Principles of Project Management

The principles of project management are the fundamental rules that should be followed for the successful management of projects. Project management is the practice of applying knowledge, skills, tools, and techniques to complete a project according to specific requirements.

The ability to deliver projects on schedule, on budget, and aligned with business goals is key to gaining an edge in today’s highly competitive global business environment. This is why it is important for the person in charge of the project to have a comprehensive understanding of project management, from basic concepts to extensive experience.

Regardless of what kind of project you’re planning, every project goes through the same stages. Although each project will require its own set of unique processes and tasks, they all follow a similar framework. There’s always a beginning, a middle, and an end. This is called the project management life cycle.

Why is project management important?

Project managers will help your organization:

• Have a more predictable project planning and execution process
• Adhere to project budgets, schedules, and scope guidelines
• Resolve project roadblocks and escalate issues quicker and easier
• Identify and terminate projects that do not have relevant business value
• Become more efficient
• Improve collaboration across and within teams
• Identify and plan for risksIn short, project managers are responsible for the planning, executing, monitoring, controlling, and completion of projects, so they must have a complete understanding of the subject matter. However, that is just the tip of the project management basics iceberg.