** PMP® Training: https://www.edureka.co/pmp ** This Edureka tutorial on Project Management Fundamentals will give you the list of terms used mostly by the Project Managers along with other fundamental concepts in Project Management. Below are the topics covered in this tutorial: 1. Project 2. Project vs Program vs Portfolio 3. Project Management 4. PM Terminologies 5. PM Phases & Knowledge Areas Follow us to never miss an update in the future. Instagram: https://www.instagram.com/edureka_learning/ Facebook: https://www.facebook.com/edurekaIN/ Twitter: https://twitter.com/edurekain LinkedIn: https://www.linkedin.com/company/edureka

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Topics For Today’s Discussion
Project
Project vs Program vs Portfolio
Project Management
PM Terminologies
PM Phases & Knowledge Areas

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Project

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What is a Project?
PROJECT
Sequence of tasks
having definite
beginning and end
Defined outcomes
& deliverables
Fixed deadline Budget is pre-
defined

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Project Attributes
Attributes of a successful project
Planned & Organized Approach
Proper Time Management
Result Monitoring
Maximum Customer Satisfaction
Resource Optimization
Team Commitment

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Project Lifecycle
High Level Design1
Detailed Design2
Coding3
Testing4
Installation5
Turn Over6
Project Lifecycle is not a cyclic process but is a
sequential process comprised of various phases
which are unique to your project

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Project vs Program vs Portfolio

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Project
Project
A temporary endeavour undertaken to produce
an unique product or solution1

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Project vs Program
Project
Program
A group of interrelated projects that are
managed together
A temporary endeavour undertaken to produce
an unique product or solution
2
1

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Project
Program
Portfolio
A collection of projects and operations which
are managed under one group in order to
achieve a strategic goal
A group of interrelated projects that are
managed together
A temporary endeavour undertaken to produce
an unique product or solution
2
3
1
Project vs Program vs Portfolio

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Project Management

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Project Management
Project Management a discipline that provides various principles, techniques, and tools which helps in
finishing things on time and within budget
It is the application of knowledge, skills, tools, and techniques to project activities in order to meet the
project requirements

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Need for Project Management
Easy planning and scheduling
Efficient task and resource management
Synchronized workflow of team
Shared documents, calendars and contacts
Accurate project tracking

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Project Management Terminologies

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Project Management Terminologies
Methodology
Requirements
WBS
Milestone
Baseline
Gantt Chart
CCB
Stakeholder
Issues
Risk Mitigation
Triple Constraint
RAG Status

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Project Management Phases &
Knowledge Areas

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Project Management Phases
In this phase, a decision making
team will identify if the project can
realistically be completed
INITIATION

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Project Management Phases
In this phase, a decision making
team will identify if the project can
realistically be completed
In this phase, a team should prioritize the
project, calculate a budget and schedule,
and determine what resources are needed
INITIATION
PLANNING

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Project Management Phases
In this phase, a decision making
team will identify if the project can
realistically be completed
In this phase, a team should prioritize the
project, calculate a budget and schedule,
and determine what resources are needed
In this phase, resources' tasks are distributed
and teams are informed of responsibilities
INITIATION
PLANNING
EXECUTION

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Project Management Phases
In this phase, a decision making
team will identify if the project can
realistically be completed
In this phase, a team should prioritize the
project, calculate a budget and schedule,
and determine what resources are needed
In this phase, resources' tasks are distributed
and teams are informed of responsibilities
In this phase, the project managers
adjust the schedules and do what is
necessary to keep the project on track
INITIATION
PLANNING
EXECUTION
MONITOR & CONTROL

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Project Management Phases
In this phase, a decision making
team will identify if the project can
realistically be completed
In this phase, a team should prioritize the
project, calculate a budget and schedule,
and determine what resources are needed
In this phase, resources' tasks are distributed
and teams are informed of responsibilities
In this phase, the project managers
adjust the schedules and do what is
necessary to keep the project on track
In this phase, an evaluation is done
to highlight the project success
and/or learn from project history
INITIATION
PLANNING
EXECUTION
MONITOR & CONTROL
CLOSING

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Knowledge Areas
Integration
Management
Scope
Management
Communication
Management
Schedule
Management
Cost
Management
Resource
Management
Procurement
Management
Risk
Management
Stakeholder
Management
Quality
Management

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Project Management Processes
Project
Management
Resources
Monitor
Monitor
Monitor Stakeholder Engagement
Manage
Develop
Manage Quality
Plan
Plan Stakeholder Engagement