The Project Management Institute (PMI) defines a portfolio as a collection of projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives. Portfolio Management, then, is the discipline of managing this portfolio to achieve organizational goals. The components of the portfolio can be projects, programs (series of projects … [Read more...]
A program is a group of interrelated projects, subsidiary programs, and program activities that are managed in a coordinated way to obtain benefits not available from managing them individually. Program management is often confused with Portfolio management. The main difference is that a program has a defined end point, since it is a series of related projects each … [Read more...]
The foundation for project management theory is called process groups. Although relegated to one of many project 'models' in the PMBOK version 7, it is a well established sequence of events which guides the project life cycle as a whole, as well as each iteration within the project. They are not project phases, although phases often result in the full cycle of … [Read more...]
Managing projects is like steering a ship. When the wind or sea conditions are rough, experienced helmsman use their keen sense of how the ship will react to keep it moving in the right direction. Because the ship doesn't react right away, the helmsman must anticipate the delay between turning the ship's wheel and the reaction of the ship. The destination is … [Read more...]
Projects don't manage themselves. Professional project management requires the development of a plan that outlines how it will be managed. According to the Project Management Body of Knowledge (section 4.2), the project management plan fulfills this purpose. Although it includes any and all items that define the management of the project, there are certain … [Read more...]
In the Project Management Body of Knowledge (PMBOK) the process groups are the chronological phases that the project goes through, and the knowledge areas occur throughout any time during the process groups. The process groups are horizontal, and the knowledge areas are vertical. They are the core technical subject matter of the project management profession, … [Read more...]
Project Management is a unique field in that people generally don't choose it as an initial career path. They enter via the back door through a technical field, or they want to learn project management theory with the goal of advancing into the role. For this reason, many people who practice project management are generally not well equipped with project management … [Read more...]
The Project Management Institute's Project Management Body of Knowledge (PMBOK) is a very structured, analytical outline of a somewhat abstract topic. Using it to manage projects is like trying to enjoy a play by reading the script. Although the relevant information is there, it is difficult to put into practice without external training. To that end, I … [Read more...]
Tacit knowledge is that which is not codified and transferable through written or oral language, for example personal experience. It is the opposite of explicit knowledge which is learned and can be repeated. Tacit knowledge is held by human beings; It is more difficult to obtain than explicit knowledge but has more value. Tacit knowledge is business … [Read more...]
You have a malfunction. Or your project ran into problems. Or your plant's production has fallen. There could be one main reason, or several reasons for the negative event. There could be a chain of events which was initiated by a root cause. How do you decipher the complex web of events which culminated in the negative outcome? You need a … [Read more...]
