Project Management Principles, Applications, and Methodologies Report

This report delves into the fundamental principles of project management, emphasizing its significance in enhancing organizational efficiency and success. It outlines the core components of project management, including initiation, planning, execution, control, and closure. The report explores various principles such as vision, business objectives, standard engagement, strategy execution, organizational alignment, and accountability. It also highlights effective project management applications, emphasizing data collection, requirement evaluation, organization, tool management, risk planning, communication, and project monitoring. Furthermore, the report details the project management process, encompassing initiation, planning, execution, monitoring, and closing phases. It also examines different project management methodologies like Scrum, Lean, and Six Sigma, along with the knowledge required for creating an effective project management plan, including technical and management-related knowledge. The report concludes by reiterating the importance of project management in reducing project complexities and improving performance in the target market, summarizing the various processes and methodologies discussed.

Principles of Project
Management

Table of Content
Project Management
Principles of Project Management
Application of Effective Project Management
Process of Project Management
Project Management Methodologies.
Knowledge Required for Project Management Plan
References

Project Management
Project management is a procedure that is used by different organization to gain success
and high efficiency in their operations. The project management consists of different
practices that are important to complete project successfully. The main component of the
project management are- Initiation of project, planning for project, execution of the plan
that is made for the project, controlling the operations that are included in the project
plan and closing of the project with the completion. There are different principles of
project management and by following these principles organization can improve their
performance in the international market.

Principles of Project Management
 Vision and Mission
 Business Objectives
 Standard Engagement
 Intervention and Execution of strategy
 Alignment of the organization
 Measurements and accountability.

Application of Effective Project
Management
There are different ways can be used in the effective project management. This is
important for all business organization to make an effective project management plan to
reduce the changes of failure and loss in order to keep organization productive along with
high profit. The main consideration that need to be focused while making a project
management plan.
 Collection of Basic Data
 Finding or Evaluation of the Requirements
 Organize everything associated with project
 Manage all the Tools that are Going to be Used in Project Management
 Planning for Risk and resources
 Communication Plan
 Monitoring of Project work

Process of Project Management
Initiation- This Phase includes recognition of needs and requirements.
Planning- This phase of Project management consists of finding of scope, definition of
project and tasks included in it, scheduling of project, cost and risk analysis,
management of quality measures, organization of staff and effective communication
process.
Execution- In this phase actions which are based on project plan implemented to start
project work.
Monitor and control- Monitoring and controls are used in order to reduce the
complications and failures in project.
Close- It is the last stage of the project management where fully functional and
operational project achieved.

Project Management Methodologies.
There are different project management methodology to execute the project plan
effectively. The methodologies that are mostly used in the business organization are-
Scrum- This methodology consider commitment, courage, focus, openness and respect.
The purpose of this methodology is to establish collaborative, sustainable and
accountable work in project team.
Lean- It is the process that is used by the project management team to improve the
consumer value with reduction in amount of waste in the process. This help the
organization and project to manage the budget.
Six Sigma- The six sigma methodology is based on the concept of removal of the
inefficient parts of organization that can reduce the functionality of project team. The
main purpose behind this is implemented in organization to reduce the factor that are
slowing their actions.

Knowledge Required for Project
Management Plan
There are different type of knowledge is required in the project management plan to get
better result in the end. Here are some important that can be consider for education
purpose.
Technical knowledge- Technical knowledge is required for better execution of project by
meeting all the functional requirements. For example core knowledge of technology
used in project can be consider as important part of project.
Management related knowledge- This is related to the management with the project
execution for the removal of different operational barriers from the path of project.

Conclusion
Project management is an important process that is used by the business organization to
reduce the complexity of different projects that are need to be implemented in the
organization to increase the performance in the target market. Different processes,
methodologies of project management has been learned which are used in the project
management.

References
Harrison, F. and Lock, D., 2017. Advanced project management: a structured approach.
Routledge.
Kerzner, H., 2018. Project management best practices: Achieving global excellence.
John Wiley & Sons.
Meredith, J.R., Mantel Jr, S.J. and Shafer, S.M., 2017. Project management: a
managerial approach. John Wiley & Sons.