PMI and the BOK:

- The project management body of knowledge (PMBOK) is an inclusive term that describes the sum of knowledge within the profession of project management

- The PMBOK included knowledge of widely used pratices, as well as advanced less used pratices

- The guide to the Project management body of knowledge (PMBOK Guide) is a project management standard developed by the project management institute (PMI)

- The PMBOK is widely accepted to be standard in project management

Purpose of PMBOK Guide:

- Identifies generally acceptable and recognised good practices in PM, i including processes, skills, tools adnd techniques. Which can have significant impact on project success

- Promote common words used in PM profession

- A guide rather than a method

- Establishes guidelines for PM processes, tools and techniques

- Talks about basic obligation of responsibility, respect, fairness and honesty

Portfolio management:

- Project management is controlled by program and portfolio management

- Portfolio is a collection of projects or programs and other works grouped together to help effetcive management of that work to meet strategic objectives

- Projects or programs of a porfolio may not necessarily be interdependent or directly related

- Porfolio management refers to centralised management of one or more portfolios. This includes identifying, prioritising, authorising, managing and controlling projects, programs and other work, to achieve other strategic business objectives

- It focuses on ensuring that projects and programs are reveiwing to prioritise resource allocation, and that the management of portfolio is consistent with and aligned to organisational strategies

Continued:

- Program management focuses on the project interdependencies and helps to work out the optimal approach to manage them

- Action relating to these interdependencies include:
* Resolving resource constraints or conflicts that affect multiple projects within the program
* Aligning organisaiton/strategic directions that affects project and program goals and objectives
* Resolving issues and change management within a shared governance structure

PM and PMO's have different objectives. But they are the same with the strategic needs. The differences are:

- PM focuses on the specified project objectives
- PMO manages major program scope changes, which may be seen as potential opportunities to better achieve busines objectives

- PM controls the resources to achieve the project objective succesfully
- PMO optimises the use of shared organisation resources across projects

- PM manages the constraints of a single project
- PMO manages the methods, standards, overall risk/opportunity, and interdependencies amongst all projects.

Project vs operational management:

- Operations are an organisational function performing the ongoing activties that result in the same product or the same service
- Project requires project management, while operation require business project management
- Projects can intersect with operations at varioud points during the product lifecycle
* closeout phase of a project, end of a lifecycle of a product
* development/upgrade of product
* improvement of operational or product developement

The PM should have the area specific skills, and management skills, but also:

- Knowledge - what the PM knows about project management
- Performance - what PM is able to do while applying his project managment knowledge
- Personal - how the PM behaves when performing the project relasted activity (attitude, core personality, leadership) with ability to guide them while achieving pbkects and balacing constraints

Enterprise environemental factors:

- Internal and external factors that surround and influence a project's success
- These factors may enhance or constraint project management options, with positive or negative infuence on the outcome

Project stakeholders:

- Persona or organisation (incl. cusotmers , sponsors, public) actively involved

- Their interest can positively or negatively influence the completion and the performance of the project

- You must identify the internal and external stakeholders to work out project requirements and expectations

- Must manage their influence in relation to project requirements to ensure a successful outcome

Oraganisational process assets also influence the project's perfomance. This includes:
- formal/informal plans
- policies
- templates
- procedures, and guidelines

Oragnisatonal corporate knowledge base for storing and retrieving info is also critical for the project's performance. This includes:
- Process management database
- Project filles
- Historial info and lessons learnt
- Issues and defect management databases
- Configuration management knowledge databases
- Financial databases

Project life cycle:

- Collection of generally sequential and some time overlapping project phases worked out by the
* Management and control needs of the organisations involved
* Nature of the project
* Area of application

- Projects vary in size but can be mapped in to the lifecycle of :
* starting the project
* orgaising and preparing
* carrying out the project
* closing

Project management knowledge areas:

- Integration - actions to ensure that the components of a project work with each other properly, and with the wider organisation

- Scope - actions to ensure that the project includes all and only the work required to meet goals and obectives

- Time - actions to ensure timely performace of all aspects of the project

- Cost- actions to esnure the project is completed within the budget

- Quality - actions to ensure the project and the deliverables satisfy corectness

- Human resources - actions to ensure the most effective use of people

Project management are described in terms of inputs, tools and techniques, and outputs

- inputs - documents, plans, designes
- tools & techniques - mechanisms applied to inputs
- Outputs - documents, products and services

Project charter-
Planning process overview:

1. Develop and evaluate the concept of the project
2. Carefully identify what project deliveravles must have to be successful
3. create a system
4. test the prototype
5. integrate the deliverable into target system
6. Validate the deliverable
7. Let client test it
8. Make sure client understands operating and maintenance requirements

Sorting out the project - WBS

- Main purpose of the WBS is to ensure that no task is overlooked

Risk management :

3 major areas:
1. Risk identification
2. Risk analysis
3. Response to risk

Risk identification and qualitative risk analysis:

Step 2 and 3 are often carried out together

- Scenario analysis
* well knows method for identifying risk
* involves envisioning likely scenarios and resulting outcomes

- Failure mode and effect analysis (FMEA)
1. List ways project might fail
2. List consequence and evaluate its severity
3. List cause and likelihood
4. Estimate the ability to detect each failure
5. Calculate the risk priority number
6. Sort the potential failure by their risk priority numbers