Project Management Fundamentals

Introduction to PMBOK 7th Edition

• The PMBOK 7th Edition is a standard for project management
• It outlines principles guiding project professionals and stakeholders
• Applicability transcends industries, locations, sizes, and delivery approaches

Purpose of the Standard

• Identifies project management principles, guiding behaviors and actions
• Applies across all projects, regardless of the industry or approach
• Describes the project system, encompassing governance, functions, the project environment, and project/product management relations

A System for Value Delivery

• Portfolios, projects, products, and operations collectively create value
• Aligns with strategic organizational objectives.

Creating Value

• Organizations generate value for stakeholders through project delivery
• This includes creating new products, services, or outcomes meeting stakeholder needs
• Positive social and environmental contributions are also included
• The improvement of productivity, effectiveness, efficiency, and responsiveness is crucial

Value Delivery

• Portfolios, projects, products, and operations are integral to creating value
• Input from the external environment (market trends, customer demands) shapes internal strategic planning, objectives, and resource allocation
• Outputs from internal operations are then communicated to the various projects

Information Flow

• Optimal value delivery stems from open and constant information sharing between key system components.

Organizational Governance System

• This defines a structured approach to providing direction and control
• Ensures compliance with regulatory standards and relevant policy
• It guides the project's performance in strategic, operational, and ethical dimensions

Functions Associated With Projects

• Various functions support projects, each with distinct roles
• Includes oversight, coordination, presenting objectives, facilitating support, performing work, applying expertise, providing business direction, resources, and maintaining governance.

Project Environment

• Projects are influenced by internal and external aspects
• Influences can be positive, challenging, or neutral to the project's stakeholders and objectives

Internal/External Environment

• Internal environment comprises elements like process assets, documentation, data, knowledge assets, security, safety, organizational aspects, infrastructure, IT software, resource availability, and staff competence
• The external environment involves factors like marketplace conditions, cultural/social impacts, regulations, financial considerations, and the physical environment

Product Management Considerations

• Products, whether final deliverables or component parts are assets that are quantifiable
• Product management integrates people, data, processes and business systems to create, maintain, and develop a product or service lifecycle

Project Management Principles

• There are 12 principles that are aligned with the PMI Code of Ethics and Professional Conduct
• Developed through practitioner engagement globally by the PMI organization
• Their application is situational, influenced by organizational context and factors

Be a Diligent, Respectful and Caring Steward

• Stewards act responsibly, incorporating integrity, care, trustworthiness, and compliance
• Focuses on a holistic perspective which includes financial, social, technical, and sustainable environmental awareness.

Create a Collaborative Project Team Environment

• Project teams consist of individuals, knowledge, and skills, working collaboratively to share objectives
• Shared objectives enhance individual contributions and efficiency to reach outcomes

Effectively Engage With Stakeholders

• Stakeholder engagement is critical for success, involving identification, analysis, prioritization, and engagement throughout the project lifecycle
• Strong stakeholder engagement creates positive impacts, enhances performance/outcomes.

Focus on Value

• Project value is the ultimate indicator of success in projects
• Value can be positive or negative (opportunities or threats)
• Value is achieved when project outcomes contribute to stakeholder expectations and needs in terms of quantity, quality and perceived utility

Focus on Value

• The business case should include: Business need, project justification, and business strategy

Recognize, Evaluate and Respond To System Interactions

• Recognizing and evaluating is key to achieving project performance in projects
• Holistic view is needed, considering interdependence of the various parts within a project's environment.

Demonstrate Leadership Behaviors

• Adapting and demonstrating leadership supports project success.
• Leadership is different and separate from authority
• Leaders' styles should be situation-based, acknowledging individual project members’ motivations

Building Effective Leadership

• Shared understanding of goals, resource utilization, overcoming obstacles, relevance in communication, recognizing & rewarding contributions, effective dialogue, and collective responsibility

Tailor Based on Context

• Each project needs a unique development approach, adapting to specific contexts
• Project success depends on tailoring to context, for success in outcomes
• Tailoring approaches are iterative to facilitate continuous process throughout the project

Build Quality into Processes and Deliverables

• Project quality satisfies stakeholder expectations & requirements
• Ensuring processes and deliverables align with relevant needs

Dimensions of Quality

• Quality dimensions include performance, conformity, reliability, resilience, satisfaction, uniformity, efficiency, and sustainability

Navigate Complexity

• Navigating project complexity enables successful project lifecycle management
• Complexity results from human behavior, system interactions, uncertainty and ambiguity , and technological advancements

Common Sources of Complexity

• Includes human behavior, system behavior, uncertainty and ambiguity, technological innovation

Optimize Risk Responses

• Understanding and evaluating risks are essential for project success
• Risks can be positive (opportunities) or negative (threats), require response tailored to their significance

Embrace Adaptability and Resiliency

• Adaptability/resilience helps project teams manage changes and setbacks during the lifecycle
• A focus on outcomes is preferable over a fixation on project outputs to facilitate adaptability

Capabilities That Support Adaptability and Resilience

• Critical components for supporting adaptability and resilience include tight feedback loops, continuous improvement, transparent planning involving stakeholders, leveraging new thinking approaches, and learning from prior experiences

Enable Change to Achieve the Envisioned Future State

• Changing conditions require adaptations, so preparing all stakeholders for new behaviors and processes is important
• A structured approach guides the transition from the current to the envisioned future state effectively