Definition of a Project
A project is a temporary endeavor undertaken to create a unique product, service, or result
A project has the following 3 characteristics:
Introduction to Program Management:
A program is defined as a group of related projects, subprograms, and program activities managed in a coordinated way to obtain benefits and control not available from managing them individually.
Introduction to Portfolio Management:
A portfolio refers to a collection of projects, programs, sub-portfolios, and operations managed as a group to achieve strategic objectives.
Organizational Project Management:
A project is a temporary endeavor undertaken to
|A program is a group of related projects,
subsidiary programs, and program activities
that are managed in a co-ordinated manner
to obtain benefits not available from
managing them individually.
|A portfolio is a collection
of projects, programs,
|Scope||Project have defined objectives, Scope is
progressively elobrated throughout
the project lifecycle.
|Program have a scope that encompass the
scope of its program components.
programs produce benefit to an organization
by ensuring that the outputs and outcomes
of program components are delivered in a
co-ordinated and complementary manner.
|Portfolios have an organizational
scope that changes with strategic
objectives of the organization
|Change||Project managers expect change
and implement processes to keep
change managed and control.
|Programs are managed in manner that accepts and adapts to change as necessary to optimise the deliver of benefits as the programs components deliver outcomes and / or output.||Portfolio managers continously monitor changes in the broaded internal and external environments.|
|Planning||Project Managers progressively elabrote high - Level information into detailed plans throughout the project lifecycle.||Programs are managed using high level plans that track the independencies and progress of program components. program plans are also used to guide planning at the component level.||Portfolio managers create and maintain necessary process and communication relative to the aggregate portfolio.|
|Management||Project manager managing the project team to meet the project objectives.||Programs are managed by Program managers who ensure the program benefits are delivered as extected, by coordinatiing the activities of a programs components.||Portfolio managers may manage or coordinate the portfolio management staffs, or program and project staffs that may have reporting responsibilities into the aggregate portfolio.|
|Monitoring||Project Managers monior and control the work of producing the products, services, or results that the project was under taken to produce.||Program managers monitor the progress of program components to ensure the overall goals, Schedules, budget, and benefits of the program will be met.||Portfolio managers monitor strategic changes and aggregate resource allocation, performance result, and risk of the portfolio.|
|Success||Success is measured by product and project quality, timelineness, budjet complaince and degree of customer satisfaction.||A programs success is measured by the programs ability to deliver its intented benefits to an organization, and by the programs efficiency and effectiveness in delivering those benefits.||Success is measured in team of the aggregate investment performance and benefit realization of the portfolio.|
Introduction to Operations Management:
Project and Operations intersections
Projects are typically authorized as a result of one or more of the following strategic considerations:
The application of knowledge, skills, tools and techniques to project activities to meet project objectives. Project management is accomplished through the appropriate application and integration of the 49 logically grouped project management processes, which are categorized into 5 Process groups and 10 Knowledge areas
Managing a project typically includes, but is not limited to:
Scope, Quality, Schedule, Budget, Resources, and Risks.
Project enables business value creation. PMI defines business value as the net quantifiable benefit derived from a business endeavor. The benefit may be tangible , intangible or both. In business analysis business value is considered the return, in the form of elements such as time, money, goods or intangibles in return for something exchanged
A project life cycle includes all the phases required for a project to create a product, service, or result.
The project life cycle is industry specific and can be different for each project.
Typical Project Phase – Cost and Staffing Effort
Typical Project Phase – Impact of Changes and Risk
Predictive Life Cycles
Predictive life cycles are ones in which the project scope, and the time and cost required to deliver that scope, are determined as early in the project life cycle as practically possible.
Iterative and Incremental Life Cycles
Iterative and incremental life cycles are ones in which project phases (also called iterations) intentionally repeat one or more project activities as the project team’s understanding of the product increases. Iterations develop the product through a series of repeated cycles, while increments successively add to the functionality of the product.
Adaptive Life Cycles
Adaptive life cycles (also known as change-driven or agile methods) are intended to respond to high levels of change and ongoing stakeholder involvement.
Adaptive methods are also iterative and incremental, but differ in that iterations are very rapid (usually with a duration of 2 to 4 weeks) and are fixed in time and cost.
A product life cycle defines end to end activities of a product throughout is life cycle
A product life cycle may have several projects (hence multiple project life cycles) and operations.
The product phases are generally sequential and non-overlapping, e.g., a project undertaken to design a new desktop computer is only one phase in the product life cycle.
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