PROJ6000 Principles of Project Management Presentation - Module 5

This presentation delves into the core principles of project management, examining the critical processes, methodologies, and knowledge areas essential for successful project delivery. It begins by outlining the five process groups—initiating, planning, executing, monitoring and controlling, and closing—and their roles in the project lifecycle. The presentation then explores the key knowledge areas, including integration, scope, time, cost, quality, human resource, risk, procurement, communication, and stakeholder management. Furthermore, it discusses various project management methodologies such as Waterfall, Agile, Critical Chain, PRiSM, and PRINCE2, highlighting their applications and strengths. The presentation also addresses the factors contributing to project success and failure, emphasizing the importance of user needs, effective management, and alignment between business and IT departments. Finally, the presentation touches upon the potential consequences of lacking standardized project management practices, such as poor project selection and strategic misalignment. The provided references offer further insights into the topics covered.

Running Head: PROJECT MANAGEMENT 0
Principles of Project Management
Student Details:

PROJECT MANAGEMENT 1
Project Management
In business, project management is to know exactly about the goals and the way to
achieve them along with the need of resources and amount of time. It is to make sure that
each and every individual is involved in the project along with knowing about overall details
and are aware of the project’s purpose (Cote, 2019).
Process groups of Project Management
There are five process groups for applying effective project management where life
cycle keeps on change from one project to another but these process groups remain the same
in project management.
1. Initiating: This phase initiates planning which requires preparing documents and steps
to plan for execution.
2. Planning: This phase is to execute the project by proper planning.
3. Execution: It is to make sure that the work done of project is delivered.
4. Monitoring and controlling: This phase interacts with all the phases where the project
team looks after the doings as planned appropriately or not (Knowledge Base, 2017).
5. Closing: In this last phase, it is acknowledged that the work is done of project and all
the objectives are accomplished while closure.
Knowledge areas of Project Management
In project management, knowledge areas are applied effectively as a main technical
matter of subject; there knowledge areas include:
1. Integration management: This area aims at controlling all project’s cohesive execution
and processes.
2. Scope Management: This area aims at defining work boundaries delivering the project
and helping in protect the scope of project till the end.
3. Time Management: This area mainly aims at completion of project on time.
4. Cost Management: This area aims at delivering agreed scope targeted as per the
budget planned.
5. Quality Management: This area aims at helping to make sure that all the requirements
are met while making quality project.

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6. Human Resource Management: This area aims at people resources management as
needed for project consisting staff planning, conflict resolution, coaching and others
(Project, 2018).
7. Risk Management: This area aims at making sure to keep updated risks status along
with strategies response if one occurs. It is helpful in project implementation by
preparing for unexpected situations.
8. Procurement Management: This area aims at controlling the leasing or purchasing of
equipment, people, tools or resources.
9. Communication Management: This area aims at making sure about healthy
communication of project stakeholders within channels along with delivering relevant
information at a particular time to avoid disturbance (Hwang & Ng, 2013).
10. Stakeholder Management: This area aims at treating each and every stakeholder based
on their meeting balance requirements in a project based on the outcome.
Project Management Methodologies
Methodologies are for system description used for doing something by using right
tools, good team and the way of running the project with the help of project manager. Such
methodologies are:
1. Waterfall: It is a traditional methodology that is predictable and sequential works by
utilizing a structure applied mostly in large software development projects.
2. Agile: This methodology is opposite of waterfall which works on adaptability premise
and reacts to regular feedback while working mainly on fast place schedules
development or smaller projects.
3. Critical chain: It focuses on resource problems rectification useful for teams having
enough flexibility or plenty of resources.
4. PRiSM: It was created by GPM for driving sustainability in projects considering
environmental factors adequately and acting at large-scale and efficiently with project
structure (Baker, 2020).
5. PRINCE2: This methodology is endorsed by government used in relation to industry
standard that requires certification and focuses on building range of strong
applications and skills of project management.

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Project success and failure
In project management, the projects fail majorly of information system and
information technology due to not appreciating the scope of project overall or not
understanding the needs of users as a whole. Projects can lead to failure due to lack of
continuous management and system of incentive encouraging optimistic benefits estimates
overall attained while doing the project. Poor alignment between business users and IT
departments also leads towards the project failure (Savolainen, Ahonen, & Richardson,
2012). While the success of projects is dependent on over time, over budget, or defectively
completion of projects by functioning if met the objectives.
Consequences
In project management, there is degree of variation of absence in terms of project
standardization which is composed while implementing practices. If such practices are not
implemented in project management, it leads to consequences of reluctance for killing
projects, poor selection of project structure, poor strategic alignment, indecisiveness in
“go/kill/hold/fix” decisions, and wrong project mix (Needs, 2020). One of the major
consequences is to lose the control of project’s ability in terms of influencing business
positively (Marcelino-Sádaba, Pérez-Ezcurdia, Lazcano, & Villanueva, 2014).

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References
Baker, D. (2020). 5 Effective Project Management Methodologies And How To Apply Them.
Retrieved from Project Times: https://www.projecttimes.com/articles/5-effective-
project-management-methodologies-and-how-to-apply-them.html
Cote, A. (2019, December 10). What is Project Management? Retrieved from Paymo:
https://www.paymoapp.com/blog/what-is-project-management/
Hwang, B.-G., & Ng, W. (2013). Project management knowledge and skills for green
construction: Overcoming challenges. International journal of project management,
31(2), 272-284.
Knowledge Base. (2017, February 22). Project Management Process Groups: What are the
Five Process Groups in Project Management? Retrieved from Master of Project
Academy: https://masterofproject.com/blog/7736/project-management-process-groups
Marcelino-Sádaba, S., Pérez-Ezcurdia, A., Lazcano, A., & Villanueva, P. (2014). Project risk
management methodology for small firms. International journal of project
management, 32(2), 327-340.
Needs, I. (2020). Understanding the Consequences of Not Implementing Project Portfolio
Management. Retrieved from KeyedIn:
https://www.keyedin.com/article/understanding-the-consequences-of-not-
implementing-project-portfolio-management
Project. (2018, March 5). Project Management Processes and Knowledge Areas. Retrieved
from Project Cubicle: https://www.projectcubicle.com/project-management-
processes-process-groups-knowledge-areas/
Savolainen, P., Ahonen, J., & Richardson, I. (2012). Software development project success
and failure from the supplier's perspective: A systematic literature review.
International Journal of Project Management, 30(4), 458-469.