Definition of a Project & Operational Work
What is a Project?
A project is a temporary effort to create a unique product, service or result. A project has a definite start and end. A project management plan is created by a project manager. This plan requires a buy-in from all stakeholders. The plan should be realistic, time-bound and achievable.
Projects drive change and result in benefits.
What is meant by Operational Work?
An organization can either have operational work or project work. The difference between operational work and project work is that the operational work is always ongoing whereas project work has a definite end.
What is Project Management?
Project Management is not about managing people alone. PMI bifurcates project management into different process groups and knowledge areas. Process groups include initiating, planning, executing, monitoring and controlling, and closing.
Knowledge areas include integration, scope, time cost, quality, human resources, communication, risk, procurement, and stakeholder management.
What is a Program?
A group of projects is termed as a Program. There are several projects carried out in an organization and managing these projects independently becomes a challenge for the organization. Hence, a group of related projects is combined together in a program.
What is a Portfolio?
A portfolio includes a group of programs and individual projects that are implemented to achieve a specific strategic business goal.
This is a framework in which portfolio, program, and projects are integrated with organizational enablers to achieve strategic objectives.