Introduction to Project Management

Those processes performed to formally complete or close the project, phase, or contract

Define the Closing Process Group

Those processes performed to complete the work defined in the project management plan to satisfy the project requirements

Define the Executing Process Group

Those processes performed to define a new project or new phase of an existing project by obtaining authorization to start the project or phase

Define the Initiating Process Group

Those processes required to track, review, and regulate the progress and performance of the project; identify any areas in which changes to the plan are required; and initiate the corresponding changes

Define the Monitoring and Controlling Process Group

Those processes required to establish the scope of the project, refine the objectives, and define the course of action required to attain the objectives that the project was undertaken to achieve

Define the Planning Process Group

Project managers interact with a program and portfolio managers when a project is within a program or portfolio. Program and Portfolio Management differ from Project Management in their life cycles, activities, objectives, focus, and benefits. However, they all often engage with the same stakeholders. Programs and projects focus on doing programs and projects the right way, while portfolios focus on doing the right programs and projects.

Describe the relationship between Project, Program, and Portfolio Managers

1) Initiating 2) Planning 3) Executing 4) Monitoring and Controlling 5) Closing

What are the five Project Management Process Groups?

Operations management is concerned with the ongoing production of goods and/or services. It is an area that is outside the scope of formal project management

What is Operations Management?

Portfolio management is defined as the centralized management of one or more portfolios to achieve strategic objectives

What is Portfolio Management?

Program management is defined as the application of knowledge, skills, and principles to a program to achieve the program objectives and to obtain benefits and control not available by managing program components individually

What is Program Management?

Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements

What is Project Management?

A portfolio is defined as projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives

What is a Portfolio?

A project life cycle is the series of phase that a project passes through from its start to its completion. It provides the basic framework for managing the project

What is a Project Life Cycle?

A project is a temporary endeavor undertaken to create a unique product, service, or result. Thus, driving change in the organization

What is a Project?

Business value in projects refers to the benefit that the results of a specific project provide to its stakeholders. The benefits may be tangible, intangible, or both

What is the Business Value in Projects?

Tailoring is necessary because each project is unique; not every tool, technique, input, or output identified in the PMBOK is required on every project

Why is it important to tailor to a project?