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hey everyone this is Arif and today we are here with another unit of CIA part 3 which is unit 5 project management and contracts this is a brief introduction and in which you can go through my profile I wouldn't be taking longer here you can pull just in case if you are interested to know more about me and my professional Journey this is an overview of entire CIA unit CIA unit part three uh up till now we have covered from you domain one or unit one to unit 4. and today our point of discussion would be unit 5 which is project management and contracts just to have a quick overview in the Strategic Management planning we discussed that how companies formed your strategic plans and there are certain methodologies or approaches that we have learned in that then organizational behavior it posted how we can we can motivate people to get things done the way we want them and get their 100 100 productivity and there were a few motivational approaches that we have discussed in this unit then in unit 3 leadership and organization structure talks about that we need to have a leader that needs to be Prismatic and they have to change your Styles as per their followers and as per the situation uh we also discuss about the lean organization which are flat and a tall organization and how leadership can match the their style which with the Dynamics of the organization in the last unit business process and data analytics we discussed about a couple of business processes and just to understand that how things work in the organization and we also discuss about data analytics there are certain softwares that is used to form and then it is in analytics is basically where we try to get story or some knowledge out of the data from a raw data and to form our opinion or to make business decisions and our today's topic is project management and contracts the entire syllabus of unit 5 could be dividing into three main sections the first one is about project management in which we will be discussing about different concepts related to the project management and certain meta methodologies which means there are certain ways by which uh we can we can control our project the second section is about change management that what how the change management happened within the organization what are the types of changes uh the resistance factor and the role of organizational development the third section is about contract in contracts we have two subsections uh one is contract overview in which we talk about some of the basic terminologies associated with the contracts in terms of offer acceptance consideration legality capacity so these are certain certain legal terms or legal definitions of certain terms which we will be discussing and then there are different types of classification of contracts that we will discuss in the subsection so overall in the entire syllabus it it comprises of three sections project management uh change management and contract management or contract you can say uh our first topic is project management and some of the basic concepts we will discuss about it uh the basic thing which you have to understand what is the difference between a project and a process a project has a defined or definite beginning and the end if it doesn't have uh ending and if it is ongoing it's a process but a project would have a starting point and an ending point this is a key difference and also in a project it could be of small duration or a big duration project management is basically when We Gather our Knowledge and Skills and use certain kind of techniques to achieve a common goal of the project so whatever is the objective of the project in order to achieve That We Gather our knowledge through different Human Resources we apply certain skills and techniques to reach out to our ultimate objective programs there could be multiple projects within program so this is one more terminology which you need to be aware of that let's say we have a program of of let's say building a software and within that software there could be smaller projects related to each activity of the software or it's a very lame example but this is all I can come up with um then a portfolio of a project some portfolio of a project could be different projects when combined together for to achieve a bigger goal bigger objectives it could be a bigger program or a bigger strategic goal in that goal there were certain elements and in within each elements there are different projects that it needs to be then for example to form a car you need to have tires seeds paint on the body so all these small smaller activities and within in the combination of each activity for a specific section of the car is one project and overall this all the projects the smaller projects is known as portfolio so this is the difference and portfolio could be within the program if there are multiple programs that you are working on uh there could be multiple portfolios of a program or it could be of different projects as well a set of different projects then we have a phase based approach in a project management which means that whenever we are doing a project we divide that project in different phases so whenever you are building building a house or doing a construction there are different phases within that in that project so we divide that entire project into smaller phases and each phases has its own deliverable and its own timelines it's easy then to manage so generally this is how we monitor the progress of the project because if there is a slight delay in any of the phase then it highlights that certain action we need to take apart from that the benefit management plan is another Associated term with the project management which means that we have to determine what is the benefit what is the goal what is the key element or determined that we want to achieve from the project so the benefits we associated with the project we calculate beforehand because we do not want to overspend on the project um and and lose the benefits the cost benefit analysis is one of the key elements that's need to be performed prior to starting the project Project Life Cycle whenever we talk about the project management we talk about the cycle which means there is a starting and ending and in between there is organization which means when we start a project we have to organize the activities we have to make a plan uh so that is and gather the resources allocate the resources so we do the organization which is management of the resources and scheduling and then we do the actual work the execution doing the work and eventually at the end of the project we deliver the final product so this is a life cycle in a very brief nutshell however each process of this life cycle could be divided into sub activities control points are basically in a project where we check on the progress of the project so it could be similar to kpi key performance indicators we assess uh ongoing basis on our periodically basis what is the progress of the project so we can say whether if you're building a house and it's a two-story or three-story house so we can say whether the the basement has been done the ground fall has been done within the timelines within the resources and if any of the phases are not done as intended then we have certain options to do whether we want to cancel the project if it is making more you know it's it's Crossing its uh cost which means it's not more beneficial or we can continue while taking that additional risk or we can change so there are certain ways of risk mitigation that we can perform with every project there are a certain risks which are associated and as we move along with the project and the progress is keep using keep going on and we make the decisions the risk also in the start it is it is high but as we going on and progressing towards the end this the risk is minimizing just take an example of CIA preparation so the more you prepare the the better results you expect and the less uncertainty you encounter so if you pass part one there is two more to go and if you pass to part two there is only one part to go so you're minimizing your risk simulating a project that also happens and your each part could be considered as control unit as well because if we do not perform in each part you cannot move to the second part or you do not want to move to the second part unless you make certain correction stakeholders have many influencer internal and external within the organization you have to look how the Senior Management take that project what are the resources available for the project what is the culture of the organization and external stakeholder the government The Regulators the customers so there are multiple stakeholders that we have to take into account whenever we are embarking on any project the person who manages and lead the project is known as project manager as we have discussed in the earlier slide that there is a Project Life Cycle which means that how we complete a project here in this slide we will be distinct we will be talking about distinct processes within a project to elaborate further the life cycle the first uh activity or a step or process within a project within a project is initiating the process whenever we talk about a project we Define first of all what project we have to embark on and then we develop a charter a charter is basically in which a role responsibility is the objectives the Scopes everything is defined about the project uh then we identify the stakeholder to whom we have to please or for whom we are making this project is it for external stakeholders or internal stakeholder or or to manage because when we know who are our stakeholders so we manage ingly the outcome of the project the second phase is planning the process in which we Define the scope and the objective of the project develop a project plan and create a project documents there are there will be a lot of documents related to the project in which we will be carrying out the project in terms of different activities that needs to be performed who will be performing those activities what are the resources that is required the monitoring and tracking of those activities deliverables of those activities so these are all the key documents that needs to be there executing the process then the execution the third step is execution uh in which we follow the plan and if there is a deviation or any uh changes then we overcome during that execution part we coordinate our resources and manage and manage our stakeholder uh within that execution part uh then the fourth step is monitoring and controlling the process in which we track review and regulate the progress so there are different control points where we check how the progress is going on and ingly we take instant action just not to get delays or or overrun with the with the cost for any or timelines so these are the things which we do and lastly uh the closing the project which means formally terminating the project which means giving the final deliverable to the clients taking your feedback and making all their find documents complete and this is the closure of the entire project so just to summarize quickly we have five distinct processes within any project where the first one is initiating the process the second one is planning the process the third one is executing the fourth one is monitoring and controlling and the fifth one is closing so these are certain processes that are involved within any kind of project that you embark on internally and external influencer basically there are different stakeholders as we have discussed in any project uh internal influencers are the one who are directly associated with the project they may be the people who execute the people to whom we report to the overall strategic management or leadership who wants the final results of the project so this could be an internal stakeholders an external stakeholders we have discussed that it could be regulatorsly the customers suppliers and so these might be an external uh there are two more terms which you need to know in regards to project management one is organizational process assets opas opas are basically um um we in which we talk about all the key elements that are directly associated with the projects means the plan the processes policies and procedures these are the key elements that directly affect the projects and then there is another term which we know which is known as Enterprise um environmental factors this could be an internal or external Factor these are indirect uh elements or factors which still have an influence on the project internally it could be the culture of the organization the structure of the organization how the governance uh how strong is the governance within the organization so these are the key elements that may affect the project as well or the external factors which could be Financial factors the government policies and procedures the laws and regulations these could be and other factors which are indirect to to indirectly but indirect to the project management but may have an influence so anything which has a direct influence and are directly associated with the projects that is known as organizational process assets and if it has an indirect influence over the project be it internal within the organization in terms of your culture and organization governance or external related to government regulations or regulators that is known as Enterprise environmental factors project art artifacts are basically the key element or components of a project it could be related to the plan the documents um the internal external influences on the project the direct component of the project its life cycle the working paper so it basically could be anything that is related to the project and we need to tear each project artifacts based on the need of the project so not every project will remain the same I will just give you an example from the audit for instance whenever we are doing an HR audit even though the same HR audit if it is done in another organization the artifacts will change because the other organization will have a different organization structure different business activities different dynamics of the businesses so ingly though we are doing an HR audit we might change the approach because yeah maybe that other organization has to comply with certain laws and regulation or maybe in a different country so the artifacts change one of the key element of the artifacts are project plan because the project plan is very important whenever we are tailoring in our project we have to focus on the plan because the plant keep us to stay organized make the right decision and create the progress the plan in itself includes the Baseline which means the starting point in the expected result so this is the overall [Music] overall key element that we want to achieve from the project then subsidiary management plans which means the different aspects of a project for example the quality the risk and the key and and how we communicate with the people so these are also associated with uh along with the Baseline we have to consider these subsidiary elements and then the Project Life Cycle overall we have different phases we have to ensure that we have control points and we control the project um project documents is also one of the key elements of the project artifacts which may comprises of the scope requirements resources and cost Milestones so these are the elements which we need to document and it also differ from one or project to another project so here we are with the second subsection of the first section the first section is about project management so the concepts and the methods so now we are in the second section which is about the methods every project is uh has three components in which we have to find a trade-off or balance these three uh key um elements the first one is time the second one is cost and the third one is quality let's give you an example for instance if someone asks you to finish a audit project so you are constrained with the timelines the more time you give to the project the more detail you can go the more the better the quality but again there will be a cost associated with the project it will accelerate for instance your working hours you will be spending more time on a specific audit project so there are opposite correlation which means if one thinks you want to improve the other things will deteriorate for instance as we have given in the example um if you want to ensure that you you timely deliver or ahead of the time then you have to find a Trader for balance between the quality and the cost if you focus on the cost to minimize the cost then you have to compromise on the quality at times and therefore we have to strike a balance where we ensure that the cost benefit analysis is achieved of the project there are also certain uh project management tools that we use uh the most famous One are Gan charts these are the charts in which we look at the different activity from the start till the end and to ensure that the oral project achieve its desired timelines and finish within the timelines then we have a pert which is a bit technical we will be discussing and with associated with the part we have CPM and some other tools as well uh there are on if there isn't any special projects uh we need to be we need to be mindful about certain things yet what could be the um what could be as per your plan what could be the finished timelines what could be the most optimistic timelines to finish the project it means that most favorable if there is no delays of resources or everyone delivered their project within timeline or there is one terms which is dummy activities which means that we we start within a project two parallel activities at the same time because we know at one point it will Bridge so we we calculate those activities parallelly within the project so if we do not wait that one activity finishes so we start the other one for instance if there is if there is a project of building um a bridge between two islands that both sides of the island needs to start the bridge making process simultaneously we cannot say that half of the bridge is built from one side and then we will start the other so we calculate those dummy activities means the the supporting activities and ensure that after reaching a certain point those activities will Bridge together and and based on that we calculate the duration the timeline that how long will it take for a project to complete so here is the example of her again chart in which we have start and finish of each different phases of a project and it is very much suitable for your small projects I personally use this for my uh to to assist my animal ordered plan where I put all my audit plans and see that which audit plan which audit projects needs to be carried out in order to ensure that I achieve my overall uh annual audit plan so this is a very good a simple approach in which we assess the timelines of a project the second method of managing a project is a part or project evaluation and review technique in this we this project technique management Technique we use for very large scale projects which has a lot of messy activities within within it and so in in the previous one the Gantt chart is not capable of handing a very large scale of project in this uh this this overall technique is very much flexible it has you can use it by different shapes you can use it there could be a starting point in the ending point and within each starting and ending point there are different boxes or circles each circles represent a node or an event so they are smaller smaller activities and each activity is basically you know the connection the line between two nodes or two circles and that activity is having a time frame that how long will it take for that activity to be completed in order to achieve that one event uh this is a bit technical in which we calculate the duration the timelines of the entire project by dividing the entire project into different activities and smaller events and we also calculate which activity is the longest activity which logist path or which will take the maximum duration for instance if you look at the task 2 Task 5 task seven along with task 8 till the end this is the longest path which we can calculate and understand it we cannot complete this project without going through this all and then there could be a critical path these are the paths which needs to be very essential for the project and which give you the minimum duration of the project this is again a calculation that needs to be done in order to identify what differentiate this from the Gantt chart is the gain chart is for simple smaller project this one is for more complex and bigger project and it gave us the the longest activity that we have to perform within the project and the critical path which is the shortest of the all activities that what could be the minimum project time more optimistically that we can finish uh in the exam you would not be requested to do the calculation of days and duration to identify you just need to know the concepts and the differentiation between different methods and which one is better and what are the key characteristic of each project management tool CPM or critical path method is the extension of the pert method in which we incorporate one additional element which is caused so in the previous two one the gain chart and the part we only look at the project from a time frame but whatever the calls in order to determine the cost of the activities and to ensure that how efficiently we can we can close the project we use CPM in the CPM critical path method we use the same methodology as part that we identify the critical path within the project which is the the the shortest amount of time we calculate within the project that how how quickly we can close the project and then there are two more Concepts associated with it normal and crash estimates normal and crash estimates mean that in a normal circumstances when we allocate normal resources to the project how long will it take to close the project as we determine in the part but here in the CPM we also identify a crash estimate of the time means that what if we have unlimited resources and we pour more resources to any of the critical path within the project and ensure that if we will be able to to make it quickly for instance if you are make construction constructing a house you add more labels to the to the construction in order to ensure in the the house to be completed more quickly or any of the activities of the house to be completed quickly in order to have a quick delivery of the project while doing that we just do not pour all the resources to every activity we identify those critical activities which could save maximum time and we only invest in those activities and where we ensure that which will help eventually a significant amount of time saving in the project calculator closures the other method is Network model basically Network model in itself is not a separate method here in the two form of network model is the part which we already discussed and CPM which we have just recently discussed uh basically the network model is a concept which says that we have to visualize the entire project into different nodes and different nodes or events or tasks that needs to be completed and activities those are the straight lines which we have seen in the visual representation of a of a power diagram so they say that while visually looking at and calculating the cost while calculating the duration of the project we are we are we can be in a good position to visualize the issues and identify why if there is delay in the project why the delay is the project to identify the causes and to work on those causes so that in itself is a form of a network model so here we are where we have already done with the first section of the unit 5 which was about project management and within the project management we covered two subsections one was the concepts and the second one was the method now we will discuss about change management new organization the it is very crucial for the success of the organization that there is a gradual change as per the need of the time but that change needs to be well regulated or managed very properly the people who initiate or lead those change generally these are the CEOs or within the department or departmental head they need to be very inspirational they need to communicate effectively the benefits of the change and they need to take the buy-in of the followers as well there are different types of change that take and take place within the organization it could be related to the cultural change where we want to introduce more accountability less tolerance for um bad behavior so these could be something that we have to ensure that we have to classify what type of change that we are in bringing and ingly moreover Behavior Uh or manage the project ingly the second change could be related to the product where we want to enhance or change the features of the project or reusability the Third change could be structural change within the organization where we want to add the bureaucracy within the organization by having more flat organization or if the organization has evolved in a very large uh scale and now we want to make it more bureaucratic just in order to ensure that there is more control over the activities and there is one line of Direction any Whenever there are change happened there is uh most of them there are resistance within the organization uh the resistance could be cause due to manufacturers it could be as a result of the fear of unknown maybe people are afraid that they lose your job or maybe they feel that they could not fit in within the new uh change within the organization due to lack of competence there could be an emotional threats that people were used to the previous way of doing things and now they have to change themselves but to overcome that thing we can strategize in a way a change management like by telling by properly first of all planning the entire change management by educating the People by facilitating them through their um just in case if they need more trainings to understand or they need more trainings to cope with the change or give them the trainings to enhance your skill sets sometimes change could be by force as well when we have limited time and we want to achieve maximum results we cannot wait and try to let everyone feel good about it we have to enforce that happening in an emergency situation where there is a risk of bankruptcy or major downfall within the organization so there we go for more courses ways of change management one of the videos of uh properly and carrying out a change management activity within the organization is through organizational development it could be a department or it could be a concept that by which we um formally plan and you know deliberate manner that how the change will happen within the organization um by letting people to know the purpose of the organization by promoting trust communicating clearly in the what are what are the things that needs to be changed in encourage them to solve the problems and create job satisfaction where we ensure that they will have proper job security and Foster your personal responsibility where we let them to initiate or to take responsibility for their own self in the in the change environment and ensure that they are willing to change so these are the things which we can use as a Behavioral Science to apply on the individual whenever we are intending to have a change within the organization so now we have done with the two sections of the unit five uh the first section is subdivided into two sections which was about project management the overall Concepts and the methods then the second section we discussed about the change management and now we will discuss about contrast the contracts in itself this is the last section where it itself is subdivided into two subsections one is about the control General overview and the other one is about different classification of contracts uh contract law uh is basically allows the people's individuals to enter in a private contract which could be enforceable by the law there are different elements to the contract which are the agreement in itself the what do you agree with the other party the consideration the monetary value which you you are you want to give it in the form of cash or maybe in exchange of another Goods the capacity of the parties that both parties should be in a good state of mind they should not be mind there shouldn't be one party a minor or they should have their mental capacity a sane human being and then legality of the agreement which means that the agreement should be lawful it should they should be making an agreement about something which the law and give you an access to it is not to to Rob someone or to do any illicit activity and make a agreement now an agreement is basically where two parties there is an uh two parties involved one party which give an offer the other party except the offer to perform an act of performance which means a theory of performance which means that the party the other the second party has to do something to ensure that the consideration or the money which they are taking against the activity is being performed if the activity is being performed um there are certain more uh key uh characteristic or elements attributes associated with the agreement that it needs to be evolved three agreement that it should not be done at the gun point or by threat it is also about that we clearly communicate all the terms and condition of the agreement and it needs to be done in in a in a serious manner with the serious intent it could not be in in a funny way where osmans has stayed to a while then I'll buy something to you but then he if he doesn't then the wife cannot sue the husband because it was not done in a serious Manner and there are certain contracts which could be in a writing form for example purchase of land or car but there could be certain other agreement which could be without in writing for instance where you intend to sit in a taxi for a certain commute so it could be in a different form but there are in the law distinguished between what are the key and key things that needs to be in writing so our contract has an agreement the second thing is it in should be in a consideration considerations is basically anything of monetary value which could be exchanged between two parties within armed length arm lens means within fair value price uh so that needs to be there it could be cash it could be an exchange of other Goods as well then the other important uh component of uh of a contract is capacity that bot needs to be mentally stable people who form this contract because what happened in some time the the people when they age and they are in 60s or 70s or 80s then you cannot get in contract with them to buy their house so in that or or with a minor legality it means that the in the the underlying assets or the underlying activity which you want to perform as part of the contract should be legal um and even the exchange of consideration should be legal for instance if the crypto is banned in your country you cannot say that I can give you certain coins against that activity because it is already illegal within the country or you can not ask someone to rob a bank and form a agreement so because the underlying activity that agreement is illegal the other element to our contract is a written contract that it most of the time it needs to be in writing but there are all certain situation where in oral contract could also be enforceable uh as I've given you the example where you ask the fair price of certain destination in your city of taxi or if there is it's a metered taxi you just tell them the destination you sit in the in the taxi that in itself that activity or sometimes you just simply over release say something that if you do this I'll give you that so these contracts are acceptable but the problem with these contracts is it's very difficult to enforce at times because you need circumstantial evidences to prove your point just in case if their the duty is not performed by the other party um but they are certain assets or certain things on which you need to have a legal or in writing contracts maintain it by the law for example CNN purchase of the land that needs to be done in writing you cannot have a wearable contract in that aspect then the cost of the contract and the consideration which you want to pay and the uh the other party will receive could be in a different form it could be fixed price it could be Cost Plus fixed price means whatever um the cost is incurred in making the house and then plus a certain commission then Cost Plus Award fee means that if you achieve your contract ahead of a time you will get in a bonus or an extra amount uh time and material contract that how long will it happen and what are the resources that you will be required and will be complete in the contract so there could be different scenarios that how you calculate the cost within the contract but it is important to to highlight the cost or the consideration as we say in the legal terms that's need to be in exchange as against the theory of performance of the other party So within the last section the third section we have recorded the first subsection which was the overview of the contract and now we will discuss the second subsection of the contract which is classification of a contract a contract could be expressed uh or implied uh an express contract are basically the one which we generally go with which is formal which is in writing where all the terms and conditions are being referred and implied could be through the behavior through the action which you do that you may execute a contract as I have given you the example of a taxi when you ask them and then your system taxi then if the taxi driver take you to the destination you are obliged to pay to the taxi driver as per the meter or if you agree in um uh before sitting in the taxi there could be unilateral contract that when you offer someone that if you do this project I will give you certain amount of money or something in exchange to that activity uh unilateral contract is where the other party has the options to either accept or reject the contract because the other party did not seek you to come and offer him something but you offer him something whereas bilateral contracts were two parties sit together and and decided that they will uh they will form a company and both will be a partners of the company where both party sits together and mutually agree on certain terms and conditions the other classification of a contract could be executed or executed contract the simple definition is when a contract is in a progress stage you can say it's an executory contract but when it is completed it is a completed contracts so easy contract would be a contract which is a very long duration and where you have to perform multiple activities in order to finish the job whereas executed Conrad is the one which is already completed so by this we reach to the end of our section uh not even the section but the entire CIA part 3 unit five so thank you for being here and just to conclude a quick snapshot in the entire unit we had three main sections the first one about project management which is further divided into two uh subsections the overview and the method now project management the second most about the change management and the third one was about uh contracts and contracts again we have two subsection one was the overview and the second one was classification of different contract by this we are completing the first domain the business Acumen of the entire syllabus which I believe is 35 with the entire syllabus of uh part three and most probably we will be going into the next Parts as well um for the time being we are concluding this and I hope that I come up quickly with the other video and and till then take care of yourself remember me and my family and generally the whole human beings in your prayers and I pray for your success as well if you benefited from please do not hesitate to share with other people so they may also benefit from and if you have anything to add more to the content you can drop in the comment section and looking forward to see you again take care bye