Taylor Horwood 1

What I Have Learned So Far

IT301: Project Management I – Unit 7 Assignment 2

Taylor Horwood

In this class a lot has been learned about project management, and the nine fundamental knowledge areas for the project management. These nine areas are; Project Integration

Management, Project Scope Management, Project Time Management, Project Cost Management,

Project Quality Management, Project Human Resources Management, Project Communications Management, Project Risk Management, Project Procurement Management. Approach on how to complete the functions of project management is mentioned in these nine knowledge areas.

Project integration management is a group of necessary processes that delineate the project, with the purpose of creating successful projects. The processes included in Project

Integration Management are; Develop the project charter, Develop the project management plan, Direct and manage project execution, Monitoring and control project work, Integrate change control, Close project or phase.

Scope management in a project basically concerns five processes, the purpose of which is to make sure that the project is all-embracing, and going astray is avoided. This knowledge area includes; Collect requirements for defining the project scope, Define project scope (what is included and what is not included), Create work breakdown structure, Verifying the scope, Controlling the scope.

The third knowledge area mentioned covers details for managing time in a project. The project managers learn how to handle project delays and budget overruns by using PMI project management institute methodologies, like PERT chart, or critical path method. The processes used for this purpose are; Define activity, Sequence activity, Estimate the activities duration, Estimate resources required for the activities, Develop project schedule, Control schedule.

Cost management basically concerns the project resources, and budgeting. Cost is controlled by various techniques, like internal rate of return, NPV calculator, budget spreadsheet, and others. The processes included in the cost management are; Estimate cost, Develop budget, Control cost by using PMI project management institute methodologies (EVM Earned Value Management).

Quality management ensures maintenance of product quality in the project deliverables, according to the desired standards, by using various methodologies, like six sigma, lean, and others. Processes included in this knowledge area are; Plan quality, Assure quality, Control quality.

This knowledge area deals with the characteristics of managing the project human resources, during development of project plans, and execution of the project. This includes acquirement, development, and management of the team. Cultural differences should be carefully managed, including the cultural differences of nonverbal communication.

Efficient communication is the foremost criteria for the project success. This important function of project management includes understanding who desires to understand what, how, and when. Processes include; Identify stakeholders, Plan communications, Distribute information, Manage stakeholder expectations, Report performance.

Risk management is vital for successful management of projects. There are numerous techniques that may be applied to manage project risks, including Monte Carlo method risk analysis. SWOT analysis for Target Corporation may be studied to learn the concepts of SWOT analysis. Processes of risk management mentioned in the PMBOK guide are; Plan risk management, Identify risks, Qualitative risk analysis, Quantitative risk analysis, Plan risk response, Monitoring and control RISKS. Managing procurement is the last knowledge area. The processes are; Plan procurement, Conduct procurement, Administer procurement, Close procurement.

In so many areas of our lives, we use project management without even realizing we are. Whether it’s brushing your teeth or building a skyscraper, we all use project management every day. Initiating, planning, executing, monitoring/controlling and closing out every project requires some knowledge and expertise of what you are doing and will be more likely to get completed with a trained project manager. Project managers get things done. Project management provides a framework to help accomplish goals. Every project is different, but all share their beginnings in an idea what can be and a potential for a good outcome if that idea is guided into reality.