Project management is the practice of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria at the specified time. The primary challenge of project management is to achieve all of the project goals within the given constraints.This information is usually described in project documentation, created at the beginning of the development process. The primary constraints are scope, time, quality and budget.The secondary—and more ambitious—challenge is to optimize the allocation of necessary inputs and apply them to meet pre-defined objectives.
Product management is an organisational function within a company dealing with new product development,business justification, planning, verification, forecasting, pricing, product launch, and marketing of a product or products at all stages of the product lifecycle. Similarly, product lifecycle management (PLM)integrates people, data, processes and business systems. It provides product information for companies and their extended supply chain enterprise.
Project production management (PPM) is the application of operations management to the delivery of capital projects. The PPM framework is based on a project as a production system view, in which a project transforms inputs (raw materials, information, labor, plant & machinery) into outputs (goods and services).
The knowledge that forms the basis of PPM originated in the discipline of industrial engineering during the Industrial Revolution. During this time, industrial engineering matured and then found application in many areas such as military planning and logistics for both the First and Second World Wars and manufacturing systems. As a coherent body of knowledge began to form, industrial engineering evolved into various scientific disciplines including operations research, operations management and queuing theory, among-st other areas of focus. Project Production Management (PPM) is the application of this body of knowledge to the delivery of capital projects.
Project management, as defined by the Project Management Institute, specifically excludes operations management from its body of knowledge, on the basis that projects are temporary endeavors with a beginning and an end, whereas operations refer to activities that are either ongoing or repetitive. However, by looking at a large capital project as a production system, such as what is encountered in construction, it is possible to apply the theory and associated technical frameworks from operations research, industrial engineering and queuing theory to optimize, plan, control and improve project performance.
Scientific and Engineering disciplines have contributed to many mathematical methods for the design and planning in project planning and scheduling, most notably linear and dynamic programming yielding techniques such as the critical path method (CPM) and the program evaluation and review technique (PERT). The application of engineering disciplines, particularly the areas of operations research, industrial engineering and queueing theory have found much application in the fields of manufacturing and factory production systems. Factory Physics is an example of where these scientific principles are described as forming a framework for manufacturing and production management. Just as Factory Physics is the application of scientific principles to construct a framework for manufacturing and production management, Project Production Management is the application of the very same operations principles to the activities in a project, covering an area that has been conventionally out of scope for project management.