This Master course of Project management can be defined as the discipline of applying specific processes and principles to initiate, plan, execute and manage the way that new initiatives or changes are implemented within an organization. Project management is different to management of business as usual activity, which is an ongoing process, as it involves creating new work packages to achieve agreed ends or goals.

Key components of project management are:

· Time – the intended duration of the work

· Cost – the budget allocated for the work

· Scope – what innovations or changes will be delivered by the project

· Quality – the standard of the outcome of the project.

Increasing or decreasing any one of these components will affect the others.

For example, reducing the time allocated to complete the project will also reduce the amount of work that can be done (scope), which may then affect the quality and the cost of the project.

Project management stages

Although there are different project management methodologies and approaches, most projects follow these stages:

· Initiating the project – the project manager defines what the project will achieve and realize, working with the project sponsor and stakeholders to agree deliverables.

· Planning – the project manager records all the tasks and assigns deadlines for each as well as stating the relationships and dependencies between each activity.

· Execution – the project manager builds the project team and also collects and allocates the resources and budget available to specific tasks.

· Monitoring – the project manager oversees the progress of project work and updates the project plans to reflect actual performance.

· Closing – the project manager ensures the outputs delivered by the project are accepted by the business and closes down the project team.

Project managers are responsible for realizing the projects they work on, so they need a wide range of skills including good verbal and written communication, leadership, planning, problem solving, time management and negotiation. As the project manager role now goes beyond basic implementation of the project plan, they also need good customer relations and business skills in addition to their traditional capabilities.

Learning Objectives:

1. Introduction of Project Management, Stages, and Purpose

   • Define the concept of project management and its importance in various industries.

   • Identify the key stages involved in the project management lifecycle.

   • Understand the purpose and benefits of implementing project management methodologies.

2. Steps of project selection and project planning with criteria

   • Explain the importance of project selection in achieving organizational goals.

   • Analyze different criteria used for project selection, such as feasibility, strategic alignment, and resource availability.

   • Outline the steps involved in effective project planning, including defining objectives, scope, and deliverables.

3. Principles of Budgeting, Controlling, and Monitoring

   • Understand the fundamental principles of budgeting in project management.

   • Explore various budgeting techniques and their application in different project scenarios.

   • Describe the significance of project controlling and monitoring to ensure project success and adherence to budgets and schedules.

4. Major steps and key areas of Project Risk Management

   • Identify the major steps involved in project risk management.

   • Analyze the key areas of risk, such as technical, financial, and external factors.

   • Develop strategies to mitigate and respond to project risks effectively.

5. Project Audit process and quality management

   • Explain the concept of project auditing and its role in assessing project performance.

   • Identify the various stages of the project audit process.

   • Understand the principles of quality management and its application in project execution to deliver successful outcomes.

These learning objectives are designed to provide a comprehensive understanding of each topic and enable learners to apply the knowledge gained in practical project management scenarios.

In this master course you will learn the 5 Major topics:

1. Introduction of Project Management, Stages, and Purpose

2. Steps of project selection and project planning with criteria

3. Principles of Budgeting, Controlling and Monitoring

4. Major steps and key areas of Project risk management

5. Project Audit process and quality management