The Project Management Institute is a globally recognized institution for the accreditation of project management professionals and for advancing the standards of project management. The organization has continually achieved this mandate majorly through certification ("Learning | Project Management Institute," 2018). Project Management Institute certifications refer to a set of parameters and practices based on rigorous standards and ongoing research that ensure individuals are ready to meet the demands of projects and employers across the globe. PMI certifications provide credibility and validation of an individual’s domain knowledge and professional experience. Additionally, accredited professionals can improve the success rate of projects in all areas of knowledge (Institute, 2018). Nevertheless, the individual has a competitive advantage; other importance include transferability of skills acquired, relevance and also an indication of commitment to personal growth
Project management standards refer to a document created by consensus and accepted by a recognized body which provides guidelines, rules, and characteristics for project, program and portfolio management, all this with the aim of creating a ladder for achieving project success (Nicholas & Steyn, 2012). A clear and precise procedure is employed in setting these standards, as follows; a committee is chattered comprising of the chair, vice chair, volunteers, and a resource person. Additionally, the committee creates a draft and refines the selection over several months. Thirdly, the PMI standards and advisory group reviews the drafts and returns to the committee with revisions needed thereof. Next, the revised draft is made available for public review following which the committee reviews again. The revised draft is then sent for approval by the PMI consensus body. On approval, the final copy is submitted to the PMI president and CEO for adoption into a project management standard.
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A case study of the Transportation Business at CH2M is based on the three key drivers to successful portfolio management, the organization required to create a balance between strategies, and the execution of operations to meet shareholders return expectations. As a professional services firm, a challenge existed in eliminating ambiguity within complex programs that generated resistance ("Learning | Project Management Institute," 2018). Consequently, the firm required strategies that provide clarity, consensus, and alignment. As a means to seek a solution, the company brought in new management which purposed to strengthen the company portfolio through diversification, re-profiling the core business of the firm, focusing on profitability rather than volumes, focusing on critical accounts culminated by establishing specific observation, and guiding principles. The resulting aim is to enhance the momentum generated around portfolio management and the culture of reliability and partnership with clients.
References
Agile Practice Guide Simplified Chinese . Newtown square, pa: project management institute.
Learning | Project Management Institute. (2018). Retrieved from https://www.pmi.org/learning.
Nicholas, J., & Steyn, H. (2012). Project management for business, engineering, and technology . Abington, Oxon: Routledge/Taylor & Francis Group.
