G. info about Project M

Project:

A project is a temporary endeavor undertaken to create a unique product, service, or result. The temporary nature of projects indicates that a project has a definite beginning and end. The end is reached when the project’s objectives have been achieved or when the project is terminated because its objectives will not or cannot be met, or when the need for the project no longer exists. A project may also be terminated if the client (customer, sponsor, or champion) wishes to terminate the project. Temporary does not necessarily mean the duration of the project is short. It refers to the project’s engagement and its longevity. Temporary does not typically apply to the product, service, or result created by the project; most projects are undertaken to create a lasting outcome. For example, a project to build a national monument will create a result expected to last for centuries. Projects can also have social, economic, and environmental impacts that far outlive the projects themselves.
Every project creates a unique product, service, or result. The outcome of the project may be tangible or intangible. Although repetitive elements may be present in some project deliverable and activities, this repetition does not change the fundamental, unique characteristics of the project work. For example, office buildings can be constructed with the same or similar materials and by the same or different teams. However, each building project remains unique with a different location, different design, different circumstances and situations, different stakeholders, and so on.

An ongoing work effort is generally a repetitive process that follows an organization’s existing procedures.
In contrast, because of the unique nature of projects, there may be uncertainties or differences in the products, services, or results that the project creates. Project activities can be new to members of a project team, which may necessitate more dedicated planning than other routine work. In addition, projects are undertaken at all organizational levels. A project can involve a single individual or multiple individuals, a single organizational unit, or multiple organizational units from multiple organizations.
A project can create:

• A product that can be either a component of another item, an enhancement of an item, or an end item in itself; 
• A service or a capability to perform a service (e.g., a business function that supports production or distribution); 
• An improvement in the existing product or service lines (e.g., A Six Sigma project undertaken to reduce defects); or 
• A result, such as an outcome or document (e.g., a research project that develops knowledge that can be used to determine whether a trend exists or a new process will benefit society).

Examples of projects include, but are not limited to:

• Developing a new product, service, or result; 
• Effecting a change in the structure, processes, staffing, or style of an organization; 
• Developing or acquiring a new or modified information system (hardware or software 
• Conducting a research effort whose outcome will be aptly recorded; 
• Constructing a building, industrial plant, or infrastructure; or 
• Implementing, improving, or enhancing existing business processes and procedures.

 the relationships Among Portfolios, Programs, and Projects The relationship among portfolios, programs, and projects is such that a portfolio refers to a collection of projects, programs, sub portfolios, and operations managed as a group to achieve strategic objectives. Programs are grouped within a portfolio and are comprised of subprograms, projects, or other work that are managed in a coordinated fashion in support of the portfolio. Individual projects that are either within or outside of a program are still considered part of a portfolio. Although the projects or programs within the portfolio may not necessarily be interdependent or directly related, they are linked to the organization’s strategic plan by means of the organization’s portfolio.
As Figure 1-1 illustrates, organizational strategies and priorities are linked and have relationships between portfolios and programs, and between programs and individual projects. Organizational planning impacts the projects by means of project prioritization based on risk, funding, and other considerations relevant to the organization’s strategic plan. Organizational planning can direct the management of resources, and support for the component projects on the basis of risk categories, specific lines of business, or general types of projects, such as
infrastructure and process improvement.

 What is Project Management?

Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements. Project management is accomplished through the appropriate application and integration of the 47 logically grouped project management processes, which are categorized into five Process Groups. 

These five
Process Groups are:

• Initiating, 
• Planning, 
• Executing, 
• Monitoring and Controlling, 
• Closing.

Managing a project typically includes, but is not limited to:

• Identifying requirements; 
• Addressing the various needs, concerns, and expectations of the stakeholders in planning and executing the project; 
• Setting up, maintaining, and carrying out communications among stakeholders that are active, effective,

and collaborative in nature;

• Managing stakeholders towards meeting project requirements and creating project deliverable; 
• Balancing the competing project constraints, which include, but are not limited to: 
• Scope, 
• Quality, 
• Schedule, 
• Budget, 
• Resources, and 
• Risks.

The specific project characteristics and circumstances can influence the constraints on which the project management team needs to focus.
The relationship among these factors is such that if any one factor changes, at least one other factor is likely to be affected. For example, if the schedule is shortened, often the budget needs to be increased to add additional resources to complete the same amount of work in less time. If a budget increase is not possible, the scope or targeted quality may be reduced to deliver the project’s end result in less time within the same budget amount.
Project stakeholders may have differing ideas as to which factors are the most important, creating an even greater challenge. Changing the project requirements or objectives may create additional risks. The project team needs to be able to assess the situation, balance the demands, and maintain proactive communication with stakeholders in order to deliver a successful project.
Due to the potential for change, the development of the project management plan is an iterative activity and is progressively elaborated throughout the project’s life cycle. Progressive elaboration involves continuously improving and detailing a plan as more detailed and specific information and more accurate estimates become available.
Progressive elaboration allows a project management team to define work and manage it to a greater level of detail as the project evolves.

1.4  relationships Among Portfolio Management, Program Management, Project Management, and organizational Project Management: 

In order to understand portfolio, program, and project management, it is important to recognize the similarities and differences among these disciplines. It is also helpful to understand how they relate to organizational project management (OPM). OPM is a strategy execution framework utilizing project, program, and portfolio management as well as organizational enabling Prentice's to consistently and predictably deliver organizational strategy producing better performance, better results, and a sustainable competitive advantage.
Portfolio, program, and project management are aligned with or driven by organizational strategies. Conversely, portfolio, program, and project management differ in the way each contributes to the achievement of strategic goals.
Portfolio management aligns with organizational strategies by selecting the right programs or projects, prioritizing the work, and providing the needed resources, whereas program management harmonizes its projects and program components and controls interdependency in order to realize specified benefits. Project management develops and implements plans to achieve a specific scope that is driven by the objectives of the program or portfolio it is subjected to and, ultimately, to organizational strategies. OPM advances organizational capability by linking project, program, and portfolio management principles and Prentice's with organizational enablers (e.g. structural, cultural, technological, and human resource Practice's) to support strategic goals. An organization measures its capabilities, then plans and implements improvements towards the systematic achievement of best practices.

1.4.1 Program Management:

A program is defined as a group of related projects, subprograms, and program activities managed in a coordinated way to obtain benefits not available from managing them individually. Programs may include elements of related work outside the scope of the discrete projects in the program. A project may or may not be part of a program but a program will always have projects.

Program management is the application of knowledge, skills, tools, and techniques to a program in order to meet the program requirements and to obtain benefits and control not available by managing projects individually Projects within a program are related through the common outcome or collective capability. If the relationship between projects is only that of a shared client, seller, technology, or resource, the effort should be managed as a portfolio of projects rather than as a program.

Program management focuses on the project interdependencies and helps to determine the optimal approach for managing them. Actions related to these interdependencies may include:

• Resolving resource constraints and/or conflict's that affect multiple projects within the program, 
• Aligning organizational/strategic direction that affects project and program goals and objectives, and 
• Resolving issues and change management within a shared governance structure.

An example of a program is a new communications satellite system with projects for design of the satellite and the ground stations, the construction of each, the integration of the system, and the launch of the satellite.

1.4.2 Portfolio Management:

A portfolio refers to projects, programs, sub portfolios, and operations managed as a group to achieve strategic objectives. The projects or programs of the portfolio may not necessarily be interdependent or directly related. For example, an infrastructure firm that has the strategic objective of “maximizing the return on its investments” may put together a portfolio that includes a mix of projects in oil and gas, power, water, roads, rail, and airports. From this mix, the firm may choose to manage related projects as one program. All of the power projects may be grouped together as a power program. Similarly, all of the water projects may be grouped together as a water program. 

Thus, the power program and the water program become integral components of the enterprise portfolio of the infrastructure firm.

Portfolio management refers to the centralized management of one or more portfolios to achieve strategic objectives. Portfolio management focuses on ensuring that projects and programs are reviewed to prioritize resource allocation, and that the management of the portfolio is consistent with and aligned to organizational strategies.

1.4.3 Projects and Strategic Planning:

Projects are often utilized as a means of directly or indirectly achieving objectives within an organization’s strategic plan. Projects are typically authorized as a result of one or more of the following strategic considerations:

• Market demand (e.g., a car company authorizing a project to build more fuel-efficient cars in response to gasoline shortages); 
• Strategic opportunity/business need (e.g., a training company authorizing a project to create a new course to increase its revenues); 
• Social need (e.g., a nongovernmental organization in a developing country authorizing a project to provide potable water systems, latrines, and sanitation education to communities suffering from high rates of infectious diseases); 
•  Environmental consideration (e.g., a public company authorizing a project to create a new service for electric car sharing to reduce pollution); 
•  Customer request (e.g., an electric utility authorizing a project to build a new substation to serve a new industrial park); 
• Technological advance (e.g., an electronics firm authorizing a new project to develop a faster, cheaper, and smaller laptop based on advances in computer memory and electronics technology); and 
• Legal requirement (e.g., a chemical manufacturer authorizing a project to establish guidelines for proper handling of a new toxic material).

1.4.4Project Management office:

 A project management office (PMO) is a management structure that standardizes the project-related governance processes and facilitates the sharing of resources, methodologies, tools, and techniques. The responsibilities of a PMO can range from providing project management support functions to actually being responsible for the direct management of one or more projects.

There are several types of PMO structures in organizations, each varying in the degree of control and influence

they have on projects within the organization, such as:

• Supportive. Supportive PMOs provide a consultative role to projects by supplying templates, best practices, training, access to information and lessons learned from other projects. This type of PMO serves as a project repository. The degree of control provided by the PMO is low. 
• controlling. Controlling PMOs provide support and require compliance through various means.Compliance may involve adopting project management frameworks or methodologies, using specific templates, forms and tools, or conformance to governance. The degree of control provided by the PMO is moderate. 
• directive. Directive PMOs take control of the projects by directly managing the projects. The degree of control provided by the PMO is high.

The PMO integrates data and information from corporate strategic projects and evaluates how higher level strategic objectives are being fulfilled. The PMO is the natural liaison between the organization’s portfolios, programs, projects, and the corporate measurement systems (e.g. balanced scorecard).

The projects supported or administered by the PMO may not be related, other than by being managed together. 

The specific form, function, and structure of a PMO are dependent upon the needs of the organization that it supports.

A PMO may have the authority to act as an integral stakeholder and a key decision maker throughout the life of each project, to make recommendations, or to terminate projects or take other actions, as required, to remain aligned with the business objectives. In addition, the PMO may be involved in the selection, management, and deployment of shared or dedicated project resources.

A primary function of a PMO is to support project managers in a variety of ways which may include, but are not limited to:

• Managing shared resources across all projects administered by the PMO; 
• Identifying and developing project management methodology, best practices, and standards; 
• Coaching, mentoring, training, and oversight; 
• Monitoring compliance with project management standards, policies, procedures, and templates by means of project audits; 
• Developing and managing project policies, procedures, templates, and other shared documentation (organizational process assets); and 
• Coordinating communication across projects.

Project managers and PMOs pursue different objectives and, as such, are driven by different requirements. All of these efforts are aligned with the strategic needs of the organization. Differences between the role of project managers and a PMO may include the following:

• The project manager focuses on the specified project objectives, while the PMO manages major program scope changes, which may be seen as potential opportunities to better achieve business objectives. 
• The project manager controls the assigned project resources to best meet project objectives, while the PMO optimizes the use of shared organizational resources across all projects. 
• The project manager manages the constraints (scope, schedule, cost, quality, etc.) of the individual projects, while the PMO manages the methodologies, standards, overall risks/opportunities, metrics, and interdependencies among projects at the enterprise level.

1.5 Relationship between Project Management, Operations Management, and organizational Strategy

Operations management is responsible for overseeing, directing, and controlling business operations. Operations Evolve to support the day-to-day business, and are necessary to achieve strategic and tactical goals of the business. Examples include: production operations, manufacturing operations, accounting operations, software support, and maintenance.

Though temporary in nature, projects can help achieve the organizational goals when they are aligned with the organization’s strategy. Organizations sometimes change their operations, products, or systems by creating strategic business initiatives that are developed and implemented through projects. Projects require project management activities and skill sets, while operations require business process management, operations management activities, and skill sets.

1.5.1Operations and Project Management:

Changes in business operations may be the focus of a dedicated project—especially if there are substantial changes to business operations as a result of a new product or service delivery. Ongoing operations are outside of the scope of a project; however, there are intersecting points where the two areas cross.

Projects can intersect with operations at various points during the product life cycle, such as:

• At each closeout phase; 
• When developing a new product, upgrading a product, or expanding outputs; 
• While improving operations or the product development process; or 
• Until the end of the product life cycle.

At each point, deliverables and knowledge are transferred between the project and operations for implementation of the delivered work. This implementation occurs through a transfer of project resources to operations toward the end of the project, or through a transfer of operational resources to the project at the start.

Operations are ongoing endeavors that produce repetitive outputs, with resources assigned to do basically the same set of tasks according to the standards institutionalized in a product life cycle. Unlike the ongoing nature of operations, projects are temporary endeavors.

1.5.1.1 Operations Management:

Operations management is a subject area that is outside the scope of formal project management as described in this standard.

Operations management is an area of management concerned with ongoing production of goods and/or services. It involves ensuring that business operations continue efficiently by using the optimum resources needed and meeting customer demands. It is concerned with managing processes that transform inputs (e.g., materials, components, energy, and labor) into outputs (e.g., products, goods, and/or services).

 
1.5.1.2 Operational Stakeholders in Project Management: While operations management is different from project management (see 1.5.1.1), the needs of stakeholders who perform and conduct business operations are important considerations in projects that will affect their future work and endeavors. Project managers who consider and appropriately include operational stakeholders in all phases of projects, gain insight and avoid unnecessary issues that often arise when their input is overlooked.

Operational stakeholders should be engaged and their needs identified as part of the stakeholder register, and their influence (positive or negative) should be addressed as part of the risk management plan.

The following list includes examples of operational stakeholders (depending upon the business):

• Plant Operators,
• Manufacturing line supervisors, 
• Help desk staff,
• Production system support analysts,
•  Customer service representative,
• Salespersons,
• Maintenance workers,
• Telephone sale personnel,
• Call center personnel,
• Line managers, and
• Training officers,

1.5.2 Organizations And Project Management:

Organizations use governance to establish strategic direction and performance parameters. The strategic direction provides the purpose, expectations, goals, and actions necessary to guide business pursuit and is aligned with business objectives. Project management activities should be aligned with top-level business
direction, and if there is a change, then project objectives need to be realigned. In a project environment, changes to project objectives affect project efficiency and success. When the business alignment for a project is constant, the chance for project success greatly increases because the project remains aligned with the strategic direction of the organization. Should something change, projects should change accordingly.

1.5.2.1 Project-Based organizations:

Project-based organizations (PBOs) refer to various organizational forms that create temporary systems for carrying out their work. PBOs can be created by different types of organizations (i.e., functional, matrix, or projectized (see 2.1.3)). The use of PBOs may diminish the hierarchy and bureaucracy inside the organizations as the success of the work is measured by the final result rather than by position or politics.

PBOs conduct the majority of their work as projects and/or provide project rather than functional approaches. PBOs can refer to either entire firm’s (as in telecommunications, oil and gas, construction, consultancy, and professional services) multi-firm consortia, or networks; it is also possible that some large project-based organizations have functional support areas or that the PBO is nested within subsidiaries or divisions of larger corporations.

1.5.2.2 The Link between Project Management and organizational Governance Projects (and programs) are undertaken to achieve strategic business outcomes, for which many organizations now adopt formal organizational governance processes and procedures. Organizational governance criteria can impose constraints on projects—particularly if the project delivers a service which will be subject to strict organizational governance.

Because project success may be judged on the basis of how well the resultant product or service supports organizational governance, it is important for the project manager to be knowledgeable about corporate/organizational governance policies and procedures pertaining to the subject matter of the product or service (e.g., if an organization has adopted policies in support of sustainability practices and the project involves construction of a new office building, the project manager should be aware of sustainability requirements related to building construction.

 

 

1.6 Business Value:

Business value is a concept that is unique to each organization. Business value is defined as the entire value of the business; the total sum of all tangible and intangible elements. Examples of tangible elements include monetary assets, fixtures, stockholder equity, and utility. Examples of intangible elements include good will, brand recognition, public benefit, and trademarks. Depending on the organization, business value scope can be short-, medium-, or long-term. Value may be created through the effective management of ongoing operations. However, through the effective use of portfolio, program, and project management, organizations will possess the ability to employ reliable, established processes to meet strategic objectives and obtain greater business value from their project investments. While not all organizations are business driven, all organizations conduct business-related activities. Whether an organization is a government agency or a nonprofit organization, all organizations focus on attaining business value for their activities.

Successful business value realization begins with comprehensive strategic planning and management. Organizational strategy can be expressed through the organization’s mission and vision, including orientation to markets, competition, and other environmental factors. Effective organizational strategy provides defined directions for development and growth, in addition to performance metrics for success. In order to bridge the gap between organizational strategy and successful business value realization, the use of portfolio, program, and project management techniques is essential.

Portfolio management aligns components (projects, programs, or operations) to the organizational strategy, organized into portfolios or sub portfolios to optimize project or program objectives, dependencies, costs, timelines, benefits, resources, and risks. This allows organizations to have an overall view of how the strategic goals are reflected in the portfolio, institute appropriate governance management, and authorize human, financial, or material resources to be allocated based on expected performance and benefits.

Using program management, organizations have the ability to align multiple projects for optimized or integrated costs, schedule, effort, and benefits. Program management focuses on project interdependencies and helps to determine the optimal approach for managing and realizing the desired benefits.

With project management, organizations have the ability to apply knowledge, processes, skills, and tools and techniques that enhance the likelihood of success over a wide range of projects. Project management focuses on the successful delivery of products, services, or results. Within programs and portfolios, projects are a means of achieving organizational strategy and objectives.

Organizations can further facilitate the alignment of these portfolio, program, and project management activities by strengthening organizational enablers such as structural, cultural, technological, and human resource practices. By continuously conducting portfolio strategic alignment and optimization, performing business impact analyses, and developing robust organizational enablers, organizations can achieve successful transitions within the portfolio, program, and project domains and attain effective investment management and business value realization.

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