Principles of Project Management: A Comprehensive Report

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ASSESSMENT 2 –PRINCIPLES OF
PROJECT MANAGEMENT
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Contents
Introduction......................................................................................................................................3
Understand PMBOK knowledge areas and process PMI's Code of Ethics.....................................3
Comparing and contrasting project management approaches for managing a variety of project
types.................................................................................................................................................4
Project management tools and techniques for risk management.....................................................5
Conclusion.......................................................................................................................................5
References........................................................................................................................................7
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Introduction
The assignment is based on the understanding of project management and adapting different
tools to deal with the changes that are involved in the overall project development and
knowledge-based function. The application of PMBOK tools and principles will be studied in
this section by keeping into consideration effective ways to apply them in the development and
analysis of the project. This also includes the effective development of an overall project
development schedule and development in order to evaluate and use the resources effectively on
project development and functioning. The assignment will learn and apply the PMI code of
ethics and study effective appropriateness and risks involved in all the sections of the society.
Understand PMBOK knowledge areas and process PMI's Code of Ethics
The application of PMBOK principles can be seen in various sections of the organization and its
development thus in order to understand all there are 10 major knowledge areas for managers to
adapt in order to get best results from the project and can be used to guide the team effectively.
The first step is integration management which helps in integrating all the pieces and sections of
tasks together by doing all the Initiation, Planning, Execution, Monitoring and Controlling, and
Closing related to the task. The next step understands project scope so that all the team members
are well aware and well informed about project aims, this is helpful in delivering actual results to
the project. Next is developing a schedule, this step is very important as this allocates time
intervals and develops a schedule for all the team members to perform tasks and deliver effective
outcome from the project and making changes in the process. This can help the managers to
analyze, measure, and assess their time management techniques associated with the project
(PMI, 2013).
Next steps are cost estimation and budgeting associated with the overall project this helps in
developing an effective measure to deal with the current and future resources associated with the
cost and making changes in the budget as per requirement. This is followed by the quality of the
product helping in making effective changes and development standards associated with quality
control and sustaining quality features. The next and very important area is to maintain resources
so that the same can be used throughout the research and make developments effectively. The
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management of communication and monitoring overall communications are also very important
in order to make sure there is an effective flow of information in the team. The other important
features include project risk management and procurement management to make sure there is an
effective development of the overall project (PMI, 2013).
In any project development and management, there is a need to follow some code of ethics to
maintain the fairness in the project. These are also known as PMI code of ethics they are
important to maintain the honesty, responsibility, respect and fairness and all the values that
project management profession need to drive ethical conduct. For project managers the need for
PMI is to make the managers responsible for the development in the projects and to check all the
repercussions in the project. This helps the managers to encourage and value others in order to
deal with the substantial development of an individual and making changes on the overall global
platform of an individual. This develops accountability and generates a sense of responsibility
among managers to develop roles in the process. Among managers, the need to use these
products are necessary to develop an effective faith trust in the team and among team members
to deal with the business relations and maintain communication and relations with all the
associated stakeholders.
Comparing and contrasting project management approaches for managing a variety of
project types.
There are various project management approaches that can be used in order to make sure there is
effective management of the project. One is a phased approach in this whole project is divided
into different phases, this is helpful in breaking a large problem into smaller but at the same time
it's lengthy. This might increase the overall operational time of the project and affect growth
simultaneously. Next is the lean project management techniques that can help in reducing time
and minimize time, this is effective in a large project where customer satisfaction is a priority but
cannot be used in small project operations. In order to overcome the issues associated with above
methods, there was another method developed known as iterative and incremental project
management, they are meant for a larger project and helps in avoiding waste and unscheduled
issues associated with the project. They have relative phases to address the problem and make
an effective application of the same. There were some functional issues in the above approach
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thus came in critical chain management plan that deals in the in-depth and deals in a traditional
approach to deal with the issues. They follow steps like completion delays, missed deadlines,
increased project costs, and low quality of deliverable. They are good as they place buffers in the
project whenever an issue is identified and make effective application of project changes to
develop further issues associated with them (Matos & Lopes, 2013).
The chaining process is lengthy and requires a lot of effort thus the same cannot be used for
short or urgent project requirements. This can be done using process-based management mostly
used in software industries thus using the same in the development of small process and
associated values with the development of the project and making changes as and when required.
This might help in many cases but can increase issues associated with other cases associated with
the project. One of the oldest methods is earned value method that is based on the comparison of
the actual cost compared to the planned value of the product. All the above management
approaches are different based on the size of the industry and the nature of workforce required in
the process. They are not applicable in all the resources thus affecting an overall growth of the
project features and associated values for the project (Ghosh, et. al., 2012).
Project management tools and techniques for risk management
In any project, there is always risk involved in the overall development and evaluation process
thus affecting the overall process of project development and associated risks with the project. In
order to minimize risk, there can be an application of risk management process that deals with
step by step process of risk and culture. This initiates with the development of effective risk plan
that calculates all the potential risks involved with the project and further needs of the project.
This step is followed by identification of risk whether it is long term or short term or there is any
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other process involved in the same. These risks can hamper the production and future
development of the risk management structure. The next step is to perform a qualitative analysis
on the project thus dealing with the effective process associated with risk and risk structure of an
individual. The overall outcome of this can be used in the quantitative analysis and study the
potential impact of the risk (Pritchard & PMP, 2014).
With an effective collection of risk management data, the plan for future responses can be done
in accordance with overall growth of the project and associated values with them. This is needed
to be done as per the overall assessment of risk and structure involved in the growth of the
project. This project is involved in the development of future strategies and associated values
that can be used in order to make sure there are a scope and method to deal with the needs of the
project and suitable steps can be taken to deal with them. This shows growth and feedbacks
associated with the project and make changes in the overall development features associated with
the same. These steps are effective in order to monitor risk and control various features
associated with the failure of the project and associated values of the project. The risk
management plan can be helpful in making effective changes in the development process and
needs associated with the project and effective delivery of overall factors associated with the
project optimization (Alhawari, et.al., 2013).
Conclusion
The essay helped in the understanding application and need of PMBOK in various projects and
applying them in various projects and their associated values. The essay helped in understanding
the need to have an ethical code of conduct while planning and operating a project and applying
them in an overall better and more functional form. This has helped in studying the behavioral
and operational needs of project managers and various steps they need to carry in order to
achieve optimum output on the project with effective analysis of all the resource and risks
involved in the place. This has been an effective delivery for risk assessment and project
management.
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References
Alhawari, S., Karadsheh, L., Talet, A. N., & Mansour, E. (2012). Knowledge-based risk
management framework for information technology project. International Journal of
Information Management, 32(1), 50-65.
Ghosh, S., Forrest, D., DiNetta, T., Wolfe, B., & Lambert, D. C. (2012). Enhance PMBOK® by
comparing it with P2M, ICB, PRINCE2, APM and Scrum project management standards. PM
World Today, 14(1), 1-77.
Matos, S., & Lopes, E. (2013). Prince2 or PMBOK–a question of choice. Procedia
Technology, 9, 787-794.
PMI, A. (2013). guide to the project management body of knowledge (PMBOK guide).
In Project Management Institute(Vol. 5).
Pritchard, C. L., & PMP, P. R. (2014). Risk management: concepts and guidance. Auerbach
Publications.
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