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Project Management - Body of knowledge [PMBOK]

Notes on the principles of PMBOK. SKills essential for managers. PMBOK is a guide for project management, published by PMI. It has 12 principles and eight domains for delivering project outcomes. It is not a fixed method, but a flexible framework that can be customized and combined with other methods. It helps project managers and teams communicate and work better.

Standard for Project Management

Introduction

  • The standard acts as a guide for the actions and behaviours needed to be taken project professionals at appropriate times.
  • It provides a basis for understanding PM and how it enables intended outcomes
  • is industry,location,size, delivery method agnostic
  • describes project operations, governance, functions
  • defines relationship b/w project and product management

Key terms:

  • Outcomes : Artifacts, outputs along with value and benefits
  • Portfolio : Related projects, programs, operations managed as a single entity
  • Product: Quantifyable component or artifact that is an end item
  • Program: A collection of related projects that are managed as an entity that provides benefits not available by managing them together
  • Project: A temporary endevour to provide a product, service or result
  • Project Management: Guiding projects to intended outcomes using knowledge, skills, tools, techniques and approaches (predictive, hybrid, adaptive)
  • Project Manager: facilitates project team work and processes
  • Project Team:
  • System for value delivery: Strategic business activities aimed at taking the org forward
  • Value: Value, worth or usefulness. percieved value is different for different stakeholders

Value Delivery Systems

Creating Value

Info

  • Projects create value for organizations by:

    • creating a product, service or desired result for end customers
    • societal or environmental positive change
    • improving efficiency, productivity, effectiveness or responsiveness
    • enabling change to help transition to future state
    • sustaining changes from previous programs

  • Components of value delivery:

    • Portfolios, projects, programs, products and operations are components of value delivery
    • Working together these components deliver value in line with org strategy
    • Both programs and projects can be standalone
    • Ops can influence and support all the components aling with other functions like payroll
    • Portfolios, programs, projects influence each other as well as ops
    • Components create outcomes (end results) which create benefits which is a net gain for an organization
    • Focus on outcomes, choices, decisions directly proportional to long range performance

  • The components can be visualized as follows: A typical value delivery system

  • Information Flow A typical information flow

Organizational Governance Systems

Info
  • Governance systems work along side value delivery systems
  • They enable smooth workflow, resolve issues and support decision making
  • they provide a framework with functions and processes that guide activities
  • they include elements of oversight, control, value assessment, component integration and decision making
  • provide structure to assess changes, risks and issues

Functions of a project

Info

  • Introduction:

    • People drive project delivery
    • Two main modes of co-ordiation: Centralized (central authority) and decentralized (self-managed)
    • Sometimes hybrid mode of co-ordination also works (central authority with self-managed modules)
    • In either system supportive leadership models, meaningful engagement with stakeholders underpin outcomes
    • The functions in a team will vary depending on lot of factors like deliverables, industry, organization etc.

  • Functions:

    • Oversight and co-ordination
      • Planning, monitoring and control activities
      • Co-ordinating: Collaborating with executive and business leaders to expand on objectives
      • oversight: follow-on activites such as benefits realization and sustainment
      • Fits well with Portfolio and Program functions
    • Present objectives and feedback
      • provide insights, perspectives and clear directives from customers and end-users
    • Facilitation and Support
      • encourage team member participation, collaboration, shared sense of responsibility
      • create consensus, resolve conflicts and make decisions
    • Perform taks and provide insights
      • people that do the work and produce outcomes and artifacts
    • Apply expertise
      • provide knowledge vision and expertise in a specific area
    • Provide business expertise and direction
      • prioritizing requirements or backlog based on business value
      • interacting with stakeholders, customers and teams to decide product direction
    • Provide resources
      • promote the project and secure resources
    • Maintain Governance
      • link between project and strategy teams
      • approve recommendations by teams
      • monitor progress

The Project Environment

Info
  • Internal:
    • Process assets
    • Governance docs
    • Data assets
    • Knowledge assets
    • Security
    • Org culture and structure
    • Staff capability
    • Geographic distribution
    • IT software
    • Infrastructure
    • Resource availability
  • External:
    • Marketplace conditions
    • Societal influence
    • Regulatory
    • Commercial databases
    • Academic research
    • Industry standards
    • Financial considerations
    • Physical considerations

Product Management considerations

Info
  • Product Management involves integrating data, processes, people and business systems to create, maintain & develop a product or service throughout its lifecycle.
  • Forms:
    • Program management within a product lifecycle
    • Project management within a product lifecyle
    • Product managment within a program

Project Management principles

  • The principles are not prescriptive
  • They are broad based to allow multiple individuals and orgs can align to them
  • They are internally consistent (one principle does not negate the other)

Stewardship

Info
  • It means taking care, responsible use of resources and upholding values and ethics
  • Two main considerations:
    • Internal:
      • Operating in alignment with orgs values
      • Commitment towards and respectful engagement of team mates
      • Responsible use of orgs resources like finance
      • Appropriate use of authority, accountability and responsibility
    • External:
      • Environment Sustainability
      • Orgs relationship with external stakeholders
      • Societal impact
      • Imapct on the industry practices
  • Stewards have both implicit and explicit duties that may include:
    • Compliance
    • Integrity
    • Care
    • Trustworthiness

Collaboration

Info
  • Collaboration includes multiple contributing factors like:
    • Agreements
      • these are behavioural patterns and working norms
      • they need to be established at the start of the project
      • evolved further to ensure collective working continues
    • Organizational structures
      • Structures that can improve collaboration include:
        • Definitions of roles and responsibilities
        • Allocation of employees and vendors into project teams
        • formal committees tasked with specific objectives
        • Stand up meetings to review topics
    • Processes
      • set of rules that enable completion of tasks and assignments
      • these may include a work breakdown structure, taskboard or backlog
  • By fostering inclusive and collaborative environments, knowledge and expertise are more freely exchanged, which in turn enable better project outcomes.
  • Clearly defined roles can improve project outcomes significantly
  • To clearly define roles the following need to be considered:
    • Authority: Taking decisions
    • Accountability: Owning outcomes
    • Responsibility: obligation for fulfilment
  • A collaborative project team takes collective ownership of all outcomes

Engage with stakeholders

Info
  • Stakeholders are parties that affect, are affected by or percieve to be affected by a decision or deliverable of a program, project or portfolio
  • They influence the project, its performance or outcome (both positive or negative)
  • They affect:
    • Scope / Requirements
    • Schedule
    • Cost
    • Plans
    • Project team
    • Outcomes
    • Benefits realization
    • Risk
    • Quality
    • Sucess
    • Culture
  • Stakeholders will have a varying degree of interest influence in the project
  • The engagement level, methodology should be determined based on these factors
  • For example low interest, low influence stakeholders should be engaged in a monitoring capacity and the written communication must be used

Focus on Value