Project Management | Project Management fundamentals | Great Learning

any task that you wish to complete within a set deadline any responsibility that you have taken upon your shoulders or any activity that needs to be executed within a given period of time all of these can be counted and considered as a project since it is quite important to execute all of these at the right time and in the right way all such tasks responsibilities or activities could potentially affect the business of the firm you're working for or your very own firm that is run by you every project needs to be taken care of and managed in the most efficient way so that we keep getting the desired result out of it therefore proper management of projects become an absolute necessity you should have a project management structure within your organization in order to ensure smooth functioning of all activities as well as to monitor analyze and have complete control over the project don't worry we are here to help you decipher it all so join us as we help you explore the intricacies involved in project management [Music] if you haven't subscribed to our channel yet i want to request you to hit the subscribe button and turn on the notifications bell so that you don't miss out on any new updates or video releases from great learning if you enjoyed this video show us some love and like this video knowledge increases by sharing so make sure you share this video with your friends and colleagues make sure to comment on the video with any queries or suggestions and i will respond to your comments hello friends welcome to this course on project management so what is a project right and how can you manage a project so that is going to be our main concern in this particular course on project management so it is exactly on that what we are actually looking at so you would be actually spending some time with me to understand more about project what is a product and also to understand how you will be able to manage a project so how can you do that what are the things that you should be following so all these things will be covered in a few minutes so let's get to know all these things so for example if you're actually working in an id sector in what project are you working on that can be a project if you're actually considering the construction of a building that can be a project if you are thinking about constructing a bridge that can be also a product if you are actually pursuing your phd you would be actually working on your projects on your researches and you should be actually working on your tasks so we are actually aiming at one thing to get your phd get your thesis done so all those things can be considered as a project so all those tasks all those activities that we are going to be putting in or the effort that we are putting in is ultimately for one objective or one goal we are actually having one aim to achieve that particular thing we are arranging or correlating several other tasks and activities in such a manner that we are following such steps to get closer to that particular objective and in order to get that particular thing done we need to be taking care of a lot of activities a lot of time management effectivity and also productivity so if you're actually doing all these things and not reaching towards our goal all these things are not helping us out so what are things that we should be doing to help ourselves to reach towards our goal and what are the activities and tasks which we are held with to accomplish what we're actually aiming for so let it be any such activities right so all those things can be classified into your project as i mentioned even especially if you're working in an id sector you would be asked in which project are you working on is it banking is it product based company so what is the kind of project that you are actually taking up what is the technology you are into so all these things can be actually matched or mapped with to understand what is the project is even if you are actually a student who is into college you might be doing a lot of projects right in your final year you would be submitting a project before you pass out if you're doing your engineering so that would be your engineering project that would be your final year project or if you're into some other degree you would be doing certain projects on that you would be doing certain researches as well so all those things which you present can all be considered as a project so depending upon what task you're doing what all field you are into whatever category you're actually working on so depending upon all those things you will be able to categorize and you will be able to perform a lot of projects so all these things can be clubbed together to know or to be called as a project and in this particular video or in this particular course we'll be detailing looking at what does project management how we'll be able to manage this particular project so that we'll be able to achieve what we're actually striving to work for so how can we achieve that what are the things or how effectively will we be able to manage all such things so that we are moving in the right direction in the right way and we're actually not spending our time and effort in the wrong place so that's exactly what we will be taking care of in this particular session so let's move on to our agenda and understand what are we actually covering in this particular topic on project management what are the several sub topics that is going to come in in project management that we should be knowing of right so let's have a look on that so in this agenda we are having the topics that we will be covering in this particular course on project management so in the first module or in the first topic we are having what is project so in order to manage the project you should be knowing what a project is only then you will be able to move forward and understand how to manage a project so you should be having a clear idea or clear clarity on what exactly is a project so by understanding on that we will be able to move forward and implement a project how to manage a project how to control a project how to rectify the errors which are coming while you're actually implementing a project right so the first thing that you need to be knowing is that what is a project and that's exactly what we will be covering in the first topic of this particular course on project management right after completing on what is a project we'll be moving on to our next topic which is nothing but our second topic what is project management that's exactly what this complete course is all about product management so what is actually a project management managing your project will be able to simply say in two words project management is nothing but managing your project so how can you manage a project what are things that you should be keeping in your mind while you're managing your project and how can you do that what are things that you should be having what are the skill sets that you should be processing and what are things that you should be keeping in your mind while you're managing or why you're into your product so that's exactly what we will be getting to know in this particular module on what is project management so after understanding on all those things we'll be moving on to our very next topic which is nothing but phases of project management so like everything like human beings like a product we'll be having faces so for humans it will be infants childhood adults and old age right so these are the various faces that we are going through similarly for products we are having a lot of faces for all the products which we process in the market or which we actually see in the market are having their faces also and when they're actually in the outdated area they'll be moving down on their sales and new products will be coming in right so similar to that as well in projects also we're having different phases so when we actually complete a particular project that project is done so that is the end of the particular project and that is the ending phase or the closing phase so similarly there will be a starting phase and in between the starting phase and the engine fix we'll be having several phases so then we'll be able to know in this particular phase what should we be concentrating on what are the things that we should be focusing on to implement the project in the best way possible so in order to do that we should be understanding on the various phases that the project is having and depending upon the face what are things that we should be implementing or following or taking care of so all those things can be understood by looking at the faces or the various phases of project management right after that we'll be moving on with our next topic which is nothing but benefits of project management without any benefit we will not be following anything we are actually buying a phone do we actually spend around 20 to 25k for a phone if you're actually not getting any benefit out of it do we actually buy a t-shirt which cost us around 500 to 1000 rupees if you're actually not getting any benefit out of it no we will not be doing anything which is not going to get us some benefit or we are not going to gain anything right if you're not gaining anything we don't care to buy this particular product or we don't even feel like spending time with that particular product similarly what is the reason for us to incorporate project management so without any benefits we will not be doing that so what are the benefits that we are going to be getting by implementing project management why should we actually follow project management what are the advantages that we will be gaining by following project management so all those things will be clearly dealing in this particular module on the benefits of project management so in this particular module we'll be knowing the exact reason why we should be following product management so we'll be actually opening our eyes into project management and knowing lot many things so right after completing benefits of project management we'll be moving on to the various components of project management what are the various components of project management what are the things that are included in project management what are the various things that we should be posting or we should be knowing or the skill set that we should be having in our hand right so things will not be achieved on its own we should be in a position to achieve all those things right so what are the various components which we require and what are the components which are involved in project management we'll be dealing on that in this particular module on project management which is nothing but components of project management finally we will be moving on to our last topic on this particular course on project management which is nothing but setting of objectives so our primary aim of any project would be to accomplish one main task so in order to accomplish that one main task we should be having certain stages right we should be following the first stage and then moving on to the next stage and then moving on to the following stages as well so in order to do that we should be having an objective in each of the stages only then we will be able to move to the next stage and then implement following to our final goal that is nothing but completing our project or achieving what we're actually aiming for so we should be knowing what should be our objective in each of the phases or in each of the stages that the project is going through so we should be actually maintaining a clear objective we should be planning an objective and we should be knowing what would be the right objective in this particular phase so we'll be seeing on that as well in this particular course on project management so without wasting much time let us move on and understand or let us dive deeper into each of these topics one by one so let us dive deeper into our very first topic on this particular course on project management which is nothing but what is a product so in order to completely understand what project management is we should be firstly understanding what a product is so without having any idea or having a vague idea on what a product is we will not be able to manage a product right so we need to be having complete idea on what a project does what is completely based upon and what are the things that you should be implementing in this particular project so regarding all those things you should be completely aware only then you will be able to manage a project so that's exactly what we will be going to cover in this particular module on what is a project a project is a group of tasks and activities followed to support the effort to accomplish the specific goal so in order to accomplish a goal you would be needing to put in a lot of effort time and you should be working in such a manner that you are actually getting to somewhere what you were actually aiming for to achieve what you were specifically aiming for you need to be providing or you need to be surprising lot of conditions and requirements and in project we are actually talking about a lot of tasks and activities which are going to be involved so let's take any example any example like buying a house constructing a building building a bridge or anything it can be as simple as submitting our project in our university or school so in order to get all those things done we should be doing or we should be following several tasks or activities it may be a research it may be references it may be conducting surveys from the people who are actually involved in their particular tasks right so we should be following different tasks and activities to complete a project so that is actually a project right so all those tasks and activities which are coming is part of a project and all those things need to be done in the right manner to make sure that the project is done in the right manner a project is a collection of linked activities carried out in an organized manner with a clearly defined start point and end point to achieve the desired result to satisfy the current and future needs of the organization this would be a more detailed explanation on a project so here we would be talking about collective activities it will be a collection of activities and tasks which are linked to each other so one activity or one tasks will be linked to the other activity only then they will be able to make sense and all the activities which are being conducted in a project would be linked for sure that is very obvious so it can be actually classified as a group of activities and tasks which is a collection and which is also connected internally so if one activity is being affected it is going to be directly affecting the entire product and that is nothing but if one task or activity is being affected within then the address and activity or the tasks which are coming up within that project would be affecting as well so that is what i meant by involving the term interconnected right or linked activities and in this particular project or in any particular project you would be having a specific start point and end point the specific end point would be when you achieve your particular goal which you actually plan to achieve right so if you're actually planning to submit some project maybe it's your research project maybe it is for your thesis on your phd so when you're actually planning to submit something you are actually having that aim this should be what i should be getting this should be the result which i should be getting right or you would be surveying what would be the survey giving us what would be the interpretations or inferences that we will be getting by connecting survey all those things we'll be having in our mind so those things will be our objective and that exactly would be our end point and the starting point which would be nothing but the researches that we need to be doing the study that we need to be have actually having the kind of knowledge we should be gaining through the research and through the product so all those things would becoming the starting point as well so in between the starting burn and the ending point there will be several other tasks and responsibilities and other activities which are related to achieve what you were actually expecting or what you were actually finally expecting to achieve so all those things are completely linked and all those things will also be having a specific start point and an end point and in between there will be a lot of activities as such and then we should be actually directing or we should be actually diverting all these things in the right direction to achieve what we require so that direction that complete pathway should be monitored and be controlled so all these things contribute to the fulfillment of a complete project a project can be any undertaking which is carried out individually or as a group to achieve the specific aim so i can be doing an individual project right i can be doing some research i can be implementing some tasks i can be bringing up with some morals or i can be coming up within a working model or anything as such so i can be doing that on my own and that doesn't mean that a product should be completed by a single person it can be completed by a single person or it can be obviously done by as a group as well because a lot of projects are being implemented right now in various organizations as groups so if you are into iit sector you will be able to know that in much more detail the project which you are working on would not be you would not be working on that independently maybe you were having a certain independency but you will be working as a team you will be needing to report your manager you will be needing to coordinate with your team members right so in such cases you can also complete a project as a team and it is most obviously or more most commonly seen that a product will be done as a group and not individually but it is not certain that it can be done only as a group only or only as an individual as well so it can be connected both ways as well now let's come to our very main topic for this course on project management which is nothing but what as project management so we understood what a project is so now we'll be knowing how to manage our project since we know some basic idea on what our project is it'll be more simpler and easy for us to understand project management or how to manage our project so let us understand more on project management project management is a dynamic process that utilizes the resources of an organization in a structured and controlled manner to achieve the defined goals identified by the organization so here in project management it is nothing but we are managing the project how are we managing our project we are managing a project in dynamic process by utilizing all the resources that the organization is having so what are the resources the organization would be having resources can be the building which they process the capital they have invested the capital they're going to invest the employees who are working for them human resources right and also the building they process and also the power water supply electricity energy and all those things all the machinery is equipment so all these things can be classified or can be grouped as the resource which the organization is processing so all those things should be managed in the right manner to ensure that the company is actually achieving what it is actually expecting to achieve and in project management we try to ensure that the resources which we utilize are in the right manner we make sure that the resources are being used in a structured and an organized manner so that there is no over usage there is no minimal usage and the to make sure that the ideal usage of all the resources are being done so whenever one department or one team or one employee is actually requiring for any resource he's actually getting it at the right time in the right amount it should not be more it should not be less it should be apt for the particular thing to be implemented so in project management we have and look on that as well so we would be having a structured and organized view on all such things as well and all these things would be ideally keeping in mind what our objective or what our goal is for this particular project so how can this be achieved how are the resources being matched or how are the resources being utilized to make sure that the product will be done in the right time in the right manner and without causing any delays or any expense as well so all these things should be used in the right manner only then you will be able to get right output right so whatever the objects or whatever the objective the company is having on this particular product needs to be conducted in the right manner and diverting all the resources to make sure that the project is being running and project is on product can be on and off because you know if you don't find that the particular product will be completed in the particular period of time or the policy will not be achieved at all it can be called a failure project or field project so in order to avoid that we should be working on all these things and that is the primary importance of having project management in any organization which ensures that the product is going in the right direction in the right manner and the project is not having any trouble in the near future project management involves the use of specific knowledge skills tools and techniques to create value to the organization and its business so in order to get something done we should be skillful we should be having informed decisions if we are taking any decision without any information or without any data or without knowing anything it is so certain that we would be taking the wrong decision and how can we avoid that we can avoid that by taking informed decision so how can we take informed decision we should be getting updated we should be knowing the market we should be knowing the market trends and we should be knowing what would be the future potential in how can this product be helpful for the organization by implementing these and these things so we should be in a position to understand that we should be building knowledge the specific area which we are working on and we should be having a skill set to implement all those things it is not just that we should be having the skill set all our employees should be having the skill set whoever are belonging to the particular team in the particular project should be happy enough skill set we should be giving training for them we should be preparing or molding them in the right manner so that they are going to be perfect asset for us only then they would be actually useful for us or usually for the organization if we are having employees who is doing nothing who is not productive that can be classified as a resource if we need to be classifying all our employees as resources we should be making them productive and in order to get them productive we should be building skill sets in them so to ensure that they are having the right skill sets we should be giving training we should be giving them whatever is required to make them perfect for the role which they are into and the kind of tools which we engage in a particular project should be apt which should be updated it should be along with the market it should be available to us when we require it and it may be software it may be hardware it may be an equipment maybe a missionary that would be anything the kind of tools which we process in our organization to get the things done should be of high quality to make sure that there is no flow coming in the future the kind of quality which we provide to our customers in this particular business should be high and our quality or the quality of our product should not be quested by anyone so to make sure that is happening we should be making sure that all our tools and techniques that we implement are of high standards and coming to techniques what are the techniques which we are having what is the approach that we are having on this particular project how are we able to get this particular thing done what are the alternatives available to us what is the kind of methodology that we will be able to use or to implement in achieving this particular project or in achieving this particular goal in this particular project so all these things matters so it is about your knowledge which you process the skills that you are having the kind of tools and equipments which you're processing and it's not just processing all these things rightly using in the app manner ideal usage of all these resources is also very much important to make sure that you are reaching wherever you need to reach a project management team is responsible for getting the project delivered within the estimated time and allocated budget both are very very very important if you say that you would be completing this project in 10 days i'm just giving a random number here it may be one month in maybe three months it may be six months or it may be one or two years depending upon the product the duration would be longing so if you have said that this project would be done in x days it is your responsibility and it is your team's responsibility to make sure that the product is being done and it is being delivered on the next day at least right delivery on the particular time would be bringing in more capability and also more trust within your organization if you mention that you would be giving the particular product on next day and you actually fail to do so the client would be unhappy that client would not be invested in giving you more projects and the kind of service which you are providing to them is very poor so timely completion of each and every project is also very important you should be coordinating should be managing you should be planning all the things accordingly so that you would be needing your timeline your specific timeline for each of the projects or each of the activities or tasks which are involved within the product so you should be dividing each and everything in such a manner that you are actually having a time within you or within your department within your team so that you know when should you complete this task what is the time you're having to complete the next task that's right so you should be having a plan failing to plan is planning to fail now coming to budget budgets is also a very important thing that you need to be considering in any project the kind of investment the organization is making is huge and the organization is making that much investment because they are so certain that they would be able to get much more out of the investments they are making so if they need to get more returns on the investment which they are actually doing it is our responsibility to get that done in the right manner without affecting the quality and also within the allocated budget we should not be over spending at the same time we should make sure that whenever the person or whenever the employee is actually in need of certain resource we should be making it available for them and there should not be any delay which is being occurred because the kind of resource is not being reaching the particular employee who was actually needing it in the right time we should be making sure every resource is actually meeting the particular demand and it has been given to each and every employee who actually require it in the right amount not more and not less the primary purpose of project management is to predict foresee and eliminate all the dangers and problems that can occur during the implementation it is so certain that while implementing something we will be given so many problems we should be overcoming from all those pullbacks we should be overcoming and we should be performing well no matter whatever feedbacks or whatever fallbacks you are having you should be standing up and you should be rising up and you should be moving forward and in product management it is our responsibility to make sure that there is no problem or there is no trouble or there is no danger that we are foreseen if if there is any we should be forcing it in the earliest and we should be working to resolve that whatever troubles we may be facing whatever capabilities which we process or which we lack how can that be utilized how can that be converted into our benefit and all those troubles should be eliminated we should be working on all those dangers and troubles to make sure that the functioning of all the activities and processes or tasks are done in the right way possible so we should be in a position to avoid all such instances to make sure complete and smooth effective and efficient working within our team to satisfy or to achieve what we are actually looking for now let's move on to our very next module which is nothing but phases of project management what are the various phases that a product goes through now let's look at that so the various projects which i have mentioned here are project initiation project planning project execution project monitoring and controlling and project closing so these are the five phases which we are having which a project goes through each and every project goes through so product initiation initial change of any product how can a product be started right so that's what we'll be talking there project planning we should be having a complete picture on how to get this particular product done we should be having the clear plan what is the objective what are the tasks and responsibilities how will we do that how will we divide all these tasks among the team and in what period of time will we do it and what is the kind of budget we require so all the spanning need to be implemented right so that is all in project planning project execution until and unless you execute something it is not of any value you might be having a billion dollar business idea but if you don't implement it or if you don't run the business you won't be getting paid for your idea but if you implement or if you execute it in the right manner you would be able to do that right so that is all about project execution implementing stage of the project next comes project controlling and monitoring so whatever you're implementing or whatever you are executing is in the right manner is there anything wrong which is going on in the tasks and activities which you are actually taking in place isn't everything happening in the right possible way or is there any changes or modification which needs to be included in your organization in the particular project so any monitoring and controlling will be helpful for us to evaluate our performance how are we going is our direction going in the right way do we need to be incorporating any changes right all those things will be coming in project controlling and monitoring then comes project closure we'll be closing the project here the complete objective of the particular project has been achieved and the complete delivery is being taking place in this space so let us dive deeper into each of these pieces to a little extent so that we are able to understand on all these things in a much more clear manner project initiation the first phase which a product goes through so it is the first stage of transforming a meaningful idea into reality so what would be the kind of effort that you need to be putting in to convert an idea into reality an idea can be born anywhere in any time and it is not something which is very hard it is very hard to find out with a valuable and you know effective idea but that is actually the most simple part in any product implementing that particular idea into reality is what is going to be really tough and that is the first phase that product initiation is the first phase which goes into picture when you are trying to get any idea into reality it defines the project and the idea on a broader level so what it is completely about what is focusing on who is the actual person who is actually benefiting it in what category are they belonging to how much investment do we need to be keeping and how will be the return be coming to us and what is the kind of model in which we'll be able to create or able to implement in such a manner that it would be feasible and efficient so we'll be explaining on all such activities what are concerning us so we'll be explaining on a broader level here in product initiation it creates a project charter with a document which consists of the project goals and constraints along with timeline and budget so what is the ultimate goal what is the ultimate objective of performing this particular product and what are the restrictions or constraints that we tend to face or we will be facing the future while implementing it how can we overcome that right so we'll be talking about that here we'll be actually thinking and working on that we'll also be laying the timeline and budget here at what time or by what time will we be able to complete and deliver this particular project when do we actually able to completely transfer this particular product into reality so that's what we'll be doing along with budget what would be the kind of investment who would do the investment and do we actually have the particular return on investment if we actually do this particular investment in this particular product so we will be evaluating and will be studying more on this particular project what it is actually all about and will be able to implement and is this a practical and feasible project right so we'll be talking regarding all these things it decides upon the key stakeholders and decision makers in the respective domain within the product so we'll be having subject matter expertise in various domains right so in whatever business you are into in whatever category which you actually belong to you would be having the expert in that particular domain so in every project we'll be dividing asian every tasks right so in each and every task or each and every stage we need to be having a key stakeholder who is completely responsible for whatever is happening in those particular stage so we should be deciding upon that who should be responsible for what tasks in whichever states should they be belonging to how will they be able to manage that and who would be the right fit for that particular task so all these things we'll be laying on and we'll be planning on and we'll be implementing on this particular phase of project management which is nothing but project initiation which is the first phase of any project the second phase would be project planning how are we planning forward to implement the particular profit and what should we be enabled with to perform all these things in the right way possible in productive planning we actually lay a complete roadmap for the entire project whatever tasks need to be done whatever process needs to be done whatever certifications need to be taken whatever approval should we require and what is the kind of precautions that we should be having so throughout the particular product from the start point to the end point what are our responsibilities in each of the phases what should we be doing how should we be doing it so we will be doing all those particular planning here a company roadmap is actually laid down in this particular phase of project management in project planning we plan the complete project how to implement what would be the causes of the effect what would be the dangers that we need to be overcoming what would be the problems or the troubleshoots that we will be facing or we will be needing to overcome right so we'll be having an idea on all the things it i defines the technical requirements for smooth functioning of the particular activities so what are we need to be having what techniques or what equipment should we be pursuing what is the kind of technology that we should be having what is the kind of skill set that we need to be implementing what is the kind of updation that we need to be bringing in to make sure that all the activities are being done in the right way possible without any trouble how exactly we plan here it develops a detailed product material to add there to the timeline so here since we plan all the activities which to be taking place in each of the stages we gave a timeline for all those activities so that in that particular timeline we'll be seeing that these particular tasks are being done so that we will be able to adhere to the timeline of the entire project so we will be giving reasonable timelines practical timelines which we will be able to implement in real time so how to add that to the timeline how to manage the time so how can we run other things parallely which would not be affecting the particular thing which has been running right now so how can we work parallelly and how can we work more efficiently and effectively we will be deciding upon that in this particular phase of project planning it creates a specific point of contact for specific concerns so if their employees are having any concerns whom should they be contacting who would be the spock person's specific point of contact right so who are the spock person in various categories so if you are facing this particular difficulty in this previous sector who should be contacting if you're facing in any other particular sector whom should you be contacting so the employer should be well aware of all such things who's the right person to contact for what particular thing so all those things will we be enabling in this particular phase of project planning project execution phase this would be the most important phase a project would be going through because until and unless you implement it you won't be getting anything so converting your idea into reality is what is being done in this particular phase implementation or execution so this is the phase where the actual work is being done the real work is coming into reality by implementing and here we can directly see that we can directly see the imminent changes which is influencing the complete project here we will be able to visibly clearly see what are the actions what are the progress and what is the kind of development that the project is into so we'll be able to have a complete idea on that in this particular phase since it is the execution of the implementation phase this would be the most difficult phase as well because we are implementing we are actually on the ground working to implement or to achieve the complete objective of this particular project it tries or maintains or aims to establish efficient workflows and monitor the progress of the team so since we are actually working on the ground floor we will be able to see what is the progress app how are the progress going in in which direction are the progress in so each and every detail we will be able to see in this particular phase so we'll be able to reflect how we planned and how it is being implemented here and we venture or we make sure that the complete coordination is being happening within the departments so we need to be coordinating with several departments to ensure that the particular objective is being achieved so whichever department we need to be collaborating with or whichever departments needs to be helping us or whichever department needs our help to complete this particular project we should be available to them and they should be available or they should be in a position to coordinate along with us so easy coordination and collaboration of different departments also is being considered in this particular phase of project management we can't be doing anything on our own until and unless we are being helped or we are being backed up by a lot of resource so it can be humans it can be equipment it can be technology can be a lot of things so we need to be having or we need to be seeking their help and coordination as well so we actually maintain a complete and parallel and effective workforce by implementing such things we make sure that nothing is being kept idle and all the resources are being continuously utilized in the right manner so that we'll be able to get the right output in the right time without any delay without compromising the quality as well the fourth phase which is nothing but project monitoring and controlling how are we able to monitor and control so when we actually take care of all the activities and tasks which are to be done to make sure that the product is actually going in the right direction we need to be having a look at that we need to be monitoring what are the tasks and activities going on in what kind of approach are they doing it are they doing it in the right manner or we can be enable something or bring in something in addition to all the procedures to make sure that it will be more efficient it will be working more smoothly and we will also be able to analyze the quality as well so will we be able to make in or bring in any modifications or changes to our force of action that's right so by doing monitoring we'll be able to get a more understanding on that and not only that by having these things done we also have a control on what are the tasks and activities which have been taking place so we will be able to have a control we will be able to have a hold or a grip on all the activities which have been taking place to ensure that everything is going in the right direction it ensures that there is no deviation from the initial plan of execution so initially when we actually had the particular product in our mind we had a plan how to implement the things how it should be done in which particular manner and what should be the approach and what should be the methodologies and strategies which we should be having are we actually following that or is there any deviation from all those things this is the time where we are actually having a firm grip on all these things we will be able to monitor and we are having the complete control to bring in or eliminate any task or activity or any methodology that we are using or we need to be using it tracks the progress at each and every stage of the project after one stage the project moves on to the next stage right so how the transition is happening and how are things being implemented there are we having the right progress or are we going in the right place so how much quality or how much effectivity are we being able to bring in by following these things so we'll be able to keep complete track on all the progresses that are being taking place in each of the phases as well and it ensures that there is no error which has been occurring in the process which are taking place and unless and until that is being taken care of we should be knowing if there are any errors we need to be catching that in the first place at the earliest that work is not being done another particular product and we will be able to rectify that thing in the first place and then move on with whatever we need to be doing on so the first thing is that we need to be eliminating all the mistakes or the errors so after eliminating the risks and errors we'll be able to get more quality products and we'll be knowing where our mistakes are where our faults are how we'll be able to improve and it also verifies whether the tasks are carried out meeting the expectations in terms of quality so we had an expectation on our quality right while we actually planned for this particular project this is actually matching whatever we plan for or it is actually lacking on the quality and will we be surviving in the market if we provide these new quality so we should be thinking and we should be actually monitoring and we'll be able to recollect and analyze and if things are going wrong this is the face where we will be able to pitch in and also take control over all the activities to make sure that everything is being rebuilt in the right direction only finally we have come to our very last phase of project management which is nothing but project closing this particular phase we actually end the project not because the project is not working we are ending it because we have actually achieved whatever we actually had to achieve all the objectives all the tasks all the activities and all the processes are have been completed and now we are in the time to complete or close the particular project all the things that were expected out of us have been achieved and we are in a position to transfer this particular project to the client or to the person who actually asked us to work on this particular project so in this particular phase we also work on the paperworks necessary which indicates that the product has been closed in the desired manner which they are actually expecting out of us so in whichever manner they had to complete this project we actually did in that manner itself that is what this paperwork deals about or conveys about so thereby we'll be getting to know that all the activities and tasks responsibilities processes and all those things have been done according to the plan so this paperwork indicates that or this document indicates that in this phase we also conduct a reflection meeting to assess the strength and weaknesses of the dream for the project for continuous improvement what were the weakness what were the strengths what were our area to improve what are the struggles we saw what are the areas we struggled what were the complete difficulties that we had to overcome so this can all be a learning for us so we'll be knowing that and we'll be able to tackle all those things in the future projects that we are getting so we need to be conducting a reflection meeting to learn where we stand how we can improve what are the areas that we need to be focusing on at the same time we also need to focus on our strengths as well so that we know that we are strong in this domain we are strong in this particular thing or we will be able to attain maximum quality by performing this particular task right so it is very important to know our weaknesses as well as our strengths and in this particular phase we also make sure that all the sensitive data and information are stored in a secure place so that whenever any concerns are being raised in the future we should be in a position to answer that so all the details all the paperwork and all sensitive information should be stored securely which not be leaked at the same time it should be accessible whenever a question or and whenever a concern is being raised so all these things are being made sure being implemented in this particular phase of closing so that's all about all the phases that we need to be going through while managing a project now let's move ahead with our next module our next topic for this course on project management which is nothing but benefits of project management so if we are following project management within our team or within our organization which we are working for we would not be simply following something right so if we follow anything there will be reasons behind doing that and there will be some gains or benefits or advantages that we would be benefiting out of by following or implementing such things so if you are thinking of or if you're already accommodating project management what are the things that you are gaining what are the benefits or advantages that you will be getting by following project management don't you want to know and that's exactly what we'll be covering in this particular module so the various benefits which i have put forward on the advantages or the benefits of product management are these organizes the work to achieve your specific goal eliminates confusion improves the team effectiveness online communication and also increase the efficiency with which you are working or your team is working so coming to organizing your work so in order to get your project done or in order to get your ultimate goal achieved you should be following certain things you should be getting things done in the proper manner in the proper time so how can you organize your work you may be needing to do a lot of things or multiple tasks at a time so how will you be able to organize how will you be able to organize the work in such a manner that what are the works that you will be able to take parallelly what are the works that need to be done at later stage what are the things that need not be waiting for any other pre-requiring tasks to be completed so you would be having an idea on that you would be knowing how to organize how to get the things done in what time and who will be doing that so you will be having a complete clarity on such things and that is one benefit that you are gaining by following project management coming to the next one eliminates confusion so whenever we are doing something if we are not so certain about that we would be having confusion especially when we are working in a team there will be people who are not particularly feasible or familiar with whatever we are doing right now they may be new to the team they may be due to this particular project or depending upon various reasons there might be having chances of having confusions so whenever the confusions are arising implementing project management and you know one of the basic benefit that you would be getting is that it eliminates confusion there would be no confusions at all and even if there are confusions persisting among the team members within your team or within your organization it will be so simple that it will be easy for them to get the things clarified they will be getting all the things done in the perfect manner because all their confusions are being clarified and it also helps to improve the team effectiveness they'll be able to work in a mingling space they'll be able to cooperate with your team members and also collaborate with other departments as well thereby increasing the productivity and effectiveness within the department within the team and within the organization as such so we also be able to work or get the things done in a more effective manner at the same time we'll also be able to align our communication and eliminate communication gaps as well we need to be collaborating within our team with other teams and also within the managers or higher level members within your organization so when getting your product done you might need to be talking to them you might need to be getting approval from them and in all such areas if you are having communication gap or any misunderstandings that is going to take a huge toll on your team and you as well so by implementing project management all these communication gaps can also be eliminated and finally coming to increasing the efficiency with which you're working the kind of effort you are putting might be very huge sometimes if you are implementing project management you might get the things done even without doing that much effort or even without taking that much effort so there might be a simpler way to do so there might be an easy task that which that would help you to implement these things in a better way increasing the quality in which we are working and also by increasing the productivity so there need not be any huge input so if you are implementing product management in all such areas in whichever domain you're working in in whichever category you belong to in what kind of business you're working on you will be able to get a lot of advantages so these are the various few benefits which i have written here and there might be many more that you would be coming across when you implement project management now let's talk about the various components of project management so without wasting any time let us move on to that directly so these are the various components of project management starting off with defining the reason why the project is necessary so whenever you take up a project within your team or within your organization there should be one decision being made whether to move on or go forward with this particular project is this project necessary what is the goal or what is the particular project aiming to achieve at the end so by starting the project it is only then that the complete organization or the team is thinking of or taking a decision on whether to take up this project or to move ahead or ignore this particular project and take up a project which is of more value so in this particular phase or in this particular component we actually define the project what is the project aiming it how it is actually going to benefit the company how are we able to work on this particular thing and will we be able to get this particular project done so these are the things which are coming in defining the project and these are the things which are being done in defining the project next comes specifying the quality of deliverables so when you actually do a project we are having ultimate goal to get this particular ultimate thing done in what level of quality will you be achieving that what would be the nobility of this particular product and how would you be standing out from the existing products or the existing services which are being provided by your competitors so that is exactly what we'll be dealing with in this particular component specifying the quality in which we are delivering our product is it standing out from our competitors it is going to make a difference or is it going to impact the market so these are the things which would be coming in this particular component next comes capturing project requirements once you have decided to move forward with this particular project you need to be having requirements you need to be having the resources to implement the project so in order to get the particular thing done according to the specifications what are the requirements that we possess what are the necessities that we should be inculcating in order to get this particular project done in the right way so all these things will be coming in this particular component that's nothing but capturing project requirements next would be estimating the resources and budget allocation so once we know what are the requirements and how we'll be able to achieve these things with these many technologies and techniques being employed we'll be knowing how much time we need to be spending on that and how much money we would be spending on that what is the kind of investment that we require in order to process or in order to have all the technicalities and also the technology and also other machineries and equipment which is being involved to get this particular project into life right so these are the things that would be coming in this particular component that is nothing but estimating the resources and budget allocation so only by having what are our requirements we would be able to allocate our budget so that is exactly what we are looking at here next would be securing corporate agreement and funding so once you know what are your requirements what are the technologies that you are going to implement what are the materials that you require what are the resources that you need to be employing and having an idea in all such things you would be knowing your budget you would be knowing your resources that are required to get this product into picture so just by having that it's not enough you need to have that investments so you need to get the fundings you need to get those resources to your team to get everything done in the proper way that exactly would be what is going to come in this particular component nothing but securing corporate agreement and funding to get this project done in the planned manner next would be managing risks issues and changes on the project so let me anything there would be risk involved that would be any business you're doing let it be anything you're doing right there would be a calculated risks involved so how are you able to manage the risk how are you able to calculate the risk and take a better decision and how are you able to cope up with the issues and overcome all those hurdles in your way so when you're actually trying to implement something there will be a lot of things that you need to overcome there's a lot of issues there'll be a lot of clearance required there'll be a lot of approvals which you need so how are you going to achieve all those things right and managing other scan issues is not what is actually completed off you also need to accommodate changes maybe you had a plan how to execute the particular project and while you're implementing this you came across a new hurdle which you didn't anticipate off so in such situations you need to be taking an alternate path how can you change the particular working so that you will be able to overcome and you will be able to achieve what you're looking for so accommodating all the changes is also what we are concerned about here and next comes monitoring the progress against the plan so initially by starting up the particular project we had a plan how to get this implemented how will we be able to get a particular goal done in the right way without compromising on the quality at the same time without affecting our pocket so how are we able to do that and in order to get that particular thing done we need to continuously monitor are the things going according to our plan is there any problem or any trouble or any issues that is arising within our functioning so we will be able to know that only by monitoring only by having continuous monitoring and controlling we will be able to get to know that and if we find out such situations it will be easy for us to rectify that at the beginning itself or else even after doing everything at the end we would be finding that this is not worth it and this is not what we were expecting so it is always important for you to monitor whatever is going on within your workforce let's now move on to our very last topic for this particular course on project management which is nothing but setting of objectives so when you actually get along with project you would be having a lot of objectives you would be having a final goal or final objective which is your ultimate goal right so in order to get that thing done you will be having certain other small small tasks and objectives to fulfill in order to achieve that in the long run so let us look on to this particular objects and how to set objects setting of objectives includes performance quality budget and time board these are the four main factors that needs to be considered while you are setting any objective starting up with performance what would be the kind of performance that you are able to get in if you are able to implement a particular project and how would you be able to increase your performance if you are not productive if you are not efficient and if you are not working in an effective manner you would not be able to get maximum benefit so it is very mandatory to follow that the things you are getting done when it is evaluated it should be coming such a manner that you are performing high when you are evaluating your own performance your team's performance and the company's performance on this particular product when the client is evaluating that they should be knowing that okay fine this particular team is working on this particular project for me and they are performing well so we need to be mentioning or we need to be making sure that we are not going down in terms of our performance which can affect the quality affect the trust with the client and also bring down the efficiency with which we are working next comes quality so as i've already mentioned when you are performing very well it is so certain that you would be getting on your quality it goes hand in hand but having higher performance doesn't completely mean that you are able to get high quality you need to be following certain techniques you need to be implementing the mark and trends into your projects which you're performing you need to be using the latest tools and technologies you need to be having all the resources and equipments to perform that and you would be having the perfect first grade raw materials as well to get this particular thing done so respectively of whatever sector you are into whatever domain you're working for whichever organizations you're part of you should be working on your quality so all these things would be considered while you're setting your objective would you be able to make this particular project in your top notch will you be able to do so will you be able to compromise on your quality will you be able to compromise on your performance no so you need to be dealing in such a manager or you need to be setting your objective in such a manner that your quality and your performance is not ever being compromised then comes budget so in order to perform well and in order to make your project in terms of high quality you need to be spending much amount of money into that so how can you budget your product how can you allocate all your resources so that you will be able to get the things done in high quality without compromising on your budget without harming your pocket or harming the investors and it will be easy for the investors to get back their money and the kind of return on investments would be high as well so how can you allocate the budget how can you make sure that you are not wasting anything maybe you can follow leading principle maybe you can follow kanban kaizen and all the other methodologies as well so how can you make sure that all the things are being done according to the budget or according to the resources which the company is providing to you so when you're setting your objective this is also one major important point that you should be clear of then comes time bound whenever a client is asking you to complete a project you are given this particular project with a deadline and it is your responsibility to take up the things in the right manner so that you will be able to get this thing done in the right time and asking for extension once is okay but that would not be feasible when you are implementing these things for a huge client they might be having your competitors as well to look forward to and they might even give this particular project to them who was more efficient to get these things done on the right time without affecting the quality so it is very important that when you are setting objectives on your project you should be fulfilling or you should be keeping these things in mind so that you would be able to get the high quality high performance and you are able to get all the things done according to the budget which is allocated to you and you are able to get this particular thing delivered to your client on time which they require so these are the things that you should be keeping in mind while you are setting any objective for completing your project finally we have come to the end of this particular course on project management so we have covered all the topics that we had planned to cover in this particular course on project management so what all exactly did we learn in this particular course we started off by understanding what a project is then we moved on to understand what project management is so in order to manage project we need to know what project is that is why we completed project first and then moved on to price management then we went on to understand what are the various phases that a project will be going through what are the various pieces project initiation project planning project execution project monitoring and controlling and finally project closing so these were the five phases every product would be going through then we went on to understand the various benefits that we are gaining out of implementing project management so we are implementing project management for to get some benefits also to get them advantages by implementing that so what are the advantages right we had a complete clear clarity on the benefits or the advantages of project management then we went on to understand various components of project management what are the various components we need to be planning on the project we need to be getting approval we need to be planning on the resources that we require we need to be allocating the budget we need to be actually getting the funding or the investment so that we will be able to implement the profit so these are the various few components of project management then we went on to see our last topic setting of objectives there we saw regarding our performance the quality with which we need to be performing and tying down and also on other things as well so what are the things that we require or to in order to get some objective done what are the things that we need to be keeping in mind we need to be talking about the performance we need to be talking about the quality which also should be considering the budget we are having to get this particular project done and also we need to be considering the time which we are allotted to complete operator project so these were the objectives or these were the things that we need to consider while we were setting any objective so that's all we had for this particular course and thank you for watching this particular course on project management and i hope you had a fun session and let's meet with a different course if you haven't subscribed to our channel yet i want to request you to hit the subscribe button and turn on the notifications bell so that you don't miss out on any new updates or video releases from great learning if you enjoyed this video show us some love and like this video knowledge increases by sharing so make sure you share this video with your friends and colleagues make sure to comment on the video with any queries or suggestions and i will respond to your comments you

Channel: Great Learning

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Keywords: project management full course, learn project management, project management, project management tutorial, project management tutorial for beginners, pmp training videos, project management tutorial 6th edition, project management fundamentals, pm tutorial, project management phases, project management phases and processes, project management life cycle phases, project management methodologies, project management tools, pmp certification

Id: Oo7XsSqJZH0

Length: 68min 11sec (4091 seconds)

Published: Tue Dec 07 2021