This ppt on module 1 Production operations Management

1. Name of the Course:
Projects and
Operations
Management
Course Code: 3.2
Course Credits: 4 Credits

2. Module 1

3. Topics to be covered
• Definition of Project
• Five phases of project management: Project Initiation, Project Planning,
Project Execution, Project Monitoring and Controlling, Project Closing

4. What is a
project?
A project is a planned set of interrelated tasks to be
executed over a fixed period, within certain costs and
other limitations. (Time, Cost and Quality)
A project can also be defined as a set of inputs and
outputs required to achieve a particular goal.
It can range from simple to complex and can be
managed by one person or a hundred.
“A unique set of coordinated activities, with definite
starting and finishing points, undertaken by an
individual or organization to meet specific objectives
within defined schedule, cost and performance
parameters”.

5. Examples of a project

6. Types of Project

7. Types of
project
• Manufacturing Projects: Laptops, steel, smart
gadgets
• Construction Projects: Apartment, Villa,
Township
• Management Projects: Banking, Insurance,
Wealth, IT & ITES
• Research and Innovation Projects: smart
devices
• Thermal Power Projects
• Automobile Projects: Car, Scooter, Bike
• Home Appliance Project: TV, AC, Washing
Machine Mobile / Electronics Project
• Commodity Project: Crude / Gold / Copper /
Diamond
• Metro / Communication Project: Air/ Train /
Highway

8. Programme & Portfolio
• A “Process” is a repetitive sequence of tasks, and
the tasks are known at the outset since it is
repetitive.
• A “Programme” is defined as a group of related
projects managed in a coordinated way to obtain
benefits not available from managing the projects
individually.
• A “Portfolio” is a grouping of financial assets such
as stocks, bonds and cash equivalents, as well as
their funds counterparts, including mutual,
exchange-traded and closed funds.
• Portfolios are held directly by investors and/or
managed by financial professionals.

9. Programme
Management
• Process of managing
multiple related
projects at once.
• Project management is
often used to describe
one project
• Involves multiple
related projects and
working toward the
same goal or result.

10. Portfolio Management
• Portfolio management is the art and science of
making decisions about investment mix and
policy, matching investments to objectives, asset
allocation for individuals and institutions, and
balancing risk against performance.
• Portfolio management is all about determining
strengths, weaknesses, opportunities and threats
in the choice of debt vs. equity, domestic vs
international, growth vs. safety, and many other
trade-offs encountered in the attempt to
maximize return at a given appetite for risk.

11. What is Project Management?
• It is the application of skills, experience, knowledge, methods, and
processes to achieve the objectives of a project.
• It is the body or content of knowledge regarding projects, i.e.,
planning, controlling, and reviewing.
• Project management also involves making sure you complete the
project on time.
• Examples of projects may also include a relief effort for a natural
disaster or setting up a strategy to break into a new sales geographic
market are also projects.

12. Project
Management
Core
Components

13. Difference b/w Project and Operations Management
Project Management
• Is the discipline of carefully projecting or
planning, organizing, motivating and
controlling resources to achieve specific
goals and meet specific success criteria.
• It is the application of knowledge, skills,
tools and techniques to project activities to
meet the project requirements.
• Project is a temporary endeavour
undertaken to create a unique product
• Project creates a unique product, service
or result.
• Project require project management.
Operations Management
• Is an area of management concerned with
overseeing, designing and controlling the
process of production and redesigning
business operations in the production of
goods or services.
• It is a field that can, at times, be
misunderstood because of its
multidisciplinary nature.
• Operations are permanent initiatives that
produce repetitive results, with resources
assigned to do the same set of tasks and
produce a standard output.
• Operation creates multi-products, services
or results.
• Operations require business process
management or operations management.

14. Difference b/w Project and Operations
Management
Project Management
• One-time affair
• Moves from one state to another i.e.,
results in a change
• Single clear objective
• Definable start and end points
• Greater need and emphasis on
planning as one has to think ahead all
the time
• More human resource related
• Project oriented
• Non-repetitive and unique
• Complex team building
• Role of manager and team
membership is temporary
Operations Management
• Continuous process
• Single state
• No clear (single) objective
• No real start and end points
• Not much emphasis on planning
• Resource and machine related
• Product or process-oriented
• Repetitive and non-unique
• Simple team building
• Role of manager and team
membership is permanent or long
term

15. Project Manager

16. Role of
Project
Manager
1. Fundamental role
2. Recruit the best possible
team
3. Motivate and lead the
team
4. Control Finances
5. Respond to change
6. Communicate

17. Role of
Project
Manager
• Fundamental role:
• He ensures that the project is
delivered on time, to budget and to
the required quality standard.
• He ensures the project is effectively
resourced and manages
relationships with a wide range of
groups.
• He is also responsible for managing
the work of consultants, allocating
and utilizing resources in an
efficient manner and maintaining a
cooperative, motivated and
successful team.

18. Role of
Project
Manager
• Recruit the best possible team:
• The first and foremost responsibility of
the project manager is to deliver a project
with a great team.
• The role is to find and recruit the best-fit
people to the team and be sure of their
skills and abilities in order to
collaboratively work on achieving shared
goals.
• Motivate and lead the team:
• He should motivate the subordinates to
build an efficient team and lead the team.
• Throughout the project, it is needed to
track team tasks and make sure that
every job is done on time and within
budget.

19. Role of
Project
Manager
• Control Finances:
• He should define and allocate a clear and
sufficient budget that contributes to
exploiting available opportunities and
achieving the project goals.
• He should ensure that you do not spend
more than the budget which will lead to
sponsor dissatisfaction at the end of the
project.
• Respond to change:
• He should consider the ability to control
change which will be the most critical
requirement for doing the job
successfully.
• During the lifecycle of your project, an
authorized person is needed who controls
all changes made to the project scope
and responds to change requests.

20. Role of
Project
Manager
• Communicate:
• The project manager must have
well-developed communication
skills.
• Communicating the status of the
project regularly and developing
reports leads to coping with many
problems, such as poor
performance, lack of workforce,
overestimates, etc.
• His task is to keep the project on
track and communicate the status
to the stakeholders.

21. Phases of project

22. Phases of a project

23. Phases of a project
• The project initiation phase is the first stage of turning an
abstract idea into a meaningful goal.
• In this stage, you need to develop a business case and
define the project on a broad level. In order to do that,
you have to determine the need for the project and
create a project charter.
• The project charter is an important document consisting
of details like the project constraints, goals, appointment
of the project manager, budget, expected timeline, etc.
• Once you have the project goals and project scope,
identify key project stakeholders–the people who are to
be involved in the project.
• Create a stakeholder register with the roles, designation,
communication requirements, and influence.
• Define project goals
• Create a business
case
• Complete the
project charter
• Draw up a list of
stakeholders
Initiation
Example of an automobile manufacturer assigned to
develop an electric vehicle. The selection of the
design, capacity, and battery power of the vehicle will
not be a part of the initiation phase. The only
certainty would be that an electric vehicle will be
developed within the given timeframe and budget.

24. Phases of a project
• The project planning stage requires complete
diligence as it lays out the project’s roadmap.
• Unless you are using a modern project management
methodology like agile project management, the
second phase of project management is expected to
take almost half of the entire project’s timespan.
• In this phase, the primary tasks are identifying
technical requirements, developing a detailed
project schedule, creating a communication plan,
and setting up goals/deliverables.
• There are several methods of setting up the
project’s goals but S.M.A.R.T. and C.L.E.A.R. are the
most popular.
• Define scope
• Create a project plan
• Set a budget
baseline
• Define roles and
responsibilities
Planning

25. Phases of a project
• S.M.A.R.T Goals
• The ‘SMART’ criteria ensure that the goals you set for your project are
critically analyzed.
• It is an established method that reduces risk and allows project managers to
make clearly defined and achievable goals.

26. Phases of a project
• C.L.E.A.R. Goals
• The ‘CLEAR’ method of setting up goals is designed to cater to the dynamic
nature of a modern workplace.
• Today’s fast-paced businesses require flexibility and immediate results and
CLEAR can help citizen developers with that.

27. Phases of a project
• During the planning stage, the scope of the project is defined.
• There is a possibility of changing the scope of the project demands but the
project manager must approve the change.
• Project managers also develop a work breakdown structure (WBS), which
clearly visualizes the entire project in different sections for team
management.
• A detailed project timeline with each deliverable is another important
element of the planning stage.
• Using that timeline, project managers can develop a project
communication plan and a schedule of communication with the relevant
stakeholders.

28. Phases of a project
• The project execution stage is where your team
does the actual work.
• As a project manager, your job is to establish
efficient workflows and carefully monitor the
progress of your team.
• Another responsibility of the project manager
during this phase is to consistently maintain
effective collaboration between project
stakeholders.
• This ensures that everyone stays on the same
page and the project runs smoothly without any
issues.
• Allocate project
resources
• Manage project
resources
• Build the product or
process
• Meet often and fix the
issues as they rise
Execution

29. Phases of a project
• The project monitoring and controlling phase run
simultaneously with project execution, thereby
ensuring that objectives and project deliverables are
met.
• As a project manager, you can make sure that no
one deviates from the original plan by establishing
Critical Success Factors (CSF) and Key Performance
Indicators (KPI).
• During the monitoring phase of project
management, the manager is also responsible for
quantitatively tracking the effort and cost during the
process.
• This tracking not only ensures that the project
remains within the budget but also is important for
future projects.
• Track efforts and cost
• Monitor project
progress
• Ensure adherence to
plan
• Prevent any chances
for disruptions
Monitoring and
control

30. Phases of a project
• The project closure stage indicates the end of the project after
the final delivery.
• There are times when external talent is hired specifically for
the project on contract.
• Terminating these contracts and completing the necessary
paperwork is also the responsibility of the project manager.
• Most teams hold a reflection meeting after the completion of
the project in order to contemplate their successes and
failures during the project.
• This is an effective method to ensure continuous improvement
within the company to enhance the overall productivity of the
team in the future.
• The final task of this phase is to review the entire project and
complete a detailed report that covers every aspect.
• All the necessary data is stored in a secure place that can be
accessed by project managers of that organization.
• Handover deliverables
• Review project
deliverables
• Get project results
approved
• Document project
learnings
Completion

31. End of module 1