Smart management is the foundation of successful project execution in a wide range of industries and sectors. Project managers, like an experienced sailor, may efficiently navigate the complexity of planning, organising, and executing projects by following a set of well-established rules. In this blog will explain Key Project Management Principles Every PMP Should Master.
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What are the principles of project management?
The project management principles are the essential guidelines that must be followed in order to successfully manage projects. The Project Management Body of Knowledge (PMBOK) presently lacks an established collection of project success principles. However, PMI’s annual pulse poll focuses on the principles that successful project managers and businesses adhere to. Here are the nine project management principles:
- Formal project management structure
- Invested and engaged project sponsor
- Clear and objective goals and outcomes
- Documented roles and responsibilities
- Strong change management
- Risk management
- Mature value delivery capabilities
- Performance management baseline
- Communication plan
Let’s take a deeper look at each of these in turn.
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Formal structure
Projects require a formalised structure that includes processes, procedures, and tools. If you’ve ever attempted to complete a project without a formalised structure, you know how difficult it can be to maintain control and give it the attention it requires. To properly prioritise and manage a project, it should have a project charter, a project plan, and a designated project team.
Project sponsor
A good project sponsor is critical to a project’s success. Sponsors help to promote your project and function as a point of contact for other executives. When you have an active sponsor, it is easier to communicate progress, elevate concerns to remove bottlenecks, and guide stakeholders through decision-making processes.
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Goals and outcomes
It will be difficult to assess a project’s success without defined requirements and approval criteria. You may believe that your completed product meet all requirements, only to have the buyer or user complain that you omitted a vital component. A lack of clear goals is the most common cause of failing undertakings. At the beginning of the project, project requirements and approval criteria should be developed and documented. All important stakeholders, including the sponsor and client, must evaluate and approve these.
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Roles and responsibilities
To explain and specify the duties and responsibilities of everyone working in a project, two forms should be employed. RACI or RASCI is used to set roles and expectations for project team members. RASCI is an acronym that stands for:
R: Responsible
A: Accountable
S: Sign-off authority (not always used)
C: Consulted
I: Involved
Management of project changes
A project must have a well-defined scope to guarantee that the end meets the customer’s expectations. If strong change management is not applied, a project may suffer from scope creep and eventually expand beyond the fundamental project guidelines.
Risk management
Because we cannot execute projects in a vacuum, they all face risks. Risk can have an impact on your technology, resources, or procedures. It is critical to manage risk in order to reduce or eliminate its influence on your projects. This include identifying, assessing, and monitoring risks, as well as deciding on action plans to implement if they materialise.
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Value delivery capabilities
The project tools, processes, and procedures that allow you offer value to your clients are known as value delivery capabilities. This can include project systems such as scheduling software. It could also refer to your methods, such as the use of an Agile project methodology. You will be better prepared if you have established and tested methods for delivering successful projects rather than beginning from zero. The more mature your processes and procedures, the more probable it is that your project will succeed.
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Performance management baseline
Most initiatives have three fundamental components: cost, schedule, and scope. Each of these components should have a baseline or plan to measure success against. With your performance management baseline, you can understand how this will affect your project time and cost, allowing you to better monitor the overall impact of changes on a project. A performance management baseline encourages decision-making by helping you to see the big picture and understand all of the implications of different decisions.
Communication
Communication is required for lots of reasons, including:
- Keeping stakeholders engaged
- Coordinating tasks and schedules
- Decision-making and problem-solving
- Identifying and resolving conflicts
- Escalating risks and issues
Hopefully, you enjoyed this blog and now understand everything about PMP, including Key Project Management Principles Every PMP Should Master.
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