PMBOK 5th Edition Notes

PROJECT MANAGEMENT FRAMEWORK

1. What is Project? a. Temporary endeavor (attempts) with definite starting and closing. b. Creates Unique Product/ Service/ Result c. Different Progressive elaboration 2. [TRICKS1 : a. Large Project b. New project to organization c. Use resources from different countries d. 500 people in the team e. Time span 5 years f. Budget 20 million USD Now keeping this project in mind answer the question.] 3. [TRICKS2 : a. Project proposals are formally reviewed and approved by management after comparison with all proposed proposals. b. Projects are not selected arbitrarily or informally] 4. Operation vs Project: a. Operation is ongoing support to business and system. b. Projects work ends when the project is closed. 5. Project Management: a. PMI breaks projects in two areas: i. Process Groups 1. Initiation 2. Planning 3. Execution 4. Monitoring & Control 5. Closing ii. Knowledge Areas 1. Integration 2. Scope 3. Time 4. Cost 5. Quality 6. Human Resource 7. Communication 8. Risk 9. Procurement 10. Stakeholder management iii. Project Management Framework Concepts iv. Project Management Process Project management may include Technical terms & process but it also involves Roles, Responsibility and Authority Levels Applying Practices, Tools & Techniques, Knowledge and Skills of Project management increase the chance of success in the project. 1|Page

PMBOK 5th Edition Notes 6. Program Management: a. Program is a group of inter-related Projects b. Focus on interdependency of Projects c. Helps to reduce risk economics of scale, and improved management d. Apart from interrelated projects, program also consists program managers co-ordination and management activities e. If one is dealing more than one projects and there are benefit then only program approach add values. 7. Portfolio Management: a. Includes groups of Sub portfolios, Programs, Projects and operation. b. Programs and projects in a portfolio may not be interrelated but should have a common strategic goal. 8. Organizational Project Management (OPM): a. OPM provides guideline how portfolios, programs, projects and operational activities can be prioritize, managed, executed and measured to best achieve the strategic goal. 9. OMP Model:

Organizational Project Management

DRIVEN BY ORGANIZATIONAL STRATEGIES 2|Page

Provide strategic framework to guide Portfolios, Programs and Project management to deliver organizational strategy

ALLIGNED TO ORGANIZATINOAL STRATEGIES

Portfolio Management

Select and prioritize Projects and Programs that best acheive organizational strategic goals

Program Management

Coordinate the management of related projects to acheive specific benifit as prioritize by Portfolio manager

Project Management

Manages effort to develop specific scope to support program and portfolio management objectives

CAUTION: OPM vs OPM3: OMP IS ORGANIZATIOAL PROJECT MANAGEMENT OMP3 IS A MODEL TO HELP ORGANIZATION TO UNDERSTAND THEIR LEVEL OF MATURITY IN PROJECT MANAGEMENT. 10. Project & strategic Planning: Organizational strategic objects are achieved by projects selected on one or more of the following strategic consideration: a. Market Demand (Market Need) b. Strategic Opportunity (Business Need) c. Social Need d. Environmental Consideration e. Customer Requirement f. Technological Advancement g. Legal Requirement