Project management course (PMI PMBOK Curriculum) INTERNATIONAL DIPLOMA

BY BNTC INTERNATIONAL helping you accomplish faster

WELCOME TO PROJECT MANAGEMENT CLASS

We will be looking at: Defining using simple terms what a project is, project life cycle and project management in general. Provide a practical approach to what many consider a complex process: the management of projects. Simplify the management process required to manage a projects successfully from start to finish

PROJECT MANAGEMENT FRAME WORK

Basic structure for understanding project management: Introduction Project management context Project management processes

PROJECT MANAGEMENT FRAME WORK (1)

Introduction
What is a project? What is project management? Related endeavors

WHAT IS A PROJECT?
A project is a unique endeavour to produce a set of deliverables within clearly specified budget (cost), time scale and specification (quality) Triple constraints. It is a temporary endeavour undertaken to create a unique product or services. According to PMBOK , a project is a temporary endeavor undertaken to create a unique product, service or result

PROJECT TRIPLE CONSTRAINTS

The Triangle rule: An adjustment on one side of the triangle would have a proportionate impact on the other two sides of the triangle. To balance out the effect of this adjustment, a correspondent adjustment on the other two sides is required.

Schedule

Quality
Scope Budget
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Constraints are limiting factors on a project All projects are bound by the constraints of Project Management: Schedule Budget Scope Quality Resources Risk

Constraints are the challenges of every project but it is the project managers responsibility to deliver the project objectives within stated constraints without affecting quality.

PROJECT MANAGEMENT
Project Management refers to the structured application of knowledge, skills, tools and techniques to project activities to meet project requirements within defined conditions. According to PMBOK, project management is accomplished through the appropriate application and integration of the logically grouped project management processes comprising 5 process groups.

DEFINITION OF TERMS

Endeavour an enterprise or directed activity Deliverable A tangible, verifiable work product. It is a quantifiable outcome of the project which results in a partial (or full) achievement of the project objectives. E.g feasibility studies, terms of reference (charter) a detailed design or a working prototype.

CHARACTERISTICS OF A PROJECT

Projects are different from standard business operations as they: Are temporary, Unique, progressive and elaborate They also: Have an approved Budget, Have limited Resources, Involve an element of Risk, Have a defined Timescale, Achieve beneficial Change

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PROJECTS ARE TEMPORARY

Every project has a definite beginning and a definite end. NOTE: The definite end is reached when the projects objectives have been achieved, or when it becomes clear that the project objectives will not or cannot be met or the need for the project no longer exists and the project is terminated

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PROJECTS ARE UNIQUE

Projects involve doing something that has not been done before. This means that the product or services is different in some distinguishing way from all other products or services. This is what differentiate between projects and operation.

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PROJECTS ARE PROGRESSIVELY ELABORATE progressive means: proceeding in steps or continuing steadily by increments elaborated means: worked out with care and detail or developed thoroughly progressive elaboration is a characteristic of projects that integrates the concepts of temporary and unique. Because the product of each project is unique, the characteristics that distinguish the product or service must be progressively elaborated

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PROJECTS ALSO HAVE:

An approved Budget a level of financial expenditure allocated within which the deliverables must be produced to meet a specified customer requirement Limited Resources Includes labour, equipment and materials used to complete the activities in the project. Resources can be divided into: Consumables and Non- consumables, and could be Committed or non-committed

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PROJECTS ALSO HAVE:

element of Risk Risk is the possibility of failure. projects entail a level of uncertainty and therefore carry business risk. Defined timescale projects have a clearly specified start and finish date within which the deliverables must be produced to meet a specified customer requirement

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PROJECTS ALSO ACHIEVE:

Beneficial change
the purpose of a project typically is to improve an organization through the implementation of business change

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PROJECTS VS. OPERATIONS

Projects are temporary and unique while Operations are ongoing and repetitive The objective of a project is to attain the projects objective and close the project while the objective of an operation is to sustain the business Project ceases when the declared objectives have been attained while operations adopt a new set of objectives and continues to work/function

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SIMILARITIES IN PROJECTS AND OPERATIONS They are both performed by persons Constrained by limited resources

Planned, executed and controlled

They both involve risk

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EXAMPLES OF PROJECTS
Releasing a new music album Testing and installing a piece of equipment Developing a new training programme Establishing a new youth centre An event (the Olympic games) Manufacture a new product Installing a new computer system Research & development programme

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WHAT IS PROJECT MANAGEMENT? Project management is the application of Skills, Tools and Management Processes required to undertake a project successfully. Project management is accomplished through the use of processes grouped as: initiating, planning, executing, monitoring & control and closing

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PROJECT MANAGEMENT COMPRISES OF:

Skills a set of specialist knowledge and experience required to reduce project risk and increase its success. Tools items used improve the chance of a project succeeding.

Used as a means to achieving a result.

Process series of actions bringing about a result. Includes various management processes and techniques.

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PROJECT MANAGEMENT COMPRISES OF:

A set of SKILLS Specialist knowledge experience Skills
A suite of TOOLS

A series of PROCESSES
Time Mgt Cost Mgt Quality Mgt Risk Mgt Scope Mgt etc

Planning softwares Modeling softwares Registers Check lists Review forms

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Tools Skills Mgt Processes

Project

PROJECT MANAGEMENT (S,T,P)

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RELATED ENDEAVOUR

Certain types of endeavours are closely related to projects. They are often a hierarchy of strategic plans, programs, projects and sub projects, in which a program consisting of several associated projects will contribute to the achievement of a strategic plan. PROGRAMS A program is a group of projects managed in a coordinated way to obtain benefits not available from managing them individually.

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RELATED ENDEAVOUR

Many programs also include elements of ongoing operations. For example: The ABQ airplane program include the project to design the aircraft as well as manufacturing and support of the craft. Many electronics firm have program manager who are responsible for both individual product releases(project) and the coordination of multiple releases overtime(an ongoing operation)

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RELATED ENDEAVOUR

Programs may also involve a series of repetitive or cyclical undertakings For example: Publishing a newspaper or a magazine is a program, then each individual issue is a project. The production is an operation. Some construction programs are operations but involves many projects.

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RELATED ENDEAVOUR

In some application areas, program management and project management are treated as synonyms; in others, project management is a subset of program management. Subprojects

Projects are often breakdown of into more manageable components or subprojects for easy manageability. eg subprojects such as plumbing and installation of electrical fittings in a construction.
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Project management Context

Project management frame work

(2)
Includes:

Describes the environment in which projects operate

Project phases and the project life cycle

Project stakeholders Organizational influences Key general management skills Socio-economic influences
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PROJECT PHASE
A project phase is a collection of logically related activities, usually resulting in the completion of a major deliverable Organizations performing projects usually divide each project into several project phases to improve management control and provide links to ongoing operations. NOTE: The deliverables and the phases are part of a generally sequential logic to ensure proper definition of the product of the project

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PROJECT PHASE CHARACTERISTICS

Each project phase is marked by completion of one or more deliverables The conclusion of a project phase is generally marked by a review of both key deliverables and project performance-to-date. This is done to: (a) Determine if the project should continue into its next phase, and (b) Detect and correct errors cost effectively. NOTE: phase-end reviews are often called: phase exits, stage gates or kill points

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PROJECT LIFE CYCLE

The project life cycle is a collection of generally sequential project phases whose name and number are determined by the control needs of the organization(s) involved in the project. Project life cycle generally defines: What technical work should be done in each phase e.g is the work of the architect part of the definition phase or part of the execution phase. Who should be involved in each phase.

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PROJECT LIFE CYCLE The project life cycle serves to define the beginning and the end of a project. Deliverables from the preceding phase are usually approved before work starts on the next phase. NOTE: A subsequent phase is sometimes begun prior to approval of the previous phase deliverables when the risks involved are deemed acceptable. This practice of overlapping is often called: FAST TRACKING

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Project Life Cycle

Cost and Staffing levels are low at start and move higher towards the end Probability of successfully completing project is low at beginning, higher towards the end as project continues Stakeholder influence is high at the beginning and progressively lowers as project continues

PROJECT LIFE CYCLE: COMMON CHARACTERISTICS

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PROJECT LIFE CYCLE: GENERAL SAMPLE

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PROJECT LIFE CYCLE VS PRODUCT LIFE CYCLE

The product life cycle is a collection of projects.
Projects are usually one of the stages in a product life cycle and involves: development stage (design and the launch of the product) growth stage (sales and revenue increase) Maturity stage (when sales and revenue level off) decline (due to competitors or market saturation)

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PROJECT STAKEHOLDERS

Project stake holders are individuals that are actively involved in the project, or whose interest may be positively or negatively affected as a result of the project execution or completion; they may exert influence over the project and its results

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PROJECT STAKEHOLDERS

Key stakeholders on every project include: Project manager, customer, performing organization, project team members, sponsor Others categories include: Internal and external stakeholders, owners, funders, sellers, contractors, etc.

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ORGANIZATIONAL INFLUENCES
projects are typically part of an organization larger than the project e.g. corporations, government agencies, etc, hence projects are influenced by the organizations that set it up. aspects of organizations that are likely to influence a project include: Organizational systems, culture, styles & structures

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Project Based: derive revenues from performing projects for others (consultants, contractors),management by projects Non-Project Based: seldom have management systems designed to support project needs (manufacturing, financial services)

ORGANIZATIONAL SYSTEMS: PROJECT BASED VS. NON-PROJECT BASED

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ORGANIZATIONAL CULTURES AND STYLES:

Organizational cultures and styles are reflected in shared values, norms, beliefs, expectation, policies, procedures, authority relationships, etc For example: A project manager with a highly participative style is likely to encounter problems in a rigidly hierarchical organization, while a project manager with an authoritarian style will be equally challenged in a participative organization
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ORGANIZATIONAL STRUCTURES
The structure of the performing organization often constraints the availability of or terms under which resources become available to the project.

Organizational structures include: Functional, Projectized, matrix

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FUNCTIONAL ORGANIZATION

In this structure, the project manager acts as project expediter

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PROJECTIZED ORGANIZATION

The project manager coordinates the project.

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MATRIX ORGANIZATION

There are three forms of matrix structures; 1. Weak matrix 2. Strong matrix 3. Balanced matrix The weak and strong matrices have similar characteristics with functional and projectized structures respectively. Balanced matrix is a blend of weak and strong matrices.

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KEY GENERAL MANAGEMENT SKILLS

General management skills provide much of the foundation for building project management skills They are often essential for the project manager On any given project a number of management skills may be required.
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KEY GENERAL MANAGEMENT SKILLS

Leading (establishing direction, motivating, inspiring, aligning people) Communicating (written, oral, listening, speaking, reporting, briefings) Negotiating (scope, cost, contract terms and conditions, changes to cost, scope and time) Problem solving (problem definition (distinguishing between causes and symptoms), decision making) Influencing the organization (ability to get things done, understanding power and politics)
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SOCIAL-ECONOMIC-ENVIRONMENTAL INFLUENCES Socio-economic-environmental trends have effects on projects which can translate into time lags, changes to cost and scope etc. they include: Standards and regulations Internationalization Cultural influences Social-economicenvironmental sustainability

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PROJECT MANAGEMENT FRAME WORK (3)

Project management processes Project processes Process groups Process interactions Mapping of project management processes Nine Knowledge Areas of Project Management

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PROJECT PROCESSES
a project management process is a series of interrelated actions and activities that are performed to achieve a pre-specified set of products, results or services (deliverables). There are 44 PM processes PM is accomplished via these processes!

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PROJECT PROCESSES: CATEGORIES Project processes are performed by people and generally fall into two categories: Project management processes (describes, organizes and completes the work of the project) Product oriented processes (specifies and create the projects product)

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PROCESS GROUPS
PM PROCESSES CAN BE ORGANIZED INTO FIVE GROUPS:
1. Initiating Process Group:
Defines and authorizes the project or a project phase 2. Planning Process Group: Defines and refines objectives, and plans the course of action required to attain the objective and scope 3. Executing Process Group: Integrates people and resources to carry out the project management plan for the Project 4. Monitoring & Controlling Process Group:

Measures and monitors progress to identify if the correction action can be taken to meet project objectives
5. Closing Process Group: Formalizes acceptance of the product, services, or result and brings the project or a project phase to an orderly end

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INITIATION PROCESS GROUP

External to project scope of control Formal authorization for project Documentation of objectives, justification and assumptions Establishing a relationship between organizational strategic plan and project objective Initiating processes are repeated in subsequent phases of multiphase projects Assignment of Project manager Stakeholder involvement important for acceptance and satisfaction

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PLANNING PROCESS GROUP

For planning and managing projects successfully Develops a detailed, agreed to project management plan that forms the basis for future project work Uses feedback loops for additional analysis as a result of multi-dimensional nature of projects Progressively detailing of project management plan Rolling wave planning Planning is iterative and ongoing process Early involvement of appropriate stakeholders is vital to planning Interaction among planning processes is dependent on the nature of processes

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EXECUTION GROUP Processes that complete work according to project management plan Involve coordinating and integrating people, resources and activities Project team to determine which processes are required Addresses scope defined in project scope statement and implementation of approved changes Execution variances will result in revised planning Major part of project budget is expended during the executing process
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MONITORING AND CONTROLLING PROCESS GROUP Regular observation and measuring of project performance against defined baselines Controlling changes and recommending preventive actions Influencing factors that could circumvent integrated change control Provides insight into the health of the project May result in revised planning and updating

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CLOSING PROCESS GROUP

Closure of all contracts Formal termination of all project or project phase activities Documentation of lessons learnt Processes ensure that defined processes are completed

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CONNECTIONS AMONG PROCESS GROUPS (A TYPICAL PROJECT LIFE CYCLE)

Note (1) The process groups are linked by the results they produce- the result or outcome of one often becomes an input to another Note (2) As the project progresses, plans are continually updated prior to a next phase: this is known as Rolling wave planning.

(1) Project

initiation

(5) Project closure

(4) Monitoring &

(2) Project planning

Control
(3) Project execution

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OVERLAP OF PROCESS GROUPS

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PROCESS INTERACTIONS
Within each process group, the individual processes are linked by their inputs and outputs INPUTS: documents or documentable items that will be acted upon TOOLS and TECHNIQUES: Mechanisms applied to the inputs to create the outputs OUTPUTS: Documents or documentable items that are a result of the process

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PROJECT INITIATION (START UP)

Identify business problem/ opportunity

Undertake feasibility studies

Develop a business case

Establish terms of reference

Perform phase/process review

Setup a PM office

Appoint a team

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BUSINESS CASE
A business case represents an optimum mix of information used to judge whether the project is (and remains) desirable and achievable and therefore worthwhile investing in

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DEVELOPING THE BUSINESS CASE

A detailed definition of the problem or opportunity An analysis of the potential solution options available For each option: potential benefits, costs, risks and issues are documented A preferred solution is selected and agreed on The business case is approved by the project sponsor and the required funding is allocated to proceed with the project

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BUSINESS CASE : KEY PHILOSOPHIES

It must drive the project No satisfactory business case no project It must be maintained throughout the project Should justification (business need) disappear during the project, STOP the project

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PERFORM FEASIBILITY STUDY the purpose of the study is to assess the likelihood that a particular solution-option will achieve the benefits outlined in the business case

To investigate whether the forecasted costs are achievable, risks are acceptable and/or any likely issues are avoidable

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NOTE
After the solution has been agreed, funding allocated and a feasibility study performed,

a project is
FORMED

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ESTABLISH TERMS OF REFERENCE (CHARTER)

The terms of reference (a.k.a. Charter) outlines the: Vision (change to be produced), Objective (reason/purpose of the project), Scope (work to be done, budget & timescale), Deliverable (product, end result, services), the organization structure (roles and responsibilities), the business case

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APPOINT THE PROJECT TEAM Once the terms of reference has been produced, the project manager is appointed

He/she documents a detailed job description for each project role and appoints a Human resource to each role based on his/her relevant skills and experience
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SETUP A PROJECT OFFICE

A project office is a physical or virtual environment within which the project team will be based
A successful project office environment consists of:

Location (physical or virtual)

Communications (computers, internet, radio, email, telephones) Documentation (forms, registers, templates, methodology, processes) Tools (computers, machines, equipments, satellites, software for accounting, modeling, planning)
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PERFORM PHASE REVIEW At the end of the initiation phase a phase review (a monitor and control activity) is performed to check

or ensure that this project stage or phase has achieved its objective successfully
Terms of reference or Project CHARTER (main product)

Project initiation process

Project planning process

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PROJECT PLANNING

A detailed planning to ensure that the activities in the execution phase of the project are properly sequenced, resourced, executed and controlled. It is a means of defining and refining objectives and selecting the best of the alternative courses of action to attain the objectives that the project was undertaken to address NOTE: Brainstorming is a very important tool for effective project planning!

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PROJECT PLANNING (SEQUENCE)

Create a project plan

Create a resource plan

Create a financial plan

Create a quality plan

Create a risk plan

Perform phase review

Contract suppliers

Create a procurement plan

Create a communication plan

Create an acceptance plan

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DEVELOP A PROJECT PLAN

Identify, create and agree on a Work Break-down structure (WBS) (a hierarchical set of phases, sequenced activity and task to be undertaken on the project) The WBS is accomplished by defining the scope of the project and breaking the work down into components that can be scheduled and estimated and easily monitored and controlled. Allocate resources to each activity and task and assemble detailed project schedule

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DEVELOP A RESOURCE PLAN

Involves a detailed resource allocation and assessment to identify: Types of resources (human, equipment, materials) Total quantities of each resource type Roles, Responsibilities and skill-sets of all human resource Items, purposes and specification of equipment resource Items, purposes and specification of material resource. Note: There are committed and proposed resources.
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DEVELOP FINANCIAL PLAN

Identify the quantity of money required for each stage of the project (cost estimation) Quantify the total cost of labour (human resource), equipment and material (cost budgeting) Assemble an expense schedule (an outline of forecast spending Vs actual spending)

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DEVELOP QUALITY PLAN

Defines what quality means in terms of the project Lists clear and unambiguous quality targets for each deliverable Outline a plan of activities which will assure the customer that the quality targets will be met (i.e. Quality Assurance Plan) Identifies the techniques used to control the actual level of quality of each deliverable as it is built (i.e. Quality Control Plan)

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DEVELOP RISK PLAN

Outline foreseeable project risks
Outline set of actions to be taken formulated to both prevent each risk from occurring and reduce the impact of the risk should it happen i.e. Risk identification Risk response planning Risk monitoring and control.

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DEVELOP ACCEPTANCE PLAN

Provides and outlines the criteria for obtaining customer acceptance Assembles a schedule of acceptance reviews within which customers acceptance will be sought. Using an acceptance form to review the deliverables produced and the level of customer satisfaction. BOTTOM LINE: Each deliverable MUST meet or exceed customers requirements

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CREATE COMMUNICATIONS PLAN

Here identify how each of the stakeholders would be informed. Identify the types of information to be distributed Identify the methods of distributing information to stakeholders Identify the frequency of distribution And the responsibilities of each person in the project team for distributing information regularly to stakeholders

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CREATE A PROCUREMENT PLAN

Provides a detailed description of the products (i.e. goods and services to be procured from suppliers Provides justification for procuring each product externally (and not internally from team members) Provide a schedule for procurement Identifies the process of selection of a preferred supplier (tender process) Identifies the process for the actual order and delivery of the procured products (procurement process)

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TENDERING PROCESS
The identification of interested suppliers and selecting a preferred supplier to meet the procurement needs.
Suppliers are appointed and contracted through a tender process involving: Creating a statement of work Request for information from each potential supplier Choosing a preferred supplier

Agreeing on a supplier contract for the delivery of the requisite products

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PERFORM PHASE REVIEW

Project planning process

main product: project plans (resource, financial, risk, communication, procurement, acceptance, quality) & contract suppliers

Project execution process

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PROJECT EXECUTION PROCESS

Involves the coordinating of people and other resources to carry out the project plan. Characterized by the physical construction of each deliverable (by the project team) and presentation to the customer for acceptance. And Monitoring and Controlling of activities, resources and expenditure (by the project manager) required throughout the execution phase to ensure that the customers requirement are met

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PROJECT EXECUTION ACTIVITIES

Perform phase review Build deliverable Risk Mgt Quality Mgt Monitor & Control Time Mgt Scope Mgt

Integration Mgt
Procurement Mgt Cost Mgt

Human resource Mgt

Communication Mgt

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BUILD DELIVERABLES
Requires physical construction of each deliverable by the project team Note: The actual activities undertaken to construct each deliverable will vary depending on the type of project: e.g. engineering, building development, computer infrastructure, business process or events

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MONITORING AND CONTROL

While the project team are physically producing each deliverable, the project manager implements a series of management processes grouped as KNOWLEDGE AREAS to monitor and control the activities being undertaken They include: Time mgt, Risk mgt, Cost mgt, Quality mgt, Communication mgt, Procurement mgt, Integration mgt, Scope mgt and Human resource mgt

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MONITORING AND CONTROL

Project objectives are met by monitoring and measuring progress regularly to identify variances from plan so that corrective actions can be taken when necessary. Monitoring activities include: Integrated change control. Quality control. Scope change control.

Cost control.
Schedule control Performance reporting, etc
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PERFORM PHASE REVIEW

Project execution process

main product: project deliverables (results, services or products), monitor and Control activities

Project closure process

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PROJECT CLOSURE
Involves formalizing acceptance of the project or phase and bringing it to an orderly end. A successful project will have met its objectives and be READY for formal closure ONLY when deliverables have all been completed and accepted by the customer OR when it is clear and established that the objectives (or deliverables) CANNOT be met

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PROJECT CLOSURE ACTIVITIES

Perform project closure

Review project completion

Winding up the project

Final project activity

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PERFORM PROJECT CLOSURE

Involves a series of activities (undertaken by the project manager): Assessing whether the project completion criteria has been met Identifying any outstanding items (activities, risks, issues or resources) Producing a handover plan/schedule to transfer to the customer Communicating closure to all stake holders and interested parties

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PERFORM PROJECT CLOSURE

Listing the activities required to handover documentation, cancel supplier contracts and release project resources to the business

NOTE (1): These activities make up the project closure Report (document) which is submitted to the customer and/or project sponsor for approval

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REVIEW PROJECT COMPLETION

Review of the overall success of the project by an independent resource (auditor) Success is determined by how well the project performed against the defined objectives and conformed to the management process outlined in the planning phase

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PERFORM PROJECT CLOSURE

Note (2): The project is closed ONLY when all activities identified in the closure report have been COMPLETED

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TO DETERMINE PERFORMANCE

The following questions are asked: Did it result in the benefits defined in the business case? Did it achieve the objectives outlined in the terms of reference? Did it operate within the scope of the terms of reference? Did the deliverables meet the criteria defined in the quality plan? Was it delivered within the schedule outlined in the project plan? 94 Was it delivered within the financial plan?

TO DETERMINE CONFORMANCE

A review is undertaken of the level of conformity of the project activities to the management processes outlined in the quality plan NOTE: Results of the review, key achievements and lessons learnt are documented in a POST-IMPLEMENTATION REPORT and presented to the project sponsor for approval.

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NINE KNOWLEDGE AREAS OF PROJECT MANAGEMENT

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PROJECT INTEGRATION MANAGEMENT

Project integration management is the coordinated and big picture management of the various aspects of a project to ensure successful project completion. It typically entails Activities needed to identify, define and coordinate the various project management knowledge areas and processes Fitting the management of the various aspects of the project regardless of its size and impact- into the overall management of the project and the existing operations of the performing organization The application of knowledge, skills, tools and processes to integrate and coordinate the management of the various aspects of the project.

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PROJECT INTEGRATION MANAGEMENT

Develop Project Charter
Project Justification, Selection, Initiation as well as the appointment of project manager.

Develop Project Management Plan

Documentation of how the project will be executed, monitored and controlled

Direct and Manage Project Execution

Ensuring the completion of all defined activities in the project management plan

Monitor and Control Project Work

Monitoring and tracking project performance against defined baseline

Perform Integrated Change Control

Coordinated review of all change requests using defined change approval procedures

Close Project or Phase

Releasing project resources and archiving project records
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PROJECT MANAGEMENT FRAMEWORK Project Stakeholders

Stakeholders are individuals and group of individuals directly involved in the project Stakeholders are also individuals or group of individuals whose interests are affected by the project execution or completion They may exert influence over the projects objectives and outcomes Stakeholders should be identified early in the project. However stakeholders analysis and identification should be done throughout the project Stakeholders can be managed as individuals or as a group It is the project managers responsibility to manage stakeholders

Project Stakeholders
Stakeholder Categories Internal and external Regulatory Agencies Consultants Consumers Media Society
Key Project Stakeholder Project Sponsor Project Manager Functional Manager Customer Performing Organization Influencers PMO

Stakeholder Management Process

Identify ALL of them Determine all their requirement Determine all their expectation Communicate with them Manage their influence

PROJECT MANAGEMENT FRAMEWORK Project, Program, Project Portfolio

Program Management
A program is a group of related projects closely linked together through common objectives, a common budget, intertwined schedules and resources. Program management focuses on managing the interdependencies between related projects in a harmonized approach to attain benefits such as decreased risk, economics of scale and improved management that may not be achieved if each project was managed separately. An example of a program would be a road improvement program in a local community that involves 17 road reconstruction projects.

PROJECT MANAGEMENT FRAMEWORK Project, Program, Project Portfolio

Portfolio Management A portfolio refers to a snapshot of ALL strategically related projects and program being managed by an organization at a point in time. Projects and programs within a portfolio ALL work to meet a common strategic objective. Portfolio management focuses on attaining strategic goals by determining and managing an optimal mix of projects and programs. Example of a portfolio would be projects and programs initiated in a local community to meet the millennium development goals. This will include road, water, and power projects as well as education and health care programs.

QUICK SUMMARY

PM = skills + tools + processes The triple constraints of project are: time, scope and quality PM has five (5) process group/phases (Initiation, planning, execution, monitoring & controlling and closure) PM has nine (9) knowledge areas (Time mgt, Risk mgt, Cost mgt, Quality mgt, Communication mgt, Procurement mgt, Integration mgt, Scope mgt and Human resource mgt) A project is closed only when all the deliverables have been completed and accepted by the customer.
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THE END

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