Name: Amna Tabbasum

Reg no: FA16-BBA-002

Question: 1
Define Project?
“A project is a temporary endeavor undertaken to create a unique product, service, or result. The
temporary nature of projects indicates that a project has a definite beginning and end. The end is
reached when the project’s objectives have been achieved or when the project is terminated or
when the need for the project no longer exists. A project may also be terminated if the client
(customer, sponsor, or champion) wishes to terminate the project.
(PMBOK)
“A project is a temporary endeavor undertaken to create a unique product, service, or result. The
major characteristics of a project are as follows: 1. An established objective. 2. A defined life
span with a beginning and an end. 3. Usually, the involvement of several departments and
professionals. 4. Typically, doing something that has never been done before. 5. Specific time,
cost, and performance requirements.”
(PMI)
“Project is a piece of planned work or a unique activity that is finished over a period of time
effectively and efficiently  and intended to achieve a particular purpose. Project is not a routine
activity and it is complex in nature.”
(Student’s own definition)

Question: 2
Define Project Management?
“Project management is the application of knowledge, skills, tools, and techniques to project
activities to meet the project requirements. Project management is accomplished through the
appropriate application and integration of the 47 logically grouped project management
processes, which are categorized into five Process Groups. These five Process Groups are:
• Initiating
• Planning
• Executing
• Monitoring and Controlling
• Closing”

(PMBOK)
“Project management, then, is the application of knowledge, skills, tools, and techniques to
project activities to meet the project requirements.”
(PMI)
Project management involves the planning and organization of a company's resources to move a
specific task, event, or duty towards completion efficiently and effectively.”
(Student’s own definition)

Question: 3
Discuss Portfolio Management?
A portfolio refers to projects, programs, sub portfolios, and operations managed as a group to
achieve strategic objectives. The projects or programs of the portfolio may not necessarily be
interdependent or directly related. For example, an infrastructure firm that has the strategic
objective of “maximizing the return on its investments” may put together a portfolio that
includes a mix of projects in oil and gas, power, water, roads, rail, and airports. From this mix,
the firm may choose to manage related projects as one program. All of the power projects may
be grouped together as a power program. Similarly, all of the water projects may be grouped
together as a water program. Thus, the power program and the water program become integral
components of the enterprise portfolio of the infrastructure firm.
Portfolio management refers to the centralized management of one or more portfolios to achieve
strategic objectives. Portfolio management focuses on ensuring that projects and programs are
reviewed to prioritize resource allocation, and that the management of the portfolio is consistent
with and aligned to organizational strategies.
Portfolio management views across several dimensions within the organization are following.
Scope:
Portfolios have an organizational scope that changes with the strategic objectives of the
organization.
Change:
Portfolio managers continuously monitor changes in the broader internal and external
environment.
Planning:
Portfolio managers create and maintain necessary processes and communication relative to the
aggregate portfolio.
Management:
Portfolio managers may manage or coordinate portfolio management staff, or program and
project staff that may have reporting responsibilities into the aggregate portfolio.
Success:
Success is measured in terms of the aggregate investment performance and benefit realization of
the portfolio.
Monitoring:
Portfolio managers monitor strategic changes and aggregate resource allocation, performance
results, and risk of the portfolio.

(PMBOK)

According to PMI
“The portfolio management domain encompasses project management oversight at the
organization level through the project level. Management has the capability to zoom to a wide-
angle view or zoom in to a very specific element of a specific project activity or process. Full
insight of all components of the organization is crucial for aligning internal business resources
with the requirements of the changing environment. Project portfolios are frequently managed by
a project office that serves as a bridge between senior management and project managers and
teams. The major functions of portfolio management are to

 Oversee project selection.

 Monitor aggregate resource levels and skills.
 Encourage use of best practices.
 Balance projects in the portfolio in order to represent a risk level appropriate to the
organization.
 Improve communication among all stakeholders.
 Create a total organization perspective that goes beyond silo thinking.
 Improve the overall management of projects over

time Portfolio management manages the integration of elements of organizational strategy with
projects, along with their interdependencies. At the project level, the management of the
portfolio is directed toward creation and use of best practices.”
(PMI)
Question: 4
Discuss Strategic Management & Strategic Planning regarding Projects?
Strategic Management:

Strategic management  is the identification, selection and implementation

of an organisation's long- term goals and objectives. Strategic management is the management of
an organization’s resources to achieve its goals and objectives. Strategic management involves
setting objectives, analyzing the competitive environment, analyzing the internal organization,
evaluating strategies, and ensuring that management rolls out the strategies across the
organization.
The Strategic Management of Projects:

The management of projects describes the organization’s ability to select, nurture and deliver
projects and programs effectively. The strategic management of projects1 expands this general
concept to include aligning the direction of the organization’s overall project delivery capability
to the achievement of its strategic objectives.

In many organizations, implementing an effective and rigorous structure to support the strategic
management of project will require a major organizational change effort and will challenge
existing cultures, particularly the tendency of executives to focus on project failure rather than
organizational failure when their organization fails to adequately support the management of its
projects.

Strategic Planning regarding Projects

 effective strategic project planning can make a difference between long-term success and
failure. Thus, strategic project planning for sustainable competitive advantage in project
management needs to consider organizational capabilities such as, interaction amid project team
members, management, and employees from different business units, also the roles of various
stakeholders in general -i.e. executive project sponsors-, as well as, the corporate structure and
culture of the organization. In addition, career development for all project managers in the
organization could play a part in the high performance of a company in strategic project
management.