Principles of Project Management

Running head: PRINCIPLES OF PROJECT MANAGEMENT
Principles of Project Management
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1PRINCIPLES OF PROJECT MANAGEMENT
Table of Contents
Introduction......................................................................................................................................2
Discussion........................................................................................................................................2
Project Selection Methods...........................................................................................................2
Risk..........................................................................................................................................2
Revenue...................................................................................................................................3
PMBOK.......................................................................................................................................3
Project integration....................................................................................................................4
Project Scope Management.....................................................................................................4
Project Cost Management........................................................................................................4
Project Human Resource Management...................................................................................4
Project Communication Management.....................................................................................5
Project Risk Management........................................................................................................5
Project Procurement Management...........................................................................................5
Project Stakeholder Management............................................................................................5
Initiative Document.....................................................................................................................5
Project Charter.........................................................................................................................6
Project Stakeholders................................................................................................................6
Uber.............................................................................................................................................6
Conclusion.......................................................................................................................................7
References........................................................................................................................................7

2PRINCIPLES OF PROJECT MANAGEMENT
Introduction
PMBOK stands for Project Management Body of Knowledge is known to be a collection
of different process, terminology, and guidelines which accepted within the industry. PMBOK
mainly deals with the lifecycle of project management that is from start to finish. It aims to
describe around 47 processes that are needed by manager. It is needed for tackling a project
along with organizing into five groups of processes (Cramer & Krueger, 2016). It mainly
comprises of five important steps that project initiation, project closing phase, project execution
phase, control phase and lastly closure phase.
In the coming pages, an idea has been provided with respect to project selection methods
that are risk and revenue. Ten important areas of project management have been provided in
brief. In the initiative document two important aspect of the project that is projected charter and
project stakeholders.
Discussion
Project Selection Methods
Risk
Project risk management can be defined as the method of identifying, analyzing and
responding to various risk that can arise within the project life cycle. It ultimately helps the
project manager to keep a track of the ongoing project and satisfy the goal. Risk management is
considered to be reactive and is considered to be part of planning process (Talman, 2018). It is
all about analyzing the risk that might take place in the project and methods to control the
identified risk. Risk can be defined as anything that can impact the timeline of the project,
overall performance, and budget. Risk are potentialities in project management if it became