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INTRODUCTION (THE STANDARD FOR PROJECT MANAGEMENT (FOUNDATIONAL ELEMENTS))

- - - - Unique product, service, or result.
      - A unique service or a capability to perform a service
      - A unique result, such as an outcome or document
      - A unique combination of one or more products, services, or results
    - - Project management
        
        Effective
        
        Meet business objectives;
        
        Satisfy stakeholder expectations;
        
        Be more predictable;
        
        Increase chances of success;
        
        Deliver the right products at the right time;
        
        Resolve problems and issues;
        
        Respond to risks in a timely manner;
        
        Optimize the use of organizational resources;
        
        Identify, recover, or terminate failing projects;
        
        Manage constraints (e.g., scope, quality, schedule, costs, resources);
        
        Balance the influence of constraints on the project (e.g., increased scope may increase cost or schedule); and
        
        Manage change in a better manner
        
        Poorly
        
        Missed deadlines,
        
        Cost overruns,
        
        Poor quality,
        
        Rework,
        
        Uncontrolled expansion of the project,
        
        Loss of reputation for the organization,
        
        Unsatisfied stakeholders, and
        
        Failure in achieving the objectives for which the project was undertaken.
        
        main purpose
        
        Tie project results to business goals,
        
        Compete more effectively in their markets,
        
        Sustain the organization, and
        
        Respond to the impact of business environment changes on projects by appropriately adjusting project
        
        management plans
    - - Overview
        
        Term
        
        program
        
        managed in a coordinated manner to obtain benefits not available from managing them individually
        
        a group of related projects, subsidiary programs, and program activities
        
        portfolio
        
        projects, programs, subsidiary portfolios, and operations
        managed as a group
        
        achieve strategic objectives
        
        PROGRAM MANAGEMENT
        
        A program component refers to projects and other programs within a program
        
        focuses on the interdependencies between projects and between projects and the program level
        
        to determine the
        optimal approach for managing them
        
        Actions
        
        Aligning with the organizational or strategic direction that affects program and project goals and objectives;
        
        Allocating the program scope into program components;
        
        Managing interdependencies among the components of the program to best serve the program;
        
        Managing program risks that may impact multiple projects in the program;
        
        Resolving constraints and conflicts that affect multiple projects within the program;
        
        Resolving issues between component projects and the program level;
        
        Managing change requests within a shared governance framework;
        
        Allocating budgets across multiple projects within the program; and
        
        Assuring benefits realization from the program and component projects.
        
        example
        
        a new communications satellite system
        
        with projects
        
        the design and construction of
        the satellite
        
        the design and construction of the ground stations
        
        the launch of the satellite
        
        the integration of the system
        
        PORTFOLIO MANAGEMENT
        
        aim
        
        Guide organizational investment decisions.
        
        Select the optimal mix of programs and projects to meet strategic objectives.
        
        Provide decision-making transparency.
        
        Prioritize team and physical resource allocation.
        
        Increase the likelihood of realizing the desired return on investment.
        
        Centralize the management of the aggregate risk profile of all components.
        
        confirms that the portfolio is consistent with and aligned with organizational strategies
        
        defined as projects, programs, subsidiary portfolios, and operations managed as a group to achieve
        strategic objectives
        
        result in a conflict in the organization
        
        portfolios, programs, projects, and operations often engage with the same
        stakeholders and may need to use the same resources
        
        focus
        
        Program and project management focus on doing programs and projects the “right” way
        
        Portfolio management focuses on doing the “right” programs and projects.