Project Management Tools

Project Management Tools 1 Name: Subject: Professor: Date: Project Management Tools

Project Management Tools 2 1. Introduction Project Management is a method of organizing and managing resources in strategic way to ensure quality and timely delivery of all resources and services required to complete a project within the defined scope. There are many challenges in project management, these includes completion of task within a definite constraints, optimization of allocated resources, and integration of effort required to meet predefined goals and budget. Project management deals with manpower, material, money, energy, quality, and all services required to complete a specified work. Not only does it handles resources, it also covers different types of activities from planning, analysis and design, risk management, estimation, distribution, task schedules, work execution, tracking, monitoring, and quality management. The project manager needs to ensure that all of these activities are handled properly and therefore requires some automation tools to help him manage the project effectively. 2. Project Management Phase The traditional phased approach in project management identifies the sequence of steps to execute and completed. Normally, the five stages of a project start with the initiation stage (taken from Wikipedia). 2.1. The Initiation Stage requires a project manager to present a business case describing the problems or opportunities related to the project. He will also undertake cost/ benefit analysis and present a better alternative solution. To do this, he must a conduct a feasibility study to determine if the alternative solutions at hand will satisfactorily meet the requirements. He must also define the terms of reference (TOR) and explain the projects objective, scale, deliverables, stakeholders, functions, responsibilities, and execution plan.

Project Management Tools 3 2.2. The next stage is Project Planning, this is where the project manager will create logical dependencies between tasks and establish a critical path. The float and slack, resource allocation, usage, and costs in the schedule are calculated manually or with project management software. Once finalized, the plan will be the baseline schedule where the progress of the project will be measured up to its completion. The project manager should always maintain the balance between resources users and project duration to ensure compliance with the overall project objectives. 2.3. The Project Execution stage requires the Project Manager to monitor and control the execution of the project. He should be able to manage the risk, changes, times, issues, and cost efficiently. It involves calculation of the time spent on each tasks to identify the overall outcome of the project to date. Identify quality divergence and apply quality improvement actions. Cost monitoring and expenses control to avoid unnecessary spending and ensure that the project is completed within the specified budget. If there is a need to alter the scope of work, the Project manager should commence stringent Change Management procedures to ensure changes in the scope will not affect the time scale and budget of the project. Finally, the Completion Stage requires the Project Manager to evaluate the level of the project success and identify problems encountered during execution for future projects. Tender deliverables and documentations to the owner and return all resources used to the company. He must ensure that outstanding items remains and all criteria and requirements were met. Finally he must formalize the project completion by informing stakeholders that the project is now closed. 3. Project Management Tools To help managers perform their work better and more efficient, there are number of available automation tools in the software and information market.

Project Management Tools 4 3.1. Tools for Initiation Stage During the project initiation stage, a project manager can employ the services of Project Initiation Toolkit from Method123. The PIT provides all the necessary documents needed to commence the project using ready made templates for business case creation. It can also help speed up the feasibility study by providing outlines to determine alternative solutions that would meet the requirements of the customer. PIT enables ranking and scoring of alternative solutions to establish the complete feasibility result (PIT, 2007). For Term of Reference (TOR) needs, PIT also provides templates to define TOR s for the project. You can create detail TOR that explain project vision, objectives, extent, deliverables, stakeholders, roles and responsibilities, and project implementation plans. Overall, the PIT provides the Project Manager with templates, outlines, checklists, procedures, charts, tables, with practical examples necessary to start a project. It will help PM s to justify their project, accurately define the project scope, secure funding, gather members of the project team, and build a project office more quickly and efficiently (PIT, 2007). 3.2. Tools for Planning, Execution, and Closure Stage At the Planning, Execution, and Closure Stage, software such as Primavera and Microsoft Project is leading the pack. However there are other project planning programs available in the market today. It may not be that popular but it is equally useful in the planning stage. Project KickStart Version 4 highlights the easiest way to plan, schedule, and manage projects. It has a project planning wizard to help PM s organized project

Project Management Tools 5 details more quickly. Drag and drop libraries for common phases, task, goals, and obstacles. Gant chart of scheduling and monitoring and formatted reports for easy project progress reporting. It also provides interoperability with MS Project, Outlook, Word, Excel and other MS Office products with lots of project samples to choose from (Project KickStart Version 4 Product Specs, 2007). During the Execution Stage we can use the services of software like QuickArrow with features a handy two-way integration with Microsoft Project that permits direct updates. Access to real-time data, project completion percentage, budget versus actual, and productivity analysis (QuickArrow Product Summary, 2007). Achievo R is a web-based open-source resource management tool for business environment and completely adaptable to any organization. There is no license fee required (Achievo Online Product Specs, 2007). SmartDraw R is a Gantt and Pert Chart software that will enable PM s create a perfect project management charts. SmarDraw R is loaded with wide-ranging collection of symbols and templates for professional quality Gantt and PERT Charts, Timelines, Schedules, Project Calendars, Diagrams, and project plans (SmartDraw Product Specs, 2007). MindManager R is an easy to use project execution stage software tool. It represents intricate information in an organized way. It will help PM s grasp connections, impediments, and pathways for faster choice of course of action. The MindManager is compatible with MS Project, Word, Excel and PowerPoint (Mind Manager Product Specs, 2007). Some other useful project management available in the market.

Project Management Tools 6 a) AEC Software's FastTrack Schedule b) Kidasa's Simplicity and Milestones c) Primavera System s Primavera Project Planner d) IMSI's TurboProject e) CA's SuperProject. 4. Excel and MS Project s Project Management Automation Capabilities Microsoft Excel is useful any part of the Project Management Phase. It can be use in the Project s Initiation and Execution Stage to forecast and show project trends in charts. It can graphically display trends in data and do regression analysis to predict future values. It supports chart types such 2D, Area, Bar, Column, and more and with add-in s like the Analysis ToolPak PM s can fill in a series of values that fit a simple linear or exponential growth trend automatically. In addition, Excel provides financial and engineering worksheet functions that a PM s can use to control the project expensed and monitor work quality. Its Histogram analysis tool can be use to calculate resource frequencies during the project implementation and after completion and it will help PM s analyze data for future projects (Excel 2002 Help File, 2002). Microsoft Project is a one of a kind complete project management tool package useful in all phases of project management. It is designed to automatically plan, schedule, and track the progress of the project. An easy, powerful, and flexible project management tool that puts you in command of your projects, helps you keep everyone up to date and involved, and is well suited with the working style of today. Manage simple or multifaceted projects by scheduling and tracking all your activities so you can stay on top of their development. Sets up your plan swiftly, initialize your plan by creating and arrange your task list so you can simply validate details and

Project Management Tools 7 overall status to maintain your project under control at all times (MS Project Help, 1998). Depending on the quantity of resources you designate and their available working time, Microsoft Project determines how long it will take to conclude your tasks. Most importantly, you can keep track of your project s budget and all costs included. Depending on pay rates and one-time costs, this program calculates total cost for specific tasks as well as the whole project. For the reason that Microsoft Project reproduces task and resource expenditure accurately, you can hastily revise your plan to variations to keep your project on track and within the budget (MS Project Help, 1998). 5. Conclusion Project Management software varies with functionality and price. Although Microsoft Project and Excel are the most commonly use tools, there are a number of low priced counterparts that are available in the market. If you are on a tight budget then this research paper suggest that you purchase project management product from other software developer. These tools are very valuable and crucial to the success of any project and having one is a good investment. 6. References Achievo Online Product Specifications, 2007, [online], Date Access: 04/13/07, http://www.achievo.org/product/index Project Initiation Toolkit, 2007, Method123, [online], Date Access: 04/13/07, http://www.method123.com/project-initiation-kit.php Project KickStart Version 4 Product Specs, 2007, [online], Date Access: 04/13/07, http://www.projectkickstart.com/ Microsoft, 1998, Microsoft Project Help, Microsoft Project98, Product ID#53606-412- 1234567-02843 Microsoft Excel 2002 Product Help, Microsoft Corporation, Copyright 1985-2001

Project Management Tools 8 Mindjet Mind Manager Product Specs, 2007 [online], Date Access: 04/13/07, http://www.mindjet.com/pdf/us/mindjet_project_management_whitepaper.pdf QuickArrow Product Summary, 2007, [online], Date Access: 04/13/07, http://www.quickarrow.com /solutions/projectmanagement.asp SmartDraw Product Specifications, 2007 [online], Date Access: 04/13/07, http://www.smartdraw.com/specials/projectchart.asp?type=42466&id=42466 Wikipedia, n.d., Project Management, [online], Date Access: 04/13/07, http://en.wikipedia.org/wiki/project_management