PROJ6000: Principles of Project Management - Discussion Topic Analysis

This discussion post for PROJ6000, Principles of Project Management, explores the critical aspects of project management competencies and project selection methods. The author emphasizes the importance of project managers possessing a combination of business, technical, and social skills, and the necessity of aligning these skills with the project's context. The post highlights the Project Management Body of Knowledge (PMBOK) as a standard for project management, crucial for standardization and preventing project failures. It also discusses PMI's code of ethics (honesty, responsibility, fairness, and respect) and the two main project selection methods: Benefit Measurement and Constrained Optimization. The author underscores the significance of selecting projects that align with a company's strategic plan and maximize ROI, and the role of PMBOK in guiding project management teams through risk management and standardized procedures.

Running head: PRINCIPLES OF PROJECT MANAGEMENT
PRINCIPLES OF PROJECT MANAGEMENT
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1PRINCIPLES OF PROJECT MANAGEMENT
The projects are provided in the uncertain also the more complex environment and
need the management, competencies and the contributing skills that are important also
appropriate to any project. The involvement of the project manager is serious to achievement
of this project (Komarova et al., 2020). For possessing the lists of the skills like the business,
technical and social skills, the managers require the best combination to be effective also
must be evaluated along with the distinct context of the project and the essentials of
understanding and applying knowledge, techniques and tools for project effectiveness.
The project management competency is needing the achievement of variety of the
knowledge and the skill sets which sometimes cross the areas of proficiency (Komarova et
al., 2020). The significant areas of competency which the project manager requires are
personality, experience and knowledge that are developed around the exact skills. These
skills consist communication, project scope, leadership, adaptability, management of time
and cost, skills of personal integrity, motivation and influential ability, are needed for leading
the project team also responsible for the project success. As a leader, the project manager
must deliver direction, vision, mentor also communicate with the team members and has
capability to develop the team. This qualities of the project manager can help to decrease the
failures of this project and increase the return investment of this project.
The first stage for the effectiveness of this project management is to search project in
which the benefits compensate the potential risk also has the needed skill sets, the
competence level and best chance of success (Ding, 2016). Each and every company are
controlled by the resources and so the project must choose less risky and increase the ROI
that delivers with maximum recognition and profit. The set of some rules and time
consuming methods based on the logic are delivered by the methods of Project selection for
filtering out projects with low achievement (Bayona, Saboya & Bustamante, 2018). Project
must suitable in the strategic plan of the company also the project manager must inform about

2PRINCIPLES OF PROJECT MANAGEMENT
the conditions of approval. According to the guide of PMBOK, the techniques for choosing
the projects can divide into two types which are as follows:
i) Benefit Measurement Method:
This method is based on the current value of the estimated flows of cash that is
outflows and inflows (Zwikael, Chih & Meredith, 2018). Therefore, the cost benefits
calculate and compare with the other projects for making decision. NPV, Payback period,
Opportunity cost and many more are the examples of this method.
ii) Constrained Optimization Methods:
This technique is used to select the large projects that requires the difficult
mathematical calculations and so it is known as the Mathematical Model of the Project
Selection (Bayona, Saboya & Bustamante, 2018). The examples of this method are Integer,
Dynamic, Linear and Non-linear programming.
The measurement of success of the project management is a measurement of the
project performance in contrast to several parameters like cost, quality, time, scope and the
budget.

3PRINCIPLES OF PROJECT MANAGEMENT
References
Bayona, S., Saboya, N., & Bustamante, J. (2018, June). Application of PMBOK in the
development of research. In 2018 13th Iberian Conference on Information Systems
and Technologies (CISTI) (pp. 1-5). IEEE.
Ding, R. (2016). Fundamental Principles of Project Management. In Key Project
Management Based on Effective Project Thinking (pp. 37-55). Springer, Berlin,
Heidelberg.
Komarova, V. V., Nekrasova, O. I., Zlobina, O. G., & Milaia, A. V. (2020, March).
Principles and Methods of Project Management in Organization. In International
Scientific Conference" Far East Con"(ISCFEC 2020) (pp. 2190-2196). Atlantis Press.
Zwikael, O., Chih, Y. Y., & Meredith, J. R. (2018). Project benefit management: Setting
effective target benefits. International Journal of Project Management, 36(4), 650-
658.