What is PBM?
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 integrate the organizational and business aspects of projects, project-programs, and project-portfolios across the project management functions and operations management functions.
- PBM implementation produces an integrated organizational project business management framework, employable by a PBM Organization, which is focused on achieving the enterprise’s strategic initiatives and business objectives, and generating benefits and value for the enterprise.
- PBM is employed within the enterprise to meet or exceed the needs of all stakeholders.
- PBM is customizable in its implementation for enterprise size and type, because no two enterprises are alike.