Section 5: Project Management Principles

Question 1

What are project management principles?

Answer 1

-Foundational guidelines for strategy, decision making, and problem solving
-Professional standards and methodologies are often based on principles
-Principles for project management provide guidance for the behavior of people involved in projects

Question 2

What is the PMI Code of Ethics and Professional Conduct?

Answer 2

Principles can, but do not necessarily, reflect morals.

A code of ethics is related to morals.

A code of ethics for a profession can be adopted by an individual or profession to establish expectations for moral conduct. PMI is based on four values:
-Responsibility
-Respect
-Fairness
-Honesty

Question 3

Project vs General Management Principles

Answer 3

Principles of project management can also have areas of overlap with general management principles.

Question 4

12 Principles of Project Management?

Answer 4

1. Be a diligent, respectful, and caring steward
2. Create a collaborative project team environment
3. Effectively engage with stakeholders
4. Focus on value
5. Recognize, evaluate, and respond to system interactions
6. Demonstrate leadership behaviors
7. Tailor based on context
8. Build quality into processes and deliverables
9. Navigate Complexity
10. Optimize risk responses
11. Embrace adaptability and resiliency
12. Enable change to achieve the envisioned future state

Question 5

What is Stewardship?

Answer 5

The act of taking care of, or managing something, for example property, an organization, money or valuable objects.

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.

Question 6

Four main elements of being a good Steward

Answer 6

Integrity - behave honestly and ethically

Care - fiduciaries of the organizational matters in their charge, and they diligently oversee them.

Trustworthiness
-represent themselves, their roles, their project team, and authority accurately, both inside and outside the organization.

Compliance
-Comply with laws, rules, regulations, and requirements.

A holistic view of stewardship considers financial social technical and sustainable environmental awareness.