Business & Leadership: Vol 5

By Zaheer Siddiqui and Dr. Sathyapriya Govindarajulu

Embark on a transformative journey into the world of project management with "Business & Leadership: Volume 5." This captivating volume, the final instalment in a comprehensive 5-volume series, places a laser focus on the essential principles and practices of project management.

 

With over 300 pages packed with insightful content, the volume equips managers, project personnel, students, and teachers with the knowledge and tools needed to navigate the intricacies of project management successfully.

 

As both a textbook and a trusted reference book, it offers comprehensive coverage of project management, ensuring its relevance in a variety of educational and professional contexts. Its versatile nature makes it equally valuable for vocational education and workplace training programs, catering to the needs of individuals seeking practical knowledge to excel in their careers.

 

Within its pages, readers will discover the fundamental aspects of project management, including project initiation, planning, execution, monitoring, and closure. From defining project scope and objectives to managing resources, timelines, and budgets, this volume provides a comprehensive roadmap for successfully navigating the complexities of project management.

 

Through its applied exploration of project management methodologies, risk management strategies, stakeholder engagement, and communication techniques, this volume equips readers with the skills required to drive successful project outcomes.

 

Embrace the knowledge and strategies presented in this book and watch as your project management skills soar to new heights. From initiating projects to achieving project success, this volume empowers you to become a confident and effective project leader, capable of delivering exceptional results in today's fast-paced and dynamic business environment.

• Language: English
• Publisher: Zaheer Siddiqui
• Release date: Jul 14, 2023
• ISBN: 9798223322696

Zaheer Siddiqui

Zaheer Siddiqui is an accomplished professional with over 35 years of experience that spans various roles and levels of responsibility, from grassroots to CEO positions. With a master’s degree in economics, an MBA, and an MS in computer science, Zaheer has a strong foundation in both business and technology. He has also attained Diploma of Vocational Education and Diploma of Training Design & Development. In addition to his formal qualifications, Zaheer has also accumulated an impressive lifelong learning portfolio that includes hundreds of vocational and applied courses from various institutions. This breadth of knowledge and experience allows Zaheer to bring a unique perspective to any project or endeavour he undertakes, making him a valuable asset. He assisted several organisations in improving their market presence and sustainability. Drawing upon a wealth of experience in business and leadership, Zaheer has expertly contextualized this volume to the Australian Vocational Education sector. His strong grasp of the BSB training package has enabled him to create a resource that is equally valuable to trainers, students, team leaders, and managers. Through careful consideration of the needs and expectations of each group, Zaheer has crafted a comprehensive guide that is both informative and accessible.

Book preview

Business & Leadership

Volume 5

Covering:

- Project Management

Compiled by

Dr. Sathyapriya Govindarajulu, Ph.D.

Zaheer Siddiqui

© 2023 Vocational Resources Australia

ALL RIGHTS RESERVED. No part of this work covered by the copyright herein may be reproduced, transmitted, stored, or used in any form or by any means graphic, electronic, or mechanical, including but not limited to photocopying, recording, scanning, digitizing, taping, web distribution, information networks, or information storage and retrieval systems, except as permitted under The Commonwealth Copyright Act (1968), without our prior written permission.

Vocational Resources Australia specialises in development, publishing, and distribution of learning resources for Australian Vocational Education sector.

Visit our website www.vocationalresources.com.au for further information or to shop online.

For product information or for permission to use material from this publication, send us a message/ request through our website.

Where possible, we have arranged the topics, within each chapter in alphabetical order. We hope this will help you easily locate the information you need, making the search process smoother and giving you more time to enjoy your reading.

.... Dr. Sathya and Zaheer

ABOUT DR. SATHYAPRIYA

Dr. Sathyapriya Govindarajulu is a highly accomplished academic and researcher, possessing an impressive educational background that includes a PhD in Finance, an MBA, and a Post-Doctoral Researcher position at Charles Darwin University.

In addition to her academic achievements, she is a lecturer at Central Queensland University and has gained significant experience working in the VET sector. Her post-doctoral research work has received grant funding from the ACSDRI, highlighting the importance of her research in advancing the field of finance. Moreover, Dr. Sathya is actively involved in academia and currently supervises students in organisational leadership as a co-supervisor.

Dr. Sathya's contributions to the field of finance include two published papers in international journals, three papers in national journals, and a book.

She has presented her research at more than ten conferences, including the Latrobe University in Melbourne. Her research article on financial inclusion won the Best Paper Award at Finance Track in India.

ABOUT ZAHEER

Zaheer Siddiqui is an accomplished professional with over 35 years of experience that spans various roles and levels of responsibility, from grassroots to CEO positions. With a master’s degree in economics, an MBA, and an MS in computer science, Zaheer has a strong foundation in both business and technology. He has also attained Diploma of Vocational Education and Diploma of Training Design & Development.

In addition to his formal qualifications, Zaheer has also accumulated an impressive lifelong learning portfolio that includes hundreds of vocational and applied courses from various institutions. This breadth of knowledge and experience allows Zaheer to bring a unique perspective to any project or endeavour he undertakes, making him a valuable asset. He assisted several organisations in improving their market presence and sustainability.

Drawing upon a wealth of experience in business and leadership, Zaheer has expertly contextualized this volume to the Australian Vocational Education sector. His strong grasp of the BSB training package has enabled him to create a resource that is equally valuable to trainers, students, team leaders, and managers. Through careful consideration of the needs and expectations of each group, Zaheer has crafted a comprehensive guide that is both informative and accessible.

Our collection of Business & Leadership textbooks spans over five volumes. Please find below a list of chapters included in each volume.

Volume 1:

Workplace Communication, Critical and Creative Thinking, Emotional Intelligence, Personal Development, Leadership, Workplace Technology

Volume 2:

Continuous Improvement, Innovation, and Quality Management, Sustainability, Change Management, Health, Safety, and Risk management, Business Development and Marketing

Volume 3:

Business Operations, Business Continuity, Business Performance, Business Systems, Corporate Social Responsibility, Customer Service, Meetings, Resource Management, Operational & Strategic Planning, Supply Chains

Volume 4:

Financial Management, Human Resources Management

Volume 5:

Project Management

Table of Contents

Chapter 15: Project Management

Project Management

Project Manager

Project Management Life Cycle

Phase 1: Initiation

Phase 2: Planning

Phase 3: Execution

Phase 4: Monitoring and Controlling

Phase 5: Closure

Reviewing Project Outcomes

Methods of Reviewing Project Outcomes

Project Boundaries

Project Scope

Project Scope Management Plan

Factors Impacting the Scope

Performance Measurement Indicators for Project Scope

Scope Control Methods/ Tools

Scope Creep

Scope Change Control

WBS

Change Control Board

Scope Verification

Scope Validation

Project Management Concepts, Key Roles, Tools, Techniques and Processes

Agile

Aligning Project with Organisational Mission

Business Case

Conflict Resolution in Project Management

Change Management

Forecasting Impact of Change

Change Control Procedures

Change Control Process

Change Reporting Process

Compliance

Identifying Non-Compliance

Constraint

Consultation

Critical Chain Project Management

Critical Path Method

Critical Path Activity

Delegation of Authority

Deliverables

Identifying Deliverables

Dependency

Earned Value Management

Gantt Chart

Human Resources Management

Roles

Issue Management

Issue Log

Kanban

Kick-off Meeting

Lean Project Management

Line of Authority

Milestones

PERT Chart

PMBOK

Power-Interest Grid

Project Authorisation

Project Baseline

Project Integration

Project Management Software

Quality Management

Determining Project Quality Requirements

Identifying Quantifiable Quality Criteria for Project Deliverables

Project Quality Metrics

Determining Quality Metrics

Project Quality Standards

Resource Breakdown Structure

Resource Levelling

Schedule Baseline

Scope Creep

Scrum

Sign-Off

Statement of Work

SWOT Analysis

Waterfall

Work Breakdown Structure

Project Management - Costing/ Budgeting

Project Cost Management Strategies

Project Cost Management Process

Project Cost Management Plan

Cost Estimation

Analogous Estimating

Bottom-Up Estimating

Parametric Estimating

Three-Point Estimating

Expert Judgment

Budget Development

Budgeting Process

Key Considerations in Developing the Project Budget

Budget Finalisation Process

Change Management

Reporting

Tools & Techniques

Tracking & Managing

Earned Value Management

Budget Variance Analysis

Cost Control Charts

Cost Control

Value Engineering

Project Management Documents

Assumptions and Constraints Log

Project Brief

Project Charter

Project Cost Report

Project Financial Statement

Project Human Resources Management Plan

Project Initiation Document

Difference between Project Charter and PID

Difference between Scope Management Plan and PID

Project Plan

Monitoring

Project Quality Management Plan

Project Resource Management Plan

Identifying Resources Requirement

Project Revenue Report

Project Schedule

Project Status Report

Project Time

Evaluating Effectiveness of Project Time

Methods to Estimate Time & Duration

Analogous Estimating

Parametric Estimating

Three-Point Estimating

Expert Judgment

Delphi Technique

Monte Carlo Simulation

Tools, Techniques, and other Methodologies

Lessons Learned Document

Project Governance

Governance Roles & Responsibilities

Project Governance Models

Agile Governance Model

Collaborative Governance Model

Consensus-Based Governance Model

Hierarchical Governance Model

Portfolio Governance Model

Project Management Office Governance Model

Project Steering Committee Governance Model

Project Governance Plan

Project Information & Communication

Project Communication Methods & Techniques

Developing Project Communication Plan

Evaluating Effectiveness of Project Communication

Project Communication Models

Shannon-Weaver Model of Communication

Berlo's SMCR Model of Communication

Lasswell's Model of Communication

PMI's Project Communications Management Model

Project Communication Network

Implementing & Maintaining the Project Communication Network

Project Communication Plan

Project Information Security

Information Validation

Project Management Information Systems

Project Procurement

Identifying Procurement Requirements

Procurement Best Practices

Procurement Components

Procurement Constraints

Availability

Capacity

Cost

Cultural and Language Barriers

Legal and Regulatory Requirements

Probity

Project Governance

Project Management Framework

Risk Management

Performance Management

Stakeholder Engagement

Quality

Technology

Time

Procurement Documents

Bid Evaluation Criteria

Invoices

Procurement Planning

Procurement Planning Process

Legal Obligations

Procurement Management Plan

Procurement Contract

Contract Types

Purchase Order

Request for Proposal (RFP)/ Request for Quotation (RFQ)

Procurement Process

Monitoring Procurement Process

Processing the Supplies

Procurement Tools & Techniques

Bid Evaluation

Bid Evaluation Process

Bid Evaluation Criteria

Challenges in Bid Evaluation

eProcurement

eProcurement Systems

Challenges of eProcurement

Contract Management

Contract Management Process

Contract Negotiation

Contract Negotiation Process

Contract Negotiation Strategies

Contract Negotiation Issues

Make-or-Buy Analysis

Make-or-Buy Analysis Process

Make-or-Buy Analysis Factors

Performance-Based Contracting

Performance-Based Contracting Process

Performance-Based Contracting Challenges

Performance-Based Contracting Challenges

Reverse Auctions

Reverse Auctions Process

Reverse Auctions Challenges

Source Selection Criteria

Source Selection Criteria Process

Source Selection Criteria Factors

Source Selection Criteria Challenges

Supplier Diversity

Supplier Diversity Process

Supplier Diversity Challenges

Supplies Register

Supplier Relationship Management

SRM Process

SRM Challenges

SRM Strategies

Vendor Management

Vendor Selection Criteria

Role of Suppliers in Project Procurement

Shortlisting Suppliers

Project Risk Management

Common Project Risks

Project Risk Management Plan

Risk Register

Project Stakeholder Management

Stakeholder Types

Identifying Project Stakeholders

Identifying Stakeholders' Responsibilities

Stakeholder Engagement Theory

Stakeholder Engagement Approaches

Stakeholder Engagement Methods

Project Stakeholder Management Plan

Reviewing Performance of Stakeholder Engagement Plan

Recordkeeping Requirements

Project Portfolio Management

Assessing Performance of PPM Staff

Project Portfolio Vision

Communicating Project Portfolio Vision to Stakeholders

Establishing a Project Portfolio Vision

Elements of Project Portfolio Vision

Championing Portfolio Management

Managing Project Portfolio Effectively

Providing Feedback to PPM Staff

Quantifying Value to the Business in PPM

Resource Allocation for Project Portfolio

Role of Communication in PPM

Role of Program Sponsors in PPM

Chapter 15: Project Management

Project Management

Project management is the process of planning, organising, executing, and controlling resources (such as people, money, and time) to achieve specific goals and objectives. It involves coordinating team members, tracking progress, and making sure that everything is on track to deliver the required results.

Project management is essential for ensuring that projects are completed on time, within budget, and to the satisfaction of all stakeholders. It requires a range of skills, including communication, leadership, and problem-solving, as well as technical knowledge related to the specific project.

Project Manager

A project manager is a professional who is responsible for leading a team to achieve specific goals and objectives within a defined timeline and budget. They are responsible for planning, executing, and closing projects successfully.

The project manager is often the primary point of contact for stakeholders, and they are responsible for communicating project status, risks, issues, and successes to stakeholders.

They must possess excellent communication, leadership, and organisational skills, and be able to efficiently manage resources, stakeholders, and risks. Project managers can work in various industries and are required in many organisations that undertake projects of all sizes and complexities.

Project managers typically have a wide range of responsibilities, including:

In addition to these general responsibilities, project managers may also have specific responsibilities that vary depending on the type of project they are managing. For example, a project manager for a software development project may be responsible for ensuring that the software meets the requirements of the end users. Or, a project manager for a construction project may be responsible for ensuring that the project meets the safety and environmental regulations.

The roles and responsibilities of a project manager can be challenging and demanding, but they can also be very rewarding. Project managers who are successful in their roles are able to deliver projects on time, within budget, and to the satisfaction of stakeholders.

Here are some of the key skills that a project manager needs to be successful:

Project Management Life Cycle

The project management life cycle is a framework that provides a structured approach to managing projects from start to finish. It consists of five key phases:

Each phase has its own set of processes, tools, and techniques that are used to manage the project effectively.

They are outlined below:

Phase 1: Initiation

The initiation phase is the first step in the project management life cycle. It involves defining the project purpose and objectives, identifying the stakeholders, setting the project scope, budget, and timeline.

This phase is critical as it sets the foundation for the project and ensures that everyone involved in the project understands what needs to be achieved.

The initiation phase includes the following processes:

The project charter is a formal document that outlines the project's purpose, objectives, and scope. It also includes the project manager's authority, budget, and timeline. The project charter serves as a reference point throughout the project and helps keep everyone focused on the project's goals.

Stakeholder identification involves identifying everyone who will be involved in the project, including the project team, sponsors, customers, and other stakeholders. Understanding who the stakeholders are and what their needs and expectations are, is crucial to the success of the project.

Preliminary project planning involves developing a high-level project plan that outlines the project's objectives, scope, timeline, and budget. This plan will be refined in the planning phase of the project.

Phase 2: Planning

The planning phase is where the project manager develops a detailed project plan, including a work breakdown structure, schedule, resource allocation, and risk management plan. The project manager also identifies the key milestones and deliverables that must be achieved throughout the project.

Planning is a critical phase as it sets the roadmap for the project and provides a baseline against which the project's progress can be measured.

The planning phase includes the following processes:

Project scope definition involves clarifying the project's objectives and the work that needs to be done to achieve those objectives. The project scope defines what is included in the project and what is not included.

The Work Breakdown Structure (WBS) is a hierarchical breakdown of the project's work into smaller, more manageable components. The WBS provides a visual representation of the project's work and helps ensure that nothing is missed.

The project schedule is a timeline that outlines when each task will be completed and how long it will take. The project schedule is created based on the work breakdown structure and helps ensure that the project is completed on time.

Resource allocation involves identifying the resources (e.g. people, equipment, materials) needed to complete the project and assigning those resources to specific tasks.

Risk management planning involves identifying potential risks to the project and developing a plan to mitigate those risks.

Communication planning involves identifying the stakeholders who need to be informed about the project's progress and developing a plan for how that communication will take place.

Budget development involves estimating the costs associated with the project and developing a budget that ensures the project is completed within the allocated funds.

Phase 3: Execution

The execution phase is where the actual work of the project is performed. The project manager ensures that the project team is working effectively and efficiently and that the project is progressing according to the plan.

The execution phase is the longest phase of the project and involves the most resources.

The execution phase includes the following processes:

Project team mobilisation involves putting the project team together and ensuring that everyone understands their roles and responsibilities.

Task execution involves performing the work that was planned in the planning phase. The project manager ensures that the work is completed on time, within budget, and to the required quality standards.

Status reporting involves keeping everyone informed about the project's progress and any issues or risks that arise. The project manager provides regular updates to the project team, stakeholders, and sponsors.

Change management involves managing any changes to the project scope, schedule, or budget. The project manager ensures that any changes are properly documented, approved, and communicated.

Phase 4: Monitoring and Controlling

The monitoring and controlling phase of the project management life cycle is the process of tracking the project's progress and ensuring that it stays on track. This phase is important because it allows project managers to identify any potential problems early on and take corrective action before they become major issues.

The monitoring and controlling phase typically includes the following processes:

This involves collecting data on the project's performance, such as the status of tasks, the budget, and the schedule. This data can then be used to create reports that track the project's progress over time.

This involves identifying any potential risks that could impact the project and taking steps to mitigate those risks. For example, if there is a risk that the project will be delayed, the project manager may need to put a contingency plan in place.

This may be necessary if the project's progress is not on track or if there are unexpected changes to the project's scope or requirements.

This involves keeping stakeholders informed of the project's progress and any changes that have been made to the project plan. This helps to ensure that stakeholders are aware of the project's status and that they are satisfied with the project's progress.

The monitoring and controlling phase is an ongoing process that should be carried out throughout the project lifecycle. By monitoring the project's progress and identifying any potential problems early on, project managers can help to ensure that projects are completed on time, within budget, and