Brief Summary
This comprehensive project management course covers essential concepts, tools, and techniques for successful project execution. It begins by defining project management and its key components, including scope, time, cost, quality, risk, and resources. The course then explores the project life cycle, emphasizing the importance of planning, execution, monitoring, and closure. It also highlights key focus areas such as communication, risk management, and stakeholder engagement. Additionally, the course discusses various project management methodologies, job roles, and certifications, providing a holistic view of the field.
- Project management definition and components
- Project life cycle and key focus areas
- Methodologies, job roles, and certifications
Project management involves applying knowledge, skills, tools, and techniques to project activities to meet project requirements. It aims to deliver final outputs within a specific timeframe and budget, requiring a clear understanding of deliverables and necessary resources. Key constraints in project management include scope, time, quality, cost, risk, and resources, each playing a vital role. A project is defined as a temporary endeavor to create a unique product, service, or result, with a definite beginning and end. The project life cycle includes initiation, planning, execution, monitoring, and closure, with each phase involving specific activities to ensure project success.
The project life cycle consists of five key phases: initiation, planning, execution, monitoring and controlling, and closure. Initiation involves understanding the project's purpose and identifying key stakeholders. Planning entails creating a detailed blueprint, while execution focuses on implementing the plan and acquiring resources. Monitoring and controlling involve reviewing progress and ensuring compliance with defined processes. Closure includes capturing lessons learned and formally signing off on the project. Throughout the project life cycle, six constraints—scope, schedule, cost, quality, risk, and resources—must be carefully managed to ensure project success.
Project planning is the second phase of the project life cycle, where the project plan is documented and requirements are defined. It includes describing objectives, elaborating the scope, forming a schedule, and generating progress reports. Key fundamentals include determining scope, cost, and resources, identifying problems, and defining project objectives. Project planning is essential for reducing costs and time, increasing employee satisfaction, implementing quality assurance, and reducing project risks. Tools for project planning include Gantt charts, the critical path method (CPM), project evaluation and review technique (PERT) charts, work breakdown structures (WBS), and project documentation.
A project plan is essential for executing a project, answering questions about deliverables, timelines, and team roles. Microsoft Excel is a common tool for project management, offering analytical tools and templates for easy planning and tracking. A Gantt chart, a horizontal bar chart, helps track task status, start and end dates, and dependencies. Creating a Gantt chart in Excel involves making a project table, creating a bar chart, adding duration, adding descriptions, and converting the bar graph into a Gantt chart. Excel templates for project management include project review, budget, sprint project tracker, and project schedule templates.
Project time management ensures projects are completed on time, involving activities like identifying, estimating, and sequencing activities. A project schedule represents the time dimension of the project plan, detailing start and end dates. Gantt charts illustrate project schedules and dependencies, while network diagrams plot activity dependencies. Key terms include lead, lag, rolling wave planning, analogous estimating, parametric estimating, effort, and duration. The seven project time management processes are plan schedule management, define activities, sequence activities, estimate activity resources, estimate activity durations, develop schedule, and control schedule.
Project cost management involves estimating costs, creating a cost budget, and controlling costs to stay within budget. A cost management plan, part of the project management plan, guides cost planning activities. Control accounts manage costs at a higher level by grouping related activities. The four project cost management processes are plan cost management, estimate costs, determine budget, and control costs. Earned value management (EVM) is used to track project progress against the plan, with key terms including planned value, earned value, actual cost, budget at completion, and estimate at completion.
Quality is the degree to which a set of characteristics fulfills requirements, with project managers responsible for ensuring quality expectations are met. Key terms include customer satisfaction, grade, precision, and accuracy. The optimal level of quality balances incremental revenue with incremental cost. Quality management includes quality planning, assurance, and control. Quality planning creates the quality management plan, quality assurance ensures activities align with the plan, and quality control measures project data against standards. Quality management concepts include total quality management (TQM), Kaizen, the Deming cycle, and Kanban.
A project is a temporary endeavor to create a unique product, service, or result, distinguished by its temporary nature and unique output. Project management applies knowledge, skills, tools, and techniques to meet project requirements. Program management coordinates related projects to achieve benefits not available by managing them individually. A portfolio manages projects and programs to achieve strategic objectives. A project management office (PMO) provides policies, support, and project managers. Projects operate within constraints like cost, time, and scope, requiring trade-offs to maintain balance. Stakeholder management involves identifying and engaging stakeholders to ensure project success.
Communication is a two-way exchange of information, with methods including formal written, formal verbal, informal written, and informal verbal. Communication technology uses media like email and telephone. The number of communication channels is calculated using the formula n(n-1)/2. A basic communication model involves a sender and receiver, with effective communication requiring clear understanding and acknowledgment. Project communications management includes planning, managing, and controlling communications to meet stakeholder needs.
Project human resource management organizes, manages, and leads the project team, assigning clear roles and responsibilities. Functional managers handle business functions, while project managers are accountable for project success. Key processes include plan human resource management, acquire project team, develop project team, and manage project team. Techniques include interpersonal skills, training, and recognition. Team dynamics involve forming, storming, norming, performing, and adjourning stages. Conflict management is crucial, with techniques including withdrawing, smoothing, compromising, forcing, and collaborating.
Project risk management involves identifying, analyzing, and responding to risks, which can be positive (opportunities) or negative (threats). Risks are measured by multiplying probability and impact, and categorized as external, internal, technical, or project management-related. The processes include plan risk management, identify risks, perform qualitative and quantitative risk analysis, plan risk responses, implement risk responses, and control risks.
Stakeholder management involves identifying and engaging individuals or groups affected by the project. Stakeholders are classified based on power, urgency, and legitimacy, with engagement strategies tailored accordingly. The stakeholder engagement assessment matrix visualizes current and desired involvement levels. Skills for stakeholder management include interpersonal and managerial abilities. The processes include identify stakeholders, plan stakeholder engagement, manage stakeholder engagement, and monitor stakeholder engagement.
Project scope management ensures the project includes all and only the work required to complete the project successfully. It involves managing both the product scope and the project scope. Key activities include constant monitoring to prevent scope creep and gold plating. The processes include plan scope management, collect requirements, define scope, create WBS, validate scope, and control scope.
Project integration management unifies and consolidates project elements, managing interdependencies among knowledge areas. It involves developing the project charter, creating the project management plan, directing and managing project work, monitoring and controlling project work, performing integrated change control, and closing the project or phase.
The project charter authorizes the project, with inputs including the project statement of work, business case, agreements, enterprise environmental factors, and organizational process assets. Techniques include expert judgment and facilitation. The project charter contains high-level requirements and is signed by the project sponsor.
The project life cycle addresses what to do to get the work done, varying by industry. The project management process addresses how to manage the project, with processes applicable across industries. The project management processes are divided into initiating, planning, executing, monitoring and controlling, and closing process groups.
Earned value management (EVM) tracks project progress against the plan, measuring performance objectively. Key terms include planned value, earned value, actual cost, budget at completion, estimate at completion, and variance at completion. Formulas are used to calculate cost variance, schedule variance, cost performance index (CPI), and schedule performance index (SPI).
The critical path method (CPM) determines the longest path through a network diagram, representing the shortest time to complete the project. Float is the buffer time available to complete an activity. Techniques like forward pass and backward pass are used to calculate float. Schedule compression techniques, such as fast tracking and crashing, can impact project outcomes.
Project management tools streamline project management processes, offering features like simplicity, customization, API integration, collaboration, risk analysis, and real-time reporting. Top tools include monday.com, Wrike, Jira Software, Trello, Asana, Teamwork, MeisterTask, Basecamp, Oracle Primavera, and Microsoft Project.
Trello is a collaboration tool for organizing projects into boards, offering features like easy setup, Kanban system, mobile app, and centralized project items. Creating a board involves setting visibility, adding descriptions, and using power-ups for additional features. Lists represent processes, and cards represent subtopics, with options to add members, labels, checklists, attachments, and covers.
Agile project management is a flexible approach that breaks projects into sprints, delivering sections of the project incrementally. The agile development cycle includes a product backlog, sprint backlog, and sprints with planning, designing, execution, testing, and deployment stages. Reasons for adopting agile include high product quality, customer satisfaction, reduced risk, and faster ROI. Principles include customer satisfaction, embracing change, collaboration, and simplicity. Frameworks include Kanban, Scrum, hybrid, and lean.
The PMP certification, offered by the Project Management Institute (PMI), is an internationally recognized credential for project managers. Eligibility criteria include experience and education in project management. The PMP exam covers five process groups, ten knowledge areas, and 49 processes. The PMBOK Guide is the official guide used for PMP preparation.
Top reasons to get PMP certified include becoming a better project manager, enhancing resume value, increasing job opportunities, earning higher salaries, validating dedication, gaining global acknowledgment, improving project performance, expanding networking, ensuring job security, and developing expertise in practical application.
A project manager manages projects, playing an integral role from initiation to closure. Must-have skills include strong communication, effective leadership, team management, negotiation, critical thinking, and risk management. Roles and responsibilities include setting project scope, developing a project plan, setting deadlines, managing the budget, maintaining communication, identifying and evaluating risks, tracking team performance, and providing reports.
Common project manager interview questions cover defining a project, the project charter, project scope, the project life cycle, the importance of process groups, knowledge areas, stakeholder analysis, project management tools, and the significance of monitoring and controlling. Additional questions address earned value management, risk management, and conflict resolution.
Transcript
Full transcript of “Project Management Full Course In 8 Hours | Project Management Training | Simplilearn”. Click a timestamp to open the video at that moment. Need another video? Use the YouTube transcript generator.
0:07 hey everyone welcome to simply learn today we will be learning the project management's fill course we will begin this video by talking about what project management is project planning how can it be done using excel cost quality communication and other forms of management the best project managing tools how you can prepare for the pmp exam the role of a project manager interview questions and much more by the time you are done you will be well versed with some of the most important concepts in project management for this training with me we have a specialist chandra mr and ishan together they will take you through these different topics so let's start by answering our first question what is project management so before we
0:54 begin make sure to subscribe to our youtube channel and don't forget to hit that bell icon so that you can never miss an update from simply learn hi welcome to project management tutorial from simple learn i am chandra mr a professional consultant and coach in best practices related to project management and i.t service management today as part of this tutorial we are going to learn the basic understanding about the project management and the required knowledge for a project manager to become successful in managing projects so as part of this tutorial we are going to look at what is project management what is project components of project management project life cycle key focus areas in project management job roles in project management and project management
1:40 certifications so what is project management now as defined in pmis pmbok project management is application of knowledge skills tools and techniques to project activities to meet project requirements so every project will have an objective to accomplish similarly the objective of project management is to make the final deliverables in a finite time and budget this involves having clear understanding about the deliverables of the project require resources for the project resource in terms of human resources technical resources financial resources etc project managers should have a full picture of those aspects we can call it as constraints or aspects and manage those throughout the project life cycle for which a project manager should have
2:25 a full view about a project and what is that this project has to accomplish that objective should be clear so as part of project management the six constraints which project manager should look at are scope time quality cost risk and resources so each of these areas has very important role to play in project management the clarity in scope the clarity in terms of schedule within which the project has to be delivered the cost what it incurs to that particular project once it is finalized one cannot vary when cannot change without any proper approvals similar to that we have quality management which has to ensure the scope the specifications what are defined project output will be accordingly achieved risk
3:11 every project is taken up for a specific reason by organization so organization should assess the risk associated with the project and similarly as project progresses various different risks has to be identified like risk related to project management risk related to technology area risk related to resources risk related to financial things so broadly risk management plays a very important role so there will be something called contingency reserve kept for a identified risk above the cost what is estimated for various deliverables from the project so every projects require resources resources may be in terms of human resources financial resources technology resources environmental resources so all these
3:56 resources are used to produce the output of the project so these resources has to be managed with the sufficient optimization and standardizations required now let us understand the definition of a project so what is the project pmi defines a project as a temporary endower undertaken to create a unique product service or result the temporary nature of a project indicates that the project has a definite beginning and end so when i say product unique product it means every output it may be similar products you are producing with the same features and functionality but the output of every project is unique because it is unique in terms of all the six constraints what we just discussed now now when i say product it is very easy for us to visualize it may be a desktop it may be
4:43 a laptop it may be a car it may be a machine etc but how do i visualize a service a project output is a service now it is it's about building a capability a project by through a project a capability can be built to ensure services can be provided that's what the output of project is service for example if i think about a taxi services for providing a taxi services i need a mobile app i need taxi i need a server i need a data center so all these are various different products and services here service example can be internet service so combination of all the services and products builds the capability for an organizations who can provide the taxi services so building that capability we
5:28 say it is an output of a particular project which is called service similarly results can be improvement of something improvement in customer satisfaction increase in some specific objectives or specific results needs to be achieved in performance perspective so output of every project will be unique product or a service or a result this we need to clearly understand so when we say there is a definite beginning and end every project starts at a certain point in time and ends at certain point in time so it has a definite beginning and end that is the reason it is temporary in nature it is not an ongoing business activity right so every project will have a life cycle a beginning and end so when it starts till end until the result or a service or a product which
6:16 comes as an output of a project project lifecycle is not ended so interestingly in a product life cycle or in a service lifecycle you come across many project life cycles so one project life cycle means one project is initiated to introduce a product or services next project or initiated would be to enhance the capability of a service or a product next project initiated after some time is to optimize something similarly at the end of the product lifecycle project is initiated to retire that product or services so in a given product life cycle there will be multiple project life cycle so what is involved in the project life cycle it involves five areas five groups we can call it as so initiation planning execution monitoring and closure so when i say initiation
7:01 it's all about understanding what is project giving the basic understanding of the project collating the details and having key stakeholders identified once that is done one will move towards planning so here in the initiation it is very clearly one has to understand is project is worthwhile of doing so one has to check the feasibility one has to measure that particular investment is making sense and then confirm yes it makes sense to invest now next planning as we have a basic understanding of yes this project has to be done and a discussion with the key stakeholders have happened now that moves towards planning now in planning one will understand the project in entirety if it is a waterfall
7:47 approach one has to have a clear articulation of entire project a comprehensive details holistic approach now if you go if you are going in a project in a agile way of approach now in this planning you may have a big skeleton as you go in each of the iteration you may go deep dive into detailed planning if it is agile approach so planning provides you the clear insight towards what needs to be done in this project how it has to be done and what are the results which can be achieved out of that particular project so this involves making that a clear blueprint often project objectives what we are supposed to achieve so this will become a reference point throughout the project lifecycle then execution as you have a blueprint of the project as the direction of that project is set detailing of the project has been made
8:33 one will go ahead and execute the project executing the sense implementation acquiring resources and implementing it so execution phase involves the allocation of resources and making the deliverables as required you acquire resources you configure a resource you ensure right resources are required if it is human resource one has to educate that human resource with the project required knowledge or details or one has to provide that assignment in such a way that skills of that individuals what they should have is acquired by those individuals so that deliverables can happen and they need to be managed the entire team needs to be managed for that a clear structure has to be created similarly when you do technology resource perspective those components has to be tested configured then
9:19 integrated again tested for uncheck the performances so collective action of this results in a deliverable during the execution so as the deliverables are happening in the execution it is quite obvious project manager has to monitor review control that particular deliverable and also the processes tools resources used during the project even those needs to be monitored so that they are complying to the defined processes so during monitoring there may be a deviation one can found during monitoring there may be the project is running the way it is required so in this monitoring phase it involves an action from project manager to monitor and control the work of the project so comparing with the blueprint of plan what is accomplished what is created
10:05 during the planning phase of this project and as the execution happens monitoring and control is monitoring it and checking is that activities what is being done is according to the plan or not similarly the deliverables which comes as an output of our projects are tested thoroughly whether those have a specific features and functionality and are they functioning the way it is required now project has to be delivered to the scope what is defined it should not go beyond that or below that similarly the schedule what is made for the project within that schedule project deliverables needs to be accomplished within the cost what is budgeted for the project so during the project your project manager may find there are certain deviations which are occurred there are additional challenges which has come in
10:52 so for this reason one has to ensure continued monitoring as the execution happens and identify those deviation and ensure whenever there is a deviation there is a correction whenever there is an additional things coming in that needs to be considered carefully whether that need to be involved as part of this deliverable or should be taken it separately so this requires lot of conversation with all the stakeholders of the project during the entire project life cycle especially during planning execution monitoring and control since they are not the one which is happening in sequence so planning can also come back again where there is something which you may require to modify so may require to have a change in the blueprint itself by adding that new change which is coming in so you go back to planning so planning execution monitoring and control are going hand in
11:38 hand so that project deliverables are happening as needed similarly all the process work instructions all those templates what is given are used one is complying to those requirement it is very important and project is done within the scope schedule and time and the quality metrics defined then as the completion of the project happens as the monitoring and control says yes deliverable has happened according to the requirement then the project moves to the closure the closure may be closure of a specific project phase a milestone deliverable or a faisal deliverable or it can be a deliverable at the end of the project which is the ultimate deliverable so processes in closing has to be triggered whenever there is end of the phase whenever there is a deliverable to conclude and also at the
12:25 end of the project to conclude the entire project so during the closure one has to ensure capturing all the details in terms of what is accomplished against what is defined what went wrong what went well what is a learning one has to take to the next level or the next phase or to the next project and at the same time a sign-off has to be obtained formally and everything should be summarized and have a good handshake with the project stakeholder mainly a business or customer and also disseminating of team means you will dismantle the entire team and send them back to their specific units or specialization and they may get assigned to new project or if it is a functional they can go back to their functions to do their functional activities so that was about entire project lifecycle what happens now while doing this i mentioned
13:11 there are six constraints that is scope schedule cost quality risk and resources so keeping these in mind one has to ensure project is successful in all aspects so to become successful there are few key areas which has to be looked at so first six key areas are scope schedule cost quality resources and stakeholders now let us look at the scope what does scope means scope is about what needs to be delivered what is in scope what is out of the scope so this refers to all those deliverable scope all those activity scope basically we speak about two things one is product scope and project scope product scope is all about ensuring the features functionality of products are well defined and understood
13:57 and signed off and while delivering that product that is tested against those defined features and functionalities whereas projects go focus on all the activities needs to be done all those templates which has to be used all the process which has to be complied with all the skills which is required to be applied so it is going as defined so by doing this activities which is defined as part of project scope the result the deliverable will come out which will be in line with the deliverables features and functionality which is defined as part of product scope it is very important to ensure entire projects happens within this particular scope there should not be any deviations from this schedule perspective for that specifications what were defined for a product and project so these needs to be done in a specific point in time means in a specific schedule there will be
14:44 start time and time right so one has to plan how long a project would take and what are the deliverables should happen in what sequence what activities are required to accomplish this so all these needs to be understood so while performing the schedule management one has to look at a specific deliverable at a specific point in time by applying a specific set of activities required so this will tell you the duration of the project this will provide the sequence of project this will also help you to understand the dependency between one task to another task this will also help you to understand how the deliverables happening in what sequence which helps in prioritizing your deliverables third is cost so as we know to do any project
15:29 it is very essential to ensure project happens within that budget so project cost is estimated initially then that estimated cost will be checked checked in terms of is the assumptions considerations are right or wrong is that really so much of a monetary resource are required for the project and then after understanding the justification and obtaining the clarity budget is i mean monetary resources are allocated and confirmed approved then it will become a budget that will be a cost baseline so these estimation allocation of budget once it happens that will become a base and any deviations from that cannot happen so easily so any deviations because of additional of scope that can be handled through change management but idealistic scenario the cost should not escalate or come down
16:16 organization can also set certain tolerances at the project level considering various different scenarios like scenario of risks scenario of something which deviated from the deliverable so to what extent it can deviate that tolerance will also be set at the economic or monetary value perspective that is about cost now quality as we know quality is a very important area which ensures the project is delivered in time with all the specifications defined by using all the methods means by following all the processes work instructions templates and delivering as needed where it enables the project to monitor it easily so basically the requirement of compliance and standardization and optimization is to ensure everyone
17:04 follows the same steps do the activity so what quality management focus is to ensure the intended objectives of a projects are achieved already there is a definition done in terms of various different practices or processes needs to be followed similarly specification of each of the products are defined and from that there should not be any deviation so quality management should focus on ensuring those activities are done as defined those deliverables are done according to the specifications what is different it is very important that way so for that there is a layer of quality management there should be a layer of quality management where auditing or control activities are initiated periodically so that any deviations can be seen easily and remember a project manager can become cannot become part of quality management like
17:50 project manager cannot audit project manager should have a team or take the help of a team who can able to do mostly the one which is who is not part of the project is always better resources now as i mentioned earlier every project need resources it may be human resources it may be technology resources it may be any other resources which are required to do the project so organization acquires resources configured and then deployed for example in the project you acquire a server you configure a server you deploy a server technology resource human resource is on board recruited project induction is given then at the same time the skills and capabilities of individuals are according to the requirement of project that needs to be ensured and what needs to be delivered
18:36 and how it has to be delivered should be clear to the particular human resource so looking at all the aspects of resources to acquire to build and manage it is very important to look at the resource management so this will help in carrying out a specific task in the project in the best possible manner so interestingly when i say human resource always there is a possibility that a conflict can occur so when i say conflict conflict of interest may be in terms of what the individuals has to do conflict in terms of the preferences in terms of solutions what they are looking at conflict in terms of using resources different opinions different preferences various reasons conflict can come across so it is very important to project manager to understand this dynamics of human resources
19:21 and manage this conflicts project manager cannot shy away from handling conflicts project manager has to hone and resolve those conflicts in the favor of project not in the fear of any individuals so there are various techniques to look at resolving conflicts so that is like compromising problem solving smoothening accommodating so whichever helps for that project scenario for the project objectives that needs to be applied that technique has to be taken up so here the resolution is not at the specific individual's preference it is with the objective of other projects as any impact what kind of impact positive or negative if it is negative no that's not the direction the direction should be ensuring project gets that value through this conflict resolution so project manager should own
20:07 it it's an accountability of a project manager then as the human resources are acquired there are five stages team dynamics are involved so one has to bring them then educate them about a project as education on the project happens one has to go and do the job on floor that needs to be observed means one has to manage by looking at it and any corrections needs to be done that needs to be guided so it is very dynamic thing when it comes to human resources similarly in technology resources standardization there is no ambiguity as such but right resources with the right configurations should be acquired that is very important the next stakeholders so who can be stakeholders every project will have a stakeholder who are internal and external to the project so the
20:52 internal stakeholders are those who are part of the project who are part of the organization who are part of the customer organization or part of supplier organization a competition to my business means my organization's business all this we can call it as a stakeholders now every stakeholders will have a specific interest a power an ability to influence now through their position through their distance from the project they will get impacted at the same time they will also impact the project similarly they influence and they get influenced because of the project so a project manager should identify all the stakeholders and understand this what is the kind of stakeholder is this in terms of power in terms of legitimacy in terms of influence in terms of impact after
21:39 understanding that there should be a strategy for handling the stakeholders how am i going to engage with these stakeholders it is very important and accordingly the engagement should happen and then stakeholder engagement should resolve in the favor of projects again so if it is a customer customer should get that inputs required through review or periodic updates and the engagement required with the customer so that customer is having up-to-date information about the project if it is a team continued monitoring and control and ensuring team delivers the results what is required so focus of a stakeholder should be in such a way that your strategy should enable project to become successful and get a proper response from the stakeholder means a supporting engagement so next few key focus areas to mention is communication
22:25 risk procurement critical success factors deliverables and work breakdown so this list is not exhaustive as we deep dive into project i think you can just keep listing the key focus areas more than this but whatever we have indicated are the minimum which needs to be looked at so when i say communication communication is basically a conversation exchange of message which happens between two entities now whenever we communicate it is necessary to understand that it has to happen with two individuals or two entities there should be sender there should be a receiver in the absence of receiver if sending is happening that communication doesn't make any sense there should be a receiver and there should be an acknowledgement from the receiver now this is one of the most ignored area in
23:11 many of the projects even the communication happens more often more frequently but what people face difficulty in realizing that as they communicate generally informally formally they just take those for granted now when you identify the stakeholder one has to understand what is the communication requirement for those stakeholders what is that communication why is that communication what is the content of that communication how frequently we should do that interactions or communications intent of that particular communication what is the expected action or response from that communication all this needs to be very very clear and this can be articulated it has to be articulated so when it is articulated once there is a picture in terms of what kind of communication has to happen it is quite
23:56 obvious there should not be any deviation from the agreed communications requirements and whenever there is a need of change to the communication requirements from the stakeholders that needs to be updated for this one has to have a stakeholders identified so stakeholder management and communication are very closely linked and associated a engagement with the stakeholder will become successful within effective communication approaches next is risk so every project which is undertaken by organization that will have certain amount of risk which organization will evaluate similarly within the project life cycle lot of risk comes up which would have such an impact to the project now risk refers to by definition an uncertain event it has an uncertainty an event which is uncertain and when it
24:43 occurs it will have an impact on the project positively or negatively now current scenario in everywhere in the projects what you observe closely people tend to look at the risk which are threats that is negative only but they fail to recognize the risks which are opportunities the positive risks so another gap which we see when do the risk management is that is done in the initial phase of the project as the project is kicked off someone will do the risk assessment have a list of risk identified but unfortunately there is no categorizations for that risk and how is that going to impact the project that is not clear thirdly risk management or list of risk are created only once it is not done repeatedly so risk identification and analysis and assessment of that risk has
25:29 to be done throughout the life cycle of a project reason being the risk which looks as in high impact when project is initiated as the project progresses the impact levels will vary maybe in the middle of the project the impact may be very high or low so likewise the impacts of the risk will vary throughout the project life cycle it may be positive it may be negative so as you identify the stakeholder throughout the project life cycle as i said that is also a dynamic i cannot just have a list of stakeholders and i keep it as it is i need to update that also regularly risk identification assessment and analysis should also be done regularly periodically so that one will have a clear understanding about is that risk still valid is that risk is there still or not what is the level of variations in terms of impact of the
26:14 risks so this clarity will be there so that neces organization or project manager can get ready to face those risk if it is a negative risk definitely should have a mitigation or avoidance or acceptance whatever the mitigation plan you have to eliminate the negative impact of the risk when it occurs if it is a positive risk it's quite obvious one has to take the advantage of that one has to enhance exploit share a positive risk so that organization is benefited further procurement so whenever a project is initiated whenever a project is taken up the organization who is doing the project cannot create everything cannot develop everything in that project life cycle so organization would take a decision make a decision stating that some of the deliverables we
27:01 make ourselves some of the products we purchase some of the services we purchase so to purchase that has to happen from a specific supplier you cannot go with every supplier you should evaluate the suppliers qualify the suppliers and then select onboard the supplier and then get the services or products supplied by that particular supplier so while doing this one has to understand what type of contracting they need to enter with so three types of contracts we speak basically one is about a cost plus contract where cost is fully known to the project manager and to the organization so apart from known cost a fee will be paid to the supplier another one is fixed price where project manager
27:46 or the organization who is awarding that contract to a supplier will not know what is the cost instead it is a fixed price but important here is the scope of work needs to be clearly articulated and defined another type of contracting can be time and material where the building will happen based on the amount of time one is spent on that particular i hire a resource or on-board resource on a timeline material basis and what is that effort that resource has been put based on that building will happen so three types of contracts depending on the different scenarios of the project will be signed with the contractor however before doing that it is very essential to identify those suppliers sign off with them and monitor and manage them so if deliverables are not there it is very essential to look at the termination one has to terminate otherwise one has to ensure instead of
28:33 uh terminating should be able to put some effort to educate them also so that they come up to the mark so project is benefited so depending on what needs to be done that call has to be taken on a regular basis then critical success factor so for every project there should be an articulation of critical success factor so based on that one can confirm yes project has achieved his objectives our project has not achieved his objectives so key critical success factor should be supported through the metrics key performance indicators so key performance indicators provide those metrics to say critical success factor is achieved for example if i want to become successful in an exam critical success factor is scoring or passing the examination or let me say to pass the
29:18 examination key performance indicator is scoring 60 percent and above so critical success factor for me to get promoted is to pass in this particular exam so to pass in this exam minimum i should score is 60 percent that is kpi passing in the exam that is critical success factor so how will i measure that success factor is kpi so every project which it produces a specific product or services by using a specific resources and each of these the resources the processes the templates the deliverables all these needs to be measured on a continual basis so there are critical success factors defined and those are measured by defining kpis to that critical success factors so basically critical success factor provides the insight towards what needs to be measured and
30:05 when you measure what should be the focus and to achieve those critical success factors the indicator is key performance indicators when you measure yes the moment you achieve that your csf is achieved next deliverables so deliverables are those which comes as an output of the project right it may be a product it may be a service it may be a result so this refers to the output within the scope of a project so there can be one or more deliverables within a single project so these deliverables may be the items that are to be sent externally to a customer or a stakeholder so every deliverable will have a defined scope will have a defined specification so those deliverables has to be measured tested and one has to confirm yes this deliverable is performing as we are intended to have
30:52 the performance accordingly the decision will happen should we accept this particular deliverable or not if there is deviation that has to go back for correction so that's the reason we have monitoring and control all the control processes like control quality focused on the product state whether it has achieved the results or not is that functional as needed or not one has to ensure these deliverables has all those features and functionalities only then that can be handed over to the respective stakeholder customer or operation whoever the stakeholder it is next is work breakdown structure so when we say work breakdown structure when i look at a specific piece of product or services and have a bigger picture i cannot even visualize the various different components various different actions involved in achieving that bigger deliverable so if i say a car so
31:39 i can think of a body external i can think of a mirror on that body i can think of a glass in the front side as well as the back side and also i can think of interiors like seat then accelerator steering dashboard all this i can visualize but since i am not a technology expert relating to car can i visualize all those parts which are working inside for car to move like engine the battery assembly i don't know what to say further so all these can be visualized by an expert so every product or services should be broken down into multiple pieces i'm not saying go and break that product i am saying that product will have multiple components which are involved those needs to be segregated for example if i say cars exteriors cars interior so cars
32:26 exteriors external items you can see whatever you visualize body body structure mirror mirror assembly headlights uh then tires so likewise whatever i can visualize i will make it as a line items under the exterior so under for example under a mirror mirror i can speak about mirror glass mirror cap mirror pedestal and mirror of assembly where it moves where you can move the mirror so these are the various components involved in a mirror so i need to ensure by breaking down the product into multiple levels but depos decomposing it to multiple levels i can able to visualize the product very clearly what is there in detail so once i have the details i will articulate those what is that particular work breakdown element
33:11 is product breakdown element is then i will look at what skills and capabilities required for that product and i will assign the resources accordingly so once activities resources everything is assigned automatically this will become our breakdown structure further after creating our breakdown structure one will go and sequence the activity look at sequencing will happen based on in what priority deliverable should happen what order deliverable should happen then once the sequencing is done it will be checked to see whether anything can be optimized anything can be done in such a way that smooth flow of the project can happen there is no dependencies which will make project to delay like as the flow happens smoothly so you would find the various techniques like critical path method network diagramming critical chain method so all
33:57 these are used the floats of an activities are checked then leads and lags of the activities the relationship between activities so accordingly full visualization in terms of how the project will flow and how in what order the deliverables are happening can be easily visualized so that is the reason first activity is to do the product breakdown which would result in work regular structure so those are the points still now whatever i mentioned are the basic understanding one should have about a project and project management so as you deep dive into various best practices like pmp by pmi prince2 by axelos scrum mass fragile scrub master similarly you have certified scrum master so many agile practices so when you look at any of the best practices that will tell you clearly articulate what should be the
34:44 practice for you to adopt and adapt that practices so that your project can become successful so any of those approach you touch upon all those refers to these basic things in the absence of these basic things none of those best practices discusses the project management now typically in the industry there are a lot of job roles to the project management which we have seen so based on that this information is captured here on various job rules in a project management so some of them are like project manager senior project manager project lead resource manager pmo that is project management office analyst steering committee member so not necessarily all the project management roles are limited to this so these are the roles which commonly you
35:30 see and we are trying to capture that to give the insight right when i say project manager the project manager is the owner one has to take an accountability for the project right so project managers takes the project according to the plan and plays a lead role in all the steps of the project management right so responsibilities should be managing reviewing and prioritizing the task wherever necessary looking after risk management stakeholder management and project communication management some of the salary what we found while we were doing the survey the success ratio of a project depends majorly on the project manager so the demand for project management is rapidly increasing in the market so accordingly uh thousand four seven four per year that is the usd in inr it is fifteen hundred
36:16 thousand so this is what the salary uh on an approximation what was found next role we look at senior project manager where senior project manager is ahead of the overall project management plan the role demands in-depth knowledge of all the project aspects on a specific on the specifics of the project the responsibilities would be planning and coordinating complex projects visiting project sites to check progress and handle complex issues so salary looks like one or four thousand dollars per year here 20 92 000 inr per year so the role of senior project manager is one of the highest paying rules in the industry as we have seen having several allowances and bonuses because of the criticality involved in the project and the accountability level of that particular individuals in the
37:02 organization next role project lead so project leads are the one who leads the people throughout the project and provide them with all the information required throughout so responsibilities involve motivating the team beneath taking care of their needs and paying attention to what they feel ordering or controlling the project team since the project lead has more freedom than the project manager salary project lead makes sure that project gives the best possible outcome and is hence the demand for the project lead in the company never reduces so in usd 82 000 per year whereas in inr it is one million two sixty nine thousand per year next role we look at on resource manager so resource manager is the human resource needed to make the project success right
37:48 so one has to manage those resources responsibility involved assigning the right people to the right projects at the right time managing employees currently and determining hiring needs depending on the project's requirements so salary would be around 64 000 usd which comes around 966 794 in inr project management office analyst for this role the project management office analyst works with pmo means project management office and does not look at the project or manage the project directly instead does most of the data driven work which required for a project to have our project to get supported by that so that project managers will have a better insight analyzing and interpreting the data concerning the project figuring out the future risks to the project finding new ways to advance
38:34 the idea of the project management so salary would be one or six thousand two fifty three per year in usd whereas four forty nine thousand three thirty seven in inr per year so steering committee member so the steering committee members are the members who do not work on the project themselves they are there to help the project manager like providing inputs during the development of a project advising on the budget and evaluating the project strategies taking regular feedback from the project managers and asking necessary questions so salary would be around 68 497 dollars per year so those were the various roles and that is not that list is not an exhaustive list various different roles we come across but these are the basic roles which is seen in the industry
39:20 these roles are being recruited now there are various project management certifications which are offered as i mentioned earlier so those certifications are pmp that is project management professional from pmi agile certified practitioner that is pmi acp again from pmi then certified associate in project management so difference between capm and pmp is like capm would act as a basic level of certification for those who does not have a sufficient project experience project management experience whereas pmp is for those who has some project management experience similarly pmi sap is the one who is aspiring to look at agility in project management and they can go for it certified scrum master yes it is a scrum master certificate which will explain the role of a scrum master in detail
40:06 similarly prince to a certification from axolotls which also speak about all the aspects of the project what we discussed and provides the framework for project management axilla's also provides prince2 certification in agile also agile prince2 certification so we will look at each one of this certain details which are required for us to know so project management professional as i mentioned is most acknowledged and value the certificate value what it carries which has resulted to the certified professionals in landing up in highest paid jobs in the world so certified managers gets 20 more salary than the average salary so to take up an examination one has to go through the formal training of 35 hours that is one
40:53 of the prerequisites and there should be some experience of 400 hours of project managing project by leading various activities of a project and once the person becomes eligible with that prerequisites person will become register in the pmi's website becomes member and then go for examination so examination fee for pmp would be 4.5 dollars for the members who are registered with pmi and for those who are not registered as a member with pmi it is 555 dollars the duration of the examination is 4 hours and the number of questions will be 200 which are multiple choice questions so each questions carries one marks there is no negative scoring now prerequisites one has to have 4 500 hours directing and leading the projects that experience has to be
41:38 filled in while filling the application if a person is a bachelor degree holder and along with that 35 contractors of pmi pm education now prerequisites for the one who is not a graduate who may be high school or diploma is 7500 hours of directing and leading projects 35 hours of pm education so those are the prerequisites before one will go and appear for examination so once an individual passes pmp examination that certificate is valid for three years so now after three years if the person aspires to keep the certificate continued they need to produce 60 pdus professional development units which has to be acquired during those three years how to acquire one has to go through additional learning one has to contribute towards project management
42:24 knowledge base so those needs to be evidenced and then renewable fee has to be paid and certificate has to be renewed then agile certified practitioner as we saw for pmp here a gel certified practitioner demonstrates that one has relevant experience and education to handle and lead agile projects the organization has started shifting towards agile as we know in today's industry which makes this certification fast growing in the world so examination fee would be 435 dollars for pmi members 495 for non-pmi members duration is three hours and multiple choice questions 120 questions prerequisites is 2 000 hours project management experience with 100 hours agile experience and 21 contact hours of agile
43:09 practices so maintenance 30 videos are required for every three years and after paying the renewal fee that can be renewed now certified associate in project management so here this is an entry level certificate of pmi especially for those people who has less project experience it intends to demonstrate fundamental knowledge terminologies and processes of effective project management so examination fee would be dollar 225 for pmi members whereas three hundred dollars for non-members of pmi so duration of examination is 3 hours and examination will have 150 multiple choice questions so prerequisites someone who has secondary diploma 23 contact hours of pm education is enough there is no experience of doing the project is
43:55 required as we saw in pmp so maintenance is again three years someone who need to continue the certification has to retake the examination every three years next certified scrum master so certified scrum master is an entry level certification that helps the professionals to begin as the scrum practitioners is one of the most sought-after certifications as other after this one can get the designation of certified scrum master which is offered by scrum alliance so examination fee which will change time to time which is not revealed so one has to approach the training organization where they will get trained on certified scrum master so duration of examination is 60 minutes and pattern would be 16 hours 2 days of training and 50 multiple choice questions after that particular two days
44:41 of training then prerequisite is done for maintaining these credentials so one has to ensure it has renewed every two years then projects in controlled environment that is prince2 so prince2 is a method which is effective mostly from the base of uk all the organizations who are from uk region prefers to have prince to certification and it is as popular as any other project management certifications like pmp so examination fee would vary from nine hundred dollars to thousand dollars depending on where exactly you're taking the examination and certification will happen at two levels one is at foundation level and other one is practitioner so in foundation it is 60 questions multiple choice and in practitioner it's 68 questions now 60
45:28 questions or 68 questions each carries one marks for correct answer any wrong answer there will not be any negative scoring one has to score 55 percent to clear the examination so prerequisites for prince2 foundation is none whereas prince2 foundation is a prerequisite for princeton practitioner examination so to maintain the certificate one has to achieve 20 cpds every year continued professional development hi guys my name is ishan and i welcome you all to this session of project planning today we will be learning about different aspects of project planning but before we begin let's have a look at an incident here's max an assistant project manager who looks tensed and is pacing around the room then jack a project manager who works with him walks into the room and asks him why does he seem so tensed to
46:13 which max replies he is facing difficulty in estimating the budget jack responds it might be because he is not planning the project properly jack reassures max and begins to tell him about project planning so today we will be learning about what is project planning and check out the fundamentals of project planning then we will see why project planning is so essential for a project to be successful after that we will check the tools for project planning and finally we will have a look at the steps for project planning so without any further ado let's begin with what is project planning project planning is the second step or phase of the project life cycle project life cycle has five different phrases from initiation to closure today we will be learning about this phase that comes immediately after initiation in which the project plan is documented and further requirements are defined project
46:59 planning includes the following things the first and foremost thing is describing the objectives or outputs we are expecting the project to yield second we have is the elaboration of the scope to make sure what the project is all about and what all can be expected from the project the third step we have is forming a schedule this schedule is important to run or perform different tasks of a project each task having its own start date and end date this helps the project to finish in the scheduled time and limit lastly we have making and generating progress reports in which all that went during the tenure of the project is documented this helps in evaluating the project and helps in the forthcoming projects now let's have a look at the project planning fundamentals the first fundamental that we have is the determination of scope cost and resources that determination
47:46 helps us in having a rough estimate about the time that is required to finish the project it helps us in determining the number of people required and what should be their skill set we can divide the project into smaller manageable sections and this is made possible with the help of work breakdown structure the second fundamental refers to identifying the problem there are several techniques by which we can collect information and discover issues there may be several problems in a project and in that case several risks or issues are prioritized and the risk that requires immediate attention is dealt with first then comes identification of stakeholders when we can identify the stakeholders we can know who all will be affected and in what way which helps us having a better understanding of the project stakeholders may be anybody they may be the part of the project team or project
48:32 managers or customers they help during the project and contribute to its success then the last fundamental we will discuss is defining project objectives a project plan is made keeping in mind the requirements of the project team and expectations of the stakeholders if the project team can meet the expectations of the stakeholders then only we can say that the project is successful now when we know about project planning and its fundamentals it's time to see why project planning is so important project planning reduces the cost and time of the project as every step is monitored and optimized in the best possible manner project planning increases employee satisfaction as every employee who is a part is engaged in the team for improved project performance project planning helps in the implementation of quality assurance as the output of every step is duly tested lastly project
49:19 planning helps in reducing project risk as planning helps to analyze prioritize and deal with that risk moving on let's have a look at the tools for project planning the first tool that we have is a gantt chart today gantt charts are one of the most popular project management tools they help in tracking the status of the work at a particular time and their independencies on each other gantt charts help in showing different phases and steps involved in a project the second tool we will talk about is critical path method or cpm critical path method helps in scheduling the project activities so that the project runs properly the critical path method focuses on the longest stretch of dependent tasks and determines the time needed to complete them the next tool is project evaluation and review technique or pert chart bird provides a graphical
50:05 representation of the project's timeline explaining the independencies of different tasks this tool not only helps in making a schedule but also helps in coordinating with all the team members the fourth tool we will check is work breakdown structure work breakdown structure is a very common tool that makes it possible for the team to break its work into manageable sections work breakdown structure is a step two step process that helps in completing the project efficiently the last tool we will see is project documentation project documentation is an integral part of the project life cycle project documentation helps in understanding the mistakes done during the project and more importantly provides guidelines for the upcoming project now when we know about different tools for project planning it becomes essential that we know the necessary steps of project
50:51 planning there are seven steps in project planning let's have a look at each of them in detail the first step is identification of stakeholders as we have discussed stakeholders could be anybody they could be a part of the team or a project manager or a customer when we identify stakeholders we can find out the expectations and requirements that are to be looked upon in this project this gives us a clearer picture of the project and helps in establishing the project scope so the next step we have is defining the project scope this helps in determining a list of specific project goals and deliverables that are to be achieved during the course of the project after we have defined the project scope it is time to set project objectives and prioritize them the initial ideas that were there before are now elaborated and final steps to complete the project are defined in the
51:37 next step the deliverables are determined after all project deliverables are the only reason why the project is being created this step involves finding out what these deliverables will be and the deadlines of the delivery then the step that comes into picture is creating a project schedule the project schedule refers to the guidelines when a particular task is to be started and when it is supposed to end this helps in monitoring the growth of the project and later helps in generating progress reports the next step is the step of risk analysis this step plays an extremely important role in the success of the overall project it helps in identifying the risk prioritizing them and taking steps to limit them the last step in project planning is to generate progress reports in this step we update the stakeholders about the project growth and it is done
52:24 so that all the concerned team members can have a look at the progress of the project after all this information max thanks jack for the explanation and looks forward to plan projects within the budget and of better quality in this session we will talk about project plan in excel we will learn about a project plan and how we can make an effective plan in microsoft excel before we begin let's have a look at all the topics we will be covering today first we will see the basics of a project plan then we will check the process of project management microsoft excel and why should one refer to microsoft excel apart from this we will learn about how to make a gantt chart in excel towards the end we will check some microsoft excel templates so without any further ado let's get started let's see what is a project plan project plan is a basic thing that is needed to execute a project according to project management
53:09 book of knowledge a project can be defined as an approved elaborative document that guides the team during project execution and project control when we are making a project plan a project plan must answer several questions for us these questions are like what are we expecting our project to deliver how are we expecting to get our deliverables within the desired time who all will be a part of a project and what tasks they will have in the project when will the project start and when it is expected to end that is the deadlines of the project now let us learn about project management in excel microsoft excel is one of the most common applications these days it is used in both offices and at homes microsoft excel is an easy project management tool that allows the team members to easily see the tasks in a project develop a plan and track its progress before we
53:56 learn more about project management in excel let's first have a look why do we use excel microsoft excel is an easy tool to plan a project so it can be used by people who are beginners in terms of project management in excel one can find several analytical tools like concatenate len and counter so this makes data analysis easy and effective as the entry of data is easy same is tracking and controlling of project status then there are several project management templates in excel that help us to have an effective distribution of project data we will be checking several project management templates towards the end of this video now let's have a look at the process of making a gantt chart in excel before we begin this it's important we know what is a gantt chart a gantt chart is like an horizontal bar chart that is used for project management with the help of a gantt
54:41 chart we can check the status of the task the date they start the date the end and the dependencies on each other gantt chart helps in coordinating and monitoring different tasks in a project now let's have a look at the steps that will help us in making a gantt chart first step we have is make a project table we have several rows and columns like here we have three columns in the first column we have the tasks in the second we have our start date and in the third column we have the duration or tenure of the task the second step is to make a bar chart in excel for this we will select the entire second column then we will go on the insert tab and click on the bar graph chart there we can select stack bar graph in 2d bar charts as a result we will have the entitled bar graph on the screen in the third step we will add the duration to the bar graph we will right click on the
55:27 chart and in the menu that appears we will select select data option a window that appears on the screen in that window we will select add option as shown we can also see the start date is already in the entry section then in the dialog box that appears type tenure in the series name and click on the rain selection icon that's shown in the figure now select the relevant data from the tenure column and click on ok now we can see a bar graph that has two colors on the screen this bar graph now has the duration of the tasks the fourth step we have is adding description to the gantt chart now we will open the box again and in that box we will select the edit option as shown in the figure then we will select the tasks as we had selected the duration of the tasks before and click on ok we can now see the tasks have appeared towards the left side of
56:12 the gantt chart the fifth and the remarkable step will help us convert this bar graph into a gantt chart we will now click on the bars and select the format data series option from the menu that appears then in the format data series dialog box we will select no fill option we can find our gantt chart on the screen now in accordance with the data that we had entered now we can see the tasks on the left side are in the reverse order so what we will do next is we will click on the task panel then go to the format access dialog box and select the categories in reverse order option now we can find our tasks in the right order one more thing we can notice is gantt chart is starting with some other date and not with the dates that we had entered so for this we will copy the first date in some other cell then clicking on the copied cell we will go to the home menu to select the dialog box as shown in the figure then in that
56:59 drop down menu we will select the number option we can now find a value displayed in the copied cell we'll copy that value click on the dates on the chart and as the format access dialog box opens we will paste that value in the box that says minimum shown in the figure as a result we will have our final gantt chart on the screen in the last step we can give several designs to a gantt chart change colors and make it more presentable for us now when we know the basic steps of making a gantt chart i will show that practically to you in microsoft excel our first step is to open microsoft excel and in microsoft excel we will make a project table in our project table we will have three columns the first column will be task the second column will have the start date the third column will have tenure
57:44 or the duration of the task so beginning with tasks we have task 1 in task 1 we have 1.1 1.2 1.3 then comes task 2. in task 2 we have 2.1 2.2 2.3 and 2.4 then we have task 3 in task 3 we will have two subsections 3.1 and 3.2 then we will start with the starting dates in starting dates we will put 1 january the task 1 1.1 will be 1st of january then this will be 4th january let's say this is 5th january then we will put this as 11th of january and this will be again 11th january only
58:30 this will be 15th january let's put this as 17th january let this be 19th january task 3 begins on 23rd january and it the 3.2 section begins at 26th of january now let's put the tenure or the duration of the task we will begin with task 1 it takes 12 days then 1.1 takes 7 days we say this takes 4 days and this takes 8 days then for task 2 it again takes 12 days it takes 5 days 5 days and let's say this takes six days and this takes four days then we come to task three this takes eight days and let's say this takes six days and the three point two section takes five days
59:15 so this is how our project table is ready in the second step we will select the entire second column after we have selected this column we will go to the insert tab in the insert tab we will go to the bar columns and in this we will select 2d stacked bar charts now we have the entitled bar chart in accordance to our data on the screen then comes the third step we will add the duration of the tasks to the bar graph we will click on the chart and after we click on the chart we will select select data option in the select data source dialog box we find the start date is already there now we will click on add and after we click on add in the series name section we will put tenure then in the series value we will click on this icon and select
1:00:00 the entire tenure series and click on ok
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