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Framework for Project Management

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Excellence in Financial Management 1
by dagreat1b
Excellence in Financial Management
Course 19: Managing Projects
Prepared by: Matt H. Evans, CPA, CMA, CFM
This course provides an overview of project management, including the project life cycle and
project control documents.This course is recommended for 2 hours of Continuing Professional
Education. If you are seeking credit for taking this course, then you need to download and use
the “exe” file version of this course.All course files and supplemental materials are posted on the
internet at www.exinfm.com/training

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Chapter
1
The Framework for Project Management
Increasingly, organizations are driven by project related work as opposed to functional type
work. The repetitive functions, things like payroll, accounting, and public relations, are becoming
outsourced so that people can devote more time to the real value added work of projects. The
need to change is driving much of this shift away from functional work to project work. And this
can range from process improvement type projects (such as Six Sigma) to short term projects
such as competitive analysis profiles. Given this increased emphasis on project related work, it
is now important for everyone to fully understand how to manage projects. This short course will
present the principles and practices associated with project management. “Projects are often
viewed as being fundamentally rooted in technology. This is because most projects are
technical. Unfortunately, this orientation toward technology has obscured the true purpose of
projects. The truth is that projects are all about business not technology. The fundamental
objective for a project is to achieve a business result, such as improving effectiveness,
increasing sales, or making operations more efficient. No matter what that underlying cause, the
ultimate purpose of a project is very simple: to make money or to save money.” Brief Case
Books Project Management by Gary R. Heerkens, PMP
Project Management Body of Knowledge (PMBOK)
Because of the importance of projects, the discipline of project management has evolved into a
working body of knowledge known as PMBOK - Project Management Body of Knowledge. The
Project Management Institute or PMI (www.pmi.org) is responsible for developing and
promoting PMBOK. PMI also administers a professional certification program for project
mangers Project Management Professional or PMP. So if you want to get grounded into
project management, PMBOK is the place to start and if you want to make project management
your profession, then you should consider becoming a PMP. So what is PMBOK? PMBOK is
the fundamental knowledge you need for managing a project, categorized into nine knowledge
areas: 1. Managing Integration: Projects have all types of activities going on and there is a need
to keep the “whole” thing moving collectively together – integrating all of the dynamics that take
place. 2. Managing Scope: Projects need to have a defined parameter or scope and this must
be broken down and managed through something called a Work Breakdown Structure or WBS.
3. Managing Time / Schedule: Projects have a definite beginning and a definite ending date.
Therefore, there is a need to manage the budgeted time according to a project schedule.
2

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Excellence in Financial Management 1 by dagreat1b Excellence in Financial Management Course 19: Managing Projects Prepared by: Matt H. Evans, CPA, CMA, CFM This course provides an overview of project management, including the project life cycle and project control documents.This course is recommended for 2 hours of Continuing Professional Education. If you are seeking credit for taking this course, then you need to download and use the “exe” file version of this course.All course files and supplemental materials are posted on the internet at www.exinfm.com/training Chapter 1 The Framework for Project Management Increasingly, organizations are driven by project related work as opposed to functional type work. The repetitive functions, things like payroll, accounting, and public relations, are becoming outsourced so that people can devote more time to the real value added work of projects. The need to change is driving much of this shift away from functional work to project work. And this can range from process improvement type projects (such as Six Sigma) to short term projects such as competitive analysis profiles. Given this increased emphasis on project related work, it is now important for everyone to fully understand how to manage projects. This short course will present the principles and practices associated with project management. “Projects are often viewed as being fundamentally rooted in technology. This is because most projects are technical. Unfortu ...
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