Managing Uncertainty: Project Management Principles & Agile Methods

This essay delves into the principles of project management, emphasizing the importance of adapting to uncertainties and leveraging agile methodologies for project success. It discusses how project executives proactively plan and mitigate risks to ensure projects stay on track, within budget, and deliver expected outcomes. The solution explores strategies for dealing with uncertainty, including accepting external factors, focusing on internal controls, and distributing risk. It highlights the benefits of agile methods in managing project uncertainty and the importance of tailoring the approach to the specific uncertainty level of the project. The essay also references the PMBOK guide and other relevant sources to support its arguments and insights.

Running head: PRINCIPLE OF PROJECT MANAGEMENT
PRINCIPLE OF PROJECT MANAGEMENT
Name of the Student:
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Author’s Note:

1PRINCIPLE OF PROJECT MANAGEMENT
Answer 1:-
Project executives continuously try their top approach to adapt to entire elements and
evade uncertainty in project management with the expectation to confirm success in their
responsibility. The project team can never be sure of the future, but project executives overcome
these experiments by scheduling ahead of time (Bloom, 2014). They can start the project early so
that they can place any difficulties that get in the method and resolve it the soonest time possible.
As the saying goes, lacking a strategy, the project head is scheduling to fail. Though, not
all strategies work, which is why they say, if plan 1 fails, be prepared for scenario 2 (Ofori ,
2013). At other whiles, experienced and proficient executives use decision indicators. With this
plan, they can expect possible possibilities and apply risk management in avoiding mischances
from happening. Though even if these actions have been done, the project may static end up
short of agenda, with an excessive financial plan, and cooperated outcomes.
Answer 2:-
A large part of dealing with uncertainty is receiving the current condition and where the
business head and their business are now. Accept possessions that are outdoor of business
control as they are and attention on things that are within business control.
Make sure all characteristics of any business are working professionally and efficiently
counting persons, customer facility, processes and events, agreements, sales and advertising,
methods, or any other area of any business (PMI, 2013). Make developments so that the industry
is ready to contract with anything. Consider the critical hazards to any business and where an
assess the threat to be too extraordinary look at distributing the risk. These may include changes

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like as increasing the business number of clients or contractors, reducing business debt, moving
to smaller grounds, or many other things.
Uncertainty can construct lots of chances as other businesses become nervous, uncertain,
and satisfied, and new opportunities arise with the variations that are happening (Kocabasoglu,
C., Prahinski, C., & Klassen, 2014). Make sure the business head is being artistic, thinking
outside of the box and looking for chances. In periods of uncertainty, it is good to say to trusted
interactions to share involvements, gain viewpoint, and for support. The business authority may
also wish to look at help from outside professionals.
Answer 3:-
The greatest significant essential benefits of an Agile method is the supervision of Agile
projects uncertainty. What characteristically occurs in a plan-driven project is that the executives
tries to decrease the uncertainty level to a satisfactory level before opening the project (PMI,
2013). These could be as easiest as having a gathering or two every race to support the PO
groom the backlog, do look forward on the delay, to task demands, and to give leadership.
This frequent outcome is using tried-and-proven skills. It doesn't drive the cover too
distant in terms of working into ranges of new and indeterminate user requests. The weakness of
that, of course, is that the knowledge tactic might wind up being outdated inside a comparatively
short time amount. After it is unconfined and it might also consequence in widespread user
knowledge with the explanation. The correct thing to do is to set the method to the uncertainty
level in the task somewhat than power fitting a project to a particular category of canned way. It
receipts more skill to mature an intelligent method for managing doubt.

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Reference:-
Bloom, N. (2014). Fluctuations in uncertainty. Journal of Economic Perspectives, 28(2), 153-76.
Ofori, D. F. (2013). Project management practices and critical success factors-A developing
country perspective. International Journal of Business and Management, 8(21), 14.
PMI, A. (2013). guide to the project management body of knowledge (PMBOK guide). In
Project Management Institute (Vol. 5).
Wysocki, R (2013) Effective Project Management, 7th edition, Wiley