Definition of Project Management
Project management is the application of knowledge, skills, tools, and techniques to project activities to meet project requirements. Project management is accomplished through the appropriate application and integration of the project management process identified for the project. Project management enables organizations to execute projects effectively.
The importance of project management
Effective project management helps individuals, groups, and organizations to achieve below things:
- Meet business objectives.
- Satisfy stakeholder expectations.
- Be more predictable.
- Increase rate of success.
- Deliver the right products at the right time.
- Resolve problems and issues.
- Respond to the risks in a timely manner.
- Optimize the use of organizational resources.
- Identify, recover, or terminate failing projects.
- Manage constraints (e.g., scope, quality, schedule, costs, resources).
- Balance the influence of constraints on the project.
- Manage changes in a better manner.
Poorly managed projects or the absence of project management may result in:
- Missed deadlines.
- Cost overruns.
- Poor quality.
- Uncontrolled expansion of the project.
- Loss of reputation for the organization.
- Unsatisfied stakeholders.
- Failure in achieving the objectives of project.
The principles of Project management
Principles serve as foundational guidelines for strategy, decision making, and problem solving. The principles of project management are aligned with 4 values identified in the PMI Code of Ethics and Professional Conduct, include:
The principles of project are intended to guide behavior of people involved in projects. They were identified and developed by engaging a global community of project practitioners. The practitioners represent different industries, cultural backgrounds, and organizations in different roles and with various types of projects. Multiple rounds of feedback resulted in 12 principles that provide guidance for effective project management.
- Be a diligent, respectful, and caring steward
- Create a collaborative project team environment
- Effectively engage with stakeholders
- Focus on value
- Recognize, evaluate, and respond to system interactions
- Demonstrate leadership behaviors
- Tailor based on context
- Build quality into processes and deliverables
- Navigate complexity
- Optimize risk responses
- Embrace adaptability and resiliency
- Enable change to achieve the envisioned future state
Because the principles of project management provide guidance, the degree of application and the way in which they are applied are influenced by the context of the organization, project, deliverables, project team, stakeholders, and other factors. The principles are internally consistent, meaning that no principle contradicts any other principle. However, in practice there may be times when the principles can overlap.