What are the principles of project management?
The principles of project management are the fundamental rules that should be followed for the successful management of projects. The Project Management Book of Knowledge (PMBOK) does not currently contain an official list of principles for successful projects. However, PMI’s annual pulse survey highlights the principles that successful project managers and companies are following. 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
- Communication plan
Let’s take a look at each one of these in a bit more detail.
1. Formal structure
Projects need to have a formalized structure, including processes, procedures, and tools. If you’ve ever tried to complete a project without a formalized structure (“off the books”), you know how hard it can be to control it and provide the attention it deserves. A project should have a project charter, project plan, and a designated project team to successfully prioritize and manage the project.
2. Project sponsor
An effective project sponsor is critical to the success of a project. Sponsors champion your project and act as a spokesperson to other executives. Having an engaged sponsor makes it easier to communicate progress, escalate issues to overcome roadblocks, and guide stakeholders through decision-making processes.
3. Goals and outcomes
Without precise requirements and approval criteria, it will be difficult to measure a project’s success. You may think that your final product does everything requested, only to have the customer or user complain that you left out a critical component. The most common factor behind failed projects is a lack of clear goals. Project requirements and approval criteria should be determined and documented at the beginning of the project. These must be reviewed and approved by all key stakeholders, including the sponsor and customer.
4. Roles and responsibilities
Two forms should be used to document and define the roles and responsibilities of everyone involved with a project. For project team members, RACI or RASCI is used to determine duties and expectations. RASCI stands for:
- R: Responsible
- A: Accountable
- S: Sign-off authority (not always used)
- C: Consulted
- I: Involved
In a RACI chart, team members are listed along the top, with tasks along the sides. Each member is assigned a letter (R, A, C, and I) according to their role for each job. A stakeholder register documents stakeholders outside the primary team, as well as important information such as the following:
- Communication preferences (type and frequency)
- Contact information
- Level of influence on the project
- Engagement level with the project
- Their role within the company
- Other relevant details or notes
