Principles of Project Management
Project management is a process that includes the application of knowledge, methods, and skills for achieving desired objectives. Students who are assigned the duty to manage research projects have to decide which fundamental principles of project management they should consider. In this article, our professionals are providing you with universal project management principles which will help you in improving your project management practices.
What is project management?
Project management can be referred to as the art of administrating the different aspects of the project that is from initiation to closure. It is also considered being as a practice that includes the formulation of a plan, organizing, and controlling of companies’ resources for accomplishing particular goals. Project management includes organizing different activities related to specific projects. The main purpose of project management is to achieve the project goals by utilizing the minimum resources. It also intends to make final deliverables within a specific time and budget.
Systematically managing the project is very much crucial for achieving success.
Example of project management
Suppose, An airline company of Singapore has formed merger with Singapore Airlines in order to have an access to technology. As a management in an organization was aware of the fact that the spreadsheet will not be sufficient for managing resources and big complex projects. Companies have started utilizing the resources and portfolio management programs for gaining insight into divisional as global priorities. The outcome of successful project management was that an enterprise has been able to capitalize on ten percent of its IT labor to 20 percent which has a positive influence on their balance sheet. Because of merger company has easy access to more amount of information which helps them in makingS crucial decisions related to resources and projects.
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9 Principles of project management
A principle can be referred to as a fundamental concept. It is very much important for you to follow all nine principles of project management to achieve success. The key Project Management Principles are:
1. Formal project management structure’
First Principles of Project Management states that it is very much essential to have a formalized structure for procedures, systems, tools. You cannot complete the project without having a formalized structure. It is the formalized structure of team and procedure which will provide you an ease in regularly managing the project. Therefore, before starting a project, it is very much essential for the project manager to formulate the project charter and plan. By formulating an effect plan project manager will get ease in managing projects successfully.
2. Invest and engage project sponsor
Sponsors are person those who invest in the project. The selection of effective sponsors is very much important for the successful completion of projects. These are sponsors who can help you in overcoming the hurdles in projects. The project manager should design effective strategies for engaging the sponsors in projects. They should also allow sponsors to participate in the decision-making process. Engaging the sponsors in the decision-making process can be helpful as they could provide the proper guidance to the stakeholders throughout the project.
3. Set clear goals
This principle of project management states that it is very much essential for the project managers to set clear goals. Without setting goals you cannot judge whether the project will be successful or not. For instance, a person is designing software that performs all the activities that are requested. Many users complain that they have miss important components. Here, in this example the basic reason for the failure of the project is the lack of clear goals. If a software developer at the beginning of the project would have analyzed the requirement of the project and met the approval criterion, he would have achieved success. It is very much important for a project manager to get approval from the entire stakeholder before starting the project.
4. Properly define roles and responsibilities
This project management Principle states that it is very much important for project managers to clearly define the roles and responsibilities of all key stakeholders. It is the tactics that will help in avoiding confusion, misunderstanding, and disputes. You can utilize the RACI framework, it is a framework that is mainly utilized for defining the roles and responsibilities. R in RACI stands for Responsible a – accountable, S – sign off, C represents Consulted and I indicate Involved. For example Jennifer is a project manager in a project related to the implementation of information technology at the workplace. His responsibility is to assign roles and responsibilities to team members. He is also responsible for setting and sharing project goals or deliverables with team members. He must ensure that all group members have information about the project.
5. Strong change management
According to Project Management Principles it is very crucial to have defined scope for the project. As it is the tactics that will help the project manager in making sure that project results meet the expectations of customers. Strong change management is very much essential to prevent scope creep. For instance, team members intend to add more features to the project. But in the case, the manager fails to control changes then it might lead to an increase in costs and delay in the completion of the project.
6. Risk management
A risk is an unexpected event that has a great influence on the project. Therefore, to manage risk, it is very much essential for the project managers to identify, evaluate, and monitor risks. They also need to make a plan for actions that they could take for mitigating different types of risks during the project.
7. Mature value delivery capabilities
As per this Principle Project Management it is the tools, Procedures which help in delivering value to customers. You should you more mature procedures as this will help you in the completion of the project in a successful manner. For instance, in case you have established and tested approaches for delivering successful software projects, you will be better equipped.
8. Set a baseline for performance management
Every type of project has three components these are Scope, schedule, and cost. Every component has a baseline. When all the baselines are combined, it is known as a performance baseline. In simple words, it means that if in case you make changes in any of the components then it can have a significant influence on other components as well. For instance, in case you have made changes in the scope of the project then this factor will have a great influence on the schedule of the project.
9. Develop a communication plan
Key Project Management Principles is developing a communication plan. The project manager should formulate a proper communication plan before starting the project. Communication plays a central role in the successful completion of the project. Effective communication is very much essential for different purpose such as:
- For engaging stakeholders
- Establishing coordination between schedules and tasks
- Problem-solving and effective decision making
- Addressing and resolving disputes
- Eliminating risks and problems
A proper flow of information and effective communication is very much essential for preventing overlapping of activities. Proper communication is important to prevent wastage of resources.
The project manager should hold a meeting at a regular interval of time. Secondly, they should make the selection of proper channels of communication.
From the above article, it has been concluded that project management is essential for accomplishing desired goals. Another fact which has been found from the above is that effective communication is key to project success.