PMBOK Guide

A formal document that describes established norms, methods, processes and practices.

Identifies that subset of the project management body of knowledge that is generally recognized as good practice.

Project

A temporary endeavor with a beginning and an end, undertaken to create a unique product, service or result.

Can involve a single individual or multiple individuals, a single organizational unit or multiple organizational units from multiple organizations.

Portfolio

A collection of projects, programs, subportfolios and operations managed as a group to achieve strategic objectives.

Organizational strategies and priorities are linked and have relationships between portfolios and programs and between programs and individual projects.

Project Management

The application of knowledge, skills, tools and techniques to project activities to meet project requirements.

Accomplished through the appropriate application and integration of the 47 logically grouped project management processes, which are categorized into five Process Groups.

Process Groups

Initiating

Planning

Executing

Monitoring and Controlling

Closing

Organizational Project Management

(OPM)

A strategy execution framework utilizing project, program and portfolio management as well as organizational enabling practices to consistently and predictably deliver organizational strategy producing better performance, better results and a sustainable competitive advantage.

Program

A group of related projects, subprograms and program activities managed in a coordinated way to obtain benefits not available from managing them individually

A project may or may not be part of a program but a program will always have projects

Program Management

The application of knowledge, skills, tools and techniques to a program in order to meet the program requirements and to obtain benefits and control not available by managing projects individually.

Portfolio Management

The centralized management of one or more portfolios to achieve strategic objectives.

Focus on ensuring that projects and programs are reviewed to prioritize resource allocation and that the management of the portfolio is consistent with and aligned to organizational strategies.

• Market Demand
• Strategic Opportunity/Business Need
• Social Need
• Environental Consideration
• Customer Request
• Technological Advance
• Legal Requirement

Project Management Office

(PMO)

Management structure that standardizes the project-related governance processes and facilitates the sharing of resources, methodologies, tools and techniques.

A primary function is to support project managers and may have the authority to act as an integral stakeholder and a key decision maker throughout the life of each project, to make recommendations, or terminate projects or take other actions as required to remain aligned with the business objectives.  May be involved in the selection, management and deployment of shared or dedicated project resources.

Operations

Ongoing endeavors that produce repetitive outputs with resources assigned to do basically the same set of tasks according to the standards institutionalized in a product life cycle.  They are outside the scope of a project.

Project-Based Organizations (PBOs)

Business Value

The entire value of the business; the total sum of all tangible and intangible elements.

Role of the Project Manager

 The person assigned by the performing organization to lead the team that is responsible for achieving the project objectives.

Project managers must possess the following competencies -

Knowledge, Performance and Personal.

Project managers who consider and appropriately include operational stakeholders in all phases of projects, gain insight and avoid unnecessary issues that often arise when their input is overlooked.

Progressive Elaboration

Continuously improving and detailing a plan as more detailed and specific information and more accurate estimates become available.

It allows a project management team to define work and manage it to a greater level of detail as the project evolves.

PMO Structures

Supportive - provides a consultative role to projects

Controlling - provides support and require compliance through various means

Directive - takes control by directly managing the projects      

Operations Management

Responsible for overseeing, directing and controlling business operations

Concerned with ongoing production of goods and/or services.

Ongoing operations are outside the scope of a project

Strategic Direction

Provides the purpose, expectations, goals and actions necessary to guide business pursuits and is aligned with business objectives.

When the business alignment for a project is constant, the chance for project success greatly increases because the project remains aligned wit the strategic direction of the organization.

Organizational Governance

Criteria can impose constraints on projects - particularly if the project delivers a service which will be subject to strict organizational governance.

It is important for the project manager to be knowledgeable about corporate/organizational governance policies and procedures pertaining to the subject matter of the product or service

Project Manager Interpersonal Skills

• Leadership
• Team Building
• Motivation
• Communication
• Influencing
• Decision-Making
• Political and Cultural Awareness
• Negotiation
• Trust Building
• Conflict Management
• Coaching

Knowledge Areas

• Integration
• Scope 
• Time
• Cost
• Quality
• Human Resources
• Communications
• Risks
• Procurement
• Stakeholder Management

Constraints

Used to help evaluate competing demands - 

• Time
• Risk
• Scope
• Quality
• Resources
• Customer Satisfaction