CPM PMBOK Recitation #2

standard

is a document established by an authority, custom, or general consent as a model or example. This was developed using a process based on the concepts of consensus, openness, due process, and balance. This describes the processes considered to be good practice on most projects most of the time.

project

is a temporary endeavor undertaken to create a unique product, service, or result

Project management

is the application of knowledge, skills, tools, and techniques to project activities to meet project requirements.

portfolio

is defined as projects, programs, subsidiary portfolios, and operations managed in a coordinated manner to achieve strategic objectives

Portfolio management

is the centralized management of one or more portfolios to achieve strategic objectives. It focuses on ensuring the portfolio is performing consistent with the organization’s objectives and evaluating portfolio components to optimize resource allocation.

program

is defined as related projects, subsidiary programs, and program activities managed in a coordinated manner to obtain benefits not available from managing them individually.

Program management

is the application of knowledge, skills, and principles to a program to achieve the program objectives and to obtain benefits and control not available by managing related program components individually. It supports organizational strategies by authorizing, changing, or terminating projects and managing their interdependencies.

A project may be managed in three separate scenarios:

• as a stand-alone project (outside a portfolio or program)

• within a program

• within a portfolio

Organizational project management (OPM)

is a strategy execution framework utilizing portfolio, program, and project management. It provides a framework that enables organizations to consistently and predictably deliver on organizational strategy, producing better performance, better results, and a sustainable competitive advantage

Organizational governance

is a structured way to provide direction and control through policies, and processes, to meet strategic and operational goals. It is typically conducted by a board of directors to ensure accountability, fairness, and transparency to its stakeholders

Project governance

is the framework, functions, and processes that guide project management activities in order to create a unique product, service, or result to meet organizational, strategic, and operational goals.

business case

is often developed to outline the project objectives, the required investment, and financial and qualitative criteria for project success. It provides the basis to measure success and progress throughout the project life cycle by comparing the results with the objectives and the identified success criteria.

Benefits management plan

describes how and when the benefits of the project will be delivered and how they will be measured.

Target benefits

The expected tangible and intangible business value to be gained by the implementation of the product, service, or result.

Strategic alignment

How the project benefits support and align with the business strategies of the organization.

Timeframe for realizing benefits

Benefits by phase: short term, long term, and ongoing.

Benefits owner

The accountable person or group that monitors, records, and reports realized benefits throughout the timeframe established in the plan

Metrics

The direct and indirect measurements used to show the benefits realized.

Metrics

The direct and indirect measurements used to show the benefits realized.

Risks

Risks associated with achieving target benefits

project life cycle

is the series of phases that a project passes through from its start to its completion

project phase

is a collection of logically related project activities that culminates in the completion of one or more deliverables. They can be sequential, iterative, or overlapping.

control point/phase gate

the project charter and business documents are reexamined based on the current environment. At that time, the project’s performance is compared to the project management plan to determine if the project should be changed, terminated, or continue as planned.

Project Stakeholder

is an individual, group, or organization that may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project.

project manager

is the person assigned by the performing organization to lead the team responsible for achieving the project objectives.

Project Management Knowledge Areas

are fields or areas of specialization that are commonly employed when managing projects.

Knowledge Area

is a set of processes associated with a particular topic in project management. These are used on most projects most of the time.

enterprise environmental factors (EEFs) and organizational process assets (OPAs)

Two major categories of influences are enterprise environmental factors

EEFs

originate from the environment outside of the project and often outside of the enterprise. These factors refer to conditions, which are not under the control of the project team, that influence, constrain, or direct the project. Examples in this area include but are not limited to: vision, mission, values, beliefs, cultural norms, hierarchy, and authority relationships

OPAs

are internal to the enterprise. These may arise from the enterprise itself, a portfolio, a program, another project, or a combination of these. These are the plans, processes, policies, procedures, and knowledge bases specific to and used by the performing organization. Examples include but are not limited to: change control procedures, templates, information from previous projects, and lessons learned repositories.

Tailoring

The project manager and the project management team select and adapt the appropriate artifacts for use on their specific project. This selection and adaptation activity is known as

Subsidiary management plans

are plans associated with a specific aspect or Knowledge Area of the project, for example, a schedule management plan, risk management plan and change management plan.

Business documents

are documents that are generally originated outside of the project, and are used as inputs to the project. Examples of these include the business case and benefits management plan.

Develop Project Charter

is the process of developing a document that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities. The key benefits of this process are that it provides a direct link between the project and the strategic objectives of the organization, creates a formal record of the project, and shows the organizational commitment to the project. This process is performed once, or at predefined points in the project. T

Identify Stakeholders

is the process of identifying project stakeholders regularly and analyzing and documenting relevant information regarding their interests, involvement, interdependencies, influence, and potential impact on project success. The key benefit of this process is that it enables the project team to identify the appropriate focus for engagement of each stakeholder or group of stakeholders. This process is performed periodically throughout the project as needed.

progressive elaboration

It is the ongoing refinement of the project management plan. It indicates that planning and documentation are iterative or ongoing activities.

Develop Project Management Plan

is the process of defining, preparing, and coordinating all plan components and consolidating them into an integrated project management plan. The key benefit of this process is the production of a comprehensive document that defines the basis of all project work and how the work will be performed.

Plan Scope Management

is the process of creating a scope management plan that documents how the project and product scope will be defined, validated, and controlled. The key benefit of this process is that it provides guidance and direction on how scope will be managed throughout the project.

Collect Requirements

is the process of determining, documenting, and managing stakeholder needs and requirements to meet objectives. The key benefit of this process is that it provides the basis for defining the product scope and project scope. This process is performed once or at predefined points in the project.

Define Scope

is the process of developing a detailed description of the project and product. The key benefit of this process is that it describes the product, service, or result boundaries and acceptance criteria. This process is performed once or at predefined points in the project.

Create Work Breakdown Structure (WBS)

is the process of subdividing project deliverables and project work into smaller, more manageable components. The key benefit of this process is that it provides a framework of what has to be delivered. This process is performed once or at predefined points in the project.

Plan Schedule Management

is the process of establishing the policies, procedures, and documentation for planning, developing, managing, executing, and controlling the project schedule. The key benefit of this process is that it provides guidance and direction on how the project schedule will be managed throughout the project. This process is performed once or at predefined points in the project.

Define Activities

is the process of identifying and documenting the specific actions to be performed to produce the project deliverables. The key benefit of this process is that it decomposes work packages into schedule activities that provide a basis for estimating, scheduling, executing, monitoring, and controlling the project work. This process is performed throughout the project.

Sequence Activities

is the process of identifying and documenting relationships among the project activities. The key benefit of this process is that it defines the logical sequence of work to obtain the greatest efficiency given all project constraints. This process is performed throughout the project.

Estimate Activity Durations

is the process of estimating the number of work periods needed to complete individual activities with estimated resources. The key benefit of this process is that it provides the amount of time each activity will take to complete. This process is performed throughout the project.

Develop Schedule

is the process of analyzing activity sequences, durations, resource requirements, and schedule constraints to create a schedule model for project execution and monitoring and controlling. The key benefit of this process is that it generates a schedule model with planned dates for completing project activities. This process is performed throughout the project.

Estimate Costs

is the process of developing an approximation of the monetary resources needed to complete project work. The key benefit of this process is that it determines the monetary resources required for the project. This process is performed periodically throughout the project as needed.

Determine Budget

is the process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline. The key benefit of this process is that it determines the cost baseline against which project performance can be monitored and controlled. This process is performed once or at predefined points in the project.

Plan Quality Management

is the process of identifying quality requirements and/or standards for the project and its deliverables, and documenting how the project will demonstrate compliance with quality requirements and/or standards. The key benefit of this process is that it provides guidance and direction on how quality will be managed and verified throughout the project. This process is performed once or at predefined points in the project.

Plan Resource Management

is the process of defining how to estimate, acquire, manage, and utilize physical and team resources. The key benefit of this process is that it establishes the approach and level of management effort needed for managing project resources based on the type and complexity of the project. This process is performed once or at predefined points in the project.

Estimate Activity Resources

is the process of estimating team resources and the type and quantities of materials, equipment, and supplies necessary to perform project work. The key benefit of this process is that it identifies the type, quantity, and characteristics of resources required to complete the project. This process is performed periodically throughout the project as needed.

Plan Communications Management

is the process of developing an appropriate approach and plan for project communication activities based on the information needs of each stakeholder or group, available organizational assets, and the needs of the project. The key benefit of this process is a documented approach to effectively and efficiently engage stakeholders by presenting relevant information in a timely manner. This process is performed periodically throughout the project as needed.

Plan Risk Management

is the process of defining how to conduct risk management activities for a project. The key benefit of this process is that it ensures that the degree, type, and visibility of risk management are proportionate to both the risks and the importance of the project to the organization and other stakeholders. This process is performed once or at predefined points in the project.

Identify Risks

is the process of identifying individual project risks as well as sources of overall project risk, and documenting their characteristics. The key benefit of this process is the documentation of the existing individual project risks and the sources of overall project risk. It also brings together information so the project team can to respond appropriately to the identified risks. This process is performed throughout the project.

Perform Qualitative Risk Analysis

is the process of prioritizing individual project risks for further analysis or action by assessing their probability of occurrence and impact as well as other characteristics. The key benefit of this process is that it focuses efforts on high-priority risks. This process is performed throughout the project.

Perform Quantitative Risk Analysis

is the process of numerically analyzing the combined effect of identified individual project risks and other sources of uncertainty on overall project objectives. The key benefit of this process is that it quantifies overall project risk exposure and can also provide additional quantitative risk information to support risk response planning. This process is performed throughout the project.

Plan Risk Responses

is the process of developing options, selecting strategies, and agreeing on actions to address overall project risk exposure as well as to treat individual project risks. The key benefit of this process is that it identifies appropriate ways to address overall project risk and individual project risks. This process also allocates resources and inserts activities into project documents and the project management plan as needed. This process is performed throughout the project.

Plan Procurement Management

is the process of documenting project procurement decisions, specifying the approach, and identifying potential sellers. The key benefit of this process is that it determines whether to acquire goods and services from outside the project and, if so, what to acquire as well as how and when to acquire it. Goods and services may be procured from other parts of the performing organization or from external sources. This process is performed once or at predefined points in the project.

Plan Stakeholder Engagement

is the process of developing approaches to involve project stakeholders based on their needs, expectations, interests, and potential impact on the project. The key benefit is that it provides an actionable plan to interact with stakeholders effectively. This process is performed periodically throughout the project as needed.

Direct and Manage Project Work

is the process of leading and performing the work defined in the project management plan and implementing approved changes to achieve the project’s objectives. The key benefit of this process is that it provides overall management of the project work and deliverables, thus improving the probability of project success. This process is performed throughout the project.

Manage Project Knowledge

is the process of using existing knowledge and creating new knowledge to achieve the project’s objectives and contribute to organizational learning. The key benefits of this process are that prior organizational knowledge is leveraged to produce or improve the project outcomes and that knowledge created by the project is available to support organizational operations and future projects or phases. This process is performed throughout the project.

Manage Quality

is the process of translating the quality management plan into executable quality activities that incorporate the organization’s quality policies into the project. The key benefit of this process is that it increases the probability of meeting the quality objectives, as well as identifying ineffective processes and causes of poor quality. This process is performed throughout the project.

Acquire Resources

is the process of obtaining team members, facilities, equipment, materials, supplies, and other resources necessary to complete project work. The key benefit of this process is that it outlines and guides the selection of resources and assigns them to their respective activities. This process is performed periodically throughout the project as needed.

Develop Team

is the process of improving competencies, team member interaction, and overall team environment to enhance project performance. The key benefit of this process is that it results in improved teamwork, enhanced interpersonal skills and competencies, motivated employees, reduced attrition, and improved overall project performance. This process is performed throughout the project.

Manage Team

is the process of tracking team member performance, providing feedback, resolving issues, and managing team changes to optimize project performance. The key benefit of this process is that it influences team behavior, manages conflict, and resolves issues. This process is performed throughout the project.

Manage Communications

is the process of ensuring timely and appropriate collection, creation, distribution, storage, retrieval, management, monitoring, and the ultimate disposition of project information. The key benefit of this process is that it enables an efficient and effective information flow between the project team and the stakeholders. This process is performed throughout the project.

Implement Risk Responses

is the process of implementing agreed-upon risk response plans. The key benefit of this process is that it ensures that agreed-upon risk responses are executed as planned in order to address overall project risk exposure, as well as to minimize individual project threats and maximize individual project opportunities. This process is performed throughout the project.

Conduct Procurements

is the process of obtaining seller responses, selecting a seller, and awarding a contract. The key benefit of this process is that it selects a qualified seller and implements the legal agreement for delivery. This process is performed periodically throughout the project as needed.

Manage Stakeholder Engagement

is the process of communicating and working with stakeholders to meet their needs and expectations, address issues, and foster appropriate stakeholder involvement. The key benefit of this process is that it allows the project manager to increase support and minimize resistance from stakeholders. This process is performed throughout the project.

Monitoring

is collecting project performance data, producing performance measures, and reporting and disseminating performance information.

Controlling

is comparing actual performance with planned performance, analyzing variances, assessing trends to effect process improvements, evaluating possible alternatives, and recommending appropriate corrective action as needed.

Monitor and Control Project Work

is the process of tracking, reviewing, and reporting the overall progress to meet the performance objectives defined in the project management plan. The key benefit of this process is that it allows stakeholders to understand the current state of the project, to recognize the actions taken to address any performance issues, and to have visibility into the future project status with cost and schedule forecasts. This process is performed throughout the project

Perform Integrated Change Control

is the process of reviewing all change requests; approving changes and managing changes to deliverables, organizational process assets, project documents, and the project management plan; and communicating the decisions. The key benefit of this process is that it allows for documented changes within the project to be considered in an integrated manner while addressing overall project risk, which often arises from changes made without consideration of the overall project objectives or plans. This process is performed throughout the project.

Validate Scope

is the process of formalizing acceptance of the completed project deliverables. The key benefit of this process is that it brings objectivity to the acceptance process and increases the probability of final product, service, or result acceptance by validating each deliverable. This process is performed periodically throughout the project as needed.

Control Scope

is the process of monitoring the status of the project and product scope and managing changes to the scope baseline. The key benefit of this process is that the scope baseline is maintained throughout the project. This process is performed throughout the project.

Control Schedule

is the process of monitoring the status of the project to update the project schedule and manage changes to the schedule baseline. The key benefit of this process is that the schedule baseline is maintained throughout the project. This process is performed throughout the project.

Control Costs

is the process of monitoring the status of the project to update the project costs and managing changes to the cost baseline. The key benefit of this process is that the cost baseline is maintained throughout the project. This process is performed throughout the project.

Control Quality

is the process of monitoring and recording results of executing the quality management activities to assess performance and ensure the project outputs are complete, correct, and meet customer expectations. The key benefit of this process is verifying that project deliverables and work meet the requirements specified by key stakeholders for final acceptance. This process is performed throughout the project.

Control Resources

is the process of ensuring that the physical resources assigned and allocated to the project are available as planned, as well as monitoring the planned versus actual utilization of resources and taking corrective action as necessary. The key benefit of this process is ensuring that the assigned resources are available to the project at the right time and in the right place and are released when no longer needed. This process is performed throughout the project.

Monitor Communications

is the process of ensuring the information needs of the project and its stakeholders are met. The key benefit of this process is the optimal information flow as defined in the communications management plan and stakeholder engagement plan. This process is performed throughout the project.

Monitor Risks

is the process of monitoring the implementation of agreed-upon risk response plans, tracking identified risks, identifying and analyzing new risks, and evaluating risk process effectiveness throughout the project. The key benefit of this process is that it enables project decisions to be based on current information about overall project risk exposure and individual project risks. This process is performed throughout the project.

Control Procurements

is the process of managing procurement relationships, monitoring contract performance and making changes and corrections as appropriate, and closing out contracts. The key benefit of this process is that it ensures that both the seller’s and buyer’s performance meets the project’s requirements according to the terms of the legal agreements. This process is performed throughout the project, when procurements are active.

Monitor Stakeholder Engagement

is the process of monitoring project stakeholder relationships, and tailoring strategies for engaging stakeholders through modification of engagement strategies and plans. The key benefit of this process is that it maintains or increases the efficiency and effectiveness of stakeholder engagement activities as the project evolves and its environment changes. This process is performed throughout the project.

Close Project or Phase

is the process of finalizing all activities for the project, phase, or contract. The key benefits of this process are the project or phase information is archived, the planned work is completed, and organizational resources are released to pursue new endeavors. This process is performed once or at predefined points in the project.