What is a Project?
A project is a temporary endeavor undertaken to create a unique product, service, or result. The temporary nature of projects indicates that a project has a definite beginning and end. The end is reached when the project's objectives have been achieved or
The Relationships Among Portfolios, Programs, and Projects
The relationship among portfolios, programs, and projects is such that a portfolio refers to a collection of projects,programs, subportfolios, and operations managed as a group to achieve strategic objectives.
Programs are grouped within a portfolio and a
What is Project Management?
Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements. Project management is accomplished through the appropriate application and integration of the 47 logically grouped pr
Managing a project typically includes, but is not limited to:
� Identifying requirements;
� Addressing the various needs, concerns, and expectations of the stakeholders in planning and executing the project;
� Setting up, maintaining, and carrying out communications among stakeholders that are active, effective, and
The specific project characteristics and circumstances can influence the constraints on which the project
management team needs to focus.
The relationship among these factors is such that if any one factor changes, at least one other factor is likely
to be affected. For example, if the schedule is shortened, often the budget needs to be increased to add additional resources to complete the
Relationships Among Portfolio Management, Program Management, Project Management, and Organizational Project Management
Organizational project management (OPM):
OPM is a strategy execution framework utilizing project, program, and portfolio management as well as organizational enabling practices to consistently and predictably deliver organizational strategy producing
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Program Management
A program is defined as a group of related projects, subprograms, and program activities managed in a coordinated way to obtain benefits not available from managing them individually. Programs may include elements of related work outside the scope of the
Portfolio Management
A portfolio refers to projects, programs, subportfolios, and operations managed as a group to achieve strategic objectives. The projects or programs of the portfolio may not necessarily be interdependent or directly related. For example, an infrastructure
Projects and Strategic Planning
Projects are often utilized as a means of directly or indirectly achieving objectives within an organization's strategic plan. Projects are typically authorized as a result of one or more of the following strategic considerations:
� Market demand
� Strate
Project Management Office
A project management office (PMO) is a management structure that standardizes the project-related governance processes and facilitates the sharing of resources, methodologies, tools, and techniques. The responsibilities of a PMO can range from providing p
Function of a PMO
A primary function of a PMO is to support project managers in a variety of ways which may include, but are not limited to:
� Managing shared resources across all projects administered by the PMO;
� Identifying and developing project management methodology
Objectives of Project Managers & PMOs
Project managers and PMOs pursue different objectives and, as such, are driven by different requirements. All of these efforts are aligned with the strategic needs of the organization. Differences between the role of project managers and a PMO may include
Relationship Between Project Management, Operations Management, and Organizational Strategy
Operations management is responsible for overseeing, directing, and controlling business operations. Operations evolve to support the day-to-day business, and are necessary to achieve strategic and tactical goals of the business.
Examples include: product
Operations and Project Management
Ongoing operations are outside of the scope of a project; however, there are intersecting points where the two areas cross.
Projects can intersect with operations at various points during the product life cycle, such as:
� At each closeout phase;
� When d
Operations Management
Operations management is a subject area that is outside the scope of formal project management as described in this standard.
Operations management is an area of management concerned with ongoing production of goods and/or services. It involves ensuring t
Operational Stakeholders in Project Management
While operations management is different from project management the needs of stakeholders who perform and conduct business operations are important considerations in projects that will affect their future work and endeavors. Project managers who consider
Organizations and Project Management
Organizations use governance to establish strategic direction and performance parameters. The strategic
direction provides the purpose, expectations, goals, and actions necessary to guide business pursuit and is aligned with business objectives. Project m
Project-Based Organizations
Project-based organizations (PBOs) refer to various organizational forms that create temporary systems for carrying out their work. PBOs can be created by different types of organizations (i.e., functional, matrix, or projectized
The Link Between Project Management and Organizational Governance
Projects (and programs) are undertaken to achieve strategic business outcomes, for which many organizations now adopt formal organizational governance processes and procedures. Organizational governance criteria can impose constraints on projects�particul
The Relationship Between Project Management and Organizational Strategy
Organizational strategy should provide guidance and direction to project management�especially when one considers that projects exist to support organizational strategies. Often it is the project sponsor or the portfolio or program manager who identifies
Business Value
Business value is a concept that is unique to each organization. Business value is defined as the entire value of the business; the total sum of all tangible and intangible elements. Examples of tangible elements include monetary assets, fixtures, stockho
Role of the Project Manager
The project manager is the person assigned by the performing organization to lead the team that is responsible for achieving the project objectives. The role of a project manager is distinct from a functional manager or operations manager. Typically the f
Responsibilities and Competencies of the Project Manager
In general, project managers have the responsibility to satisfy the needs: task needs, team needs, and
individual needs. As project management is a critical strategic discipline, the project manager becomes the link between the strategy and the team. Proj
Interpersonal Skills of a Project Manager
� Leadership,
� Team building,
� Motivation,
� Communication,
� Influencing,
� Decision making,
� Political and cultural awareness,
� Negotiation,
� Trust building,
� Conflict management, and
� Coaching.