DR.

HISHAM ALSHARU’
STD: ENG ALI BARAKAT ALZU’BI
PROJECT MANAGEMENT
JADARA UNIVERSITY
o Certainly! Project management involves a systematic approach to planning,
executing, and closing projects. Let’s explore the project life cycle, which consists
of several phases essential for successful project delivery.
Project Initiation Phase:
 Clarifies the project’s brief and defines key success criteria.
 Involves a kickoff meeting with the team and client to align expectations.
 Key deliverable: Project Charter containing project details and authorization1.

Project Planning Phase:

 Determines how to achieve project goals.
 Involves creating a detailed project plan, resource allocation, and risk assessment.
 Key deliverables: Project Plan, Work Breakdown Structure (WBS), and Risk Register.
Project Execution Phase:
 Puts the plan into action.
 Team members perform tasks, monitor progress, and address issues.
 Key deliverables: Completed project tasks and milestones.

Project Monitoring & Controlling Phase:

 Ensures project stays on track.
 Involves tracking progress, managing changes, and addressing risks.
 Key deliverables: Status Reports, Change Requests, and Risk Mitigation Plans.

Project Closure Phase:

 Finalizes the project.
 Involves formal acceptance, documentation, and lessons learned.
 Key deliverables: Project Closure Report, Lessons Learned Document, and Handover to
Operations1.
o is a crucial aspect of project management that involves monitoring and managing
expenses to maintain financial stability and achieve pro
o Here are some techniques and methods for effective cost control in projects:
I. Budget Planning: Start by creating a detailed project budget. Proper budget
planning allows you to estimate costs accurately and allocate resources
effectively.
II. Expense Monitoring: Continuously monitor all project-related expenses using
checkpoints. This helps ensure that the budget is followed correctly and
prevents overspending.
III. Change Control Systems: Implement change control processes to manage any
deviations from the original project scope or budget. Regularly review and
approve changes to avoid unexpected cost increases
IV. Time Management: Efficiently manage project timelines to prevent delays and
associated costs. Delays can lead to additional expenses, so staying on schedule
is essential
V. Earned Value Tracking: Use earned value management to assess project
performance. It compares the value of work completed against the planned
budget, helping you identify cost overruns or savings
o is a crucial component of project management. Let's delve into the details:
I. Definition: A project budget represents the *total projected costs* required to
complete a project within a defined timeframe. It estimates costs for *each phase* of
the project, including labor, material procurement, and operating expenses.
II. Dynamic Document: While initially created during project planning, the budget is
*not static*. It evolves throughout the project's lifecycle. Regular reviews and
adjustments are essential, ideally using project budgeting software.
III. Importance: *Funding Engine*: The project budget communicates to stakeholders
how much money is needed and when. It ensures the project has the necessary
funds for success. *Cost Control Instrument*: The budget serves as a baseline for
measuring performance against actual costs during project execution.
IV. Example*: Imagine creating an app. Start by estimating labor costs (programmers,
designers, content developers, etc.). Break down tasks and assign the team.
o is essential for maintaining financial control and making informed decisions. Here are some
approaches to effectively monitor expenses:
I. Expense Tracker Apps: - Use mobile apps designed specifically for expense tracking. These
apps categorize your spending, help you understand where your money goes, and allow you to
set budgets. - Some popular expense tracker apps include:
II. *Quicken Simplify*: Provides customizable reports based on your spending, income, and
savings. It adjusts your personalized spending plan in real-time.
III. *You Need a Budget (YNAB)*: Ideal for serious budgeters, YNAB helps allocate funds
purposefully and avoid overspending. *Good budget*: A beginner-friendly app that
emphasizes envelope budgeting.
IV. *Pocket Guard*: Great for over-spenders, it tracks expenses and alerts you when you're
approaching your budget limits.
V. *Expensify*: Useful for employees' business expenses, it automates expense reporting¹. -
*QuickBooks Online*: Ideal for small business owners, it manages business expenses and
financial transactions.
VI. Regular Review: - Set aside time weekly or monthly to review your expenses. Look for
patterns, identify unnecessary spending, and adjust your budget accordingly.
VII. Categorization: Group expenses into categories (e.g., groceries, utilities, entertainment). This
helps you understand where most of your money goes.
VIII. Track Cash Transactions: Don't forget to track cash expenses. Use a notebook or a dedicated
app to record cash purchases.
o is the process of consciously planning and controlling the time spent on specific tasks to increase
efficiency. Here are *six strategies* to help you manage your time effectively:
I. Conduct a Time Audit: - Assess where you spend your time. Create a visual map of the hours
dedicated to work, school, chores, commuting, social media, and leisure activities. - Drill
down further by dividing your week into days and hours. Reflect on how long tasks take and
identify time-wasting habits. - Set goals based on this assessment and prioritize what's
important.
II. Plan: - Dedicate time each week to intentionally plan your upcoming week. Set daily goals
and allocate time for essential tasks. - Use tools like to-do lists or digital planners to organize
your schedule.
III. Awareness, Arrangement, Adaptation: - These are the core skills of time management.
I. *Awareness*: Understand how you use your time.
II. *Arrangement*: Organize tasks and priorities.
III. *Adaptation*: Adjust as needed to stay efficient.
IV. Use the Eisenhower Matrix: - Categorize tasks into four quadrants:
I. - Urgent and important (do these first). - Important but not urgent (schedule these). -
Urgent but not important (delegate or minimize). - Neither urgent nor important (consider
eliminating).
V. Try the Pomodoro Technique: Work in focused intervals (e.g., 25 minutes) followed by short
breaks. - Helps maintain concentration and prevent burnout.
VI. Reward Yourself: Set small rewards for accomplishing tasks. It boosts motivation and
reinforces positive habits.
 The relationship between cost control and time management in project
management is fundamental and interdependent.
1. Interconnected Objectives:
a) Effective cost control ensures that the project remains within its allocated budget.
b) Efficient time management guarantees that the project is finished on schedule.
2. Balancing Act:
a) Project managers must balance time and cost without compromising quality.
b) They often face the challenge of adjusting project scope, schedule, and costs to align
with project goals.
3. Time-Cost Trade-Off:
a) Decisions about activity duration and resource allocation have direct implications on
project costs.
b) Shortening the project timeline may require additional resources, thus increasing
costs.
4. Project Success Indicators:
 Time and cost performance are leading indicators of project success.
 Staying on schedule and within budget is crucial for stakeholder satisfaction and
achieving project outcomes.
5. Monitoring and Adjustments:
 Regular monitoring of both time and costs is necessary to identify variances from the
plan.
 Project managers must be prepared to make adjustments to keep the project on track.

6. Risk Management:
 Time delays can lead to cost overruns, and vice versa.
 Managing risks associated with time and costs can prevent potential project failures.
o is a project management technique that assesses project performance and
progress by evaluating measurements for scope, schedule, and resources. It
provides an apples-to-apples approach to project reporting, allowing you to
answer stakeholder questions such as:
 1. Are we on budget?
 2. Will we finish on budget?
 3. Are we spending as expected?
 4. Are we on schedule?

To calculate EVM, you'll need the following data sets:

I. Planned Value (PV): This represents the time-based project spend. It breaks down the
budget to show how it will be spent across the project's duration. The sum total of all
planned work should add up to the total budgeted cost (TBC).
II. Actual Cost (AC): This is the actual amount spent on the project.
III. Earned Value (EV): It measures the value of work completed based on the project
schedule.
In summary, cost control
and time management are
two pillars of project
management that work
together to ensure a
project’s success. They
require careful planning,
monitoring, and
adjustment to meet the
project’s objectives while
staying within budget and
on schedule.
conclusion
 The relationship between project size and growth rate is an intriguing aspect of
project management and business analysis. Generally, the relationship can be
summarized as follows:
Growth and Size: There is evidence of a negative size-profitability and positive
growth-profitability relationship. This suggests that initially, profitability increases
with the growth of the firm, but over time, as size increases, gains in profit rates
reduce, indicating that large size may breed inefficiency.
Project Success: A Gartner survey indicates that the failure rate of projects with
budgets below $350,000 is only about half that of projects with budgets exceeding
that amount.
Valuation Implications: The relationship between size, growth, and margin can
affect valuations. For instance, larger companies are often valued higher due to
perceived lower risk and better ability to cope with external shocks