Project Management Book of Knowledge (PMBOK), Essay Example

Abstract

Project management incorporates many tools and techniques to facilitate the opportunity for the success of a project implementation.  When developing a project there are three areas of concern including scope, schedule and cost of the project. By utilizing the best practice framework outlined by the Project Management Book of Knowledge (PMBOK) the project team will have the best environment to adhere to the client’s requirements while also meeting the time and cost demands.  Project management incorporates many tools and techniques to facilitate the opportunity for the success of a project implementation.  Projects have inherent risks associated to them and there are multiple methods and techniques to monitor and control those risks. The goal of the risk management plan is to outline and provide clarity to what the risks associated with the project are and what their impacts potentially could be.

Project Management

According to the Project Management Book of Knowledge (PMBOK) a project is a temporary endeavor undertaken to create a unique product service or result which has a definitive start and end date (Project Management Institute 2008).  In order to increase the ability to take that project from beginning to end there needs to be a framework in place as a set of guiding principles.  The PMBOK is that guiding principle and the project manager is the leader of that set of policies, procedures and framework to increase the ability for success.  This guide provides the insight and structure for the project team in the multiple areas of project management including the nine knowledge areas and the five phases throughout the project management lifecycle. Each phase of the project requires a structured set of entry and exit criteria which build upon one another. Each of these focal points contributes to managing and executing the project to maintain the three constraints on the project. Project management incorporates many tools and techniques to facilitate the opportunity for the success of a project implementation.  When developing a project there are three areas of concern including scope, schedule and cost of the project. Each of these areas are specifically managed by the project manager and without that insight there is greater opportunity for resource attrition, inefficiencies and project failures.

There are many ways to fail at a project including note following the tenants of project management, losing control of scope, mal-alignment of limited resources, unknown risks, environmental impacts, lack of technology or many other aspects of the business environment that have a direct or indirect impact on the project.  The project manager has the responsibility to manage all aspects of the project and make the necessary adjustments utilizing the project management tools and techniques to balance the scope, schedule and cost of the project.

By utilizing the best practice framework outlined by the Project Management Book of Knowledge (PMBOK) the project team will have the best environment to adhere to the client’s requirements while also meeting the time and cost demands.  The purpose and value of project management resides in the ability to have visibility into the project’s health.  All projects that are going to follow the project management framework are based upon the standards, procedures and processes established in the epicenter of their project within the Project Management Book of Knowledge. Within the processes and procedures that the PMBOK outlines there are also additional criteria for the project manager to use in order to successfully launch the optimization project.

In order to utilize this best practices framework there are some downsides.  The initial downside is acquiring the talent and resources to manage the projects.  There is an outlay of resources that includes; training, awareness, adherence and sustainment of the project management methodology.  There are also challenges to maintaining the project management methodology culture within an organization.  The additional structure and rigor could be construed as unnecessary and the benefits of project management are hard to measure.  With that, a cost/benefit analysis for project management is very suggestive and quantitative data is hard to gather specifically for the benefits of project management.  The real results of project management are derived from the ability to provide insight into the project’s status would allow the project manager to make appropriate project management decisions and redirect the project onto a course for successful completion.

Project management does have both initial and sustainment costs but the ability to monitor and control cost, scope and schedule would provide the organization another tool in their ability to become more efficient and effective.  The benefit of project management comes down to the ability to successfully implement a project.  Project management drives organizational success by delivering the projects that the organization deems necessary and critical.   The ability to limit the amount of resources spent on failed projects is a key aspect to accepting the project management philosophy.

Risk management incorporates the identification, assessment and prioritization of risks and takes those results and establishes a mitigation plan to limit or negated the effects of the risk.  The risk management process extends throughout the lifecycle of a project or circumstance and the root cause of those risks can stem from a multitude of sources.  Risk mitigation or the management of the risks can be handled in just as many varied ways.  The most common actions to reduce the risk exposure are to transfer the risk to another entity, avoid the risk altogether, reduce the probability of the occurrence or just accepting the risk (Alexander and Sheedy 2005).  Depending on the goals and objectives of the implementation team there are different ways to handle the risk.  There is a basic construct on how to analyze a risk and thus understand which risk assessment method would be appropriate.  The overall project is to implement an enhancement website that is ultimately replacing a legacy website that is no longer capable of meeting the requirements of the organization.  Through the project there are inherent risks associated with the project’s execution, transition and sustainment.  Cost overruns, schedule slips and quality issues are all inherent in projects and it is the primary responsibility of the project manager to conduct a risk management assessment and determine how to avoid, reduce, transfer or accept the risk within the project.  These risks and dealing with those risks will facilitate the success of the project.

References

Alexander, C., and Sheedy, E. (2005). The professional risk managers’ Handbook: A comprehensive guide to current theory and best practices. PRMIA Publications.

Project Management Institute. (2008).A Guide to the Project Management Body of Knowledge (PMBOK Guide) Fourth Edition. Newtown Square, PA: Project Management Institute.