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PMBOK 5th Edition Notes 6. Program Management: a. Program is a group of inter-related Projects b. Focus on interdependency of Projects c. Helps to reduce risk economics of scale, and improved management d. Apart from interrelated projects, program also consists program managers co-ordination and management activities e. If one is dealing more than one projects and there are benefit then only program approach add values. 7. Portfolio Management: a. Includes groups of Sub portfolios, Programs, Projects and operation. b. Programs and projects in a portfolio may not be interrelated but should have a common strategic goal. 8. Organizational Project Management (OPM): a. OPM provides guideline how portfolios, programs, projects and operational activities can be prioritize, managed, executed and measured to best achieve the strategic goal. 9. OMP Model:
Provide strategic framework to guide Portfolios, Programs and Project management to deliver organizational strategy
Portfolio Management
Select and prioritize Projects and Programs that best acheive organizational strategic goals
Program Management
Coordinate the management of related projects to acheive specific benifit as prioritize by Portfolio manager
Project Management
Manages effort to develop specific scope to support program and portfolio management objectives
CAUTION: OPM vs OPM3: OMP IS ORGANIZATIOAL PROJECT MANAGEMENT OMP3 IS A MODEL TO HELP ORGANIZATION TO UNDERSTAND THEIR LEVEL OF MATURITY IN PROJECT MANAGEMENT. 10. Project & strategic Planning: Organizational strategic objects are achieved by projects selected on one or more of the following strategic consideration: a. Market Demand (Market Need) b. Strategic Opportunity (Business Need) c. Social Need d. Environmental Consideration e. Customer Requirement f. Technological Advancement g. Legal Requirement