An asset is a valuable entity or property possessed by a person that helps them pay debts and commitments. Similarly, organizations have assets that help them to achieve their objectives. such assets are known as Organizational Process Assets. Individuals studying for the PMP Certificate Exam should have a thorough understanding of Organizational Process Assets. It is the most important input used in almost all the processes in Project Scope Management. Project Managers employ and modify these Organizational Process Assets as per their requirements to accomplish project objectives and goals.
What Is Organizational Process Asset?
According to the Project Management Body of Knowledge (PMBOK Guide), Organizational Process Assets are “the plans, processes, policies, procedures, and knowledge bases specific to and used by the performing organization”. It can be anything such as standards, templates, plans, policies, procedures, and guidelines the organization acquired that can be used for managing the project. Every organization has its own set of assets, which can be stored in a repository and used for future projects.
Examples Of Organizational Process Assets
Organizational Process Assets are categorized into two types namely, Processes and Procedures and Corporate Knowledge Base.
Processes and Procedures
This category includes policies, procedures, and standards that the project management team follows while working on the project. Those components cannot be altered as they are provided by the organization. However, project managers can offer feedback or suggestions, enabling higher-level management to decide whether updates or changes are required. The following are the components of Policies and Procedures.
Policies:
This is a set of rules and regulations set by the organization that the project team follows while working on the project.
Organizational standard:
It refers to the policies implemented within the organization. For example, security policies, quality policies, human resources policies, environmental policies, health policies, safety policies, and audit policies.
Procedures:
This refers to all the procedures required to accomplish the objectives of the project.
Risk management template:
It is used to identify and record risks in the project. It can be reused many times regardless of the size and type of project.
Standardized guidelines:
It refers to guidelines such as instructions, proposal evaluation criteria, and the measurement criteria of business analysis from previous projects that have been standardized within the company.
Templates:
These templates are prepared by the organization for project processes. Risk register, backlog lists, product or project requirements, and traceability are examples of templates.
Financial control:
The methods used in financial controls are documented and used for conducting business analysis.
Issues and defect management procedures:
It covers the issue and defect controls, identification and resolution, and tracking tools processes gathered from past projects that enable the members in rectifying the defect in the project.
Corporate Knowledge Base
Corporate Knowledge Base stores information for future retrieval. This organizational process asset influences the project’s success and is updated throughout the project lifecycle. The following are the assets specified under Corporate Knowledge Base.
Configuration management knowledge bases:
This repository contains all information regarding the software or hardware components that have been used in an organization’s business operations. It also gives information on the organization’s standards, policies, procedures, and project documents.
Financial databases :
It details the allotted budgets, funding issues, incurred expenditures, and labor hours. This plays a vital role in carrying out project activities as budget plays a significant role in completing the project on time.
Historical information and lessons learned knowledge bases:
Lessons Learned is the most common form of a knowledge repository. It contains information on previous project records and documentation, project metrics, past timetables, key takeaways, project closing information, the project selection process, and project performance.
Issue and defect management databases:
These databases store all information on the issues and defects that occurred during the previous project’s execution, as well as the results of the activities performed to address these issues.
Process measurement databases:
It describes the procedures and tools used to assess the prior project’s performance.
Project files from previous projects:
It contains valuable data from past project files, such as scope, cost, time, and performance baselines imposed on the preceding project.
Conclusion
Every business has a unique approach to project management. However, referring to Organizational Process Assets makes it easier for project managers to manage the project, which increases the project’s success. In addition, it simplifies the process when beginning a new project that is quite similar to those done previously by the organization. The lack of necessary assets can cause projects to stagnate, and team members may also encounter unexpected hurdles along the way.
