As a consequence, the global PM community now has a set of basic standards that will remain stable for the next four years through to the next cyclical update scheduled for late 2016. The tight integration between all three standards means minimal duplication of ideas and best practices.
Whilst each of the PMI Credentials tends to focus on one of these three standards, the key thing from an organisational perspective is they are integrated, and after this round of upgrades better integrated than ever!
The Portfolio Management standard focuses on the investment decisions needed to select the best projects and programs to start and maintain to achieve the organisations strategy within its resource constraints. Selecting the ‘right projects and programs to do’.
For guidance on ‘doing them right’, the Program Management standard focuses on the business outcome and integration aspects of program management and the PMBOK® Guide covers off the basic skills and capabilities needed to deliver the project outputs efficiently.
Each standard can be used in isolation; however, the real power lays in using all three as a framework for organisational improvement – Creating an effective Project Delivery Capability (download the PDC White Paper). The final missing link, PMI’s updated OPM3 standard will be released later this year.
This means that organisations interested in developing a best practice capability across the ‘enterprise’ aimed at achieving the maximum sustainable value from its investment in projects and programs now have an ideal opportunity to buy into current thinking via these standards and time to develop improved processes.
We have enjoyed working through the standards and writing this series of posts on the improvements (for previous posts click here) – but 4 months down the track we now consider these ‘new’ standards business as usual, have consigned the ‘old’ standards to history, and will make this our last post on the updates. Our very last PMP and CAPM course based on the ‘old’ standards will be run at the end of May (view course details) and then we will be 100% aligned to the new and improved versions. We encourage everyone else to do the same.