Chapter 1: Introduction PDF

# Chapter 1: Introduction - Project managers expected to deliver projects that create value for organization. - Stakeholders for value delivery ## Basic Terms 1. **Portfolio:** A portfolio is like a folder that holds different projects or programs. It helps an organization manage all its projects...

# Chapter 1: Introduction - Project managers expected to deliver projects that create value for organization. - Stakeholders for value delivery ## Basic Terms 1. **Portfolio:** A portfolio is like a folder that holds different projects or programs. It helps an organization manage all its projects together to reach big-picture goals. A technology company, like Apple, has a portfolio that includes a variety of products and services: - **Projects:** iPhone development, MacBook production, Apple Watch updates. - **Programs:** A program to improve iOS software or enhance product sustainability. - **Other work:** Marketing campaigns or customer service improvements. All these are managed together as a portfolio to ensure they align with Apple's overall business strategy, like increasing market share or innovation. 2. **Product:** A product is something that is created, measured, and can be either a final item or a part of something bigger. The iPhone is an example of a product. - It is something that is produced, measurable (you can count how many are sold), and can be either a final product (an iPhone that customers buy) or a part of a bigger system (part of the ecosystem with iOS, iCloud, etc.). 3. **Program:** A program is a group of related projects, smaller programs, and activities that are managed together to achieve benefits that wouldn't be possible if they were managed separately. A company might have a program to launch a new smartphone. - Projects in this program could include designing the phone, developing the software, and marketing the product. - Managing these projects together helps ensure they all work towards the same goal -- successfully launching the smartphone -- while sharing resources, knowledge, and timelines. 4. **Project:** A project is a temporary effort to create something new, like a product, service, or result. It has a clear start and end, and once its goal is reached, the project is finished. 5. **Project management** is the process of using knowledge, skills, tools, and techniques to plan and guide a project to meet its goals. It involves making sure the work is done efficiently and effectively to deliver the desired result. There are different approaches to manage a project, like traditional (predictive), flexible (adaptive), or a mix (hybrid). ## Approaches Mentioned 1. **Predictive Approach (Waterfall):** The predictive approach, often called Waterfall, is a traditional method where the entire project is planned upfront. Each phase (like planning, designing, building, and testing) is completed in a sequence, with minimal changes along the way. **Example:** - Building a bridge follows a predictive approach. - All the design, materials, and budget are planned in detail before construction begins. - Once construction starts, changes are avoided, and the project moves step-by-step until the bridge is completed. 2. **Adaptive Approach (Agile):** The adaptive approach, commonly known as Agile, is flexible and focuses on working in short cycles (called iterations or sprints). It allows for frequent changes and improvements based on ongoing feedback, making it ideal for projects where requirements may evolve. **Example:** - Developing a new mobile app uses an adaptive approach. - The app is built in small parts, and each part is tested and reviewed regularly. - If users give feedback or new features are needed, the team can adjust the project as they go. 3. **Hybrid Approach:** The hybrid approach combines elements of both predictive and adaptive approaches. It allows teams to plan certain parts of a project in detail while leaving other parts flexible to change as needed. **Example:** - A hybrid approach might be used to launch a new product. - The manufacturing of the product (a more stable process) could follow a predictive approach. - Meanwhile, the marketing campaign could use an adaptive approach, adjusting based on market response and feedback. - Each approach is suited for different types of projects, depending on how flexible the project needs to be and how well-defined the requirements are at the start. 4. **Project Manager:** A project manager is the person in charge of leading the project team to achieve the project's goals. They plan, organize, and make sure everything stays on track to complete the project successfully. They also solve problems, manage resources, and ensure the team works smoothly. **Example:** If a company is building a new website, the project manager will: - Create the project timeline. - Assign tasks to the developers and designers. - Ensure the work stays on schedule and within budget. - Communicate with the client to make sure their needs are met. The project manager makes sure the website is completed and launched successfully. 5. **System for Value Delivery:** A system for value delivery is a collection of activities that a business uses to create, maintain, and improve its ability to meet customer needs and organizational goals. This system includes various components like portfolios, programs, projects, products, and operations, all working together to deliver value to customers and stakeholders. ## One Overall Example **In this example:** - **Project** = Developing a new smartphone model. - **Program** = Smartphone development program (includes multiple projects). - **Portfolio** = The entire smartphone portfolio of all models and related projects. - **Product** = The specific smartphone model XYZ. - **System for Value Delivery** = All activities and processes that create and deliver value to customers through the smartphone business.