PMBOK Chapter 1: Introduction

From an organizational perspective, how does project/program management differ from portfolio management? i.e. what does project/program management focus on? what does portfolio management focus on?

- Program and project management focus on doing programs and projects the "right" way. - Portfolio management focuses on doing the "right" programs and projects.

A project may be managed in three separate scenarios. State these scenarios:

1. As a stand-alone project. - outside of a portfolio or program. 2. Within a program. - multiple projects can be grouped together into a program to accomplish a set of goals for an organization. 3. Within a portfolio. - multiple projects and programs can be grouped together into a portfolio to accomplish strategic business objectives.

Organization leaders initiate projects in response to factors acting upon the organizations. Complete the 4 Fundamental Categories of these Factors: 1. Meet ___, ___, or ___requirements. 2. Satisfy ___ requests or needs. 3. Implement or change ___ or ___ strategies. 4. Create, improve, or fix ___, ___, or ___.

1. Meet regulatory, legal, or social requirements. 2. Satisfy stakeholder requests or needs. 3. Implement or change business or technological strategies. 4. Create, improve, or fix products, processes, or services.

List the 4 Generic Stages of the Project Life Cycle

1. Starting the Project 2. Organizing and Preparing 3. Carrying Out the Work 4. Ending the Project

When considering a project's success, what are three key questions that the project manager should answer?

1. What does success look like for this project? 2. How will success be measured? 3. What factors may impact success? The answers to these questions should be documented and agreed upon by the key stakeholders and the project manager.

Define Project Phase + The phases in a life cycle can be described by a variety of ___. + What is the benefit of using multiple phases in a project?

A collection of logically related project activities that culminates in the completion of one or more deliverables. The phases in a life cycle can be described by a variety of attributes. - e.g. Name (Phase A, Phase B, Phase 1, Phase 2, Proposal Phase, Design Phase, etc.) - e.g. Duration (1 week, 1 month, 1 quarter, etc.) Using multiple phases may provide better insight to managing the project, and it provides more opportunities to assess project performance in-between phases - these are called phase gates or phase reviews

Define Needs Assessment + The result of the needs assessment may be summarized in the ___

A documented assessment that often precedes the project business case and involves understanding business goals and objectives, issues, and opportunities and recommending proposals to address them. - the result of the needs assessment may be summarized in the project business case document

Define Organizational Project Management (OPM) + The purpose of OPM is to ensure that the organization undertakes ___ and allocates ___ appropriately.

A framework in which portfolio, program, and project management are integrated with organizational enablers in order to achieve strategic objectives. - the purpose of OPM is to ensure that the organization undertakes the right projects and allocates critical resources appropriately.

Define Program

A group of related projects managed in a coordinated manner to obtain benefits not available from managing them individually. - programs can also include subsidiary programs

Define Project Management Process Group State and Describe the 5 Process Groups

A logical grouping of project management processes to achieve specific project objectives. There are 5 Project Management Process Groups: 1. Initiating Process Group - processes performed to define a new project or a new phase by obtaining authorization to start the project or phase. 2. Planning Process Group - processes required to establish the scope of the project, refine the objectives, and define the course of action required to attain the objectives. 3. Executing Process Group - processes performed to complete the work defined in the project management plan to satisfy the project requirements. 4. Monitoring and Controlling Process Group - processes required to track, review, and regulate the progress and performance of the project - they identify areas where changes are required and implement those changes 5. Closing Process Group - processes performed to formally complete or close the project or phase.

Within a project life cycle, there is usually a Development Life Cycle. Describe what this is. + Describe each type of Development Life Cycle: - Predictive - Iterative - Incremental - Adaptive - Hybrid

A part of the project life cycle, it is one or more phases that are associated with the development of a product, service, or result. There are several types of Development Life Cycles: Predictive Life Cycle - also known as waterfall life cycle - the project scope, time, and cost are determined in the early phases of the life cycle. - any changes to the scope are carefully managed Iterative Life Cycle - the project scope is generally determined early in the project life cycle, but time and cost estimates are routinely modified as the cycle continues. - iterations develop the product through a series of repeated cycles. Incremental Life Cycle - the deliverable is produced through increments; a series of iterations that successively add functionality within a predetermined time frame. Adaptive Life Cycle - also known as agile or change-driven life cycles - agile, iterative, or incremental. - the detailed scope is defined and approved before the start of the next iteration. The scope adapts as the project continues. Hybrid Life Cycle - a combination of a predictive and an adaptive life cycle - elements of a project that are well-known or have fixed requirements follow a predictive development life cycle - elements of a project that are still evolving/susceptible to change follow an adaptive development life cycle.

Define Project Management Process + The output of one process generally results in either one of two things: + Processes generally fall into one of three categories:

A process within the project life cycle that produces one or more outputs from one or more inputs by using appropriate project management tools and techniques. The output of one process generally results in either one of two things: - an input to another process. - a deliverable of the project or project phase. Processes generally fall into one of three categories: 1. Processes used once or at predefined points in the project. 2. Processes that are performed periodically as needed 3. Processes that are performed continuously throughout the project.

Define Methodology

A system of practices, techniques, procedures, and rules used by those who work in a discipline. - usually, project managers apply a project management methodology to their work.

Define Phase Gate i.e. Phase Review What decision is made at this stage?

A technique held at the end of a project phase, where the project's performance and progress are compared to project/business document plans and expectations. The decision to go/no-go is made at this stage. - continue to the next phase - continue to the next phase, with modification - end the project - remain in the phase - repeat the phase or elements or it.

Define Project + They fulfill ___ by producing ___ + Projects have a definite ___ and ___ + Projects drive ___ + Projects enable business ___ + Organization leaders ___ projects in response to ___ acting upon the organizations.

A temporary endeavor undertaken to create a unique product, service, or result. + They fulfill objectives by producing deliverables + Projects have a definite beginning and end + Projects drive change + Projects enable business value creation. - tangible benefits (monetary assets, tools) - intangible benefits (brand recognition, reputation) Organization leaders initiate projects in response to factors acting upon the organizations. - meet regulatory, legal, or social requirements - satisfy stakeholder requests or needs - implement or change business or technological strategies - create, improve, or fix products, processes, or services

Define Megaproject

A very large project that: - costs $1 billion or more - affects 1 million or more people - runs for years.

There are many types of Development Life Cycles. Name the type of Development Life Cycle associated with the following description: - also known as agile or change-driven life cycles - agile, iterative, or incremental. - the detailed scope is defined and approved before the start of the next iteration. The scope adapts as the project continues.

Adaptive Life Cycle

Define Knowledge Area State the 10 Knowledge Areas

An identified area of project management defined by its knowledge requirements and described in terms of its component processes, practices, inputs, outputs, tools, and techniques. The 10 Knowledge areas are: 1. Project Integration Management - identifying, defining, combining, unifying, and coordinating the various processes and project management activities within the 5 Process Groups 2. Project Scope Management - ensuring the project includes all the work required, and only the work required, to complete the project successfully. 3. Project Schedule/Time Management - managing the timely completion of the project 4. Project Cost Management - planning, estimating, budgeting, financing, funding, managing, and controlling costs so the project can be completed with an approved budget. 5. Project Quality Management - incorporating the organization's quality policy regarding planning, managing, and controlling project/product quality requirements, in order to meet stakeholders' expectations. 6. Project Resource Management - identifying, acquiring, and managing the resources needed for the successful completion of the project. 7. Project Communications Management - includes the processes required to ensure timely and appropriate planning, collection, creation, distribution, storage, retrieval, management, control, monitoring, and ultimate disposition of project information. 8. Project Risk Management - conducting the risk planning, identification, analysis, response planning, response implementation, and monitoring risk on a project. 9. Project Procurement Management - purchasing or acquiring products, services, or results needed from outside the project team. 10. Project Stakeholder Management - identifying the people, groups, or organizations that could impact or be impacted by the project, to analyze stakeholder expectations and their impact on the project, and to develop appropriate management strategies for effectively engaging stakeholders in project decisions and execution.

A project business case may include the following, describe each: - Business needs - Analysis of the situation - Identification of Options - Recommendation - Evaluation

Business Needs - determining what is prompting the need for action - value to be delivered to the organization - identification of stakeholders - identification of scope Analysis of the situation - identification of organizational strategies, goals, objectives - identification of root cause(s) of the problem/opportunity - identification of risks - identification of decision criteria by which various courses of action may be assessed: Required - required to address the problem/opportunity Desired - desired in addressing the problem/opportunity Optional - not essential Identification of Options - a set of options to be considered for addressing the business problem/opportunity - options are alternative courses of action that may be taken by the organization. - e.g. 1. Do nothing 2. Do the minimum work possible to address the problem/opportunity 3. Do more than the minimum work possible to address the problem/opportunity Recommendation - stating the recommended option to pursue in the project Evaluation - statement describing the plan for measuring the benefits the project will deliver

Identify the Process Group associated with this description: Processes performed to formally complete or close the project or phase.

Closing Process Group

Identify the Process Group associated with this description: Processes performed to complete the work defined in the project management plan to satisfy the project requirements.

Executing Process Group

There are many types of Development Life Cycles. Name the type of Development Life Cycle associated with the following description: - a combination of a predictive and an adaptive life cycle - elements of a project that are well-known or have fixed requirements follow a predictive development life cycle - elements of a project that are still evolving/susceptible to change follow an adaptive development life cycle.

Hybrid Life Cycle

There are many types of Development Life Cycles. Name the type of Development Life Cycle associated with the following description: - the deliverable is produced through increments; a series of iterations that successively add functionality within a predetermined time frame.

Incremental Life Cycle

Identify the Process Group associated with this description: Processes performed to define a new project or a new phase by obtaining authorization to start the project or phase.

Initiating Process Group

What does "tailoring project management to the project" mean? + Why is tailoring necessary?

It means to selectively choose the appropriate project management processes, inputs, outputs, tools, techniques, and life cycle phases for a project, depending on context, circumstances, constraints, and other variables. Tailoring is necessary because each project is unique - not every process, tool, or technique is required or should be used ubiquitously for every project.

There are many types of Development Life Cycles. Name the type of Development Life Cycle associated with the following description: - the project scope is generally determined early in the project life cycle, but time and cost estimates are routinely modified as the cycle continues. - iterations develop the product through a series of repeated cycles.

Iterative Life Cycle

(IMG) Portfolio, Programs, Projects, and Operations

Looking at project, program, and portfolio management from an organizational perspective: - Program and project management focus on doing programs and projects the "right" way - Portfolio management focuses on doing the "right" programs and projects.

Identify the Process Group associated with this description: Processes required to track, review, and regulate the progress and performance of the project - they identify areas where changes are required and implement those changes

Monitoring and Controlling Process Group

Identify the Process Group associated with this description: Processes required to establish the scope of the project, refine the objectives, and define the course of action required to attain the objectives.

Planning Process Group

There are many types of Development Life Cycles. Name the type of Development Life Cycle associated with the following description: - also known as waterfall life cycle - the project scope, time, and cost are determined in the early phases of the life cycle. - any changes to the scope are carefully managed

Predictive Life Cycle

Identify the Knowledge Area associated with the following description: - includes the processes required to ensure timely and appropriate planning, collection, creation, distribution, storage, retrieval, management, control, monitoring, and ultimate disposition of project information.

Project Communications Management

Identify the Knowledge Area associated with the following description: - planning, estimating, budgeting, financing, funding, managing, and controlling costs so the project can be completed with an approved budget.

Project Cost Management

Identify the Knowledge Area associated with the following description: - identifying, defining, combining, unifying, and coordinating the various processes and project management activities within the 5 Process Groups

Project Integration Management

Identify the Knowledge Area associated with the following description: - purchasing or acquiring products, services, or results needed from outside the project team.

Project Procurement Management

Identify the Knowledge Area associated with the following description: - incorporating the organization's quality policy regarding planning, managing, and controlling project/product quality requirements, in order to meet stakeholders' expectations.

Project Quality Management

Identify the Knowledge Area associated with the following description: - identifying, acquiring, and managing the resources needed for the successful completion of the project.

Project Resource Management

Identify the Knowledge Area associated with the following description: - conducting the risk planning, identification, analysis, response planning, response implementation, and monitoring risk on a project.

Project Risk Management

Identify the Knowledge Area associated with the following description: - managing the timely completion of the project

Project Schedule/Time Management

Identify the Knowledge Area associated with the following description: - ensuring the project includes all the work required, and only the work required, to complete the project successfully.

Project Scope Management

Identify the Knowledge Area associated with the following description: - identifying the people, groups, or organizations that could impact or be impacted by the project, to analyze stakeholder expectations and their impact on the project, and to develop appropriate management strategies for effectively engaging stakeholders in project decisions and execution.

Project Stakeholder Management

The following are two documents that are interdependent and iteratively developed/maintained throughout the life cycle of a project. Define each of them: Project business case + The business case lists the ___ for project initiation + it helps measure ___ at the end of the project. + Who is responsible for the development and maintenance of this document? Project benefits management plan + it describes ___ the benefits of the project will be delivered, and describes the ___ that should be in place to ___ those benefits.

Project business case - a documented economic feasibility study used to establish the validity of the benefits and justification of the proposed project and that is used as a basis for the authorization of further project management activities - the business case lists the objectives and reasons for project initiation - it helps measure project success at the end of the project against the project objectives. - it is used throughout the project life cycle. - the project sponsor is generally responsible for the development and maintenance of the project business case Project benefits management plan - the documented explanation defining the processes for creating, maximizing, and sustaining the benefits provided by a project. - describes how and when the benefits of the project will be delivered, and describes the mechanisms that should be in place to measure and sustain those benefits. Image shows the interrelationship of these critical project management business documents and the needs assessment. It also shows an approximation of the life cycle of these various documents against the project life cycle.

Describe how Management differs between projects, programs, and portfolios.

Projects - project managers strive to meet project objectives Programs - program managers coordinate the delivery of program components to ensure program benefits. Portfolios - portfolio managers work with project staff, program staff, and portfolio staff for reporting purposes into the aggregate portfolio to meet strategic goals.

Describe how Scope is different between projects, programs, and portfolios.

Projects - projects have a scope of defined objectives - the scope is progressively elaborated throughout the project life cycle Programs - programs have a scope that is focused on producing benefits to an organization by ensuring the outputs of program components are delivered in a coordinated and complementary manner Portfolios - portfolios have an organizational scope that changes with the strategic objectives of the organization

Describe how Success is measured between projects, programs, and portfolios.

Projects - success is measured by scope, time, cost, quality, and degree of customer satisfaction Programs - success is measured by the program's ability to deliver its intended benefits to an organization in a coordinated way. Portfolios - success is measured in terms of the aggregate investment performance and benefit realization of strategic objectives.

Define Portfolio

Related projects, programs, and operations managed as a group to achieve strategic business objectives. - portfolios can also include subsidiary portfolios.

Define Program Management + Program management focuses on the ___ between projects to determine the optimal approach for managing them. + Program management harmonizes ___ and controls ___ in order to realize ___.

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. E.g. a new communications satellite system, made up of the following projects: - design and construction of the satellite and ground stations - the launch of the satellite - the integration of the system Program management focuses on the interdependencies between projects to determine the optimal approach for managing them. - e.g. resolving conflicts between projects in a program. - e.g. allocating budgets across projects in a program. Program management harmonizes its program components and controls interdependencies in order to realize specified benefits

Define Project Management

The application of knowledge, skills, tools, and techniques to project activities to meet project requirements. - project management enables organizations to execute projects effectively and efficiently. - project management enables the achievement of organizational goals and objectives.

Define Portfolio Management + Portfolio management confirms that portfolios are ___ with and ___ with organizational strategies. + Portfolio management aligns portfolios with organizational strategies by selecting the ___, ___the work, and ___ the needed resources.

The centralized management of one or more portfolios to achieve strategic organizational/business objectives. - the programs or projects of the portfolio may not necessarily be interdependent or directly related. Portfolio management confirms that portfolios are consistent with and aligned with organizational strategies. E.g. an infrastructure organization has the strategic objective of maximizing the ROI. It can put together portfolios that include a mix of projects and programs in oil and gas, power, water, roads, and airports. - all of the power projects may be grouped together as a "power portfolio" - all the water projects may be grouped together as a "water portfolio" Portfolio management aligns portfolios with organizational strategies by selecting the right programs or projects, prioritizing the work, and providing the needed resources.

Define Project Charter

The document issued by the project sponsor that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities.

Define Project Management Plan

The document that describes how the project will be executed, monitored, and controlled.

Define Operations Management It is concerned with ___ that transform ___ into ___.

The managing of ongoing production of goods/services. - it ensures that business operations continue efficiently It is concerned with managing processes that transform inputs into outputs. - ongoing operations are generally outside the scope of a project, however there are scenarios where operations may cross with projects - e.g. developing a new product - e.g. improving the product development process

Define Project Life Cycle + The phases may be ___, ___, or ___. + Within a project life cycle, there is usually a ___, which is one or more phases that are associated with the development of a product, service, or result.

The series of phases that a project passes through from its start to its completion. The phases may be sequential, iterative, or overlapping. Within a project life cycle, there is usually a Development Life Cycle, which is one or more phases that are associated with the development of a product, service, or result.

Throughout the life cycle of a project, a significant amount of project data is regularly collected and analyzed. Define the following: Work performance data Work performance information Work performance reports

Work performance data - the raw observations and measurements identified by executing processes and other activities performed to carry out the project work. Work performance information - work performance data collected from various controlling processes that have been analyzed in context and integrated based on relationships across areas - work performance data that has been formatted for decision-making Work performance reports - the physical or electronic representation of work performance information compiled in project documents, which is intended to generate decisions or raise issues, actions, or awareness. Image shows the flow of project information across the various processes used in managing the project.

Define Product Life Cycle + Product life cycles may be produced by a ___

series of phases that represent the evolution of a product, from concept through delivery, growth, maturity, and to retirement. Product life cycles may be produced by a project.