Video Review On Fundamentals Of Project Management (Term Paper Sample)

Introduction to Project Management Fundamentals
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Summary of the Video: Introduction to Project Management Fundamentals
Project Management Fundamentals
This report summarizes the video posted on YouTube by Juan David Zuliani in 2011. The video discusses the introduction to project management fundamentals, as presented during the Project Management Seminar. Zuliani describes project management an an important function of Operations Manager. It is a vital aspect of operations management, and it involves endeavors aimed at satisfying stakeholders’ needs.
As stated by Zuliani, a project can be defined as a nonpermanent endeavor performed to produce a particular service or good. Projects can be described as thoughts that are implemented in a particular constraint environment, and they have a start and an end. This is made possible by integrating knowledge, time, capital, and other resources. This is usually an attempt aimed at achieving given SMART objectives through a series of monitored exercises, which are grouped into stages, and confined by defined scopes. They are aimed at delivering quality through the provision of beneficial change and value to an organization and its stakeholders. Project management entails applying tools, skills, knowledge, and techniques to project activities with an aim to meet or exceed stakeholders needs and expectations from a project. Project management often involves balancing different demands which include time, scope, budget, and delivering quality. Project managers are responsible for ensuring that they meet the needs of all stakeholder groups.
In the planning stage of a project, Zuliani reiterates that managers should be in a position to distinguish between an operation and a project. An operation is repetitive and ongoing, whereas a project is temporary and unique. A project would involve developing a new product. It would begin at the inception of the idea to the designing of the product, testing it, and finally launching it. In the modern business environment, the same firm can undertake several projects at the same time. Often this projects are interrelated to each other, and this is then called a program. The fundamental concepts of project management are scope, objectives, strategy, budget, schedulable, stakeholders, customer needs, quality, the environment, resources, and the organization's culture.
Zuliani defines project scope as the activities that need to be achieved so that a product can be delivered. It defines the confinement of a project in terms of how extents it is required to be. It helps the involved individuals what the project is and what it is not. A project scope must be work oriented and define all tasks that must be undertaken in order for the entire project to be terminated. Project objectives are viewed from a SMART perspective. The objectives must be specific, measurable, attainable, realistic, and timely. The project managers should be in a position to distinguish between a project's objectives and the project goals. Project objectives are much more precise, and they normally involve a short lifespan. Goals, on the other hand, tend to be vague, and they often have a long time focus. For instance, the profitability objective of a company would be to achieve a 20% return on capital by August 2019. A company goal would be to increase market share.
Once a manager has established project objectives, the next stage is determining the strategies that would be used to execute the project. Strategies help synchronizing environmental scanning results and the organization needs. It is a master plan that integrates the organization’s values, mission, goals, objectives, resources, and tactics. A good strategy provides the implementation guidelines and also provides monitoring and evaluation tools. Project budget involves quantifying the resources required to accomplish a task by the given time. Budgets are financial statements that are prepared and approved prior to a defined period for the purpose of attaining certain objectives for that period. They are the planned costs for a project or activity. They define the amount of money needed, the available amount, and how the money shall be spent.
Another important element of project management discussed by Zuliani is project scheduling. Project schedule entails the planned dates for starting and completing milestones and activities. A milestone is a significant aspect of the project, and it usually involves the completion of a major deliverable. A schedule is important since it allows for a sound financial planning. There are different tools that can be utilized to organize the schedule of a project like Gant charts and network diagrams. These tools aid in the realization of what activities need to be undertaken, at what time, and by who.
Project managers should also be aware of the activities happening on the outside of the project, like knowing who the customers are. A customer is the individual, organization, or stakeholders whose requirements shall be met by the project. In many situations, they are the fin...