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INTRODUCTION
1.1 – PURPOSE OF THE PMBOK GUIDE
Objective is to identify the knowledge, processes, skills, tools & techniques that can
influence the project success.
Objective is to identify good practices which help in project success.
PMBOK is a guide to document these good practices from the entire Project Management
Body of Knowledge.
Volunteer across the world develop PMBOK guide.
PMI take care of development of PMBOK guide.
Another objective is to develop a common vocabularies and terminologies for project
management all around the world.
PMBOK is a guide and not a methodology.
PMI standards updated every 5 years.
PMBOK standards updated every 4 years.
Application of knowledge (knowing), skills (doing), tools & technique to project activities meet
project requirements. (knowledge you gain through education while skills you gain through
practical experience)
Few tools of project management are: CPM, Earn Value Management (EVM), Flowchart,
Inspection etc....
Project Management can be achieve through the application of integration of 47 Project
Management Processes under 5 Process Groups (Initiating, Planning, Executing, Monitoring &
Control, Closing)
Managing a project basically is balancing the competing demands/constraints such as cost,
scope, time, quality, resources, risk.
1.4 - RELATIONSHIP AMONG PORTFOLIO, PROGRAM, PROJECT & ORGANIZATIONAL PROJECT
MANAGEMENT
PROJECT MANAGEMENT: Application of knowledge (knowing), skills (doing), tools & technique
to project activities meet project requirements. (knowledge you gain through education while
skills you gain through practical experience)
PROGRAM MANAGEMENT: Application of knowledge (knowing), skills (doing), tools & technique
to meet program requirements. (knowledge you gain through education while skills you gain
through practical experience). Managed related projects together when managing them
individually is not benefited.
PORTFOLIO MANAGEMENT: Centralized management to achieve strategic objectives consist of
projects and programs.
ORGANIZATIONAL PROJECT MANAGEMENT: Strategic execution framework which utilizes
project, program and portfolio as well as organizational enablers (culture, existing structure,
technology and human resources.
Project, Program, Portfolio all linked with strategic objectives.
Portfolio management deals with organizational investment, return on investment etc....
PMO is a physical department in your organization to improve the way you manage project.
Projects handle by PMO may not be related to each other.
PMO also known as Program Management Office or Program Office.
PMO also provides support & training to PMs
PMO also centrally monitor and track risks within all projects
Shearing Resources
Develop PM Methodologies
Coaching & Training
PM Compliance Audit
Coordinate Communication
Implement organization wide project policies, procedures and practices
Project Vs Operations
All projects are temporary and create unique product while All operations are continues and
create standard/repetitive product.
Projects & Operations have many same characteristics like both have resources, budget, scope,
quality, risks etc.
Projects & Operations both drive towards to gain strategic objectives
Project management can be run in Operation management. there can be several projects during
operations.
Projects are running within the organization which runs through operations, therefore
operational stakeholders have significant importance for organizational success.
PBOs are organization which adopt organizational structure to carry out projects.
Project should support the organizational governance and should align with the organizational
policies/strategies and goals.
Concept that define entire value of business (not only monetary value, but tangible as well as
intangible values)
Projects, program and portfolio helps business to develop their good value.
Business values give directions to projects, program and portfolios for the business strategies.
PM should be proficient in tools, techniques, subject matters and in general management skills.
PM should have knowledge (theory), performance (practical) and personal (ethics and moral).
Leadership
Motivation
Team Building
Communication
Decision Making
1.8 - PROJECT MANAGEMENT BODY OF KNOWLEDGE
PMBOK guide contains standards for project management, project of any size and nature.
This standard is limited to managing individual projects
For managing programs or portfolios, there are separate standards such as Program
Management Body of Knowledge or Portfolio Management Body of Knowledge.
End of Chapter