Project management refers to managing the entire scope or lifecycle of a project by having control over all the project tasks and activities to ensure they are performed in alliance with the set project goals and objectives.
However, managing projects may sound easy, but it can be a daunting task, especially when you are a beginner in the project management domain. Besides managing the projects, a project manager has to ensure the right methodologies, tools, and techniques are adopted for different project types. – Principles of Project Management
We can define project management as the application of project management concepts, terminologies, skills, tools, and techniques. Therefore, to deliver successful projects, it is important for a project manager to gain an understanding of the basic principles of project management as these principles help define the right path for project management.
What are Project Management Principles?
Project management principles are known as the fundamental rules that a project manager must follow for the successful management of projects. The Project Management Book of Knowledge does not cover any official list of specific principles, but PMI’s annual pulse survey includes a few principles that must be adopted by project managers for successful project management.
Formal Project Management Structure
There is a need for projects to have a formalized structure, which includes formal procedures, tools, and processes. If you try to manage or lead a project without a format structure, then it is likely that the project will be a failure. Therefore, a formal structure, including a project plan, project scope, project charter, and a designated project team is necessary for the successful management of the project.
Invested and Engaged Project Sponsor
A sponsor is an essential part of project success as they act as a spokesperson for the other executives. An invested and engaged project sponsor will allow effective communication of the project progress, addressing and escalating issues to overcome hurdles, and guide stakeholders for easy decision-making.
Clear and Objective Goals & Outcomes
Setting clear goals and objectives for the project is the first step in project management. It is important to determine and document the project requirements and approval criteria at the beginning of the project. It will help the project managers stay aligned with the project goals and outcomes.
Documented Roles and Responsibilities
To document and define the roles and responsibilities of the entire project team, two terms are used- RACI or RASCI. RASCI is a short-term for:
- R: Responsible
- A: Accountable
- S: Sign-off authority (may or may not be used)
- C: Consulted
- I: Involved
The principle of roles and responsibilities briefly defines the roles of everyone associated with a particular project.
Management of Project Changes
There is a need for project managers to address and manage the project changes if any. Controlling the changes allows projects to stay within the set budgets and the defined project scope.
There are always some risks associated with projects, which might affect the project resources, technology, or processes. Therefore, there is a need for project managers to manage risk for minimizing or eliminating its direct impact on the project progress.
Value Delivery Capabilities
Value delivery capabilities refer to the project tools, procedures, and processes that help in delivering value to the end-user and the customers. It includes defining the project methodologies, such as using Agile, Scrum, or Waterfall. It further involves the project systems, such as scheduling software and other tools. Value delivery capabilities help in a successful project.
Performance Management Baseline
The three basic components of a project, namely: cost, schedule, and scope should have a baseline or plan against which a project manager measures the performance of each of these components.
It is often said that project management is 80% communication. A successful project requires clear communication within the project team and with the stakeholders. It includes communicating the project activities, risks, tasks, issues, and progress to both the team and the stakeholders. Communication plays a crucial role in project management due to the following reasons:
- Engaging the stakeholders
- Coordinate the tasks and project schedules.
- Decision-making and problem-solving.
- Identifying risks and resolving conflicts.
- Escalation of risk to resolve them at the earliest.
When it comes to project management, there is a need for a project manager to possess all the necessary knowledge, concepts, methodologies, and processes to deliver successful projects in the organization. However, the above-mentioned principles are a good place to start to get an understanding of project management. Adhering to these principles will allow you to ease the project management process. You can explore the project management certification training courses offered by Techcanvass to delve deeper into the principles of project management and learn about the domain as a whole.