PMP Chapter 3 | Introduction to PMBOK Guide Knowledge Areas Processes

PMP Chapter 3 | Introduction to PMBOK Guide Knowledge Areas Processes

What is project?

“ A Project is a temporary endeavor undertaken to create a unique product, service or result”

What is Project Management?
Project Management is the application of knowledge,skills,tools and techniques applied to project activities to meet the project requirements

Program Management

  • A program is a group of related projects.
  • By grouping related projects into a program, an organization can coordinate the management of those projects.

Portfolio Management

  • A portfolio includes a group of programs, individual projects, and other related operational work that are prioritized and implemented to achieve a specific strategic business goal.
  • The Program and projects that make up the portfolio may not be related, other than fact that they are helping to achieve a common strategic goal.

Organizational Project Management(OPM)

  • Provides a strategic framework to use and guide portfolio, program and project management to deliver organizational strategy.

Relationship Among Portfolio, Program and Project Management
Portfolio Management – A suite of business programmes managed to optimize overall enterprise value
Program Management – A set of related projects designed to produce clearly identified business value.
Project Management – A structural set of activities concerned with developing a defined capability based on an agreed schedule and budget

Projects and Strategic Planning
Projects are typically authorized based on one or more strategic consideration

  • Market demand – e.g. Requirements of big size car for family.
  • Strategic opportunity/business need e.g. Launch new Android app for existing E-commerce sites
  • Social need e.g. Providing free internet service to remote areas
  • Environmental consideration e.g. Launch of Electric car to reduce environmental pollution
  • Customer request e.g. Develop sports car for car racing company
  • Technological advance e.g. Upgrade of existing server capability to provide high speed internet
  • Legal requirements e.g. Aligned with new roles of emission system of Car

Types of Project Management Office(PMO).
1. Consultative role
2. Supplies Templates, best practices, Training,access to information and lessons learned from other projects
3. Degree of Control is low
1. Provides support
2. Conformance to governance
3. Degree of control is moderate
1. PMO Directly manages the projects
2. Degree of Control is high

Relationships Between Project, Operations Management and Organizational Strategy
Operations Management - Concerned with ongoing production of good and/or services.
Projects can intersect with operations at various points during the product life cycle, such as:

  • At each closeout phase;
  • When developing a new product, upgrading a product, or expanding outputs;
  • While improving operations or the product development process; or
  • Until the end of the product life cycle.

Project Management Responsibilities & Competencies
Project Manager accomplish work through the project team and key stakeholders.
Successful Project Managers balance knowledge, experience, ethics and a number of interpersonal skills.

Project Management Body of Knowledge(PMBOK)

  • Is recognized standard of project management knowledge.
  • Provides guidelines, rules and characteristics for project management.
  • This standard is widely accepted and when consistently applied help you, your global peers and your organization to achieve professional excellence.