PMBOK Guide: Project Management Overview

Overview and Purpose

• Project management has been used for hundreds of years.
• Examples of project outcomes include the Pyramids of Giza, Olympic Games, Great Wall of China, Taj Mahal, Panama Canal, and the development of commercial jet airplanes.
• Project managers use key skills and knowledge to satisfy customers and other stakeholders.
• Mid-20th century, project managers sought recognition for project management as a profession
• The Project Management Body of Knowledge (PMBOK) is a body of knowledge (BOK) related to project management.
• The Project Management Institute (PMI) produced charts and glossaries for the PMBOK.
• PMI developed and published A Guide to the Project Management Body of Knowledge (PMBOK® Guide).
• The project management body of knowledge (PMBOK) includes traditional and innovative practices.
• The PMBOK® Guide identifies a subset of the project management body of knowledge.
• "Generally recognized" = knowledge and practices applicable to most projects and have consensus about their value and usefulness.
• "Good practice" = the application of knowledge, skills, tools, and techniques to project management enhances the chance of success.
• "Tailoring" is determining the appropriate combination of project management processes for each project.
• The PMBOK® Guide is a foundation for organizations to build methodologies, policies, procedures, rules, tools, techniques, and life cycle phases.

The Standard for Project Management

• The guide is based on The Standard for Project Management.
• A standard is a document established by authority, custom, or consent as a model.
• The Standard for Project Management was developed using consensus, openness, due process, and balance.
• The Standard for Project Management is a foundational reference for professional development programs and project management.
• The standard and guide are based on descriptive practices rather than prescriptive practices.
• The standard identifies good practice processes, inputs, and outputs.
• The scope of the guide is limited to project management.
• PMI publishes standards for portfolio and program management.

Common Vocabulary

• A common vocabulary is essential to the professional discipline.
• The PMI Lexicon of Project Management Terms provides foundational vocabulary.

Code of Ethics and Professional Conduct

• PMI publishes the Code of Ethics and Professional Conduct to instill confidence and help individuals make wise decisions.
• Values are responsibility, respect, fairness, and honesty.
• The Code of Ethics and Professional Conduct includes aspirational and mandatory standards.

Foundational Elements

• A project is a temporary endeavor to create a unique product, service, or result.
• A deliverable is any unique and verifiable product, result, or capability to perform a service.
• Fulfillment of project objectives may produce one or more deliverables such as a unique product, service, result, or combination.
• Repetitive elements may be present of deliverables and activities, but do not change fundamental characteristics of the project work.
• Projects are conducted at all organizational levels, involving individuals, groups, or units.
• Projects include developing pharmaceuticals, expanding services, merging organizations, improving processes, installing hardware, exploring for oil, modifying software, and constructing buildings.
• The temporary nature of projects indicates a definite start and end.
• The end of a project is reached when objectives have been achieved, objectives can not be met, funding is exhausted, the need no longer exists, or it is terminated for legal reasons.
• Deliverables may exist beyond the project's end and have lasting effects of a social, economic, material, or environmental nature.
• Projects drive change in organizations, moving them from a current state to a future state.
• Organizational leaders initiate projects in response to regulatory, legal, or social requirements; to satisfy stakeholders; to implement changes; or to create, improve, or fix things.
• Projects enable business value creation, quantified as the net benefit derived from a business endeavor.
• Tangible elements being monetary assets, stockholder equity, utility, fixtures, tools and market share.
• Intangible elements being goodwill, brand recognition, public benefit, trademarks, strategic alignment, and reputation.

The Importance of Project Management

• Project management is the application of knowledge, skills, tools, and techniques to meet project requirements.
• Effective project management helps meet objectives, satisfy stakeholders, increase success, deliver products, resolve problems, respond to risks, optimize resources, recover projects, manage constraints and balance change.
• Poorly managed projects result in missed deadlines, cost overruns, poor quality, rework, expansion, loss of reputation, and failure to achieve objectives.

Relationship of Project, Program, Portfolio, and Operations Management

• A project may be managed alone, within a program, or within a portfolio.
• Programs are groups of related projects managed in a coordinated manner.
• A megaproject costs over US$1 billion, affects over 1 million people, and runs for years.
• A portfolio is projects, programs, and operations managed to achieve strategic objectives.
• Program and portfolio management differ from project management regarding life cycles, activities, focus and benefits.
• Program/Project Management = are doing programs and projects the right way
• Portfolio management = doing the right programs and projects

Organizational Project Management (Table 1-2)