19 your csf is achieved next deliverables
29:22 so deliverables are those which comes as
29:24 an output of the project right it may be
29:27 a product it may be a service it may be
29:29 a result so this refers to the output
29:32 within the scope of a project so there
29:34 can be one or more deliverables within a
29:36 single project so these deliverables may
29:38 be the items that are to be sent
29:40 externally to a customer or a
29:42 stakeholder so every deliverable will
29:44 have a defined scope will have a defined
29:47 specification so those deliverables has
29:49 to be measured tested and one has to
29:52 confirm yes this deliverable is
29:54 performing as we are intended to have
29:57 the performance accordingly the decision
30:00 will happen should we accept this
30:01 particular deliverable or not if there
30:03 is deviation that has to go back for
30:05 correction so that's the reason we have
30:06 monitoring and control all the control
30:08 processes like control quality focus on
30:10 the product street whether it has
30:12 achieved that results or not is that
30:13 functional as needed or not one has to
30:16 ensure these deliverables has all those
30:18 features and functionalities only then
30:20 that can be handed over to the
30:22 respective stakeholder customer or
30:23 operation whoever the stakeholder it is
30:26 next is work breakdown structure so when
30:28 we say work breakdown structure when i
30:30 look at a specific piece of product or
30:32 services and have a bigger picture i
30:34 cannot even visualize the various
30:36 different components various different
30:38 actions involved in achieving that
30:41 bigger deliverable so if i say a car so
30:44 i can think of a body external i can
30:46 think of a mirror on that body i can
30:48 think of a glass in the front side as
30:52 well as the back side and also i can
30:54 think of interiors like seat then
30:56 accelerator steering dashboard all this
30:59 i can visualize but since i am not a
31:01 technology expert relating to car can i
31:04 visualize all those parts which are
31:06 working inside for car to move like
31:08 engine the battery assembly i don't know
31:10 what to say further so all these can be
31:12 visualized by an expert so every product
31:15 or services should be broken down into
31:17 multiple pieces i'm not saying go and
31:19 break that product i'm saying that
31:22 product will have multiple components
31:24 which are involved those needs to be
31:26 segregated for example if i say cars
31:28 exteriors cars interior so cars
31:31 exteriors external items you can see
31:33 whatever you visualize body body
31:34 structure mirror mirror assembly
31:37 headlights
31:38 then tires so likewise whatever i can
31:41 visualize i will make it as a line items
31:44 under the exterior so under for example
31:47 under a mirror mirror i can speak about
31:49 mirror glass mirror cap mirror pedestal
31:51 and mirror of assembly where it moves
31:54 where you can move the mirror so these
31:55 are the various components involved in a
31:57 mirror so i need to ensure by breaking
32:01 down the product into multiple levels
32:03 but depos decomposing it to multiple
32:05 levels i can able to visualize the
32:08 product very clearly what is there in
32:10 detail so once i have the details i will
32:13 articulate those what is that particular
32:15 work breakdown element is product
32:17 breakdown element is then i will look at
32:19 what skills and capabilities required
32:21 for that product and i will assign the
32:23 resources accordingly so once activities
32:26 resources everything is assigned
32:27 automatically this will become a work
32:29 breakdown structure further after
32:31 creating a work breakdown structure one
32:33 will go and sequence the activity look
32:35 at sequencing will happen based on in
32:37 what priority deliverable should happen
32:39 what order deliverable should happen
32:41 then once the sequencing is done it will
32:43 be checked to see whether anything can
32:44 be optimized anything can be
32:47 done in such a way that smooth flow of
32:49 the project can happen there is no
32:50 dependencies which will make project to
32:53 delay like as the flow happens smoothly
32:55 so you would find the various techniques
32:58 like critical path method network
33:00 diagramming critical chain method so all
33:02 these are used the floats of an
33:03 activities are checked then leads and
33:06 lags of the activities the relationship
33:07 between activities so accordingly full
33:10 visualization in terms of how the
33:11 project will flow and how in what order
33:14 the deliverables are happening can be
33:15 easily visualized so that is the reason
33:17 first activity is to do the product
33:19 breakdown which would result in work
33:21 breakdown structure so those are the
33:23 points till now whatever i mentioned are
33:25 the basic understanding one should have
33:28 about a project and project management
33:30 so as you deep dive into various best
33:32 practices like a pmp by pmi prince2 by
33:37 axelos scrum mass fragile scrub master
33:40 similarly you have certified scrub
33:41 master so many agile practices so when
33:44 you look at any of the best practices
33:46 that will tell you clearly articulate
33:48 what should be the practice for you to
33:51 adopt and adapt that practices so that
33:53 your project can become successful so
33:55 any of those approach you touch upon all
33:57 those refers to these basic things in
34:00 the absence of these basic things none
34:03 of those best practices discusses the
34:05 project management now typically in the
34:07 industry there are a lot of job roles to
34:09 the project management which we have
34:12 seen so based on that this information
34:14 is captured here on various job roles in
34:16 a project management so some of them are
34:19 like project manager senior project
34:21 manager project lead resource manager
34:24 pmo that is project management office
34:25 analyst steering committee member
34:28 so
34:29 not necessarily all the project
34:30 management roles are limited to this so
34:33 these are the roles which commonly you
34:35 see and we are trying to capture that to
34:37 give the insight right when i say
34:38 project manager the project manager is
34:41 the owner one has to take an
34:42 accountability for the project right so
34:44 project managers takes the project
34:46 according to the plan and place a lead
34:48 role in all the steps of the project
34:50 management right so responsibility
34:52 should be managing reviewing and
34:54 prioritizing the task wherever necessary
34:57 looking after risk management
34:58 stakeholder management and project
35:00 communication management some of the uh
35:03 salary what we found while we were doing
35:05 the survey the success ratio of a
35:08 project depends majorly on the project
35:09 manager so the demand for project
35:11 manager is rapidly increasing in the
35:13 market so accordingly uh
35:15 75 474 per year that is the usd in inr
35:20 it is 1500 000. so this is what the
35:22 salary up on an approximation what was
35:25 found next role we look at senior
35:26 project manager where senior project
35:29 manager is ahead of the overall project
35:31 management plan the role demands
35:33 in-depth knowledge of all the project
35:35 aspects on a specific on the specifics
35:37 of the project the responsibilities
35:39 would be planning and coordinating
35:40 complex projects visiting project sites
35:43 to check progress and handle complex
35:44 issues so salary
35:47 looks like one not four thousand dollars
35:49 per year here 20 92 000 inr per year so
35:54 the role of senior project manager is
35:56 one of the highest paying roles in the
35:57 industry as we have seen having several
35:59 allowances and bonuses because of the
36:01 criticality involved in the project and
36:03 the accountability level of that
36:05 particular individuals in the
36:06 organization next role project lead so
36:09 project leads are the one who leads the
36:11 people throughout the project and
36:13 provide them with all the information
36:15 required throughout so responsibilities
36:17 involve motivating the team beneath
36:19 taking care of their needs and paying
36:21 attention to what they feel ordering or
36:23 controlling the project team since the
36:25 project lead has more freedom than the
36:27 project manager salary project lead
36:30 makes sure that project gives the best
36:32 possible outcome and is hence the demand
36:34 for the project lead in the company
36:36 never reduces so in usd 82 thousand per
36:39 year whereas in inr it is one million
36:42 two sixty nine thousand per year next
36:44 role we look at on resource manager so
36:47 resource manager is the human resource
36:50 needed to make the project
36:52 success right so one has to manage those
36:54 resources responsibility involved
36:56 assigning the right people to the right
36:58 projects at the right time managing
36:59 employees currently and determining
37:01 hiring needs depending on the project's
37:03 requirements so salary would be around
37:05 64 000 usd which comes around 966
37:08 thousand 794 in inr project management
37:11 office analyst for this role the project
37:14 management office analyst works with pmo
37:17 means project management office and does
37:19 not look at the project or manage the
37:21 project directly instead does most of
37:24 the data driven work which required for
37:27 a project to have our project to get
37:29 supported by that so that project
37:31 managers will have a better insight
37:32 analyzing and interpreting the data
37:34 concerning the project figuring out the
37:36 future risks to the project finding new
37:38 ways to advance the idea of the project
37:40 management so salary would be one or six
37:43 thousand two fifty three per year in usd
37:45 whereas four forty nine thousand three
37:48 thirty seven in inr per year so steering
37:50 committee member so the steering
37:53 committee members are the members who do
37:55 not work on the project themselves they
37:57 are there to help the project manager
37:59 like providing inputs during the
38:01 development of a project advising on the
38:03 budget and evaluating the project
38:05 strategies taking regular feedbacks on
38:08 the project managers and asking
38:10 necessary questions so salary would be
38:12 around 68 497 dollars per year so those
38:16 were the various roles and that is not
38:18 that list is not an exhaustive list
38:20 various different roles we come across
38:22 but these are the basic roles which is
38:24 seen in the industry these roles are
38:26 being recruited now there are various
38:28 project management certifications which
38:30 are offered as i mentioned earlier so
38:32 those certifications are pmp that is
38:34 project management professional from pmi
38:37 agile certified practitioner that is pmi
38:39 acp again from pmi then certified
38:41 associate in project management so
38:43 difference between ca pm and pmp is like
38:47 capm would act as a basic level of
38:49 certification for those who does not
38:51 have a sufficient project experience
38:52 project management experience whereas
38:54 pmp is for those who has some project
38:56 management experience similarly pmi sap
38:59 is the one who is aspiring to look at
39:01 agility in project management and they
39:04 can go for it certified scrum master yes
39:06 it is a scrum master certificate which
39:08 will explain the role of a scrum master
39:10 in detail similarly prince2
39:12 a certification from axolotls which also
39:15 speak about all the aspects of the
39:17 project what we discussed and provides
39:19 the framework for project management
39:21 axelos also provides prince2
39:23 certification in agile also agile prints
39:27 to certification so we will look at each
39:29 one of this certain details which are
39:31 required for us to know so project
39:33 management professional as i mentioned
39:35 is most acknowledged and value the
39:38 certificate value what it carries which
39:41 has resulted to the certified
39:42 professionals in landing up in highest
39:45 paid jobs in the world so certified
39:47 managers gets 20 more salary than the
39:50 average salary so to take up an
39:52 examination one has to go through the
39:54 formal training of 35 hours that is one
39:58 of the prerequisites and there should be
40:00 some experience of 400 hours of project
40:02 managing project by leading
40:04 various activities of a project and once
40:07 the person becomes eligible with that
40:09 prerequisites person will become
40:10 register in the pmi's website becomes
40:13 member and then go for examination so
40:15 examination fee for pmp would be 4.5
40:18 dollars for the members who are
40:19 registered with pmi and for those who
40:21 are not registered as a member with pmi
40:23 it is 555 dollars the duration of the
40:26 examination is four hours and the number
40:28 of questions will be 200 which are
40:30 multiple choice questions so each
40:33 questions carries one marks there is no
40:35 negative score now prerequisites one has
40:37 to have 4
40:39 500 hours directing and leading the
40:41 projects that experience has to be
40:43 filled in while filling the application
40:45 if a person is a bachelor degree holder
40:48 and along with that 35 contractors of
40:51 pmi pm education now prerequisites for
40:54 uh the one who is not a graduate who may
40:56 be high school or diploma is 7500 hours
40:59 of directing and leading projects 35
41:01 hours of pm education so those are the
41:03 prerequisites before one will go and
41:05 appear for examination so once an
41:07 individual passes pmp examination that
41:10 certificate is valid for three years so
41:12 now after three years if the person
41:14 aspires to keep the certificate
41:16 continued they need to produce 60 pdus
41:19 professional development units which has
41:21 to be acquired during those three years
41:23 how to acquire one has to go through
41:25 additional learning one has to
41:27 contribute towards project management
41:28 knowledge base so those needs to be
41:30 evidenced and then renewable fee has to
41:32 be paid and certificate has to be
41:34 renewed then agile certified
41:36 practitioner as we saw for pmp here
41:39 agile certified practitioner
41:41 demonstrates that one has relevant
41:43 experience and education to handle and
41:45 lead agile projects the organization has
41:47 started shifting towards agile as we
41:49 know in today's
41:51 industry which makes this certification
41:53 fast growing in the world so examination
41:56 fee would be 435 dollars for pmi members
41:58 495 for non-pmi members duration is
42:01 three hours and multiple choice
42:03 questions 120 questions prerequisites is
42:07 2 000 hours project management
42:09 experience with thousand 500 hours agile
42:11 experience and 21 contact hours of agile
42:14 practices so maintenance 30 videos are
42:17 required for every three years and after
42:19 paying the renewal fee that can be
42:21 renewed now certified associate in
42:22 project management so here this is an
42:25 entry level certificate of pmi
42:27 especially for those people who has less
42:30 project experience it intends to
42:32 demonstrate fundamental knowledge
42:34 terminologies and processes of effective
42:36 project management so examination fee
42:38 would be dollar 225 for pmi members
42:41 whereas 300 dollars for non-members of
42:44 pmi so duration of examination is three
42:46 hours and examination will have 150
42:49 multiple choice questions so
42:51 prerequisites someone who has secondary
42:53 diploma 23 contact hours of pm education
42:56 is enough there is no experience of
42:58 doing the project is required as we saw
43:01 in pmp so maintenance is again three
43:04 years
43:04 someone who need to continue the
43:06 certification has to retake the
43:08 examination every three years next
43:10 certified scrum master so certified
43:12 scrum master is an entry level
43:13 certification that helps the
43:15 professionals to begin as the scrum
43:17 practitioners is one of the most
43:19 sought-after certifications as other
43:21 after this one can get the designation
43:23 of certified scrum master which is
43:25 offered by scrum alliance so examination
43:28 fee which will change time to time which
43:30 is not revealed so one has to approach
43:32 the training organization where they
43:33 will get trained on certified scrum
43:35 master so duration of examination is 60
43:38 minutes and pattern would be 16 hours
43:41 two days of training and 50 multiple
43:43 choice questions after that particular
43:46 two days of training then prerequisite
43:48 is done for maintaining these
43:49 credentials so one has to ensure it has
43:52 renewed every two years then projects in
43:54 controlled environment that is prince2
43:57 so prince2 is a method which is
43:59 effective mostly from the base of uk all
44:02 the organizations who are from uk region
44:05 prefers to have prince2 certification
44:07 and it is as popular as any other
44:10 project management certifications like
44:12 pmp so examination fee would vary from
44:14 900 to thousand dollars depending on
44:17 where exactly you're taking the
44:18 examination and certification will
44:20 happen at two levels one is at
44:22 foundation level and other one is
44:24 practitioner so in foundation it is 60
44:27 questions multiple choice and in
44:29 practitioner it's 68 questions now 60
44:32 questions or 68 questions each carries
44:35 one marks for correct answer any wrong
44:37 answer there will not be any negative
44:39 scoring one has to score 55 percent to
44:42 clear the examination so prerequisites
44:44 for prince2 foundation is none whereas
44:46 prince2 foundation is a prerequisite for
44:49 prince2 practitioner examination so to
44:51 maintain the certificate one has to
44:53 achieve 20 cpds every year continued
44:56 professional development so with this
44:59 we conclude the understanding about what
45:02 is project management what is project
45:05 what are the various key focus areas of
45:06 the project and various different
45:09 certifications offered and there in the
45:10 industry for understanding the best
45:13 practice of project management various
45:14 different roles what we went through so
45:16 go for more you need to visit
45:18 www.simplelearn.com
45:21 and i wish all the success for your
45:23 project management practices journey
45:25 keep learning keep growing all the best
45:27 thank you
45:33 hi there if you like this video
45:34 subscribe to the simply learn youtube
45:36 channel and click here to watch similar
45:39 videos to nerd up and get certified
45:41 click here
💫 FAQs about This YouTube Video
1. What are the key factors to consider in project management?
Key factors in project management include project organization, supplier evaluation and selection, types of contracts, critical success factors, deliverables, and work breakdown structure. These factors are essential for the successful execution and management of projects.
2. How can project organizations ensure the quality of deliverables?
Project organizations can ensure the quality of deliverables by implementing monitoring and control processes. These processes, such as control quality, focus on testing and measuring the deliverables to ensure they meet the specified standards before being handed over to stakeholders.
3. What is the importance of critical success factors and key performance indicators in project management?
Critical success factors (CSFs) are crucial for determining the success of a project, and they are supported by key performance indicators (KPIs) that provide measurable metrics. The importance of CSFs and KPIs is their ability to track and evaluate the project's progress and success in achieving its objectives.
4. How does the work breakdown structure contribute to the successful execution of projects?
The work breakdown structure (WBS) contributes to the successful execution of projects by breaking down the project's deliverables into manageable components. This allows for better visualization, resource allocation, and understanding of the project's details, leading to a more organized and effective execution.
🎥 Related Videos
![Welp, Here's what the Fed *Just* Said [Fed FOMC Minutes]](/_next/image?url=https%3A%2F%2Fi.ytimg.com%2Fvi%2Fl8u23oq1E9E%2Fhqdefault.jpg&w=3840&q=75)
