A project has the ability to decide the destination of an organization. It requires a scheduled pathway to reach the destination, and the objective of the project must remain constant throughout its progress. Project Management is the road map for the journey of the project. Project Management is the rules to be followed for the project's success. Project Management is the application of skills, tools, and techniques to achieve the objective of it. So let us learn about the basic principles of project management. 

Evolution of Project Management

Project Management emerged between 1900-1950s. There was huge technological advancement during this period, the innovation of automobiles and telecommunication sped up the process of technological advancement. Henry Gantt invented the element of project management.

Example: Hoover Dam (1931-1936)

The project encompassed different organizations, and there was a necessity for a clear project plan as the location had no access to water or electricity. But the project was successfully completed prior to the planned time and within budget. Project Management increases efficiency and reduces the time wasted in confusion.

The learning here is all about how change remains constant throughout the progress and development of society. Today, the world is getting competitive and so are the organizations. There is demand for efficiency, and for the management to achieve the desired result it must rely on project management.

Basic Principles of Project Management

Be it developing IT software, a construction field, or even a manufacturing unit, the basic principle of project management adds value to the expansion of business. The practices of project management result in delivering creative solutions within planned time and budget, it also prevents the failure of projects.

The Project Management Book of Knowledge( PMBOK) contains a list of basic principles of project management. PMP Certification is not just a validation for a project manager, but one emerges with more knowledge of the principles of project management.

Here are the basic principles of project management that help in project success.

●  Set the ultimate objective

Before starting with any project, goals have to be set which depend on the project's success or failure. By making a clear objective, the team, the client, and the project manager are on the same page working towards its progress. This helps to avoid confusion and misunderstanding.

Goal-setting rules in project management:

• The goal has to be time-bound
• Make sure it is an attainable goal
• It must be specific yet clear

●  Set the deliverables

Every project has its own objective. The purpose of working towards the objective is called deliverables. The deliverables have to be created when the project is still in the planning phase.

For setting the project deliverables:

• There must be clear communication within the team, before setting the deliverables
• It has to be shared with the stakeholders
• Clear and defined objectives

●  Set the organizational alignment

This principle emphasizes putting the objective, capability, strategy, company’s vision, and mission all together. It also encourages individual contribution to the team. The team needs to understand the portfolio of the project.

To work on the organizational alignment:

• Project Manager needs to have control over the objective, strategy, progress, and execution
• An organization needs to have a straight alignment between projects and their strategy
• Set possible execution and review every project

●  Set the scheduling and budgeting

Regardless of the scale of the project, every project has limited resources. It is very important to set margins with respect to the expenses incurred. Take reasonable measures to cut down the cost and plan the budget with the limited available resources. The budgeting is directly dependent upon scheduling.

To plan schedule and budgeting:

• The organization must have a proper project scheduling tool
• Budgeting is linked with scheduling, so any changes in schedule will have an impact on budgeting.
• The team must be aligned for the common purpose

●  Set the priorities and milestone

While working in the middle of a project, it is easy to get distracted by other not-so-important tasks. Define your priorities and stick to the plan till you complete the project. It is as well important to identify the milestone in the course of the project, milestones are important for achieving success.

To prioritize the task and plan the milestone:

• Priorities keep the progress and the team on track
• Priorities help in utilizing the teams' energy wisely
• Milestone identifies if the project's objective, scope, and schedules are on track

●  Set the communication plan

The guidelines for clear communication have to be defined in the beginning stage itself, whether it is through chat service, messaging, or through email. The team must know the importance of strong communication. It is the duty of the project manager to choose the model of communication for the team

To enhance the communication plan:

• Plan the communication need of the team
• Determine the communication schedule for the team
• Collaborate of the team with stakeholders and clients

How does the principle of project management affect project success?

If the project is completed within a given time frame and budget, it is said to be completed successfully. According to a study published, “ Conditions for project success” includes the following factors:

• Planning
• Team Formation
• Goals
• Governance
• Commitment to the project’s success

Have a look at some of the factors that define project success:

• Scope: The project must have deliverables that were planned in the initial stage, that were exactly mentioned to the stakeholders
• Scheduling and Budgeting: The project must have been completed with the planned schedule and planned budget
• Satisfied customers: Customers are satisfied when they receive what they expected, be it in terms of quality and quantity.

According to PMO Survey 2020, an investigation was conducted on the activities and satisfaction of resource management.

Conclusion

Project Management is an ocean of learning, the basic principles of project management give the understanding of its impact on projects success. With clear skills in project management, one can be a stellar performer in the role of project manager.