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Relationship of Project, Program, Portfolio and Operations Management
Projects: standalone project/ within the program/within a portfolio.
A program a group of related projects. Programs are not large projects. A very large project may be referred to as a megaproject.
A portfolio: Projects, programs, subsidiary portfolios and operations managed as a group to achieve strategic objectives.
Program and project: doing programs and projects the right way.
Portfolio: doing the right program and project.
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The importance of Project Management
Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.
Poor managed project may result in: Failure in achieving the objectives for which the project was undertaken.
In today's business environment, organization leaders need to be able to manage with tighter budgets, shorter timeline, scarcity of resources, and rapidly changing technology.
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Project Initiation Context
Organizational leaders initiate project in responsive factors acting upon their organizations. There are four fundamental categories for these factors which illustrate the context of a project:
Meet regulatory, legal or social requirements
Satisfy stakeholders requests or needs
Implement or change business or technological strategies; and
Create, improve, or fix products, processes or services
Meet regulatory, legal or social requirements
Satisfy stakeholders requests or needs
Implement or change business or technological strategies; and
Create, improve, or fix products, processes or services
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Foundational Elements
Project: Unique product, service, or result.
Projects are undertaken to fulfill objectives by producing deliverables.
Deliverable: Any unique and verifiable product, result, or capability to perform a service that is required to be produced to complete a process, phase, or project. Deliverable may be tangible or intangible.
A project has a definite beginning and end.
The end of a project is reached when:
- Project's objectives have been archived
- The objectives will not and cannot be met
- No more funding
- No longer be needed
- No available resources
- The project is terminated for legal cause or convenience
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Code of Ethics and Professional Conduct
The values that the global project management community defined as most important were responsibility, respect, fairness, and honesty.
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