Week 2 - Project Portfolio Management

Instructions: Write an essay that discusses Information Technology Portfolio Management. Your essay should be a minimum of 5 pages and not to exceed 7 pages (including Cover Sheet and References page). The Essay should demonstrate your grasp of the concepts covered in the course material covered in weeks 1 & 2. Your essay should have at least 4 references. The recommended format for all essays is as follows; Cover page Abstract Introduction Paragraph one Paragraph two Paragraph three Paragraph four etc Conclusion References Submission Instructions: For all papers submitted to this class, APA (7th edition) format is required. The use of subheadings and table of contents is encouraged as this helps to organize your paper.

someTitle SECTIONONE TheProjectManagementBodyofKnowledge:Comprehension andPractice Introduction FOUNDATIONALPROJECTMANAGEMENTKNOWLEDGE Serious students and practitioners of project management are already familiar with the PMBOK®Guide—theprofessionalstandardpublishedby theProjectManagement Institute (PMI).Thisdocumentprovides the foundation for thestudyandpracticeofourdiscipline. Like most standards, it is both very detailed and very high level. That is to say, each knowledgeareaandprocessgroupinthePMBOK®Guideisdescribedinasmuchdetailas possiblewhencreatingadocumentthat,bydefinition,mustapplytoallprojectsinallfields of endeavor. For the new project manager or the project manager faced with a specific probleminneedofaspecificsolution,suchstandardsoftenseemfrustratinglyacademicand farremovedfromthedailygrindofgettingtheworkdone. ButtheGuide,whileoftremendousvalueindescribingtheparametersofthefield,was neverintendedasastep-by-stepmanualforrunningaproject.Instead,itfunctionsmoreas an ideal, or pure, vision of project management. Meanwhile, between the vision and the reality,asthepoetT.S.Eliotwrote,fallstheShadow. Chapters2to17aredesignedtohelpyoutakethefundamentalsofprojectmanagement one step further into the sunlight.Respected expert practitionersdiscuss theprocesses and knowledgeareasthat,ratherthanreiteratingwhatyoucanreadinthePMBOK®Guide,will helpyoutoapplythestandardsandprinciplesoftheprofession. Chapter 1 offered an overview of project management, its history and working parts. Chapter2providesanoverviewofthebodiesofknowledgeaboutprojectmanagementthat havebeenamassedbyvariousprofessionalsocietiesworldwide.Chapters3to7discussthe processes thatmake up projectmanagement; in particular, initiating, planning,monitoring andcontrolling,andclosingeachreceiveafullchapterofcoverage.Chapters8to17cover Dinsmore, P. C., & Cabanis-Brewin, J. (2014). The ama handbook of project management. ProQuest Ebook Central
http://ebookcentral.proquest.com
Created from apus on 2021-02-01 02:57:21. C op yr ig ht © 2 01 4. A M A C O M . A ll rig ht s re se rv ed . thetenknowledgeareasacceptedasthebasisofprojectmanagement. Chaptersthatinpreviouseditionsappearedinthissectionassupplementalreadingshave beenmovedtotherelevantsectionslaterinthebookor,insomecases,deleted. Finally,allchaptersinthissectionhavebeenreviewedeitherbytheauthororbyanother knowledgeablepartyforcompliancewiththenewestversionofthePMIstandard,AGuideto theProjectManagementBodyofKnowledge,FifthEdition. Dinsmore, P. C., & Cabanis-Brewin, J. (2014). The ama handbook of project management. ProQuest Ebook Central
http://ebookcentral.proquest.com
Created from apus on 2021-02-01 02:57:21. C op yr ig ht © 2 01 4. A M A C O M . A ll rig ht s re se rv ed . CHAPTER2 BodiesofKnowledgeandCompetencyStandardsinProject Management ALANM.STRETTON,UNIVERSITYOFMANAGEMENTAND TECHNOLOGY LYNNH.CRAWFORD,HUMANSYSTEMSINTERNATIONALLTD., INSTITUTEFORTHESTUDYOFCOHERENCEANDEMERGENCE (ISCE),ANDBONDUNIVERSITY The original version of this chapter, published in the first edition of this handbook, was written when the only knowledge standard for project management was the 1987Project Management Body of Knowledge (PMBOK®)1 developed by the Project Management Institute(PMI),headquarteredintheUnitedStates.Afterpublicationofthefirstedition,the PMBOK®wascompletelyrewrittenandrenamedAGuidetotheProjectManagementBody ofKnowledge(PMBOK®Guide)in1996,2withrevisededitionspublishedin2000,2004,and 20083andagainin2013,4withthebasic1996structurelargelyunchanged.Inthemeantime, otherbodiesofknowledgeofprojectmanagementhavebeendevelopedaround theworld, notablyintheUnitedKingdom,othercountriesinEurope,andJapan.Theseareallmarkedly different from the PMBOK®Guide, but are the de facto project management knowledge guides in their respectivegeographicdomains.All of thesebodiesof knowledge areoften alsoreferredtoasprojectmanagementstandards,andalthoughISO21500:20125providesan internationalstandardforguidanceonprojectmanagement,thereisstillnosingleuniversally acceptedbodyofknowledgeforprojectmanagement. Concurrentwiththesedevelopments,somecountriesandsomeprofessionalassociations haveadoptedperformance-basedcompetencystandards,ratherthanknowledgestandards,as abasisforassessingandcredentialing. Proliferationof bodies of knowledge and standards, and,more significantly, associated qualifications, are problematic for practitioners who may be forced to pursue numerous Dinsmore, P. C., & Cabanis-Brewin, J. (2014). The ama handbook of project management. ProQuest Ebook Central
http://ebookcentral.proquest.com
Created from apus on 2021-02-01 02:57:21. C op yr ig ht © 2 01 4. A M A C O M . A ll rig ht s re se rv ed . qualifications tomaintain employment in the field. Attempts to develop a global body of projectmanagementknowledgehave led toacceptance thatdifferentmodelswithdifferent underpinningphilosophieswillcontinuetocoexist.Meanwhile,processesfortransferability andmutual recognitionofqualifications,basedoncomparisonofbodiesofknowledgeand competencystandardswouldaddressthepractitioner’sdilemma. This challenge is being addressed by the Global Alliance for Project Performance Standards(GAPPS),whichhasdevelopedtheframeworkentitledGlobalPerformanceBased Standards for Project Management Personnel. This global initiative is discussed further below, but first we examine the origins and natures of key bodies of knowledge and competencystandardsforprojectmanagement. WHYABODYOFKNOWLEDGEFORPROJECTMANAGEMENT? Knowledgestandardsorguides,whichtypicallytaketheformofbodiesofknowledge,focus primarilyonwhatprojectmanagementpractitionersneedtoknowtoperformeffectively. Themostcompellingargumentforhavingabodyofknowledgeforprojectmanagement istohelpovercomethe“reinventing-the-wheel”problem.Agoodbodyofknowledgeshould helppractitionersdotheirjobsbetter,bybothdirectreferencingandbyuseinmoreformal educationalprocesses. KoontzandO’Donnellexpresstheneedasfollows:“[U]nlesspractitionersaretolearnby trialanderror(andithasbeensaidthatmanagers’errorsaretheirsubordinates’trials),there is no other place they can turn formeaningful guidance than the accumulated knowledge underlyingtheirpractice....”6 Accumulated and relevant knowledge in disciplines such as engineering, architecture, accounting, andmedicine is introduced topractitioners throughacademicdegreeprograms that are essential prerequisites to enable them legally to practice their profession. Project management is interdisciplinary. There are nomandatory certifications limiting thosewho can practice project management, and the majority of practitioners hold qualifications in otherdisciplines,mostcommonlyinengineering.Definingtheknowledgethatisspecificto projectmanagementpracticethereforehasbeenanimportantaspectofaspiringprofessional formation. Beginningin1981,PMItookformalstepstoaccumulateandcodifyrelevantknowledge byinitiatingthedevelopmentofwhatbecametheirProjectManagementBodyofKnowledge (PMBOK®). The perceived need to do so arose fromPMI’s long-term commitment to the professionalizationofprojectmanagement. Theinitialoverambitiousgoaloftryingtocodifyanentirebodyofknowledge—surelya dynamic and changeable thing—was tempered in 1996 by the change in title toAGuide to...andthestatementthatthePMBOK®Guidewasinfact,“asubsetofthe...Bodyof Knowledgethatisgenerallyacceptedasgoodpractice.”2Thatistosay,thePMBOK®Guide isdesignedtodefinearecommendedsubsetratherthantodescribetheentirefield. Insummary,PMIseesitssubsetofthebodyofknowledge,assetforthinthePMBOK® Guide, as a basis for the professionalization of projectmanagement. A further purpose is provisionofaguide topractitionersandabasis forassessmentandcertificationofproject Dinsmore, P. C., & Cabanis-Brewin, J. (2014). The ama handbook of project management. ProQuest Ebook Central
http://ebookcentral.proquest.com
Created from apus on 2021-02-01 02:57:21. C op yr ig ht © 2 01 4. A M A C O M . A ll rig ht s re se rv ed . managementpractitioners.ThesepurposesaresharedbyEuropeanandJapaneseprofessional associationsindevelopingtheirownbodiesofknowledge. Initialinterestinprojectmanagementfocusedonindividualprojectsandtheirmanagers. Since2000,therehasbeenincreasinginterestinprogramsandportfoliosofprojectsandthe knowledgeandcompetenciesrequiredfortheirmanagementthataredifferentfromorextend beyond the individual project. This has led to a broadening of the scope of project management standards and in some cases to the development of specific and separate standardsforthemanagementofprogramsandportfolios.Asstatedinthesixtheditionofthe AssociationofProjectManagement(UnitedKingdom),“. . . theterm‘projectmanagement bodyofknowledge’nolongerdoesjusticetothebroaderreachesoftheprofession”andthe useofthetermP3managementhasbecomepopularinreferringtomanagementofprojects, programs,andportfolios.7 We now look at some of the principal bodies of knowledge of project management, encompassingmanagementofprojects,programs,andportfolios,inmoredetail. PMI’sPMBOK®Guide PMI has produced the oldest and most widely used body of knowledge of project management,whichhasbeenmodifiedsubstantiallyovertheyears.Inthewordsofaneditor of theProject Management Journal: “It was never intended that the body of knowledge couldremainstatic.Indeed,ifwehaveadynamicandgrowingprofession,thenwemustalso haveadynamicandgrowingbodyofknowledge.”8Forthisreason,bodiesofknowledgeand standardsaresubjecttoregularreview. The precursor of thePMBOK®was PMI’sESA (Ethics, Standards, andAccreditation) report of 1983,9 which nominated six primary components, namely the management of scope,cost,time,quality,humanresources,andcommunications. The1987PMBOK®1was an entirelynewdocument, and the first separatelypublished bodyofknowledgeofprojectmanagement.Itaddedcontract/procurementmanagementand riskmanagementtotheprevioussixprimarycomponents.The1996PMBOK®Guide2wasa completelyrewrittendocument,whichaddedprojectintegrationmanagementtotheexisting eight primary components. The nine components were then renamed project management knowledge areas,with a separate chapter for each.Each knowledge area has a number of componentprocesses,eachdiscussed in termsof inputs, toolsand techniques,andoutputs. These component processes are also categorized into five project management process groups: initiating, planning, executing, monitoring and controlling, and closing. The knowledgeareasandtheircomponentprocessesarelistedinTable2-1. The forty-two component processes identified in the fourth edition of theGuidewere increasedtoforty-seveninthefifthedition.Themostnoticeablechangewastheseparation of stakeholdermanagement processes from communicationsmanagement to create a new, tenth knowledge area, project stakeholder management, taking the number of knowledge areasfromninetoten. Thetenchapters inthefiftheditionof thePMBOK®Guide thataddress theknowledge areasandcomponentprocessesareprecededbyonechapterdealingwiththeorganizational Dinsmore, P. C., & Cabanis-Brewin, J. (2014). The ama handbook of project management. ProQuest Ebook Central
http://ebookcentral.proquest.com
Created from apus on 2021-02-01 02:57:21. C op yr ig ht © 2 01 4. A M A C O M . A ll rig ht s re se rv ed . contextofprojectsandtheirlifecyclesandphases,andanotherchapterprimarilyconcerned with theprojectmanagementprocessgroups.Therelationshipofprojectmanagementwith program, portfolio, and organizational projectmanagement is addressed in an introductory chapter, making it clear that these are outside the scope of the PMBOK®Guide and the subjectofspecific,separatePMIstandards. Dinsmore, P. C., & Cabanis-Brewin, J. (2014). The ama handbook of project management. ProQuest Ebook Central
http://ebookcentral.proquest.com
Created from apus on 2021-02-01 02:57:21. C op yr ig ht © 2 01 4. A M A C O M . A ll rig ht s re se rv ed . WBS,workbreakdownstructure. Source:ThistableisbasedoninformationfoundinthefiftheditionofthePMBOK®Guide,PMI,2013. TABLE 2-1. COMPARISON OF KNOWLEDGE AREAS/SUBJECT GROUPS IN FIFTHEDITIONOFTHE In 1998, PMI was accredited as a standards developer by the American National StandardsInstitute(ANSI)andfromthesecondeditionofthePMBOK®Guideonwardonly thesectionoftheguidedealingwithprojectmanagementprocesseshasbeenidentifiedasthe standard. In the fifth edition this was clarified by including the standard for project managementofaprojectasanannextotheGuide. The aimof thePMBOK®Guide is to identify anddescribe”that subset of the Project ManagementBodyofKnowledge that isgenerally recognizedas goodpractice” [author’s italics], and they go on to explain that “ ‘generally recognized’means the knowledge and practices...applicabletomostprojectsmostofthetime”and “good practice” means there is general agreement that the application of these skills, tools, and techniques can enhance the chances of success over many projects. “Good practice” does not mean that the knowledge described should always be applied uniformlyonallprojects;theorganizationand/orprojectmanagementteamisresponsible fordeterminingwhatisappropriateforanygivenproject.10 Insummary,thePMBOK®Guidehas focusedon(project)managementknowledgeand processesthataregenerallyrecognizedasgoodpracticeinthecontextofindividualprojects andhasnotincludedknowledgeareasandcomponentprocessesthatmayberelevantonlyon someprojectsoronlyonsomeoccasions. PMIhasproducedseparatedocumentsthatitreferstoasstandardsratherthanknowledge guides,whichspecificallyaddressthemanagementofprogramsandportfolios.Thesearethe standardforprogrammanagementandthestandardforportfoliomanagement,bothinitially Dinsmore, P. C., & Cabanis-Brewin, J. (2014). The ama handbook of project management. ProQuest Ebook Central
http://ebookcentral.proquest.com
Created from apus on 2021-02-01 02:57:21. C op yr ig ht © 2 01 4. A M A C O M . A ll rig ht s re se rv ed . releasedin2006.Theirthirdeditionswerepublishedin2013. TheAssociationofProjectManagementBodyofKnowledge(APMBOK®) Morris notes thatwhen theUnitedKingdom’sAssociationofProjectManagement (APM) launcheditscertificationprogramintheearly1990s,itwasbecausetheAPMfeltthatPMI’s PMBOK® did not adequately reflect the knowledge base that project management professionals need. It therefore developed its own body of knowledge, which differs markedlyfromPMI’s.11 Thefifthedition(2006)ofAPMBOK®12wasorganizedintosevenmainsections,witha total of fifty-three component items. In the document there are brief discussions of all headingsandtopics,andreferencesgivenforeachtopic.Morrisdiscusses thereasonswhy APMdidnotusethePMBOK®model.Inessence,hesaysthat thedifferentmodelsreflect differentviewsoftheprojectmanagementdiscipline.HenotesthatwhilethePMImodelis focusedonthegenericprocessesrequiredtoaccomplishaproject“ontime,inbudget,andto scope,”APM’sreflectsawiderviewofthediscipline,“addressingboththecontextofproject management and the technological, commercial, and generalmanagement issues,which it believesareimportanttosuccessfullyaccomplishingprojects.”11 Morrisgoesontosay . . . all the research evidence . . . shows that in order to deliver successful projects, managingscope,time,cost,resources,quality,risk,procurement,andsoforth...alone arenotenough.Justasimportant—sometimesmoreimportant—areissuesoftechnology anddesignmanagement,environmentandexternal issues,peoplematters,businessand commercial issues, and so on. Further, the research shows that defining the project is absolutelycentral toachievingproject success.The jobofmanaging theprojectbegins early in the project, at the time the project definition is beginning to be explored and developed, not just after the scope, schedule, budget, and other factors have been defined....APMlookedforastructurethatgavemorerecognitiontothesematters.11 OneofthekeydifferencesbetweenthePMIandAPMapproachesisthatthePMBOK® Guide’s knowledge areas have focused on project management skills that are generally recognizedasgoodpractice,whereascontextualissuesandthelikearediscussedseparately in its Framework section. On the other hand, the APMBOK® includes knowledge and practicesthatmayapplytosomeprojectsorpartofthetime,whichisamuchmoreinclusive approach.ThisisexampledbythefactthatthePMBOK®Guidespecificallyexcludessafety, whiletheAPMBOK®specificallyincludessafety. ThesixtheditionoftheAPMBOK®,releasedin2012,7retainedtheinclusivephilosophy of previous versions but changed significantly in terms of structure and delivery. The structurewasreducedfromsevensectionswithfifty-threecomponents,tofourmainsections covering context, people, delivery and interfaces, fifteen subsections, and fifty-three components.Thesectionondeliveryequatesmostdirectly to thePMBOK®Guide,but the approach and content are noticeably different. ThePMBOK®Guide knowledge areas are Dinsmore, P. C., & Cabanis-Brewin, J. (2014). The ama handbook of project management. ProQuest Ebook Central
http://ebookcentral.proquest.com
Created from apus on 2021-02-01 02:57:21. C op yr ig ht © 2 01 4. A M A C O M . A ll rig ht s re se rv ed . presented in considerable detail, more or less in the form that might be expected in a textbook,and,asnotedpreviously,relateonlytoprojects.TheAPMBOK®ismuchbroaderin scope, covering projects, programs, and portfolios, in the form of an overview