Project Management Framework

The three approaches presented are three very different ways of managing a project.  Understanding the differences will enable a business to select the best approach for their projects.

The Agile/Scrum methodology is a structured project management methodology. It follows a prescribed process that includes Sprints and Scrums.

Understanding the domains found in the PMBOK^® Guide will prepare an individual to manage a project.  These domains are universally applicable across industries and project types and are essential aspects of project management throughout the project lifecycle.

Understand the difference between positive and negative risk. Learn the major steps of project risk management. 

The Risk Register is a table that tracks the project risk management activities.

Risk Identification is the practice of identifying positive and negative conditions that may occur within the project and impact project objectives.

All project risks are not equal in their effect on a project.  Project risks that have been identified are prioritized using qualitative techniques such as the Risk Matrix.

Negative Risk Response is determining what actions the project will take to address risk threats.

Positive Risk Response is determining what actions the project will take to address risk opportunities.

Contingencies are potential risk response actions that will only be implemented if some triggering event or condition has shown that the risk probability has gone from unlikely to likely.

The business case provides the business rationale, normally in financial terms, of whether the project should be done.

The Project Charter is the document that approves the initiation of the project and identifies goals, objectives, boundaries, and constraints.

Project requirements are often vague, incomplete, or contradictory at the time of project initiation.  Normally, additional effort is required to collect and verify the true project requirements.

In-Frame/Out-of-Frame is a technique for clarifying project boundaries by listing both the activities and deliverables that are in scope for the project and listing the activities that are not required as part of the project.

The approach taken when planning a project should be based upon the primary project constraint.  Attributes of that constraint are planned first and then other aspects of the project are planned to support the primary constraint.

The organization needs to establish a management discipline for selecting and approving projects.

The PMBOK^® Guide is the reference document upon which much of the PMP^® exam is based.  The PMBOK^® Guide contains a description of project management domains, models, methods, tools, checklists, and templates.

A portion of the PMBOK^® Guide is a standard for project management. That portion is Part 1, The Standard for Project Management of a Project.

The Project Management Information System (PMIS) is the method that the project manager and core team use to share and disseminate project information.  It often is based upon the use of a project management software application.