Project Management Body Of Knowledge

Every project generates project knowledge that is new knowledge or existing knowledge. However, that project knowledge is not always fully captured, transferred, and disseminated during a project. Due to the nature of projects, this implies a short-term period, limited resources, and multiple procedures. It makes project participants adapt rapidly to new project contexts. There are two mainly obstacles for organizational learning. First, project members do not have enough time to participating in sharing and disseminating activities because the project team members are totally engaged with project tasks (Hanisch et al., 2009). Then, the replacement of key team

Over the past few years, project managers and Project management has shown tremendous growth. Project management has evolved over the past several years from an activity in an organization to a discipline in its own right. Many professional bodies exist today to represent project management as a discipline, Some of which include, PMI, Prince2 Foundation, PM Bok.

A guide to the project management body of knowledge (PMBOK guide 5th edition).Newtown Square, Pa.: Project Management Institute, Inc., (2013)

Larson, E., & Gray, C. (2010). Project management, the managerial process. (5th ed., p. 158).

PM within organizations is gaining momentum and an indispensable component of the work flow procedure. Improving organization project management can effectively improve an organization use of resources. Nevertheless, if an an organization does not possess a clean target and does not follow project phases no one willing enters into the transformational journey. The issue is the bottom line in PM, whether it is to better the organization financially, ethically, or for standardization of procedures. Constitutions must be cognizant of the elements and competencies required to receive a successful PM outcome. In the closing, business should have an active strategy to revise and adapt to the shifting marketplace.

Project Management Body of Knowledge is an American National Standard Institute (ANSI) standard first published by the Project Management Institute (PMI) as a white paper in 1983. It is a guide that describes best practices used to manage a project efficiently and acts as a foundation for a sound project management methodology, yet it cannot be a method without adaptation.

Gray, C. F. & Larson, E. W. (2008). _Project Management: The Managerial Process_. Boston, MA: McGraw-Hills Companies, Inc.

Executive Summary Project management is the science of planning, organizing, executing, and managing the resources needed to achieve a specific goal. Effective project managers (PM) strategically facilitate the entire project management process to ensure the project’s success. To do this the PM must adequately meet the specific requirements (i.e., time, scope, quality, and cost) set forth by the project and its stakeholders. It is theorized that PM must possess a set of core competencies in order to successfully manage a project. Those competencies are development of project management knowledge areas, application of appropriate project management tools and techniques, understanding of the project

Organizations with many project managers can be assisted by PMO. They can provide consultation to products and services. They provide personal support to assist project managers. They allow project managers to splash their knowledge and skills. They make available qualified project managers. They can help project managers to develop professionally.

As the world is chaotic (Djavanshir and Khorramshahgol, 2006) it is impossible to always predict the future accurately. Teller at al (2012) describes project management as balancing the “iron triangle”, where changes to any one of the planned costs, quality or scope will change the other elements. Risk management allows contingency to be put into project plans, (APM, 2012) minimising negative effects and maximising the benefits of uncertainty.

This task examines the ABC case study “Inside The Square”. The primary objective of the report was to analyses the application of project management body of knowledge (PMBOK) in complex projects like the case study. The topic was researched through extensive sources including government bodies, course materials and other sources to provide the relevant information.

The Project Management Body of Knowledge (PMBOK) is a collection of processes and knowledge areas generally accepted as best practice within the project management discipline. PMBOK recognises 5 basic process groups and 9 knowledge areas typical of almost all projects. The basic concepts are applicable to projects, programs and operations. The five basic process groups are:

Question 1. What project selection method described in the chapter will ABI probably employ for this proposal? Answer According to the description, the project selection method is profitability of numeric model. We might see the points from the business strategy 1) Bid only on good margin products that have the potential for maintaining their margins over a long term. 2) Pursue only new products. 3) Utilize the most advanced technology in new projects. “ project champion” approach to innovation and creativity. no more than 480 employees. 4) Foster the

Prior to this course, I thought that in order to manage a project you need to be a project manager. However, this course changed my perspective on project management. As I continue to read the book, I realized that I actually manage many projects, and project management is not only limited to organizations. Throughout our lives, we manage many projects from planning a wedding to building a house, some of those projects may take few days and some may take years to complete. In addition, I also learned that there are no two projects that are alike, each project has it’s own unique elements that set it apart from other projects.

1. A Guide to the Project Management Body of Knowledge; PMBOK Guide. 2008 Fourth edition. United States of America. Project Management Institute, Inc.