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PM3 Basic Concepts

Project: A non-recurring, temporary endeavour undertaken to achieve particular objectives (e.g. achieve JIT ordering) with particular outcomes (e.g. reduce inventory costs)

Programme: A collection of Projects that seek to achieve a common overarching outcome

Business Change Programme (BCP): A collection of Programmes that seek to achieve a common overarching outcome

Plan: A generic name for a Project Plan, Programme or BCP Plan

Portfolio: A collection of BCPs, Programmes or Projects based on certain organisational, business, value, cost, risk time or technical criteria

Work Breakdown Structure (WBS): A BCP-Programme-Project hierarchy

Workflow Status: A descriptor of the current point in the BCP/Programme/Project lifecycle, there are five workflow status values. By default, these are named Proposed, Approved, Active, Live and Terminated, though these names can be customised by a pm3 admin.