Project is a temporary endeavor undertaken to create a unique product or service.
Building a road is an example of a project. The process of building a road takes a finite amount of time, and produces a unique product.
Operations, on the other hand, are repetitive. Generating bills every month, and broadcasting news everyday are examples of operations.
Subprojects are components of a project that often contracted out.
Project Management is the application of knowledge, skills, tools and techniques to project activities to meet project requirements.
Project management is accomplished through the use of the processes such as:
Project managers or the organization can divide projects into above phases to provide better management control with appropriate links to the ongoing operations of the performing organization. Collectively, these phases are known as the project life cycle.
Project managers deliver projects while balancing the following constraints:
These all are so intertwined that a change in one will most often cause a change in at least one of the others
Changes to any of these legs sets off a series of activities that are needed to integrate the change across the project.
A program consists of a group of related projects and Program management is the process of managing multiple on going projects. An example would be that of designing, manufacturing and providing support infrastructure for an automobile make.
Program management involves centrally managing and coordinating groups of related projects to meet the objectives of the program.
In some cases Project Management is a subset of Program Management. The project manager may report to the program manager in such cases. A portfolio consists of multiple programs.
A portfolio is a collection of projects, programs subportfolios, and operations that are grouped together to facilitate effective management of that work to meet strategic business objectives. Organizations manage their portfolios based on specific goals.
Senior managers or senior management teams typically take on the responsibility of portfolio management for an organization.
Portfolio management encompasses managing the collections of programs and projects in the portfolio. This includes weighing the value of each project, or potential project, against the portfolio's strategic objectives.
Portfolio management also concerns monitoring active projects for adherence to objectives, balancing the portfolio among the other investments of the organization, and assuring the efficient use of resources.
We need project management to manage projects effectively and drive them to success. Project Management starts with the decision to start a project upon weighing its need and viability. Once a project starts, it is crucial to watch the project progress at every step so as to ensure it delivers what all is required, in the stipulated time, within the allocated budget. Other drivers influencing the need of project management are:
Many of the tools and techniques for managing projects are specific to project management. However, effective project management requires that the project management team acquire the following three dimensions of project management competencies:
The management of interpersonal relationships includes:
PMBOK Guide is the bible for Project Management. PMBOK stands for Project Management Body of Knowledge. There are ten knowledge areas defined in PMBOK Guide, which are as follows:
Each Knowledge area has certain processes. There are a total of 47 processes in PMBOK 5. Each process has following three important parts.
The PMBOK covers each of the 10 knowledge areas and 47 processes with their inputs, outputs, and tools & techniques.
Further the discipline of Project Management has five process groups.
Each process is part of one of these five project phases. It is important to know the process group for each of the 47 processes.