The Project Management Body of Knowledge (PMBOK), developed by the Project Management Institute (PMI), is a project management guide, consisting of a collection of processes and knowledge accepted as best practice within the project management discipline. PMBOK is an internationally recognized standard (IEEE Std 1490-2003), that provides the fundamentals of project management as they apply to a wide range of projects, including construction, software, engineering, automotive,etc.
The PMBOK guide is process-based, meaning it describes work as being accomplished by processes. This approach is consistent with other management standards such as ISO 9000 and the Software Engineering Institute's Capability Maturity Model® Integration (CMMI). The PMBOK guide recognizes 44 processes that fall into five basic process groups that are typical of almost all projects. The five basic process groups are :
Processes overlap and interact throughout a project or its various phases. Processes are described in terms of:
- Controlling and Monitoring
The PMBOK guide recognizes nine knowledge areas :
- Inputs (documents, plans, designs, etc.)
- Tools and Techniques (mechanisms applied to inputs)
- Outputs (documents, products, etc.)
Much of PMBOK is unique to project management e.g. critical path and work breakdown structure (WBS). General management includes planning, organising, staffing, executing and controlling the operations of an organisation, financial forecasting, organisational behaviour and planning techniques.
- Project Integration Management
- Project Scope Management
- Project Time Management
- Project Cost Management
- Project Quality Management
- Project Human Resource Management
- Project Communications Management
- Project Risk Management
- Project Procurement Managemen
The Standard for Program Management – Second Edition layouts out a framework for effective and efficient program management that is fully in line with PMBOK Guide. It continues to recognize good practices for managing multiple projects and programs successfully with even more knowledge areas and processes.
The Standard for Portfolio Management provides a framework to take a comprehensive view of portfolios, group them for the most effective management, and ensure that all components are aligned strategically.
The Standard for Portfolio Management provides portfolio managers with a resource to help them develop professionally and achieve success for themselves and their Organisations. Within an organisation, a portfolio represents a collection of active programs, projects and other work undertaken at a specific point in time to help the organisation reach its strategic objectives. In essence, a portfolio reflects the priorities, investments and resource allocations of the organisation. Portfolio management, therefore, is the centralized management of one or more portfolios in order to achieve specific strategic business objectives. As a process, portfolio management enables organisations to identify, categorize, evaluate, select, prioritize, authorise, terminate and review various portfolio components to ensure their alignment with current and future business strategy and goals, which in turn helps the organisation optimise the use of its limited resources. Because portfolios address all aspects of an organisation, reaching into organisational functions such as finance, marketing, corporate communications and human resources, as well as strategic objectives, portfolio management has become a key method used to create and execute effective corporate governance frameworks.
|PMBOK Project Management
||The Standard for Program Management
||The Standard for Portfolio Management
The Project Management Framework
|The Program Management Framework
||The Portfolio Management Framework
|5 process groups
||5 process groups
||2 process groups
|44 project management processes
||39 program management processes
||9 portfolio management processes
Source: Project Management Institute (PMI)