PMBOK 7th Edition (iBIMOne - Com) - ENG-10

A product is an artifact that is produced, is quantifiable, and can be either an end item itself
or a component item. Product management involves the integration of people, data, processes, and
business systems to create, maintain, and develop a product or service throughout its life cycle. The
product life cycle is a series of phases that represents the evolution of a product, from introduction
through growth, maturity, and to retirement.
Product management may initiate programs or projects at any point in the product life cycle to
create or enhance specific components, functions, or capabilities (see Figure 2-4). The initial product
may begin as a deliverable of a program or project. Throughout its life cycle, a new program or project
may add or improve specific components, attributes, or capabilities that create additional value for
customers and the sponsoring organization. In some instances, a program can encompass the full life
cycle of a product or service to manage the benefits and create value for the organization more directly.
Portfolio Governance
Program A Program B
Project 3
Project Usage, Sales, Impact
(Additions) Project 4
(Revisions)
Project 5
(Revisions)
Project 2
(More Features) Project 6
(Revisions)
Project 1
(Initial Creation) Project 7
(Retirement)
Time
Product
Life Cycle Introduction Growth Maturity Decline/Retirement
Phases:
Figure 2-4. Sample Product Life Cycle
PMI Seventh Edition July 2021

Section 2 – A System for Value Delivery 19
Product management can exist in different forms, including but not limited to:
▶ Program management within a product life cycle. This approach incorporates related
projects, subsidiary programs, and program activities. For very large or long-running
products, one or more product life cycle phases may be sufficiently complex to merit a set
of programs and projects working together.
▶ Project management within a product life cycle. This approach oversees development
and maturing of product capabilities as an ongoing business activity. Portfolio governance
charters individual projects as needed to perform enhancements and improvements or to
produce other unique outcomes.
▶ Product management within a program. This approach applies the full product life cycle
within the purview and boundaries of a given program. A series of subsidiary programs
or projects will be chartered to achieve specific benefits for a product. Those benefits can
be enhanced by applying product management competencies like competitive analysis,
customer acquisition, and customer advocacy.
While product management is a separate discipline with its own body of knowledge,
it represents a key integration point within the program management and project management
disciplines. Programs and projects with deliverables that include products use a tailored and
integrated approach that incorporates all of the relevant bodies of knowledge and their related
practices, methods, and artifacts.

20 The Standard for Project Management
3
Project Management
Principles
Principles for a profession serve as foundational guidelines for strategy, decision making, and
problem solving. Professional standards and methodologies are often based on principles. In some
professions, principles serve as laws or rules, and are therefore prescriptive in nature. The principles
of project management are not prescriptive in nature. They are intended to guide the behavior of
people involved in projects. They are broadly based so there are many ways individuals and
organizations can maintain alignment with the principles.
Principles can, but do not necessarily, reflect morals. A code of ethics is related to morals.
A code of ethics for a profession can be adopted by an individual or profession to establish
expectations for moral conduct. The PMI Code of Ethics and Professional Conduct [2] is based on
four values that were identified as most important to the project management community:
▶ Responsibility,
▶ Respect,
▶ Fairness, and
▶ Honesty.
The 12 principles of project management are aligned with the values identified in the PMI Code
of Ethics and Professional Conduct. They do not follow the same format, and they are not duplicative,
rather the principles and the Code of Ethics are complementary.
The principles of project management were identified and developed by engaging a global
community of project practitioners. The practitioners represent different industries, cultural
backgrounds, and organizations in different roles and with experience in various types of projects.
Multiple rounds of feedback resulted in 12 principles that provide guidance for effective project
management.

Section 3 – Project Management Principles 21
Because the principles of project management provide guidance, the degree of application
and the way in which they are applied are influenced by the context of the organization, project,
deliverables, project team, stakeholders, and other factors. The principles are internally consistent,
meaning that no principle contradicts any other principle. However, in practice there may be times
when the principles can overlap. For example, guidance for navigating complexity can present
information that is useful in recognizing, evaluating, and responding to system interactions or
optimizing risk responses.
Principles of project management can also have areas of overlap with general management
principles. For example, both projects and business in general focus on delivering value. The
methods may be somewhat different in projects as opposed to operations, but the underlying
principle associated with focusing on value can apply to both. Figure 3-1 demonstrates this overlap.
Project General
Management Management
Principles Principles
Figure 3-1. Overlap of Project Management and General Management Principles

22 The Standard for Project Management
The principle labels are listed here without any specific weighting or order. The principle
statements are presented and described in Sections 3.1 through 3.12. Each section begins with a
figure that provides the principle label across the top with the principle and key points under the
label. Following the figure, each principle is elaborated in the text. The principle labels are:
▶ Be a diligent, respectful, and caring steward (see Section 3.1).
▶ Create a collaborative project team environment (see Section 3.2).
▶ Effectively engage with stakeholders (see Section 3.3).
▶ Focus on value (see Section 3.4).
▶ Recognize, evaluate, and respond to system interactions (see Section 3.5).
▶ Demonstrate leadership behaviors (see Section 3.6).
▶ Tailor based on context (see Section 3.7).
▶ Build quality into processes and deliverables (see Section 3.8).
▶ Navigate complexity (see Section 3.9).
▶ Optimize risk responses (see Section 3.10).
▶ Embrace adaptability and resiliency (see Section 3.11).
▶ Enable change to achieve the envisioned future state (see Section 3.12).

Section 3 – Project Management Principles 23

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A product is an artifact that is produced, is quantifiable, and can be either an end item itself

Figure 2-4. Sample Product Life Cycle

PMI Seventh Edition July 2021

PMI Seventh Edition July 2021

PMI Seventh Edition July 2021

Figure 3-1. Overlap of Project Management and General Management Principles

PMI Seventh Edition July 2021

PMI Seventh Edition July 2021

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