Principles of Project Management

It is essential to understand the impact of PMBOK and project management lifecycle as these areas hold importance in timely completion and delivering timely completion of the project.

project management lifecycle ensures project endeavor that has a definite start time and finishes time. Project lifecycle phases are project initiation, project planning, project execution, monitoring, and project closing. PMBOK act as a standard of terminology and guidance for project management. (Project Management Institute, 2017). The alignment of the project lifecycle and PMBOK in the project is essential to ensure the success of the project and the aligning of project goals with outlined objectives. In my opinion, it is necessary to understand the concepts and adapting them to positive results.

These are the major areas impacted by the lifecycle -

  • Scope of the project- The scope relates to the work of the project, it is to be clear and specific.
  • Integration- this includes the project road map and assigning the fundamental plan for arranging project work. This includes project process management as a key step.
  • Time- the project is divided into schedules with start dates and deadlines with budget specified. The time for activities allocated must be specified
  • Quality- The project quality is part of the overall project plan and it is it essential to ensure quality control so that quality management plan are met.
  • Human Resource Management- The project team is crucial and its progression and identification should be addressed. Arranging and engaging with the team and understanding requirements is required for the project.
  • Cost- This involves estimates fund inflow and establishing a budget for tasks allocated to manage expenses. Cost control measures and tracking for optimizing resources utilized.
  • Communication- communication is paramount with all stakeholders' alignment and dissemination of information determination for the project. Adjusting and managing communication review is necessary for effective project work. It is imperative to have a proper channel to manage the same among stakeholders.
  • Risk management- Risk management identification and categorization of identified risk will be helping to reduce the likelihood and impact of the risk. Risk management is reviewing risk timely and creating impact.
  • Procurement- Planning procurement, choosing a vendor ad closing contract is pivotal as it is directly proportional to budget and schedule. Procurement relates to the purchase process for the project.
  • Stakeholder management- Managing stakeholders actively through the project is critical for satisfying business needs and adjustments for negotiation or compromise. managing stakeholder engagement is critical for business effectiveness.

Alignment of lifecycle management and PMBOK in projects can be managed by the below methods-

Developing a project framework for communicating project status positioning of lifecycles, and creating a project plan for system development for a decision-making framework.

  • Resource planning and budget management are critical in the lifecycle of the project as project execution and timeline are dependent on meeting management and resource planning for budgets, project goals, and key quality of deliverable. Stakeholder management and communication for project planned outcomes.
  • Optimizing the portfolio of components and alignment to measure the same by categorization on performance management will align lifecycle management (Hamdan, 2014)
  • Continuous review of the project will ensure that challenges faced by project managers and project viability are monitored through measurable criteria. The measurable criteria will include ROI and strategic objectives critical in both quantitive and qualitative standards.

I would like to conclude that understanding of Project management concepts and life cycle management is essential for managing project management as its impact in the lifecycle and different phases of project life management is profound to manage agility and reliance.

References for Impact of PMBOK and Project Management Lifecycle

Hamdan, Y. & Jaafar, K. (2014). Strategic alignment of projects: evaluation and selection process. Paper presented at PMI® Global Congress 2014—EMEA, Dubai, United Arab Emirates. Newtown Square, PA: Project Management Institute.

Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge Sixth Edition. Project Management Institute

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Management Assignment Help

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