Principles of Project Management: Leadership, Risk, and Success

This report delves into the principles of project management, highlighting the crucial role of effective leadership and comprehensive risk assessment in achieving project success. The author, drawing upon previous learning modules, emphasizes the importance of meticulous project planning, clear communication, and stakeholder management. The report examines the significance of project leadership qualities, including problem-solving, integrity, and decision-making skills, in navigating project complexities and mitigating potential risks. Furthermore, it explores best practices such as defining project scope, creating budgets, and allocating resources effectively. The report also discusses the importance of project control, integrated project management, and adapting to uncertainties. The student reflects on their learning, emphasizing the core practices of project management and the skills required for successful project completion, drawing upon real-world examples and case studies to illustrate key concepts.

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

1PRINCIPLES OF PROJECT MANAGEMENT
In the current context I have seen that number of businesses are increasing with the
time as the functions regarding the businesses are improving which are making businesses
very much easy to handle. In this context it has been understood that for this growing
businesses, perfect project management is very much crucial aspect (Kerzner & Kerzner,
2017). Establishing this businesses can be compared with a full-fledged projects. Thus in this
aspects proper project management practices can be utilised for successful deployment of the
project which I have learned from my previous assessments. By following the project
management practices the project can be complete in more efficient way. The proper
practices of project management can help the projects to develop a risk management plan
(Todorović et al., 2015). From my previous learnings I have understood the importance of the
risk assessment in the projects. Risk management helps projects to ensure the project safety
in best way which is a part of the proper project management. Thus proper risk assessment
must be done prior the execution of the project. In this context I will be discussing the project
management knowledge that are gained by me from the previous learning modules (Kliem &
Ludin, 2019). In the previous modules I have worked on the project selection methods for the
case study of Uber. Thus in the following section of this report I will be describing the project
management practices, competencies and executions of the project team for failure or success
of the project.
It has been assessed by me that for a proper implementation of the project a detailed
work plan is required. Thus regarding the aspects of project management a perfect project
plan must be develop which is very much essential for completing the project within the
deadline. I have also learned that perfect communication is also an important aspects of all
the projects upon which success or the failure of the project depends. An effective
communication is very much important as this helps to effectively complete the projects
(Verzuh, 2015). In this aspects of project related communication effective communication

2PRINCIPLES OF PROJECT MANAGEMENT
need to be established with the project members, stakeholders, project clients and with the
managers. As per me a proper type of communication will assist to reduce the chances of
overall error in the project. With the project related communication project leadership also
plays an important role which has been learned by me (Carvalho & Rabechini Junior, 2015).
The project leadership is very much important aspect for the project managers as the
leadership quality of them will ensure that each of the processes of the project management
will execute with complete effectiveness. Project related knowledge is also an important
factor in this case. Here the project related knowledge means the essential knowledge which
are specific for the individual projects. This knowledge are very much essential for successful
completion of the project (Larson & Gray, 2017). From my learning modules I have also
determined that the quality of the leadership is also crucial in this case. Leadership quality are
important for the projects in the sense that it helps to manage the project related risks very
efficiently. If the project leader is efficient enough then he/she can effectively manage the
potential risks which are related with the project.
Apart from this aspects project management also provides important solution for
successful handling of the project. To complete project successfully, handling of the project
proper management of the teams are very much crucial (Fleming & Koppelman, 2016). This
project teams can be handled very much efficiently by utilising the principles of project
management. In this context it has been assessed by me that leadership qualities plays an
important role in this case for having a good qualities of leadership the important aspects are
the problem solving skills, integrity, proper communication skills and an excellent decision
making skills. In such of the cases project leaders also need to have a proper communication
channel with the project team members (Mathiaszyk, Volkmann & Read, 2019). In this
communication channel not only the project manager will communicate with the team
members of project but also the project manager must be accessible by his/her fellow

3PRINCIPLES OF PROJECT MANAGEMENT
members of the project to complete the project successfully (Harris, 2017). This
communication channel between the project manager and the project manager can be
established by maintaining proper relation with the project team members. As it was
mentioned above decision making process plays a crucial role in the project management
procedures project manager and the project leader need to have a proper skill of decision
making. In the critical situations of the projects this decision making skill of the project
leader and the project manager plays a crucial role to complete the project successfully.
In the case of best practices of project management practices, I have understood that
are several best project management practices which has helped to complete the project
successfully. Defining the scope and the objectives of the project is one of the main important
aspects of the best practices of the project management. Thus in this aspects first of all
project objectives need to be understood. Scope of the project is important as defines the
boundary of the project. Definition of the deliverable is also important in this aspects. As per
the definition of the project management stakeholders need to review the definition of the
deliverables which must be agreed on the delivery of the project. Creating proper budgeting
and planning is also very much crucial in this aspect. Thus budgeting and the planning of the
project need to be defined effectively so that specification of the projects can be covered. The
project budgeting helps in this aspects for addressing the requirements of the project. There
are some specific budget which is allotted for every project scenario. In most of the cases it is
very much problematic for the project to increase the budget if required. Thus the project
must be finished within the provided budget. Thus it is very much essential to plan the project
in some specific way so that project can be completed within provided budget. The main
components that helps to achieve the project within the budget are the estimation of the cost,
scope baseline, project schedule and resource contracts. In this aspect by proper management
of the project it will be very much easy to execute the project in a proper and an efficient

4PRINCIPLES OF PROJECT MANAGEMENT
way. The practises of the project management describes that resource allocation need to be
done in an effective way so that the project can be completed within mentioned deadline with
meeting all the requirement of the projects. In the case of project management practices,
dependencies among the tasks also need to be set in some specific way so that proper flow of
the project can be achieved (Ramazani & Jergeas, 2015). This will help in the development of
proper execution of the projects. In this aspects I have learned that it is very much important
to identify the need of the stakeholders so that projects can be completed without having
single errors. In such type of cases it is very much essential to negotiate the stakeholders
frequently about the requirement of the project by providing a draft report of the project
repetitively after certain period of time (Portny, 2017). This will ensure proper completion of
the project with ultimate satisfaction of the stakeholders.
It is also essential to design a proper project execution phase so that project can be
completed successfully. An essential project execution phase can be designed by analysing
the budget of the project and by analysing the timeline of the project. With that other
important aspects which are important to complete the project successfully are the change
management documents, project deliverables and by analysing capability of the project team
members. The project related actives are also important in this case which need to be
identified in this case. In this case the project related activities can be identified so that proper
track of the projects can be recorded. Project control is also important that has been identified
in this case scenario of the project (Tonchia, Tonchia & Mahagaonkar, 2018). Through a
proper control over the projects the projects as the aspects that are related with the project can
be managed very much easily. From the previous learning module I have also learned about
the integrated project management. In this aspects I have learned that integrated project
management refers to process collection which are essential for ensuring all the activities that
are related with project, are coordinated among each other. In this case scenario I have also

5PRINCIPLES OF PROJECT MANAGEMENT
assessed that while a project is being developed it is very much essential to ensure the
planning regarding projects. The integrated project management also helps in this aspects to
set proper goals that are useful to satisfy the project related targets.
Thus from the overall discussion of the learning modules I have successfully learned
about the major concepts of project management regarding development of the project. I have
also assessed proper project management skills required for the development of the project.
Form this module I have also learned about how to control a project efficiently. Thus from
the module I have successfully learned about the core practices of the project management.

6PRINCIPLES OF PROJECT MANAGEMENT
Bibliography:
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performance: the importance of soft skills. International Journal of Production
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Harris, E. (2017). Strategic project risk appraisal and management. Routledge.
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Todorović, M. L., Petrović, D. Č., Mihić, M. M., Obradović, V. L., & Bushuyev, S. D.
(2015). Project success analysis framework: A knowledge-based approach in project
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Verzuh, E. (2015). The fast forward MBA in project management. John Wiley & Sons.