What Are The Fundamentals Of Project Management?

What are the basic principles of project management?

Here are the nine principles of project management:Formal project management structure.Invested and engaged project sponsor.Clear and objective goals and outcomes.Documented roles and responsibilities.Strong change management.Risk management.Mature value delivery capabilities.Performance management baseline.More items….

What are the key stages of a project?

Projects are divided into six stages:Definition.Initiation.Planning.Execution.Monitoring & Control.Closure.

What is 100 rule in project management?

This rule states that the WBS includes 100% of the work defined by the project scope and captures ALL deliverables—internal, external and interim—in terms of work to be completed, including project management.

What are the three components of a project plan?

Five major components of the project management plan are:Executive Summary – describes the nature of the project deliverables created to satisfy the project requirements and organisation needs.Policy and Procedures.Schedules.Timeline plans.Budgets.

What is the most important part of project management?

Communication Make sure that everyone knows what the aims of the project are and how to achieve them. Any change to plans need to be understood by the team members and they must be able to discuss any concerns freely. Short and regular meetings keep everyone updated, instead of long and infrequent ones.

What are the 5 stages of a project?

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 key project management skills?

20 project management skillsCommunication.Leadership.Organization.Negotiation.Team management.Time management.Risk management.Problem-solving.More items…•

What are the five elements of project management?

Five Phases of the Project Management LifecycleProject Initiation.Project Planning.Project Execution.Project Monitoring and Control.Project Closure.

What are the four stages of project management?

The project management life cycle is usually broken down into four phases: initiation, planning, execution, and closure. These phases make up the path that takes your project from the beginning to the end.

What are the six phases of project management?

These include preparing handbooks, training the end users, setting up support team, writing project report, evaluating the project, transferring to the concerned team and dismantling the project. The six-phase model is designed on the rule – ‘think before you act’.

What are the 7 soft skills?

7 Soft Skills You Need to Achieve Career Growth1) Emotional Intelligence. Emotional intelligence is often referred to as the ability to recognize and manage your emotions and the emotions of others. … 2) Team Player Attitude. … 3) Growth Mindset. … 4) Openness to Feedback. … 5) Adaptability. … 6) Active Listening. … 7) Work Ethic.

What is critical path in PM?

In project management, a critical path is the sequence of project network activities which add up to the longest overall duration, regardless if that longest duration has float or not. This determines the shortest time possible to complete the project. There can be ‘total float’ (unused time) within the critical path.

What are the five major project 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 are the key components of project management?

The primary components of a project management plan are:Scope Statement.Critical Success Factors.Deliverables.Work Breakdown Structure.Schedule.Budget.Quality.Human Resources Plan.More items…•

What is Project Life Cycle Management?

The Project Life Cycle refers to the four-step process that is followed by nearly all project managers when moving through stages of project completion. … The Project Life Cycle provides a framework for managing any type of project within a business.

What makes a successful project manager?

Excellent Communicator Being able to communicate clearly and effectively when managing any project or team is a skill that is absolutely essential. Project leaders must be able to communicate their visions and articulate a project’s goal in a way that everyone can grasp for themselves, quickly and easily.

What is project life cycle with example?

The Project Life Cycle consists of four main phases through which the Project Manager and his team try to achieve the objectives that the project itself sets. The four phases that mark the life of the project are: conception / start, planning, execution / implementation and closure.

What are project management methodologies?

The project management methodologies listWaterfall methodology. The Waterfall method is a traditional approach to project management. … Agile methodology. … Scrum methodology. … Kanban methodology. … Scrumban methodology. … eXtreme programming (XP) methodology. … Adaptive project framework (APF) methodology. … Lean methodology.More items…

What are the three main elements of project management?

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

What are the five steps in defining a project?

Initiating, Planning, Executing, Controlling, and Closing. These steps guide a project from conception to completion.