PBM Concepts Information

Project Business Management (PBM) is the utilization of integrated general business management, project-portfolio management, project-program management, project management, and organizational project management knowledge, skills, tools, and techniques in applying business, project-portfolio, project-program, and project processes. PBM is a business approach to managing the project, project-program, and project-portfolio related business of an enterprise. PBM is established at a senior corporate management level of the enterprise, as a project business management function, utilizing a Project Business Management Organization. PBM ensures executive management is involved with establishing the content of strategic initiatives and associated business objectives that are implemented through project-portfolios, project-programs and projects. PBM ensures executive management can direct the distribution of the enterprise's limited funds and resources during strategic planning to the high-value initiatives. PBM derives benefits from, and captures value through, any project-related actions and activities used to accomplish the enterprise's business objectives and related strategic initiatives. PBM supports the resolution of issues at the executive level, where direction, priorities, and resources are generally determined and final decisions made. PBM assures limited funds and resources are effectively applied, enterprise-wide, during execution to only those projects that support business objectives and related strategic initiatives thereby giving them, from the very start, the best opportunity to succeed. PBM supports all planning and execution methodologies such as Waterfall, Agile, and Lean and can also cover what operationally some may consider project-type work, such as special operations, planned maintenance, etc. PBM ensures project, project-program, and project-portfolio management offices (PMOs) can functionally exist and flourish. PBM utilizes the concepts of organizational project management to harmonize and ...