1.1 Purpose of the PMBOK Guide.
This standard is a guide rather than a methodology. Also provides and promotes a common vocabulary
1.2 What is a Project?
A project is a temporary endeavor undertaken to create a unique product, service or result.
Indicate a definite beginning and end which is reached when the project’s objectives have been achievedor when the project is terminated.
Every project creates a unique product, service or result.
A project can create:
* A product,
* A capability to perform a service,
* A result such as an outcome or document,
* Developing a new product or service,
* Effecting a change in the structure, staffing, or style of an organization,
* Developing or acquiring a new or modifiedinformation system,
* Constructing a building or infrastructure, or
* Implementing a new business process or procedure.
1.3 What is a Project Management?
Is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.
Is the integration of the 42 logically grouped project management processes comprising the 5 Process Group:* Initiating,
* Monitoring and Controlling, and
Managing a project typically includes:
* Identifying requirements,
* Addressing the various needs of the stakeholders,
* Balancing the competing project constraints:
* Resources, and
Ifany one factor changes, at least one other factor is likely to be affected.
1.4 Relationships among Project Management, Program Management, and Portfolio Management.
In mature project management organizations, project management exists in a broader context governed by program management and portfolio management.
1.5.1 Portfolio Management:
A portfolio refers to acollection of projects or programs.
The projects or programs of the portfolio may not necessarily be interdependent or directly related.
Portfolio management refers to the centralized management of one or more portfolios, which includes indentifying, prioritizing, authorizing, managing, and controlling projects, programs, and other related work, to achieve specific strategic business objectives.Table 1-1
1.5.2 Program Management:
A program is a group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually.
Projects within a program are related through the common outcome or collective capability.
Program management focuses on the project interdependencies and helps to determine the optimal approach formanaging them.
Actions related to these interdependencies:
* Resolving resource constraints and/or conflicts that affect multiple projects within the program.
* Aligning organizational/strategic direction that affects project and program goals and objectives; and
* Resolving issues and change management within a shared governance structure.
1.5.3 Projects andStrategic Planning:
Projects are often utilized as a means of achieving an organization’s strategic plan.
Projects are a result of the following considerations:
* Market demand
* Strategic opportunity/business need
* Customer request
* Technological advance
* Legal requirements
Organizations manage portfolios based on their strategic plan.
An organization’sstrategic plan becomes the primary factor guiding investments in projects.
1.5.4 Project Management office:
(PMO) is an organizational body or entity assigned various responsibilities related to the centralized and coordinated management of those projects under its domain.
A primary function is to support project managers.
* Managing shared resources across all projects...