What Are The Basic Principles Of Project Management?

What are the pillars of project management?

Organizations can take steps to avoid these problems and enhance the probability for project success by building or reinforcing the four pillars of effective IT program management – IT Portfolio Management, Governance, Risk Management and Enterprise Architecture..

What are project management skills?

What Are Project Management Skills?Planning the project from conception to implementation.Mapping out a timeline.Executing each phase.Creating, allocating, and managing the budget.Communicating among all stakeholders.Troubleshooting any issues.Delivering (and often maintaining) the end product or service.

What are the 10 knowledge areas of project management?

The knowledge areas are the core technical subject matter, which are necessary for effective project management.Project Integration Management. … Project Scope Management. … Project Time Management. … Project Cost Management. … Project Quality Management. … Project Human Resource Management. … Project Communications Management.More items…•

What is 100 rule in project management?

An important design principle for work breakdown structures is called the 100% rule. … The 100% rule states that the WBS includes 100% of the work defined by the project scope and captures all deliverables – internal, external, interim – in terms of the work to be completed, including project management.

What is the 8 80 rule in project management?

8-80 rule states that work packages must be between eight hours and eighty hours chunks of work. If the projects are big, then work packages can be around 80 hour chunks of work. For small projects the work packages can be around 8 hours, or it could be anything between 8 hours and 80 hours.

What are the three pillars of management?

The Three Pillars of LeadershipEmotional Intelligence. Great leaders communicate with consummate effectiveness. … Authenticity. The next pillar of leadership is authenticity. … Embracing Uncertainty. The third pillar of authentic leadership requires a counterintuitive embracing of uncertainty.

What are two main project management principles?

In a nutshell, project management is the discipline of planning, organizing, securing, managing, leading, and controlling resources to achieve specific goals. …

How many project management principles are there?

Six PrinciplesIt’s called the ‘Six Principles of Service Excellence’, and it transitions easily to basically any type of project or initiative you are trying to effectively implement. For the project management aficionados and novices out there, think of it as the six principles of project management.

What are the 5 stages of project management?

Developed by the Project Management Institute (PMI), the five phases of project management include conception and initiation, planning, execution, performance/monitoring, and project close.

What are the three main elements of project management?

The triple constraint theory, also called the Iron Triangle in project management, defines the three elements (and their variations) as follows:Scope, time, budget.Scope, schedule, cost.Good, fast, cheap.

What are the four fundamentals of project management?

Creating, monitoring and enforcing the project schedule, milestones, and completion dates. Project Cost Management. Estimating the project costs, and monitoring and controlling them throughout the project. Project Quality Management.

What are the five major project management fundamentals?

The five major project management fundamentals that the systems analyst must handle are (1) project initiation—defining the problem, (2) determining project feasibility, (3) activity planning and control, (4) project scheduling, and (5) managing systems analysis team members.

What do project managers do all day?

In the broadest sense, project managers (PMs) are responsible for planning, organizing, and directing the completion of specific projects for an organization while ensuring these projects are on time, on budget, and within scope.

What is project life cycle?

What is a Project Life Cycle? The project life cycle is a 4-step framework designed to help project managers guide their projects successfully from start to finish. The purpose of the project life cycle is to create an easy to follow framework to guide projects.

What is the most important part of project management?

If innovation is required to be successful, the most important job of a PM is to nurture an environment where the team can innovate. To do this, the PM must communicate with team and stakeholders throughout the project; focus on solving problems, and create space for failure.

What are the key components of project management?

8 Critical Components of Project ManagementProject Goals. The first thing you will need to establish are the goals of the project. … Project Timeline. … Project Budget. … Project Scope. … Team Skill Set. … Team Motivation. … Team Chemistry. … Leadership.

What are the three basic goals of a project?

There are three main interdependent constraints for every project; time, cost and scope. This is also known as Project Management Triangle.