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Standard for Project Management Overview

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102 views4 pages

Standard for Project Management Overview

Uploaded by

Sphesihle Masogana
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

THE

STANDARD FOR
PROJECT MANAGEMENT
1
Introduction
The Standard for Project Management identifies project management principles that guide the
behaviors and actions of project professionals and other stakeholders who work on or are engaged
with projects.

This introductory section describes the purpose of this standard, defines key terms and
concepts, and identifies the audience for the standard.

The Standard for Project Management consists of the following sections:


▶ Section 1 Introduction
▶ Section 2 A System for Value Delivery
▶ Section 3 Project Management Principles

1.1 PURPOSE OF THE STANDARD FOR PROJECT MANAGEMENT


The Standard for Project Management provides a basis for understanding project management
and how it enables intended outcomes. This standard applies regardless of industry, location, size,
or delivery approach, for example, predictive, hybrid, or adaptive. It describes the system within
which projects operate, including governance, possible functions, the project environment, and
considerations for the relationship between project management and product management.

3
1.2 K EY T E RM S AN D C O N C E P T S
The Standard for Project Management reflects the progression of the profession. Organizations
expect projects to deliver outcomes in addition to outputs and artifacts. Project managers are
expected to deliver projects that create value for the organization and stakeholders within the
organization’s system for value delivery. The following terms are defined to provide context for the
content in this standard.
▶ Outcome. An end result or consequence of a process or project. Outcomes can include
outputs and artifacts, but have a broader intent by focusing on the benefits and value that
the project was undertaken to deliver.
▶ Portfolio. Projects, programs, subsidiary portfolios, and operations managed as a group
to achieve strategic objectives.
▶ Product. An artifact that is produced, is quantifiable, and can be either an end item in itself
or a component item.
▶ Program. Related projects, subsidiary programs, and program activities that are managed
in a coordinated manner to obtain benefits not available from managing them individually.
▶ Project. A temporary endeavor undertaken to create a unique product, service, or result.
The temporary nature of projects indicates a beginning and an end to the project work or
a phase of the project work. Projects can stand alone or be part of a program or portfolio.
▶ Project management. The application of knowledge, skills, tools, and techniques to
project activities to meet project requirements. Project management refers to guiding the
project work to deliver the intended outcomes. Project teams can achieve the outcomes
using a broad range of approaches (e.g., predictive, hybrid, and adaptive).
▶ Project manager. The person assigned by the performing organization to lead the project
team that is responsible for achieving the project objectives. Project managers perform
a variety of functions, such as facilitating the project team work to achieve the outcomes
and managing the processes to deliver intended outcomes. Additional functions are
identified in Section 2.3.

4 The Standard for Project Management


▶ Project team. A set of individuals performing the work of the project to achieve
its objectives.
▶ System for value delivery. A collection of strategic business activities aimed at building,
sustaining, and/or advancing an organization. Portfolios, programs, projects, products,
and operations can all be part of an organization’s system for value delivery.
▶ Value. The worth, importance, or usefulness of something. Different stakeholders perceive
value in different ways. Customers can define value as the ability to use specific features
or functions of a product. Organizations can focus on business value as determined with
financial metrics, such as the benefits less the cost of achieving those benefits. Societal
value can include the contribution to groups of people, communities, or the environment.

For other terms used in this standard, refer to the Glossary and the PMI Lexicon of Project
Management Terms [1].1

1.3 AUD IE N C E FO R T H IS S TA NDA R D


This standard provides a foundational reference for stakeholders participating in a project.
This includes, but is not limited to, project practitioners, consultants, educators, students, sponsors,
stakeholders, and vendors who:
▶ Are responsible or accountable for delivering project outcomes;
▶ Work on projects full or part time;
▶ Work in portfolio, program, or project management offices (PMOs);
▶ Are involved in project sponsorship, product ownership, product management,
executive leadership, or project governance;
▶ Are involved with portfolio or program management;
▶ Provide resources for project work;
▶ Focus on value delivery for portfolios, programs, and projects;
▶ Teach or study project management; and
▶ Are involved in any aspect of the project value delivery chain.

1
The numbers in brackets refer to the list of references at the end of this standard.

Section 1 – Introduction 5

Common questions

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An 'outcome' is the end result or consequence of a project, including outputs and artifacts but with a broader focus on delivering benefits and value. Outcomes represent the strategic purpose behind undertaking the project .

A project manager is assigned by the organization to lead the project team. They facilitate the project team work to achieve outcomes and manage processes to deliver intended project results .

The project management framework incorporates various delivery approaches like predictive, hybrid, and adaptive. This integration allows project teams to achieve the intended outcomes by tailoring methodologies to fit project-specific needs and contexts .

The document targets a broad range of stakeholders, including project practitioners, consultants, educators, students, sponsors, stakeholders, and vendors involved in project outcomes, management offices, sponsorship, product management, and the value delivery chain .

Project managers are expected to guide the project work to deliver intended outcomes, which encompasses facilitating the project team, managing project processes, and using varying approaches such as predictive, hybrid, or adaptive methodologies .

The primary purpose of the Standard for Project Management is to provide a basis for understanding project management and how it enables intended outcomes, applicable across various industries, locations, sizes, or delivery approaches .

Organizations expect projects to deliver not only outputs and artifacts but also to create value for the organization and stakeholders, focusing on benefits and the broader intent of outcomes .

'Value' is defined as the worth, importance, or usefulness of something, with different stakeholders perceiving value in various ways. Customers view value in terms of specific features or functions, organizations see business value via financial metrics, and societal value can involve contributions to communities or the environment .

Projects are temporary endeavors for creating unique outcomes. Programs consist of related projects managed in a coordinated manner to achieve benefits not accessible when managed individually. Portfolios are collections of projects, programs, and operations managed together to achieve strategic objectives .

A 'system for value delivery' is conceptualized as a collection of strategic business activities aimed at building, sustaining, and/or advancing an organization, incorporating portfolios, programs, projects, products, and operations .

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