The purpose of this article is to document and comment on the differences between the 1996 edition and the 2000 edition of the PMBOK. 

The recent development of a new science of risk management, called financial engineering has dramatically altered  the traditional logic used by financial decision-makers to assess the risk-return characteristics of a wide variety of investment assets and led to the emergence of the new profession of financial engineer. An effect of the application of recent discoveries in mathematics and computer science to the analysis of financial markets, financial engineering is based on the assumption of an interconnected financial universe composed of the fundamental building blocks - cash flows, the corresponding probability distributions, and payment dates. Using the techniques of financial engineering, the financial engineer/financial decision-maker can reduce even the most complex policy issues of concern, such as capital budgeting, asset allocation and investment management, arbitrage, hedging and financial risk management, to a portfolio composed of these three basic components.

How do employers find the right person for the job? The author suggests that first they need to understand the project management role and the abilities required in order to raise the reliability and value of project management appointments. The 20 Keys  is a methodology developed to help manage the recruitment and aspirations of project professionals and does not conform to any model of 'competency'.

This paper provides an analysis of the types of delays that affect the planning and scope development of construction projects. The information presented in this paper was obtained during a research project that investigated construction planning issues, delay factors, and mitigation strategies to reduce delays. As part of the research effort, a survey containing 45 questions related to planning issues and delays was used to collect data from 101 engineering and construction (E&C) industry professionals. This paper discusses the results of the last section of the survey where the respondents indicated which of the 27 types of delays are encountered most frequently on their projects and the strategies they use for addressing these types of delays. Information also is provided in this publication on project development requirements, project control systems, the planning process, project budget planning, project financing, program management, the need for a standardized project management process, planning delay factors, and mitigation strategies to reduce planning delays

Project success is a critical issue for project managers and one factor determines project success above all others: agree the success criteria with all the stakeholders before you start. This article looks at the three key elements for success, the criteria, KPI's, success factors and project strategy.

Supply chain design improvement usually starts with reconfiguring the outbound link to customers. Improving links to customers pays immediate benefits such as reduced costs and better service which drive higher sales and profits. Revamping the outbound distribution is usually cheaper than addressing more complex issues. Global supply chain set ups can be aided by software packages that provide product sourcing, comparative contractor capability data, trade logistics, and transit times. The Supply-Chain Operation Reference (SCOR) model is a detailed template which helps manufacturers design a supply chain, measure it against industry specific goals, and improve it over time. Includes illustrative material.

A portfolio management system enables businesses to maximize their resources while allowing them to achieve their strategic purpose. Effective portfolio management is pushed by three main components - organizational platform, energetic leadership, and enabled processes. In addition, there are three types of project portfolios - compliance, operational, and value-creating. The organization's strategic plan is the basis for the effective prioritisation of projects which must be ranked on value and balance. Some scoring models used to rank project portfolios are Net Present Value (NPV), Expected Commercial Value (ECV), and Productivity Index (PI). Includes illustrative material.

Unless  otherwise indicated all of the references listed are available from the AIPM Information Resource Centre. Where possible all internet url's are provided or contact details for material not held by AIPM.

All requests for information, copies of papers, ideas, suggestions, comments, etc should be addressed to....
 
Marisa Pavan - Information Resource Manager
E-Mail: marisa@aipm.com.au
Phone: 02-9252 7277  /  Fax: 02-9252 7077
Address: Level 9, 139 Macquarie St, Sydney NSW 2000