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Project Management Definitions

To begin studying for the exam, I am beginning with Chap 2, in Mulcahy’s PMP Exam Prep 6th Edition, which focuses on some of the ground concepts. I’ve thrown in additional info from the PMBOK 4th edition (specified below).

Definition of a Project-

  • Temporary
  • Has a beginning and an end
  • “creates a unique product, service or result.” ( pg 21)
  • “The end is reached when the project’s objectives have been achieved or when the project is terminated because its objectives will not or cannot be met, or when the need for the project no longer exists” (PMBOK pg 5)
  • “Can involve a single person, a single organizational unit, or multiple organizational units (PMBOK 5)
Definition of Operational work-
  • Ongoing, no clear beginning and end
  • Follows existing procedures (PMBOK 5)
Example: ‘can you figure out what is wrong with this broken process, and fix it?’ This is 2 projects- 1)figuring out what’s wrong (has a beginning and end) and 2) fixing it (has a beginning and end, but only after project 1 is complete).
34% of projects are successful, so a project needs to be finished on time, on budget, and within scope.
For the exam, questions focus on large projects, with “200 people on the team, last[ing] longer than one year, and [having] a value of $1,000,000” (pg. 22)
What is Project Management?
   5 Process groups:
  • Initiating
  • Planning
  • Executing
  • Monitoring and Controling
  • Closing
   Knowledge Areas (PMBOK 6)
  • Scope
  • Quality
  • Schedule
  • Budget
  • Resources (human and otherwise)
  • Risk
  Knowledge Areas (Mulcahy 22)
  • Project Management Framework
  • Project Management Processes and integration
  • Scope
  • Time
  • Cost
  • Quality
  • Human Resources
  • Communications
  • Risk
  • Procurement
Project Management, Program Management and Portfolios
  A project has a beginning and an end, and creates a unique product.
  A program is a collection or projects that are managed together to create value.
  A portfolio is a collection of programs and projects that are organized around a strategic business goal. (PMBOK 8-9)
An example from my work: the implementation of a new Medicaid plan is a project. The coordination of all new Medicaid expansions is a program. Government-funded insurance initiatives, as a whole (Medicaid, Medicare Advantage, Insurance Exchanges if we get there) make up a Portfolio.
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