Project Management Principles

This document discusses the principles of project management and their importance in successful project completion. It covers topics such as project management life cycle models, methodologies, project selection, statement of work, and knowledge areas related to project execution.

Running head: PROJECT MANAGEMENT PRINCIPLES
Project Management Principles
Name of the Student
Name of the University
Author Note

1PROJECT MANAGEMENT PRINCIPLES
In the business aspects project plays an important role for completion of the business
objectives. A normal project consists various aspects for successful completion. The basic
requirements for successful completion of the project are that it should meet scope of the
projects and this project should be completed within the given timeframe. For successful
completion of a project, perfect project management is crucial. Thus in this document I will
be reflecting about my learnings in my academic carrier in the aspects of project management
principles.
The first lecture regarding the module of principles of project management was
introduction to the concept of project management. From this module I have learned some
basics of project management. From this learning I have assessed that project management
defines presentation of knowledge, tools, techniques and skills which are important to meet
the requirements of a project. The project management can be also considered as the
application of competencies, tools and methods regarding a project. The concept of project
management also includes inclusion of several stages of the life cycle of project and it is
performed through the process. A normal project management will be capable of managing
projects that are related with construction, information technology, academic, research,
engineering and many more.
In the second lecture there was a brief discussion regarding the standards of project
management and life cycle models of project management. In this aspects I have learned a
brief about the life cycles of project management. I have learned that there are total five steps
of project management life cycles which are the initiation or scoping, planning, exciting or
launching, controlling and monitoring and closing of the project. All of the valid projects
should consists the above five steps of project management life cycle. In this case there are
various of project management standards. These standards of project management are the
PRINCE2, PMBOK, Scrum, APM, P2M and ICB. I have learned that PMBOK consist total

2PROJECT MANAGEMENT PRINCIPLES
ten type of knowledge areas. The PRINCE2 is developed in 1989 and first utilised in the IT
projects. The PRINCE2 is consisting total seven types of principles. Considering project
management life cycle models there are total four models of project management life cycle.
These four models of PM life cycles are the Traditional project management, Extreme project
management, Agile project management and Emertxe project management. Here, I have
learned that traditional type of project management has the minimal complexity and risk
related with this type of projects is also very much low. The main problem of this type of
project management is that it is very much costly. The agile project management consists
minimal scope for changes in the project but effective stakeholder management is missing in
this type of project management procedures. Considering the extreme project management, it
is very much risky in nature.
The methods of project selection and the process of project initiation is very much
important concept of the project management which has been learned by me in the third
lesson. Business case is very much important concept regarding the project initiation process.
Here various of information has been gathered by me regarding the business case. According
to me, a business can be considered as proposal type of document which actually represents a
case which provides explanation of value added to the business. From the discussion of
project section method it has been assessed that for the project selection method numeric
model are the most vital as it focused financially. By utilising the numeric models selection
of a particular project is done by determination of the Payback Period and Return on
Investment. Scoring model is also utilised for the project selection models. Within the scoring
model factor model and cost break even analysis is done in this case.
Statement of the work is also important for the perfect project management. In the
fourth lessons I have learned about the statement of the work or the SOW. As per my
learnings the statement of the work is actually a narrative description of various services and

3PROJECT MANAGEMENT PRINCIPLES
products which need to be delivered by a particular project. The external type of projects
receives statement of the work from the customers as bid document part. For the internal type
of projects sponsor of the project or the project initiator provides the SOW.
Methodologies of the project management and life cycles of the project management
is also very much important regarding the project management. In this module I have also
learned that the organizational aspects can influence project management practices in a
broader way. Here mainly the organizational styles and cultures influences the practices of
project management. The main factors of organizational cultures and styles that influences
project management are the risk tolerance, environment in which the project is operating and
view of hierarchy, authority and leadership. In this aspects PMLC model has been also
described. Regarding the PMLC model I have assessed that there is total two types of PMLC
model which are the linear PMLC model and the incremental PMLC model. Here the liner
PMLC model consists several of dependant phases which are executed in a proper sequence
with having no loops for the feedback purpose. The main advantages of the linear PMLC
model is that all the required resources are known in this case but this model is very much
costly. I have also learned about the incremental PMLC model which also consists several of
depending phases which executes in a repeated way with having no loops for feedback
purpose. The main advantage of this PMLC model is that it provides the opportunity of
improvements in the product. The main disadvantage of the incremental PMLC model is that
it have to follow some defined process steps. Iterative PLMC and the adaptive PLMC are also
important aspects of PLMC. From this module I have also learned about corporate knowledge
base and the organizational process assets. In this aspects the main process assets are the
process and procedures related with the organizations and this includes policies, risk control
procedures, authorising work and many more. The corporate knowledge base includes
financial database, historical information, database regarding process measurement,

4PROJECT MANAGEMENT PRINCIPLES
knowledge base configuration management and the database regarding defect and issue
management.
From the next lecture, I have learned about various areas of knowledge which are
related to project management principles. Here I have studied about various aspect of
knowledge areas related to project execution. These knowledge areas are:
Scope management of project: it provides knowledge regarding designing project scope
Schedule management of project: it deal with knowledge regarding designing and
managing of project schedule
Cost management of project: it provides knowledge for managing project cost with
efficient management of financial resources
Quality management of project: here knowledge regarding maintaining product and service
quality is provided
Resource management of project: provides knowledge about how to effectively organise
and manage available resource in the project
Communication management of project: how communication with different project parties
needs to be done provided through this knowledge area
Risk management of project: offers insight about how to identify, analyse and mitigate risk
according to project
Procurement management of project: provides knowledge about outsourcing in the project
Stakeholder management of project: provides strategies regarding stakeholder
management such as stakeholder prioritization, stakeholder engagement, resolving conflict
with stakeholders and ensuring stakeholder satisfaction in the project

5PROJECT MANAGEMENT PRINCIPLES
Integration management of project: provides knowledge regarding how to interpret cost
benefit for the project, analyse project impact, and then integrate that knowledge with project
life cycle
This module has helped me increasing my knowledge about project management.
Here I have studied about five principles regarding project management. This has helped me
analysing role of a project manager in execution of a project. These principles according to
me are important for executing role of project manager in accordance with project
management knowledge. Along with that, I have also increased my knowledge regarding
various important concepts and reasons, which decides if a project will be successful, or not.
How leadership quality affects project execution and project success has been described with
details, which will definitely help me to work in projects not only as a project manager but
also as an effective project leader as well.
The final module has helped me to learn tools and techniques required to effectively
manage a project within a project life cycle. In this model, I have tried to analyse learning
from previous modules to ensure integrity in the overall learning process. I think this review
is important for identifying if i have learned various concepts and knowledge provided in the
previous modules, which are necessary for developing a comprehensive and integrated
knowledge about project management.
Although it is not possible to say that, I have learned efficiently in this course because
it requires application of those concepts and knowledge in actual project, but this course has
definitely helped me to develop a comprehensive overview about project management, which
will definitely help me to learn advance concepts regarding project management efficiently.
Thus I am expecting that utilising my learning I will be very good and efficient project
manager.

6PROJECT MANAGEMENT PRINCIPLES
Bibliography:
Cameron, R., Sankaran, S., & Scales, J. (2015). Mixed methods use in project management
research. Project Management Journal, 46(2), 90-104.
Chen, H. L., Chen, W. T., & Lin, Y. L. (2016). Earned value project management: Improving
the predictive power of planned value. International Journal of Project Management, 34(1),
22-29.
Clark, T. A. (2018). Project management for planners. Routledge.
De Araújo, M. C. B., Alencar, L. H., & de Miranda Mota, C. M. (2017). Project procurement
management: A structured literature review. International Journal of Project
Management, 35(3), 353-377.
de Carvalho, M. M., Patah, L. A., & de Souza Bido, D. (2015). Project management and its
effects on project success: Cross-country and cross-industry comparisons. International
Journal of Project Management, 33(7), 1509-1522.
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.
Kliem, R. L., & Ludin, I. S. (2019). Reducing project risk. Routledge.
Newton, R. (2016). Project management step by step: how to plan and manage a highly
successful project. Pearson UK.
Ramazani, J., & Jergeas, G. (2015). Project managers and the journey from good to great:
The benefits of investment in project management training and education. International
Journal of Project Management, 33(1), 41-52.
Webb, A. (2017). Project management for successful product innovation. Routledge.