My ContentProject Management SWOT, PEST, PERT/CPM Phases of Project Management Project Initiation Project Planning SMART Goals CLEAR Goals Project execution Project Performance / monitoring Project closureSWOT (Strengths, weaknesses, opportunities and threats) Elements of a SWOT Analysis Strength Weaknesses Opportunities ThreatsPEST (Political, Economic, Social and Technological)PERT (Program Evaluation and Review Technique)CPM (Critical Path Method)
Project Management
SWOT, PEST, PERT/CPM
Project Management is the way a person organizes and manages resources that are necessary to complete a projects. Projects are common in the construction industry. the telecommunications industry and the IT industry. Project is handled by project manager.
Phases of Project Management
There are fire phases of project mangement.
i. Project Initiation
ii. Project Planning
iii. Project execution
iv. Project Performance / monitoring
v. Project closure
i. Project Initiation :
This is the start of the project and the goal of this phase is to define the project at a broad level. create a project chapter or a project initiation document (PID) that outlines the purpose and requirements of the project.
ii. Project Planning :
This phases is key to successful project management and focuses on developing a road map that every one will follow. This phase typically begins with setting goals.
Two of the more popular methods for setting goals are S.M.A.R.T and CLEAR.
SMART Goals
This method helps ensure that the goals have been thoroughly vetted. It also provides a way to clearly understand the implications of the goal-setting process.
Specific - To set specific goals, answer. the following question : who, what, when, which, and why.
Measurable - create criteria that you can use to measure the success of a goal.
Attainable - Identify the most important goals and what it will take to achieve them.
Realistic - you should be willing and able to work toward a particular goal.
Timely - create a time frame to achieve the goal.
CLEAR Goals
A newer method for setting goals that takes into consideration the environment of today's fast paced businesses.
• Collaborative - The goal should encourage employees to work together.
• Limited - They should be limited in scope and time to keep it manageable.
• Emotional : Goals should tap into the passion of employees and be something they can form an emotional connection to. This can optimize the quality of work.
• Appreciable : Break larger goals into smaller tasks that can be quickly achieved.
• Redefinable — As new situation arise, be f lexible and refine goals as needed.
iii. Project Execution
This is the phase where deliverables are developed and completed. Like, status reports and meeting, development updates, and performance reports. Tasks completed during the execution phase include :
• Develop tearm
• Assign resources
• Execute project management plans..
• Procurement management if needed
• PM directs and manages project execution.
• Set up tracking systems.
• Task assignments are executed.
• States meetings.
• Update project schedule.
• Modify project plans as needed.
while the project monitoring phase has a different set of requirements, these two phases often occur simultaneously.
iv. Project Performance / Monitoring
This is all about measuring project progression and performance and ensuring that everything happening aligns with the project management plan.
Project managers will use key performance indicators (KPIs) to determine if the project is on track.
• Project objectives : Measuring if a project is on schedule and budget is an indication if the project will meet stakeholder objectives.
• Quality Deliverables : This determine if specific task deliverable are being met.
• Effort and Cost Tracking : PMs will account for the effort and cost of resource to see if the budget is on track. This type of tracking informs if a project will meet its completion date based on current performance.
• Project Performance : This monitors, changes in the project. It takes into consideration the amount and types of issues. that arise and how quickly they are addressed. These can occur from unforeseen hurdles and scope changes. during this time, PMs may need to adjust scheduler and resources to ensure the project is on track.
v. Project closure
This phase represents the completed project. Some PMs event organize small work events for people who participated in the project to thank them for their efforts. This is especialy helpful to understand lessons learned so that improvements can be made for future project. Finally, PM will need to collect all project documents and deliverables and store them in a single place.
SWOT (Strengths, weaknesses, opportunities and threats)
SWOT analysis is framwork used to evaluate a company's competitive position and to develop strategic planning. SWOT stands for strengths, weaknesses, opportunities and threats.
SWOT analysis accesses internal and external factors, as well as current and future potential. The technique in credited to Albert Hamphrey, who led a convention at stanford university in the 1960 and 1970. SWOT analysis is a technique for assessing the performance, competition risk and potential of a business, as well as part of a business such as a product line or division an industry, or other entity. using internal and external data, the technique can guide businesses toward strategies more likely to be successful, and away from those in which they have been or are likely to be, less successful. An independent SWOT analysis analysts, investors or competitors can also guide them on whether a company, Product line or industry might be strong or weak and why.
Elements of a SWOT Analysis :
A SWOT analysis is designed to facilitate a realistic, fact-based, data-driven look at the strengths and weaknesses of an organization, its initiatives or an industry. The organization needs to keep the analysis accurate by avoiding pre-conceied beliefs or gray areas and instead focusing on real-life contexts. For example, how do the organization's products and services compare to those of competing firms? SWOT analysis should be short and simple, and should avoid complexity and over-analysis to remain as objective as possible, and to keep subjective judgments out of the process. Companies should use it as a guide and not necessarily as a prescription.
i. Strength
describe what an organization excels at and what separates it from the competition a strong brand, loyal customer base, a strong balance sheet. unique technology and so on. For example, a hedge fund may have developed a proprietary trading strategy that returns market-beating results. It must them decide how to use those results be attract new investors.
ii. Weaknesses
Weaknesses stop an organization from performing at its optimum level. They are areas where the business needs to improve to remain competitive a weak brand, higher-than-average. turnover, high levels of debt, an inadequate supply chain or to lack of capital.
iii. Opportunities
Opportunities refer to favorable external factors that could give an organization a competitive advantage. For example, if a country cuts tariffs, a car manufacturer can export it's into a new market, increasing sates and market share.
iv. Threats
Threats refer to factors that have the potential to harm an organization. For example, a drought is a threat to a wheat producing company, as it may destroy or reduce the crop yield. Other common threats include things like rising costs for materials, increasing competition, tight labor supply and so on.
PEST (Political, Economic, Social and Technological)
PEST Analysis (Political, Economic, Social and Technological) is a management method whereby an organization can access major external factors that influence its operatione in order to become more competitive in the market. As described by the acronym, those four areas are central to this model.
A popular variation on the PEST analysis format, especially in the uk is the PESTLE strategic planning approach, which includes the additional aspects of Legal and Environmental.
It is believed that PEST analysis was first introduced under the name ETPS by harvard professon Francis J. Aguilar. In the 1967 publication "scanning the business environment," aguilar presented the economic, technical, political, and social factors as being major influences on the business environment subsequently, the letters were rearranged to create a convenient and quirky acronym used today
• KEY TAKEAWAYS
• PEST analysis stands for political economic, social and technological.
• This type of analysis is used to gauge external factors that could impact the profitability of a company.
• Generally, it is more effective with large organization that are more likely to experience the effects of macro events.
• PEST analysis is commonly used in conjunction with SWOT analysis, which stands for strengths, weaknesses. opportunities and threats.
• Also known as PESTLE, PESTEL, PESTLIED, STEEPLE, SPEPT and LONGPESTLE.
• There are variations of PEST analysis that bring other factors into consideration. These include :
PESTLE/PESTEL - Political, Economic, Social Cultural, Technological, Legal, Evironmental.
PESTLIED - Political, Economic, Socio cultural, Technological, legal, International, Environmental, Demographic.
STEEPLE - Social/Demographic, Technological, Economic, Environmental, Political, Legal, Ethical.
SLEPT - Socio-Cultural, Legal, Economic, Political, Technological.
LONGPESTLE - Local, National, and Global versions of PESTLE, (These are best used for understanding change in multinational organizations)
• Choose the version that best suits your situation.
There is also STEER which considers socio-cultural, technological, economic, ecological and regulatory factors but does not specifically include political factors.
PERT (Program Evaluation and Review Technique)
PERT was first developed in 1958 by the U.S Navy special projects office on the polaris missile system. Existing integrated planning on such a large scale was deemed inadequate, So the navy pulled in the lockheed aircraft corporation and the management consulting f irm of Booz, Allen, and Hamiltion. Traditional techniques such as line of balance, Gautt charts, and other systems were eliminated, and PERT evolved as a means to deal with the varied time periods it takes to finish the critical activitiess of an overall project.
The program evaluation and review technique (PERT) is a widely used method for planning and coordinating large-scale projects. As Harold Kerzner explained in his book Project Management, "PERT is basically management planning and control tool. It can be considered as a road map for a particular program or project in which all of the major elements (events) have been completely identified together with their corresponding. interrelations".
PERT charts are often constructed from back to front because, for many projects, the end date is fixed and the contractor has front-end flexibility. "A basic element of PERT-style planning is to identify critical activities on which others depend. The technique is often referred to as PERT/CPM, the CPM standing for "critical Path method."
Program Evaluation and Review Technique (PERT) is a scheduling method originally designed to plan a manufacturing project by employing a network of inter-related activities, coordinating optimum cost and time criteria. PERT emphasizes the relationship between the time each activity takes, the costs associated with each phase, and the resulting time and cost for the anticipated completion of the entire project.
PERT is an integrated project management system. These systems were designed to manage the complexities of major manufacturing projects, the extensive data necessary for such industrial efforts, and the time deadlines. Created by defense industry projects. Most of these management systems developed following world war II and each has its advantages.
CPM (Critical Path Method)
The critical path method (CPM) on critical path analysis (CPA), is an algorithm for scheduling a set of project activities. It is commonly, used in conjunction with the program evaluation and review technique (PERT). A critical path is determined by identifying the longest stretch of dependent activities and measuring the time required to complete them from start to finish.
The critical path method (CPM) is a project modeling technique developed in the later 1950 by Morgan R. Walker of DuPont company and James E. Kelley Jr. of Remington Rand. Kelley attributed the term "Critical Path" to the developers of the program evaluation and review technique (PERT) which was developed at about the same time by Booz Allen Hamilton and the U.S Navy Keliey and walker related their memories of the development of CPM in 1989.
CPM is commonly employed is many diverse types of projects. These include product development, engineering, construction aerospace and defense, software development and research projects. Several CPM software solutions are available. The basis steps employed in CPM are :
i. Determine required stasks.
ii. List required tasks in sequence.
iii. Create a flowchart including each required task.
iv. Identify all critical and non-critical relationships (paths) among required tasks.
v. Assign an expected completion/execution time for each required tasks.
vi. Study all critical relationships to determine all possible alternatives or backups for as many as possible.
No comments:
Post a Comment