Project Management Fundamentals - An Overview of Seven Fundamentals of PM

Introduction

Every famous building, software, application, satellite, machine or event that we see, doesn't just happen overnight, what drives it are the strong principles of Project Management.?Project Management is an art of dividing the entire project into clusters, allocate them to relevant competent teams; managing those teams at every stage and supervising their tasks to deliver a successful project. Famous internet applications like Facebook, LinkedIn, Instagram, Google Earth, Google Maps, Google Drive, etc. Would not have been such a huge success without implication of efficient project management fundamentals, otherwise known as PMP fundamentals.

Project Management – Overview

Project Management is the process of governing and guiding people who have a direct or indirect association with the project.?Project Managers have to achieve the objective and make it a success within the given constraints. The constraints in every project are different; but time, scope and budget are the primary constraints in every project. Executing a project within those given constraints can only be done if project manager have a promising knowledge of the project fundamentals.?Project management is a top rated profession in the present time as it is all about turning client’s dreams into reality.

7 Project Management Fundamentals

There are seven fundamentals of project planning and management. These seven fundamentals of?project management tools and techniques prepare and equip project manager for everything that they need to be a successful Project Manager. Following are the SEVEN Fundamentals:

1. Process Groups

Process groups are the phases included in the Project Management life-cycle. In every project management life-cycle, there are five process groups. Those five process groups are as follows:-

Initiation?

In the initiation phase of a Project Management life-cycle, project manager define the project in detail. It is also known as the introductory phase. In the initiation phase, the Project Managers turn the vision of the client or stakeholder into an achievable goal. The Project Managers and the client discuss the expectations, deliverables, time, scope, budget, goals, and other secondary constraints. After detailed discussion of everything important, a project initiation document is drafted.

Planning?

In the planning phase, the project manager breaks the task in front of the team. They discuss the methodologies, resources and strategies that will be used during the execution phase. Elements like deliverables, project goals, communication plans, project schedules, risk analysis, and risk management. In the planning phase agile project management?fundamentals are used extensively.

Execution?

In the execution phase, all the work is done, and the vision of the stakeholder comes to life. The project managers supervise every task closely and help the team to stay on track. The project managers are also responsible for maintaining two-way communication between the stakeholders and the team members.

Monitoring?

In the monitoring phase the project managers keep an eye on the key performance indicators (KPI). Key performance indicators include cost and effort tracking, deliverables and objectives, and performance and progress. It is essential to keep a track of KPI during the Monitoring stage so any loops there can be identified and tackled.

Closure?

In the closure phase, the project managers and the team members formally close the project and terminate contracts with the third parties involved. A final project review, budget check, and detailed report are created and presented to the stakeholders.

2. Cost Management

Cost management is the second fundamental thing encountered in every project. In Cost Management the project managers deal with the budget. The budgeting of any project is one of the primary constraints. Without cost management, no project is likely to stay within the budget. Cost management involves cost planning, cost estimation, cost budgeting, and cost control.

3. Risk Management

You might have heard the quote that any chain is as strong as its weakest link. Risk Management is one of one most crucial fundamentals of project management as it is the weakest link in the Project Management journey. Neglecting this fundamental of Project Management enhance the chances dramatically in the failure of the Project. The steps of risk management include:-

• Identifying risks
• Analyzing risks
• Assigning ownership of risks to team members
• Prioritizing project risk
• Planning response to project risk
• Monitoring risk
• Curating risk management strategies

4. Task Management

Task management is the essence of project management. Project managers need to ensure that all the tasks are completed within a specified time and budget. Task management involves identifying the task, monitoring the execution of the task and orchestrating the tasks.

5. Project Constraints

Constraints are an inevitable part of project management. there is no such project which doesn't have any constraints. Every project has three primary constraints, i.e. scope, cost and time. These three make the project management triangle and they are unavoidable. The cost constraint forces you to manage the budget of the project and keep it between predetermined financial restrictions. The time constraint involves planning, monitoring and executing the project schedule. And lastly, the scope constraint requires the project managers to define the scope at the beginning of the project.

6. Project Communication Management

In project management, there is continuous two-way communication between the stakeholders and the project managers. The project managers communicate on behalf of their team members. The relationship between stakeholders and project managers is mostly formal, so there are proper steps in project communication management. The standard steps of project communication management include:-

• Purpose: In purpose, we define the intention of communication. We tell the stakeholders the reason for the communication.
• Audience: In the audience, we specify to whom we want to talk. Project managers specify if they want to talk directly to the stakeholders or someone from their team.
• Message: In the message, we specify the contents of the components of the message to the stakeholders.
• Channel: In the channel, the project managers specify the channel of communication. The project managers specify if they want to communicate in person or virtually via mail or messages.
• Timeline: In the timeline, the project managers specify the time frame in which they will communicate.

7. Change Management

As the famous saying goes, "change is the only constant". Change Management is a blessing in disguise for project managers. Change Management comes into play when there is an alteration in the predetermined factors. It is a crucial aspect of the fundamentals of project management.

The fundamentals of project management are incredibly important. If the above-mentioned fundamentals intrigue you, then you should try a professional project management course?by 英国桑德兰大学 . They will enhance your project fundamentals qualification. The project management fundamentals training course will have a detailed fundamental of project management tools and techniques that will help you gain extensive knowledge on the topic.

Conclusion

Project management is a flourishing field. Project managers need to be organized, action-oriented, diligent, and strategic. They should apply the fundamentals of project management efficiently. With the best project management practices and fundamentals, project management can achieve the desired outcomes.

Frequently Asked Questions (FAQs)

1. What are the five major project management fundamentals?

The five major project management fundamentals are:?

1. Conception and initiation
2. Planning
3. Execution
4. Monitoring
5. Project close?

2. What are the 3 most critical elements of effective project management?

The three most effective elements of effective project management are:

1. Being organised
2. Being action-oriented
3. And being diligent and strategic

3. What are the three pillars of project management?

The three pillars of project management are also called the iron triangle or project triangle. The three pillars are as follows:?

1. Time
2. Cost
3. Scope?

4. What are fundamental project management skills?

The fundamental project management skills are as follows:?

1. Effective communication
2. Negotiation
3. Risk Management?
4. Leadership
5. Critical thinking
6. Problem-solving
7. Time management
8. Scheduling

5. What are the major project management fundamentals that the analyst must handle?

Every project management analyst should have the following major skills:?

1. Leadership
2. Technical expertise
3. Risk Management?
4. Problem-solving
5. Critical thinking
6. Time management

6. How someone can gain more knowledge and insights on the topic?

There are platforms like Association for Project Management Association of Muslim Project Managers Association of Construction Project Managers . Follow them and keep a keen eye; their publication will get you up to date knowledge and insights on the topic.