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Project Integration Management: Framework, Processes, and Techniques, Study notes of Project Management

An in-depth exploration of project integration management, a crucial aspect of project management that ensures coordination between different knowledge areas and the project life cycle. Topics covered include strategic planning, project charter development, project management plan development, project execution, monitoring and controlling, and change control. The document emphasizes the importance of good project integration management for overall project success.

Typology: Study notes

2021/2022

Uploaded on 09/27/2022

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Chapter 4:
Project Integration Management
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Download Project Integration Management: Framework, Processes, and Techniques and more Study notes Project Management in PDF only on Docsity!

Chapter 4:

Project Integration Management

Learning Objectives

o Describe an overall framework for project

integration management as it relates to the other project management knowledge areas and the project life cycle.

o Explain the strategic planning process and apply different project selection methods.

o Explain the importance of creating a project charter to formally initiate projects.

Learning Objectives (Cont.)

o Describe the process of monitoring and controlling project work.

o Understand the integrated change control

process, planning for and managing changes on information technology projects, and developing and using a change control system.

o Explain the importance of developing and following good procedures for closing projects.

The Key to Overall Project Success:

Good Project Integration Management

o Project managers must coordinate all of the

other knowledge areas throughout a project’s life cycle.

o Many new project managers have trouble

looking at the “big picture” and want to focus on too many details.

o Project integration management is not the same thing as software integration.

Project Integration Management

Processes (Cont.)

o Direct and manage project execution : Carry out the project management plan by performing the activities included in it.

o Monitor and control the project work : Oversee project work to meet the performance objectives of the project.

o Perform integrated change control : Coordinate changes that affect the project’s deliverables and organizational process assets.

o Close the project : Finalize all project activities to formally close the project.

Project Integration Management Summary

Identifying Potential Projects

o Many organizations follow a planning process for selecting IT projects. o It’s crucial to align IT projects with business strategy. o Research shows that:

n Supporting explicit business objectives is the number one reason cited for investing in IT projects. n Companies with consolidated IT operations have a 24 percent lower operational cost per end user. n The consistent use of IT standards lowers application development costs by 41 percent per user.*

*Cosgrove Ware, Lorraine, “By the Numbers,” CIO Magazine ( www.cio.com ) (September 1, 2002).

Information Technology Planning Process

Focusing on Broad Organizational Needs

o It is often difficult to provide strong

justification for many IT projects, but everyone agrees they have a high value.

o Three important criteria for projects:

n There is a need for the project. n There are funds available for the project. n There is a strong will to make the project succeed.

Categorizing IT Projects

o One categorization assesses whether the project provides a response to: n A problem n An opportunity n A directive

o Another categorization is based on the time it will take to complete a project or the date by which it must be done.

o Another categorization is the overall priority of the project.

Net Present Value Analysis

o Net present value (NPV) analysis is a method

of calculating the expected net monetary gain or loss from a project by discounting all expected future cash inflows and outflows to the present point in time.

o Projects with a positive NPV should be considered if financial value is a key criterion.

o The higher the NPV, the better.

Net Present Value Example

Note that totals are equal, but NPVs are not because of the time value of money.

Payback Analysis

o Another important financial consideration is payback analysis.

o The payback period is the amount of time it will take to recoup, in the form of net cash inflows, the total dollars invested in a project.

o Payback occurs when the cumulative discounted benefits and costs are greater than zero.

o Many organizations want IT projects to have a fairly short payback period.

Charting the Payback Period