PMBOKCHAPTER 1:Generally recognized means the knowledge and practices described are applicableto most projects most of the time, and there is consensus about their value andusefulness.Good practice means there is general agreement that the application of theknowledge, skills, tools, and techniques to project management processes canenhance the chance of success over many projects in delivering the expectedbusiness values and results.A methodology is a system of practices, techniques, procedures, and rules usedby those who work in a discipline. ThisPMBOK®Guideis a foundation uponwhich organizations can build methodologies, policies, procedures, rules, toolsand techniques, and life cycle phases needed to practice project management.A standard is a document established by an authority, custom, or generalconsent as a model or exampleThe aspirational standards describe the conduct that practitioners, who are also PMImembers, certification holders, or volunteers, strive to uphold.The mandatory standards establish firm requirements and, in some cases, limit or prohibitpractitioner behaviorPROJECTS:A project is a temporary endeavor undertaken to create a unique product,service, or result.Future state: the desired resultbusiness value: as the net quantifiable benefit derived from a business endeavorProject Initiation Context:
