Project Management

Paper Summary:

This paper explains that the project management process is divided into three major phases: Select, manage, and track. The author points out that money plays a crucial role in project selection, and the author presents elements of the financial analysis, which needs to be performed before a project is selected, such as the Net Present Value and the Internal Rate of Return. The paper stresses that the most important part of the management phase is managing the human resources and that, over the long period of the project, people will be fired, go on vacation, or migrate from one project to another.

From the Paper:

"The Select part of the process is perhaps one of the most important, because it sets the base for what is to come. This phase has two steps. The first one consists of building a large set of projects that the company believes will serve its strategic objectives. The question that a company should always ask itself is whether a project has a significant impact on the drivers it has established. The set of projects is usually done in a brainwashing manner, in the sense that each department will come up with a set of projects, significant for each department in part, the set being then analyzed at the company level. It is obvious that some of the projects that may be significant at a department level may subsequently prove less so at company level."

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