PMBOK® Guide 7th Edition – Chapter 1

PMBOK Standard

Provides a common understanding of project management.

Explains how projects operate within organizational systems  

Focuses on value creation for organizations and stakeholders  

Applies across industries, methodologies, and environments

Key Concept: Project

A temporary endeavor with a defined beginning and end

Creates a unique product, service, or result

May operate independently or within a program or portfolio

Progressively elaborated as more information becomes available

Key Concept: Program & Portfolio

Program: Coordinated management of related projects

Programs deliver benefits not achievable individually

Portfolio: Collection of projects, programs, and operations

Portfolios align work with strategic objectives

Key Concept: Product & Outcome

Product/output: A tangible or measurable artifact

Outcome: The result or benefit derived from a project

Outcomes may include outputs and artifacts

Focus is on realizing intended benefits

Project Management

Application of knowledge, skills, tools, and techniques

Used to meet project requirements and objectives

Enables informed decision-making

Balances constraints such as scope, time, cost, and risk

Project Roles

Project Manager: Leads the project and achieves objectives

Project Team: Performs project work

Stakeholders: Individuals or groups affected by the project

Sponsors: Provide resources and strategic direction

System for Value Delivery

An integrated set of organizational activities

Includes portfolios, programs, projects, and operations

Ensures alignment with strategy

Continuously delivers and sustains value