As you you already know, this program is eight weeks in duration. You have to complete each week’s plan on time in order to complete the program in eight weeks time. Like in all online training programs, the high level of commitment from the participant’s side is essential for the successful completion. During the next eight week’s time, set your priorities in such a way that, you are able to spend approximately ten hours every week for this program. Once you demonstrate your commitment level, we will also be equally committed.
During the first week, we will cover the basic definitions and the Initiation process group. Let us start this week’s lessons;
What is a project?
Projects are temporary endeavors. When a project ends, the team is dismantled. They deliver unique products or service as outputs. For example designing a new electric car is a project. Same is the case with building of a dam. Projects are performed by people. Progressive elaboration is another key aspect of the projects. At the beginning of projects we have very less information about them. As the project project progresses, we gain more insight about the project.
What is an Operation?
Operations are ongoing in nature. They deliver standard products or services as outputs. While designing a new electric car is a project, manufacturing the same model of the car shift after shift is an operation.
What is a program?
A program is a collection of inter-related projects, which when done together gives you more value than doing them one after the other. An integrated metro transport program comprises of multiple projects like the road transport, water transport, rail transport, cycling tracks and the paths for the pedestrians. Program managers manage programs. Project managers of the projects which are part of the program report to the program manager.
What is a portfolio?
Organizations have to meet their business goals to be in business. Business goals are supported by business strategy to meet them. Projects, programs and other work support the implementation of the business strategy. Portfolio is this collection of projects, programs and other work .
What is portfolio management?
The selection, alignment and assessment of the actual benefits of the programs and projects, which are part of the portfolio.
What is PMBOK?
The abbreviation for the Project Management Body Of Knowledge by is PMBOK. It is developed by the collaborative effort of project management practitioners. Reading this 750 plus page document is one of the biggest hurdles faced by PMP certification aspirants. It contains 49 processes grouped into 10 knowledge areas and five process groups.
What is a PMO?
PMO stands for Project Management Office or Program Management Office or Portfolio Management Office. There are three types of PMO;
- Supportive PMO. They just provide support to the project teams. They are not very powerful.
- Controlling PMO. They try to control the project through audits, reporting etc. They have more power than the supportive PMO.
- Directive PMO. They control the projects. They appoint the project managers. They are very powerful.
The 10 Knowledge Areas
The five process groups
The five process groups are;
- Monitoring and Controlling
Processes belongs to knowledge areas and process groups. For example the process ‘Develop Project Charter’ is part of ‘Project Integration’ knowledge area and ‘Initiation’ process group.
What is ITTO?
Every process has a set of Inputs, Tools & Techniques and Outputs. They are known as ITTO, which is very difficult for anyone to mug up.
When we learn PMBOK, process group wise, it is easier to remember ITTO logically. Our eight week’s program is organized process group wise.
Most repeated tools and techniques in PMBOK
- Alternatives analysis
- Cost benefit analysis
- Document analysis
- Earned value analysis
- Performance reviews
- Project performance
- Individual performance
- Reserve analysis
- Trend analysis
- Variance analysis
- Multi criteria decision analysis
For more details about these tools, Click here