Project Management Principles Flashcards
Project Management Principles
serves as foundational guidelines for strategy, decision making, and problem solving.
PM Principles
Professional standards and methodologies are often based on these
PM Principles
Related to morals, adopted by individuals or professionals to establish expectations for moral conduct
A code of ethics
4 values for PMI code of ethics
◦ Responsibility
◦ Respect
◦ Fairness
◦ Honesty
Be A Diligent, Respectful, and Caring Steward
Stewards act sensibly to carry out actions with integrity, care, and trustworthiness while keeping compliance with internal and external guidelines.
They demonstrate a broad commitment to
financial, social, and environmental impacts of the projects they support.
Stewardship has responsibilities both within and external to the company
Stewardship includes these 4 qualities
◦ Integrity - Stewards behave honestly and ethically
◦ Care - Stewards are fiduciaries of the organizational matters in their charge, and they diligently oversee them.
◦ Trustworthiness - Stewards represent themselves, their roles, their project team, and their authority accurately, both inside and outside of the organization.
◦ Compliance - Stewards comply with laws, rules, regulations, and requirements.
A collaborative project team environment facilitates:
- Alignment with other organizational cultures and guidelines,
- Individual and team learning and development, and
- Optimal contributions to deliver desired outcomes.
Project Teams will be affected by these factors
Team agreements. - Team agreements represent a set of behavioral parameters and
Organizational structures - Project teams use, tailor, and implement structures that help
Processes - Project teams define processes that enable
completion of tasks and work assignments.
A business case contains at least these
supporting and interrelated elements
◦ Business need
◦ Project justification
◦ Business strategy
is the worth, importance, or usefulness of something. is subjective, in the sense that the same concept can have different values for different people and organizations.
Value
Value
Continually evaluate and adjust project alignment to business objectives and intended benefits and value.
Value is the ultimate indicator of project success.
Value can be realized throughout the project, at the end of the project, or after the project is complete.
Value, and the benefits that contribute to value, can be defined in quantitative and/or qualitative terms.
A focus on outcomes allows project teams to support the intended benefits that lead to value creation.
Project teams evaluate progress and adapt to maximize the expected value.
a set of interacting and interdependent components that function as a unified whole.
System
Systems thinking
Systems thinking entails taking a holistic view of how project parts interact with each other and with
external systems.
Systems are constantly changing, requiring consistent attention to internal and external conditions.
Being responsive to system interactions allows project teams to leverage positive outcomes.
