Describe your ideal project environment you would like to work in. You can include what you like most and recommendations for improvements.

are thoughtful, and analyze the content or question asked

make connections to other content and real-life situations extend discussions already taking place, or pose new possibilities or opinions not previously voiced

Refer to PMBOk 6th edition page 1-35 section 1.

1.2.3.1 OVERVIEW Using project management processes, tools, and techniques puts in place a sound foundation for organizations to achieve their goals and objectives. A project may be managed in three separate scenarios: as a stand-alone project (outside of a portfolio or program), within a program, or within a portfolio. Project managers interact with portfolio and program managers when a project is within a program or portfolio. For example, multiple projects may be needed to accomplish a set of goals and objectives for an organization. In those situations, projects may be grouped together into a program. A program is defined as a group of related projects, subsidiary programs, and program activities managed in a coordinated manner to obtain benefits not available from managing them individually. Programs are not large projects. A very large project may be referred to as a megaproject. As a guideline, megaprojects cost US$1billion or more, affect 1 million or more people, and run for years. Some organizations may employ the use of a project portfolio to effectively manage multiple programs and projects that are underway at any given time. A portfolio is defined as projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives. Figure 1-3 illustrates an example of how portfolios, programs, projects, and operations are related in a specific situation. Program management and portfolio management differ from project management in their life cycles, activities, objectives, focus, and benefits. However, portfolios, programs, projects, and operations often engage with the same stakeholders and may need to use the same resources (see Figure 1-3), which may result in a conflict in the organization. This type of a situation increases the need for coordination within the organization through the use of portfolio, program, and project management to achieve a workable balance in the organization. Figure 1-3 illustrates a sample portfolio structure indicating relationships between the programs, projects, shared resources, and stakeholders. The portfolio components are grouped together in order to facilitate the effective governance and management of the work that helps to achieve organizational strategies and priorities. Organizational and portfolio planning impact the components by means of prioritization based on risk, funding, and other considerations. The portfolio view allows organizations to see how the strategic goals are reflected in the portfolio. This portfolio view also enables the implementation and coordination of appropriate portfolio, program, and project governance. This coordinated governance allows authorized allocation of human, financial, and physical resources based on expected performance and benefits.

1.2.3.2 PROGRAM MANAGEMENT Program management is defined as the application of knowledge, skills, and principles to a program to achieve the program objectives and to obtain benefits and control not available by managing program components individually. A program component refers to projects and other programs within a program. Project management focuses on interdependencies within a project to determine the optimal approach for managing the project. Program management focuses on the interdependencies between projects and between projects and the program level to determine the optimal approach for managing them. Actions related to these program and project-level interdependencies may include: Aligning with the organizational or strategic direction that affects program and project goals and objectives; Allocating the program scope into program components; Managing interdependencies among the components of the program to best serve the program; Managing program risks that may impact multiple projects in the program; Resolving constraints and conflicts that affect multiple projects within the program; Resolving issues between component projects and the program level; Managing change requests within a shared governance framework; Allocating budgets across multiple projects within the program; and Assuring benefits realization from the program and component projects. An example of a program is a new communications satellite system with projects for the design and construction of the satellite and the ground stations, the launch of the satellite, and the integration of the system. For more information on program management, see The Standard for Program Management [3]. 1.2.3.3 PORTFOLIO MANAGEMENT A portfolio is defined as projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives. Portfolio management is defined as the centralized management of one or more portfolios to achieve strategic objectives. The programs or projects of the portfolio may not necessarily be interdependent or directly related. The aim of portfolio management is to: Guide organizational investment decisions. Select the optimal mix of programs and projects to meet strategic objectives. Provide decision-making transparency. Prioritize team and physical resource allocation. Increase the likelihood of realizing the desired return on investment. Centralize the management of the aggregate risk profile of all components. Portfolio management also confirms that the portfolio is consistent with and aligned with organizational strategies. Maximizing the value of the portfolio requires careful examination of the components that comprise the portfolio. Components are prioritized so that those contributing the most to the organization's strategic objectives have the required financial, team, and physical resources. For example, an infrastructure organization that has the strategic objective of maximizing the return on its investments may put together a portfolio that includes a mix of projects in oil and gas, power, water, roads, rail, and airports. From this mix, the organization may choose to manage related projects as one portfolio. All of the power projects may be grouped together as a power portfolio. Similarly, all of the water projects may be grouped together as a water portfolio. However, when the organization has projects in designing and constructing a power plant and then operates the power plant to generate energy, those related projects can be grouped in one program. Thus, the power program and similar water program become integral components of the portfolio of the infrastructure organization. For more information on portfolio management, see The Standard for Portfolio Management [2]. 1.2.3.4 OPERATIONS MANAGEMENT Operations management is an area that is outside the scope of formal project management as described in this guide. Operations management is concerned with the ongoing production of goods and/or services. It ensures that business operations continue efficiently by using the optimal resources needed to meet customer demands. It is concerned with managing processes that transform inputs (e.g., materials, components, energy, and labor) into outputs (e.g., products, goods, and/or services). 1.2.3.5 OPERATIONS AND PROJECT MANAGEMENT Changes in business or organizational operations may be the focus of a projectespecially when there are substantial changes to business operations as a result of a new product or service delivery. Ongoing operations are outside of the scope of a project; however, there are intersecting points where the two areas cross. Projects can intersect with operations at various points during the product life cycle, such as; When developing a new product, upgrading a product, or expanding outputs; While improving operations or the product development process; At the end of the product life cycle; and At each closeout phase. At each point, deliverables and knowledge are transferred between the project and operations for implementation of the delivered work. This implementation occurs through a transfer of project resources or knowledge to operations or through a transfer of operational resources to the project. 1.2.3.6 ORGANIZATIONAL PROJECT MANAGEMENT (OPM) AND STRATEGIES Portfolios, programs, and projects are aligned with or driven by organizational strategies and differ in the way each contributes to the achievement of strategic goals: Portfolio management aligns portfolios with organizational strategies by selecting the right programs or projects, prioritizing the work, and providing the needed resources. Program management harmonizes its program components and controls interdependencies in order to realize specified benefits. Project management enables the achievement of organizational goals and objectives. Within portfolios or programs, projects are a means of achieving organizational goals and objectives. This is often accomplished in the context of a strategic plan that is the primary factor guiding investments in projects. Alignment with the organization's strategic business goals can be achieved through the systematic management of portfolios, programs, and projects through the application of organizational project management (OPM). OPM is defined as a framework in which portfolio, program, and project management are integrated with organizational enablers in order to achieve strategic objectives. The purpose of OPM is to ensure that the organization undertakes the right projects and allocates critical resources appropriately. OPM also helps to ensure that all levels in the organization understand the strategic vision, the initiatives that support the vision, the objectives, and the deliverables. Figure 1-4 shows the organizational environment where strategy, portfolio, programs, projects, and operations interact. For more information on OPM, refer to Implementing Organizational Project Management: A Practice Guide [8].

1.2.4.1 PROJECT AND DEVELOPMENT LIFE CYCLES A project life cycle is the series of phases that a project passes through from its start to its completion. It provides the basic framework for managing the project. This basic framework applies regardless of the specific project work involved. The phases may be sequential, iterative, or overlapping. All projects can be mapped to the generic life cycle shown in Figure 1-5. Project life cycles can be predictive or adaptive. Within a project life cycle, there are generally one or more phases that are associated with the development of the product, service, or result. These are called a development life cycle. Development life cycles can be predictive, iterative, incremental, adaptive, or a hybrid model: In a predictive life cycle, the project scope, time, and cost are determined in the early phases of the life cycle. Any changes to the scope are carefully managed. Predictive life cycles may also be referred to as waterfall life cycles. In an iterative life cycle, the project scope is generally determined early in the project life cycle, but time and cost estimates are routinely modified as the project team's understanding of the product increases. Iterations develop the product through a series of repeated cycles, while increments successively add to the functionality of the product. In an incremental life cycle, the deliverable is produced through a series of iterations that successively add functionality within a predetermined time frame. The deliverable contains the necessary and sufficient capability to be considered complete only after the final iteration. Adaptive life cycles are agile, iterative, or incremental. The detailed scope is defined and approved before the start of an iteration. Adaptive life cycles are also referred to as agile or change-driven life cycles. See Appendix X3.A hybrid life cycle is a combination of a predictive and an adaptive life cycle. Those elements of the project that are well known or have fixed requirements follow a predictive development life cycle, and those elements that are still evolving follow an adaptive development life cycle. It is up to the project management team to determine the best life cycle for each project. The project life cycle needs to be flexible enough to deal with the variety of factors included in the project. Life cycle flexibility may be accomplished by:Identifying the process or processes needed to be performed in each phase, Performing the process or processes identified in the appropriate phase, Adjusting the various attributes of a phase (e.g., name, duration, exit criteria, and entrance criteria). Project life cycles are independent of product life cycles, which may be produced by a project. A product life cycle is the series of phases that represent the evolution of a product, from concept through delivery, growth, maturity, and to retirement. 1.2.4.2 PROJECT PHASE project phase is a collection of logically related project activities that culminates in the completion of one or more deliverables. The phases in a life cycle can be described by a variety of attributes. Attributes may be measurable and unique to a specific phase. Attributes may include but are not limited to:Name (e.g., Phase A, Phase B, Phase 1, Phase 2, proposal phase), Number (e.g., three phases in the project, five phases in the project), Duration (e.g., 1 week, 1 month, 1 quarter), Resource requirements (e.g., people, buildings, equipment), Entrance criteria for a project to move into that phase (e.g., specified approvals documented, specified documents completed), and Exit criteria for a project to complete a phase (e.g., documented approvals, completed documents, completed deliverables).Projects may be separated into distinct phases or subcomponents. These phases or subcomponents are generally given names that indicate the type of work done in that phase. Examples of phase names include but are not limited to:Concept development, Feasibility study,Customer requirements,Solution development,Design,Prototype,Build