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MGT-411

PROJECT MANAGEMNT INSTITUE


(PMI)

Submitted To:

Mr. Yasir Aftab Farooqi

Submitted By:

Shaher Bano Hashmi


09041020-010

Submitted on:
5th April, 2011

   


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TABLE OF CONTENTS

Sr # CONTENTS Pg #
1 Title Page i
2 Table of Contents ii
3 Executive Summary iii
4 Preface 1
5 Project Management Institute 1
6 History of PMI 1
7 Governance of PMI 2
8 PMI Functions 2
9 Research 2
10 Training and Education 2
11 Certification 3
12 Publication 4
13 Networking opportunities 4
14 Standard Development 5
15 PMBOK 7
16 Introduction 7
17 Group Processes 7
18 9 areas of Knowledge 8
19 Concluding comment 10
20 References 11

   


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EXECUTIVE SUMMARY

In response to increasingly importance of PM in today¶s highly competitive market has emerged


the need of development of Project Management Institution that can continuously monitor and
enhance the functioning of PM. This institution performs various functions, including
management of standards and certifications, collaborative communities, an extensive research
program, and professional development opportunities, for management and enhancement of body
of knowledge of PM. PMI offers five certifications that recognize knowledge and competency of
nine different areas of PM.

The most important and earlier standard of PMI is A Guide to Project Management Body of
knowledge (PMBOK). It is a set of standard terminology and guidelines for project
Management. The Guide recognizes 42 processes that fall into five basic process groups and nine
knowledge areas that are typical of almost all projects.

Effective implementation of these processes will result into efficient performance. In short,
following these processes will make the progress follow you.

   

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PREFACE

These days the scope of Project management is increasing day by day. Infect Project
management is the application of knowledge, skills and techniques to execute projects
effectively and efficiently.

The importance of project management has become more and more significant today especially
in today's market situation. The current economy and downturn as well as highly competitive
market have made our market changed totally. This rapidly increasingly importance of PM has
emerged the need of development of an institution that can continuously monitor and enhance
the functioning of PM. In response to such need ³Project Management Institute´ was established.

PROJECT MANAGEMENT INSTITUTE

Project Management Institute (PMI) is a non-profit organization that is established to


continuously monitor and enhance the functioning of project management over the world. It
trains and polishes the professionals around the world by advancing globally recognized project
management standards and certifications, collaborative communities, an extensive research
program, and professional development opportunities.

HISTORY OF PMI

PMI was founded in 1969. It was formed with an intention to establish project management
standards. It arranges seminars, educational programs, and professional certification that
organizations desire for their project leaders.

In year PMI was formed, only eighty three persons attended a symposium held in Atlanta,
Georgia. With the passage of time these members continue to increase and PMI continues to
survive very admirably.

Till 2011, it has become one of the world's largest professional membership associations, with
half a million members and credential holders in more than 180 countries.

   


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GOVERNANCE OF PMI

PMI is governed by a 15-member volunteer Board of Directors. Each year PMI members elect
five directors to three-year terms. Three directors elected by others on the Board serve one-year
and are termed as officers.

Day-to-day PMI operations are guided by the Executive Management Group and professional
staff at the Global Operations Center in Newtown Square, PA, USA.

Research Programs, education, publication, hosting conferences and training seminars are
conducted through providing networking-opportunities in local chapters. These local chapters
are, in fact, the regional offices in each major city of about 180 countries. Most of PMI's activity
takes place in more than 250 geographic chapters and 30 industry- or interest-based communities
of practice.

PMI FUNCTIONS

Project Management Institution performs various functions in order to achieve objectives of its
establishments. These Functions mainly includes following:

1.c Research:

The PMI conducts different research programs from time to time in order to enhance the
knowledge of project management. These Research Programs advance the science, practice and
profession of project management. It expands the project management's body of knowledge
through research projects, symposiums and surveys, and shares it through publications, research
conferences and working sessions.

2.c Training and Education

PMI offers a wide range of professional development opportunities. It conducts Worldwide


Seminars and offers e-learning courses in order to polish the professionals.

It has 1400 Registered Education Providers (REPs) that provide training and continuing
development for project Management. PMI Global Accreditation Center for Project Management
Education Programs also provides opportunities undergraduate and graduate degree programs.

    
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3.c Certification

PMI awards certificates to its active members who contribute towards the extension of body of
knowledge of project management. Mainly, PMI offers five certifications that recognize
knowledge and competency. These credentials are:

ëc Project Management Professional (PMP)


ëc Certified Associate in Project Management (CAPM)
ëc PMI Scheduling Professional (PMI-SP)
ëc PMI Risk Management Professional (PMI-RMP)
ëc Program Management Professional (PgMP)

Only PMP (Project Management Professional) credential is held by more than 370,000
practitioners worldwide. Salaries and career opportunities for credential holders show that
employers recognize the value delivered by trained practitioners worldwide.

Some characteristics of above mentioned credentials are as follow:

a)c Project Management Professional (PMP)

PMP credential is awarded to individuals with project management work experience and
education. It includes formal project management education and this credential is granted
upon completion of an examination. It must be renewed every three years.

b)c Certified Associate in Project Management (CAPM)

The Certified Associate in Project Management (CAPM) requires less work experience and
hours and at least a secondary school education. This career credential seeks to demonstrate
the commitment, interest and loyalty of individuals to the career and employers. In many
instances this credential allows the individuals the opportunity to improve their project
management skills in the work place.

c)c Program Management Professional (PgMP)

The third credential Program Management Professional (PgMP) is applicable to project


managers who demonstrate the skills of managing a number of projects at the same time or

    
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projects of a complex nature. Requirements for this credential are that of secondary or
tertiary education, project management experience and program management experience.

d)c PMI Scheduling Professional (PMI-SP)

It is a career credential for project managers seeking to be qualified in project scheduling


demonstrating the knowledge of all areas. The requirements are that of Secondary or tertiary
education, project scheduling hours and formal project scheduling education hours.

e)c PMI Risk Management Professional (PMI-RMP)

As the name implies this is for the individuals who demonstrate a key role in the area of risk
management within the project management profession. The requirements are secondary or
tertiary education, risk management experience and formal education hours in the area of risk
management.

4.c Publication

PMI publishes the research results and the findings of symposiums and surveys in Project
management Journal.c Project Management Journal is published by John Wiley & Sons in
partnership with PMI. It includes the publication of state-of-the-art management techniques,
research, theories and applications. It addresses the broad interests of the project management
profession, and maintains an editorial balance of content about research, technique, theory and
practice.

5.c Networking-Opportunities

PMI has introduced Chapters and communities to enhance the networking opportunities for its
members. Chapters are regional offices or points that serve the basic functions of PMI.
Communities are online discussion forums that enhance the body of knowledge by mutual
exchange of information. They are great places to develop leadership skills. All activities are
planned, organized and led by members.

A person by joining the nearest chapter and one or more communities can learn from peers, share
what he/she knows and increase contact network. Chapter members meet face-to-face. PMI has

    
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more than 250 chapters in more than 70 countries worldwide. In Pakistan it has extablished 3
chapters in following areas:

ëc ahore (no annual fees)


ëc Karachi (Annual fees of 20$)
ëc Islamabad (Annual fees of 15$)

PMI's communities of practice are new and growing places for PMI members to meet online,
discuss ideas and build the body of knowledge. Practitioners from across the globe share interest
in a specific industry or area of practice. Users can interact through wikis, webinars, discussions
and blogs. For a limited time, PMI members can participate in as many communities as he/she
likes.

6.c Development of Standards

An important function of PMI is to develop the different industry standards regarding project
Management. These standards serve as a plate form or rules and regulations for proper working
in area of project Management.

PMI standards are targeted at projects, programs, people, organizations and the profession. PMI
has recruited volunteers to create industry standards. According to PMI, standards are developed
by volunteers in an open, consensus-based process including an exposure draft process that
allows the public to view the standard draft and make change suggestions.

PMI's 12 standards for project, program and portfolio management are the most widely
recognized standards in the profession and the model for project management in business and
government. They are developed and updated by thousands of PMI volunteers with experience in
every type of project, and provide a common language for project management around the world.

These 12 Standards include the following:

1.c A Guide to the Project Management Body of Knowledge (PMBOK Guide) -- Fourth
Edition (2008). Recognized by the American National Standards Institute (ANSI) as an
American National Standard.

   


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2.c The Standard for Program Management²Second Edition (2008). Recognized by the
American National Standards Institute (ANSI) as an American National Standard
3.c The Standard for Portfolio Management²Second Edition (2008). Recognized by the
American National Standards Institute (ANSI) as an American National Standard
4.c Organizational Project Management Maturity Model (OPM3) -- Second Edition (2008).
Recognized by the American National Standards Institute (ANSI) as an American
National Standard
5.c Construction Extension to the PMBOK Guide²Second Edition (2007)
6.c Government Extension to the PMBOK Guide²Third Edition
7.c Practice Standard for Earned Value Management (2005)
8.c Practice Standard for Project Configuration Management (2007)
9.c Practice Standard for Work Breakdown Structures²Second Edition (2006)
10.cPractice Standard for Project Risk Management (2009)
11.cPractice Standard for Scheduling (2007)
12.cProject Manager Competency Development Framework²Second Edition (2007)

    
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PMBOK
Project Management Body of Knowledge
INTRODUCTION

A guide to PMBOK is a book which represents a set of standard terminology and guidelines for
project Management. It is an attempt to document and standardize generally accepted project
management information and practices.

PMBOK describes the sum of knowledge within the profession of project management. This is
full body of knowledge that includes knowledge of proven, traditional practices, which are
widely applied, as well as knowledge of innovative and advanced practices, which may be in
more limited use. The full body of knowledge concerning project management resides with the
practitioners and academics who apply and advance it.

First edition of PMBOK was introduced in 1996 by Project Management Institute. With the
passage of time revised and refined versions of it have been introduced. The latest edition of it
was its fourth edition in 2008. Currently 2 extensions in PMBOK has been introduced.

ëc The construction Extension to PMBOK


ëc The Government Extension to PMBOK

GROUP PROCESS

Project Management Body of Knowledge describes the work as being accomplished in


processes. The Guide recognizes 42 processes that fall into five basic process groups and nine
knowledge areas that are typical of almost all projects.

These five process groups are:

i.c Initiating
ii.c Planning
iii.c Executing
iv.c Monitoring and Controlling
v.c Closing

   


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9 ARES OF KNOWLEDGE

The Project Management Body of Knowledge identifies nine project management knowledge
areas. All of above mentioned group process are being implemented into these nine different
areas of knowledge.

These nine areas of knowledge are defined as follow along with their processes:

1.c Project Integration Management

Project Integration Management involves effective integration of the processes required to


accomplish project objectives. These processes include

a.c project charter/plan development


b.c preliminary project scope statement development
c.c project management plan development
d.c project execution
e.c monitoring and control of project work
2.c Project Scope Management
It defines and controls what is and is not included in the project. Its processes include:

a.c scope planning


b.c scope definition
c.c creation of a Work Breakdown Schedule
d.c scope verification
e.c scope control
3.c Project Time Management
Project time management includes processes required for the timely completion of a project. The
processes included in it are:

a.c Defining activities


b.c Sequencing activities
c.c Estimating resource activities
d.c Estimating duration of activities
e.c Developing the project schedule

   


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f.c Controlling the project schedule

4.c Project Cost Management

In involves planning, estimating, budgeting and controlling costs to ensure the project can be
completed within the approved budget. Main processes involves in this area are:

a.c cost estimating


b.c cost budgeting
c.c cost control
5.c Project Quality Management
All activities that determine quality policies, objectives and responsibilities for the project to
satisfy the needs for which it was undertaken. Its processes include:

a.c quality planning


b.c performing quality assurance
c.c performing quality control
6.c Project Human Resource Management
It refers towards the processes that organize and manage the project team. Main processes
involved in this area are:

a.c Human resource planning


b.c Acquiring the project team
c.c Developing the project team
d.c Managing the project team
7.c Project Communications Management
All activities to ensure project information is timely and appropriately generated, collected,
distributed, stored, retrieved and disposed of are included in this area of PMBOK. Its main
processes include:

a.c Communications planning


b.c Information distribution
c.c Performance reporting
d.c Managing stakeholders or Administrative Closure

   


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8.c Project Risk Management


It includes the processes to increase the probability and impact of positive events and decrease
the probability and impact of negative events. These processes are updated throughout the
project. Main processes include:

a.c Risk management planning


b.c Risk identification
c.c Qualitative risk analysis
d.c Quantitative risk analysis
e.c Risk response planning
f.c Risk monitoring and control
9.c Project Management Procurement
It involves the processes to purchase/acquire the products, services or results needed to perform
the project work. It includes contract management and change control processes to administer
contracts or purchase orders. It identifies areas of resource constraints and show when
outsourcing will be required. It main processes include:

a.c Planning purchases and acquisitions


b.c Contract planning
c.c Requesting seller responses
d.c Selecting sellers
e.c Contract administration
f.c Contract closure
CONCLUDING COMMENTS:
All above mentioned areas are comprised of various processes. Effective implementation of
these processes will result into efficient performance. In short, just follow process and progress
will follow you.

PMI has contributed considerably in establishment of Project management as a major profession. Day by
day its importance has been increasing for proper working and management of working areas in PM.

   

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REFERENCES:

1.c www.pmi.org
2.c http://www.pmi.org/en/About-Us/About-Us-What-is-PMI.aspx
3.c http://www.pmilhr.org.pk
4.c www.pmforum.org/library/papers/.../pmbok-3rd-ed-an-analysis.pdf
5.c http://en.wikipedia.org/wiki/Project_Management_Institute

   


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