Seven Principles of Project Management

If you are looking for a guide to help you manage the project with greater confidence, then this article will help. Below I discuss seven key principles, based on the PRINCE2 project management framework, designed to improve the likelihood of your successful project.

1. Business justification: each project should lead to a return return on investment. In other words, we need to understand the benefits that a particular project will take, before engaging in any expense. During the life cycle of a project, however, circumstances can change quickly. If at any time it becomes clear that a return on investment is no longer possible, then the project should be eliminated and the money not be wasted.

2. Defined roles and responsibilities: everyone working on the project must understand the nature of their involvement: for what each person is responsible, and to whom they are accountable? Without clear roles and responsibilities, no one knows exactly what he or she should do (and all pass the buck to the first sign of trouble). In an environment as chaotic, the project's progress will be seriously compromised.

3. Management by exception: the project sponsor should avoid getting too bogged down in day to day running of projects and instead allow the project manager to focus on this sector. Micro-management by a sponsor is an obstacle, not a help. Project sponsor should place clear limits on the cost and time, with which the manager should work. If he / she can not deliver the final results agreed within these constraints, the concerns should be raised to the sponsor for a decision.

4. Manage by stages: breaking the project up into smaller chunks, or stages. Each stage marks a point where the project sponsor will be able to make important decisions. For example, the project still worth it? Risks are still acceptable? Dividing a project into phases, and only committing to a stage at a time, is a low-risk approach that allows the sponsor to manage by exception.

5. Focus on new products: it is essential that customers and clients to think carefully about the products, or supplies, they need before the project begins. The clearer their needs may be more realistic and achievable plans that can be produced. This makes project management much easier and less risky.

6. Learning from experience: do not risk making the same mistakes on each project, given that some aspects went well or badly, then incorporate the lessons learned in your approach to your next project. Humans have an extraordinary ability to learn, but when it comes to repeat the mistakes made during previous projects, all too often fail to learn the lessons.

7. Tailored to suit the environment: project management methodology or framework for any, must be adapted to meet the needs of the project. Rather than blindly follow a methodology, the project manager must be able to adapt procedures to meet the needs of the job in hand. As you plan a project of two weeks is likely to be very different from what is expected in a two-year project

In summary, the principles of management of the projects discussed here can be applied universally, regardless of language, geography and culture. These principles have been demonstrated in practice for many years, cling to them, rather than struggling along without a coherent strategy, and you will have a greater chance of success of the project .......