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The Standard for Project Management - Key Concepts

­čĺáProject Management (PM) standards identifies project management principles that guide the behaviors and actions of PM professionals and other stakeholders who work in the projects.

­čĹëAs project managers, we use the Standard for Project Management as a a basis for understanding project management and to reach our objectives, targets, indicators or outcomes.

­čĹëThe industry you are working in does not matter. Your location or the scale of the organization does not matter as well. Those standards can be applied at any project and every operational system or approach. the Standard for Project Management describes the system within projects operate, including governance, possible functions, the project environment, and considerations for the relationship between project management and product management.

­čĹëThe Standard for Project Management is our progression in the profession. While the organizations expect projects to deliver outcomes, we as the project managers are expected to deliver projects creating value for the organization, project stakeholders.

­čĺáThe following terms are the main terms that is the beginning of this series of writings ­čĹç

­čö╣Outcome: An end result or consequence of a process or project. Outcomes can include

outputs and artifacts, but have a broader intent by focusing on the benefits and value that

the project was undertaken to deliver.

­čö╣Portfolio: Projects, programs, subsidiary portfolios, and operations managed as a group

to achieve strategic objectives.

­čö╣Product: An artifact that is produced, is quantifiable, and can be either an end item in itself or a component item.

­čö╣Program: Related projects, subsidiary programs, and program activities that are managed in a coordinated manner to obtain benefits not available from managing them individually.

­čö╣Project: A temporary endeavor undertaken to create a unique product, service, or result.

The temporary nature of projects indicates a beginning and an end to the project work or

a phase of the project work. Projects can stand alone or be part of a program or portfolio.

­čö╣ Project management: The application of knowledge, skills, tools, and techniques to

project activities to meet project requirements. Project management refers to guiding the

project work to deliver the intended outcomes. Project teams can achieve the outcomes

using a broad range of approaches (e.g., predictive, hybrid, and adaptive).

­čö╣Project manager: The person assigned by the performing organization to lead the project team that is responsible for achieving the project objectives. Project managers performa variety of functions, such as facilitating the project team work to achieve the outcomes and managing the processes to deliver intended outcomes.

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