Project Management Fundamentals

• A project is a temporary endeavor undertaken to create a unique product, service, or result
• Projects are temporary, having a defined start and end
• Projects drive change and enable business value creation

Relationships Among Portfolios, Programs, and Projects

• Project portfolio management aligns projects and programs with organizational strategy
• Portfolio management focuses on achieving strategic goals through portfolios, programs, and projects
• A program is a group of related projects, subsidiary programs, and program activities managed in a coordinated way to obtain benefits not available from managing them individually
• Project management applies knowledge, skills, tools, and techniques to project activities to meet the project requirements
• Projects are a means of achieving organizational goals

Project Management

• Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements
• Effective project management helps organizations to:
  • Meet business goals
  • Satisfy stakeholder expectations
  • Be more predictable
  • Increase chances of success
  • Deliver the right products at the right time
  • Resolve problems and issues
  • Respond to risks in a timely manner
  • Manage constraints
  • Balance the influence of constraints
• Project management processes fall into five groups:
  • Initiating
  • Planning
  • Executing
  • Monitoring and Controlling
  • Closing
• Project management responsibilities include:
  • Developing the project management plan
  • Managing the project team
  • Managing project communications
  • Managing stakeholder engagement
  • Managing risks
  • Managing project changes
• Project success is measured by:
  • Meeting project objectives
  • Satisfying stakeholders
  • Delivering the agreed-upon product, service, or result

Portfolio Management

• Portfolio Management aligns with organizational strategies by selecting the right programs or projects
• Portfolio management prioritizes and allocates resources to maximize value
• It provides a centralized management of one or more portfolios
• Portfolio managers prepare and communicate portfolio performance
• Governance ensures consistent project selection and management

Project Lifecycle

• A project lifecycle is the series of phases that a project passes through from its initiation to its closure
• Project lifecycles can be predictive, iterative, incremental, adaptive, or hybrid
• A predictive lifecycle is a sequential process (waterfall)
• An iterative lifecycle repeats activities until correct
• Incremental lifecycles deliver completed deliverables in increments
• Adaptive lifecycles are agile, change-driven
• Hybrid lifecycles are a combination of predictive and adaptive
• Project phases are a collection of logically related project activities that culminates in the completion of one or more deliverables

Stakeholder Engagement

• Stakeholders are individuals, groups, or organizations that may affect, be affected by, or perceive themselves to be affected by a decision, activity, or outcome of a project
• Stakeholder engagement is the process of communicating and working with stakeholders to meet their needs and expectations, address issues, and foster appropriate stakeholder involvement in project activities
• Stakeholder engagement involves:
  • Identifying stakeholders
  • Planning stakeholder engagement
  • Managing stakeholder engagement
  • Monitoring stakeholder engagement
• Effective stakeholder engagement can:
  • Increase project success
  • Reduce risks
  • Improve communication
  • Foster support for the project
  • Manage expectations
• Stakeholders can be internal (project team, sponsor, etc.) or external (customers, suppliers, etc.)

Program Management

• Program management is defined as the application of knowledge, skills, tools, and techniques to a program to meet the program requirements and to obtain benefits and control not available by managing projects individually
• Program management focuses on the interdependencies between projects and helps to optimize or integrate to achieve benefits for the organization
• Programs may include elements of related work outside of the scope of the individual projects in the program
• Program management activities include:
  • Program strategy alignment
  • Program governance
  • Program risk management
  • Program stakeholder engagement
  • Program quality management
  • Program resource management
  • Program communications management
  • Managing program interdependencies
• Program managers oversee the work of project managers