Projects, Programs, and Portfolios

 Program is a collection of related projects.  It is where the projects’ activities are

coordinated so that the benefits of the program are greater than the sum benefits of
the individual projects
 Project Portfolio comprised of a collection of diverse projects.

Project Constraints:

Whether complex or simple, high-budget or low-budget, lengthy or brief in time, all projects
have the same three general objectives: meeting the scope (including quality criteria of the
deliverables), meeting time constraints, and meeting cost boundaries. These three
objectives are called the "Triple Constraint."  These three constraints work together in an
interesting fashion. They must always be kept in balance with each other - which is one of
the biggest challenges that a Project Manager has.

 Scope - defines the boundaries of the project.

 Quality - includes product and process quality.  It helps organizations use their
resources more effectively and efficiently by reducing waste and revisions.
 Cost - or the budget that is established for the project.
 Time -  time frame or deadline date within which the project must be completed.
 Resources - refers to assets such as people, equipment, physical facilities, or
inventory needed for the project.
 Risk - uncertainty in the achievement of objectives. 
Which constraint, of the Triple Constraint, is the most important for a Project Manager to
manage? In theory, they are equally important, but on any particular project, one may be
more important than another. A Project Manager must understand their customer and
needs to know which of the Triple Constraints may be more important (i.e. meeting the
schedule, meeting the budget, or delivering the scope). This becomes important when the
Project Manager needs to find solutions to issues or risks encountered and needs to trade
off a constraint to meet the project objectives.

Project Roles

 Project Manager or the team leader is a person assigned by the performing

organization to lead the team that is responsible for achieving the project objectives.
He is responsible for ensuring that all the project management processes and
processes associated with the creation of the product, service, or system are in
place and carried out efficiently and effectively.
 Project Sponsor may be the client, customer, or high-level executive who plays the
role of champion for the project by providing resources, making project-related
decisions, giving direction, and publicly supporting the project when needed.
 Subject Matter Experts (SME) may be a user or a person who has specific
knowledge, expertise, or insight in a specific functional area needed to support the
project.
 Technical Experts (TE) are needed when engineering or building a product,
service, or system. They may include database analysts, network specialists,
engineers, programmers, graphic artists, and so forth.

2. Project Management is a discipline.

 The application of knowledge, skills, tools, and techniques to project activities to

meet project requirements (as defined by PMI).
 Consists of all the actions that are taken by the firm's managers to ensure that the
project meets three basic objectives—functionality, timeliness, and cost
effectiveness.
 An organized common-sense approach that utilizes the appropriate client
involvement in order to meet sponsor needs and deliver expected incremental
business value.

Project Management is a set of tools, templates, and process designed to address the
following:

 Business Situation
 Business Need
 Solution
 Approach
 Success Criteria
 Results