In most organizations, there is a descending hierarchy of endeavors ranging from the strategic plan to programs, projects, and subprojects. According to the PMEPG:

A program is a group of projects managed in a coordinated way to obtain benefits not available from managing them individually.

A program should consist of several associated projects contributing to the achievement of the strategic plan. Programs may also contain elements of ongoing operations.

Another means of grouping programs/projects for better management visibility and more effective decision-making is through Project Portfolio Management. This refers to the selection and support of projects from an enterprise perspective based on how they relate to the Strategic Plan. Programs/projects are ranked based on their return on investment (ROI) and their contribution to the achievement of the Strategic Plan.

Project management processes are organized into five process groups. Each process group either interacts with the other process groups within a system development phase or across phases. These process groups are known as initiating, planning, executing, controlling, and closing. As depicted in Figure 1.9, IPMC Project Management Framework, these processes may be repeated during any of the steps of the life cycle. For example, repeating the planning process during each phase helps to keep the project focused on the business need and cost, schedule, and performance objectives. The project management processes are not discrete, one-time events; they are overlapping activities that occur at varying levels of intensity throughout each phase of the project.

These process groups and their relationship are depicted in Figure 0.2. Also identified are nine areas of knowledge that could be applied to a given project.

: Project Management Knowledge Areas

The application of project management is an iterative process. For example, within the Planning Phase, several iterations of planning may occur as the team develops the optimal product solution for a customer. Identified solutions may require refinements to the schedule, the cost estimates, the quality requirements and/or the risk planning. As changes occur, the impact to other areas must be determined. Over time, the iterations should become smaller in magnitude and more defined as more detailed information is developed

After the initial Planning Phase has been completed, feedback from the Execution Phase (identified through the Controlling Phase) may results in adjustments to the project plan. Adjustments due to feedback typify the project management process. Project Management is a dynamic effort and requires a continual process of evaluation. Evaluation activities, such as oversight, quality control, and executive review are ongoing activities and affect every phase of the project.