Principles of Project ManagementIntroduction: Project success is defined by researchers as the completion of an activity within the constraints of time, cost and performance. The three basic conditionalities to be fulfilled for ensuring performance of project management are the fulfillment of conditionality with minimum or mutually agreed upon scope changes, without disturbing the main work flow of the organization and without change in the corporate culture. With the changing demands and needs of the market there has been seen that most of the organizations in the world have changed their management and strategic policies to ensure that greater awareness can be created in the market (Heerkens, 2001).
This has been seen to have reaped fruits for almost all the companies around the globe (Catterall, and Maclaran, 2002). But on the other hand there has to be realised that there have been certain companies and organizations which have emerged as global leaders in their field and sphere of influence but have not changed their policies or strategic management a great deal but have employed a persistent policy of organization and functioning (Kai, Choon, Matthew, and Izak, B, 2006). The concepts from the body of project management principles are also applicable in this regard.
A project of magnitude requires an outlay of the plan of action or a project management plan right at the initiation of the project. The most important reason for writing the plan out is the fact that it forces the party involved to think the strategy out and helps in the process of decision making at the level of execution. A project plan may require making commitments, and so it can be both a difficult and important part of establishing the project.
An efficient system of project management would mean that there are in place the ideas of project phases. Executive Summary: In the following report, one will discuss the affectivity of the use of the principles of project management in the overall change institution in a given organization. For the purpose of the discussion, the report will focus on the principles that define a project well executed and try and measure some of the better known project management instances around the globe on the yardstick thus defined.
The idea would be recognize the effect that the institution of a defined set of project management principles would have on the overall tone and tenor change and development management in a given organization. For the purpose of the discussion, one would also analyze the impact that a project ill-executed could have on the overall health of an organization, the lesson to be learnt here would be the fact that in the absence correct implementation of a defined set of project management principles, catastrophe in terms of the project going haywire is inevitable.
In all such instances, these principles of project management instead of being a boon, tend to become a bane. For the purpose of the discussion, one would limit oneself to four basic aspects of project management-costing, staffing and scheduling. Also, in the larger context, to define a project that ran completely opposite to the principles of project management, one will look at a dedicated model of project management-the Prince2 Model and define on the lines of this model the failure of project management at Heathrow terminal 5.