PMBOK ® Guide Framework
Project Management Body of Knowledge (PMBOK®) Guide , published by the Project Management Institute (PMI®) , USA, is a widely consulted reference for Project Management practitioners all over. Currently in its Fourth edition, the Guide has been also translated in multiple languages.
PMBOK® Guide represents generally recognized good practice in the Project Management profession and is continuously updated with inputs from Practitioners. The Guide covers multiple knowledge areas a Practitioner has to be familiar – including Management of the Scope, Schedule and Cost, Risk, Quality, Communications and Procurement – across five process groups of Initiating, Planning, Executing, Monitoring and Controlling and Closing.
PMI® have also published Extensions of PMBOK® Guide as applicable to specific domains – including Construction, Government etc.
Organisational Project Management Maturity Model (OPM3®) is a process framework model, by which organisations can assess the extent of alignment of their Projects, Programs and Portfolios to their Strategic objectives and Best practices. Developed by PMI® to be in its current Second Edition, OPM3® has been utilized by many Companies to assess how effectively they can fulfill their Strategic Objectives by initiating and executing appropriate Projects/ Programs and Portfolios. The model is supported by three elements:
- Knowledge: Presenting the contents of the Standard
- Assessment: Providing a basis for comparison against the Standard
- Improvement: Setting a stage to address the gaps noted in the Assessment process in line with Best practices.
This Model is supported by a Tool to assess the current PM maturity of the Organisations and suggest ways for improvement.
Standard for Program Management
Programs are collection of Projects managed in a coordinated way to obtain benefits and control that are not available from managing them individually. Organisations group Projects into Programs to obtain synergy and derive far reaching Benefits. Apart from Benefits Management, the Standard from PMI®, in its Second Edition, also focuses on Program Stakeholder Management and Program Governance themes.
Programs involve collection of projects and associated operations (culminating in benefits) which have an associated Lifecycle going concurrently with Program Management Lifecycle. The Standard also addresses how to synchronise these two Lifecycles for Benefit Assurance and sustainment.
Standard for Portfolio Management
The Second Edition of Portfolio Management brought out by PMI®, focuses on Defining and Managing Project and Program Portfolios to meet Organization’s Strategic and Operational requirements. The Standard describes the role of Portfolio level Stakeholders, how to manage the Portfolio selection aligning to Organization’s needs, Monitoring and Controlling Portfolios and Assessment of Portfolio level Risks and Portfolio level Governance related issues.
PRINCE2® – Projects IN a Controlled Environment
One of the most highly regarded Qualification and Certification, PRINCE2®, (PRojects IN a Controlled Environment), is a structured process-based approach for Project Management, providing an easily tailored and scalable method for the management of various types of Projects. PRINCE2® is widely used in both the public and private sectors and has become the UK’s de facto standard for generic project management and also is increasingly being adopted all around the world. In June 2009, the Office of Government Commerce (OGC) (currently known as the Cabinet Office) officially launched a refreshed version of PRINCE2®.
Benefits of the new 2009 Edition:
- New emphasis on Project management using the 7 Principles of PRINCE2:- not simply working on completion of template documents.
- It reflects and integrates with other OGC Best Practice products (MoR® (Management of Risk), MSP® (Managing Successful Programmes) and ITIL® (IT Infrastructure Library)
- It has taken account of user feedback to make the language less “jargonistic”.
- More guidance to support flexible implementation of PRINCE2®. Much more useful Tailoring information.
- More consideration to application to varying project types and environments.
MSP® – Managing Successful Programmes
MSP® represents a proven programme management good practice for the successful delivery of transformational change through the application of programme management. MSP defines programme management as “the action of carrying out the coordinated organisation, direction and implementation of a dossier of projects and transformational activities to achieve outcomes and realise benefits of strategic importance to the business”.
The MSP® framework is based on three core concepts:
- MSP® Principles: These are derived from positive and negative lessons learned from programme experiences. These are common factors that underpin the success of any transformational change
- MSP® Governance Themes: These define an organisation’s approach to programme management. They allow an organisation to put in place the right people, right organisation structures and controls, giving the best chance for success
- MSP® Transformational Flow: This provides a routemap through the lifecycle of a programme from its conception through to the delivery of the new capability, outcomes and benefits
P3O® – Portfolio, Programme and Project Offices
“The P3O® guidance – aligned to Cabinet Office’s Project, Programme and Portfolio management best practices, brings together in one place a set of principles, processes and techniques to facilitate their effective management through enablement, challenge and support structures”. P3O® has been used and adopted by many organizations, both within public and private sectors.
Today’s organizations exist in a climate of constant and increasing change. Organizations that have learnt how to transform themselves through effective leadership and strategic control are more likely to survive and prosper. P3O ® framework enables consistent delivery of change across various structures of organisations.