INTRODUCTION (THE STANDARD FOR PROJECT MANAGEMENT ( FOUNDATIONAL ELEMENTS)…
THE STANDARD FOR PROJECT MANAGEMENT
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
THE IMPORTANCE OF PROJECT MANAGEMENT
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
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.
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
RELATIONSHIP OF PROJECT, PROGRAM, PORTFOLIO, AND OPERATIONS MANAGEMENT
managed in a coordinated manner to obtain benefits not available from managing them individually
a group of related projects, subsidiary programs, and program activities
projects, programs, subsidiary portfolios, and operations
managed as a group
achieve strategic objectives
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
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.
a new communications satellite system
the design and construction of
the design and construction of the ground stations
the launch of the satellite
the integration of the system
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
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
Program and project management focus on doing programs and projects the “right” way
Portfolio management focuses on doing the “right” programs and projects.