What are the fundamentals of project management that must be mastered for success?
This answer can be narrowed down by looking at the knowledge areas defined in the Project Management Body of Knowledge (PMBOK). PMBOK is a book by the Project Management Institute (PMI) that compiles the fundamental concepts of project management. While there is some truth to that, this answer can be narrowed down by looking at the PMBOK knowledge areas defined in the PMBOK.
What Are the Different PMBOK knowledge areas in Project Management?
Project managers need to keep an eye on the essential parts of project management to successfully plan, schedule, monitor, and deliver projects with the assistance of the project team. The project stakeholders are the PMBOK knowledge areas. A simple definition of the PMBOK knowledge areas would be that they are the critical components of project management that project managers must keep an eye on.
So, there are Five Phases of the Life of a Project.
The five phases of a project’s life cycle are as follows:
- Monitoring or Controlling
During each phase, these PMBOK knowledge areas about project management must be explored. The PMBOK by PMI refers to these stages as project management process groups. These are the sequential stages that every project takes place in.
The PMBOK knowledge areas covered by the PMBOK can generally occur during these process categories. You can think of the knowledge domains as vertical, while the process groups can be considered horizontal. The PMBOK knowledge areas constitute the essential body of technical information that must be possessed to manage projects successfully.
Phase 1: Initiation of the Project
The transformation of an intangible concept into a concrete aim begins with the phase of a project known as ‘Project Initiation.’ At this point in the process, you are tasked with developing a business case and defining the project more broadly. To accomplish this goal, you will first establish the project’s necessity and then draft a project charter.
The project charter is an important document that includes data such as the project’s limitations, goals, the appointment of the project manager, budget, and estimated timeline, among other things.
After you have established the objectives of the project and scope, the next step is to determine the key project stakeholders. These are the individuals who are going to be involved in the project. Establish a stakeholder registration that details their responsibilities, designations, the requirements for communication, and their influence.
A project charter does not include any of the technical details that are worked out during the planning phase of a project; however, at this phase, a precise aim of the project is formed.
Take, for instance, the case of an automobile manufacturer tasked with developing an electric vehicle. The project phase, known as ‘initiation’, will not include the decision-making process for the vehicle’s design, capacity, or battery power. The only thing that can be said for definite is that an electric car will be produced within the allotted amount of time and money.
Phase 2: Planning of the project
Since it lays out the project’s road map, the project’s planning stage demands comprehensive care. It is anticipated that roughly half of the total time allotted for the project will be consumed by the second phase of project management, provided that an up-to-date form of project management, such as agile project management, is not utilized.
During this phase, the key activities include:
- Determining the technical requirements.
- Designing a communication plan.
- Developing a thorough project schedule.
- Setting goals and deliverables.
There are a few approaches to determining the project’s objectives; however, the S.M.A.R.T. and C.L.E.A.R. approaches are the most common.
What is S.M.A.R.T.?
Using the ‘SMART’ criterion will ensure that the goals you establish for your project are thoroughly evaluated. It is a tried and true strategy that not only mitigates risk but also enables project managers to set objectives that are both distinct and attainable.
S.M.A.R.T. stands for:
What is C.L.E.A.R.?
The ‘CLEAR’ approach of goal-setting was developed to accommodate the fluid character of a contemporary workplace. The method consists of four steps. CLEAR can assist citizen developers in meeting the requirements of today’s fast-paced organizations, which seek flexibility and instant outcomes.
The acronym C.L.E.A.R. stands for:
The scope of the project is figured out at the planning stage of the project. It is possible to make alterations to the project’s scope if the project manager approves; however, these alterations are not guaranteed. In addition, project managers devise a work breakdown structure or WBS. This helps the team management see the entire project broken down into its parts in an organized manner.
Another essential component of the planning stage is the creation of a comprehensive timeline for the project that details each deliverable. With the help of that timeframe, project managers can design a communication plan for the project and a schedule for communicating with the essential stakeholders.
In the planning stage of project management, one of the most essential aspects is mitigating risks, which is also a component of this stage. The project manager must extrapolate facts from the past to identify potential hazards associated with project management and devise a plan to mitigate such risks.
Despite its importance, an efficient change management plan is a crucial component that professionals frequently ignore. To prevent bottlenecks and delays in the project, it is imperative that you, as the project manager, be flexible enough to incorporate certain necessary adjustments.
In the final stages of a project, when there is no functional change management plan in place, the scope can occur, which creates a significant amount of additional work for the project team. Therefore, it is preferable to reduce the likelihood of unforeseen changes as much as practicable.
Phase 3: Execution of the project constitutes
During the project phase, known as ‘execution,’ your team will do most of the work. Establishing effective workflows and closely monitoring your team’s progress should be a primary focus of your work as a project manager.
During this phase of the project, it is also the project manager’s job to ensure that effective collaboration between the various project stakeholders is regularly maintained. This guarantees that everyone continues to operate from the same playbook and that everything runs smoothly in the execution of the project.
You can get assistance from the most effective solutions for collaborative project work that is now on the market. They will not only make your life easier, but they will also boost the efficiency of your staff and raise the amount of work they get done.
Phase 4: Project monitoring and management
The third and fourth phases of the project management process do not consecutively follow one another. The monitoring and controlling phases of the project run simultaneously with the execution phase of the project. This helps guarantee the project’s goals and deliverables are completed.
By developing Critical Success Factors (CSF) and Key Performance Indicators (KPI), you, as the project manager, may ensure that no one deviates from the initial plan.
During the monitoring stage of project management, the manager is also accountable for keeping a quantitative track of the amount of work and cost incurred during the process. This tracking is vital for future projects and ensuring that the current project stays within its budget, so it serves a dual purpose.
Phase 5: Completing the Project
Managing a project has now reached its conclusion with this phase. Following the final deliverable, the project is said to have reached its conclusion stage. There are instances when talent from the outside world is brought in on a contract basis expressly for the project. The project manager is also responsible for terminating these contracts and submitting all appropriate paperwork in connection with doing so.
After the conclusion of a project, most teams will hold a meeting to discuss their achievements and shortcomings during the project. This is an efficient strategy for ensuring constant improvement within the organization, which will, in the long run, raise the total productivity of the team.
Reviewing the entirety of the project and producing a comprehensive report that addresses each facet constitutes the final responsibility of this phase. That organization provides project managers with access to a safe location where they can keep and retrieve all relevant data as needed.
What are the benefits of using PMBOK?
Getting ahead in your career as a project manager can feel like an uphill battle. Even though you have access to thousands upon thousands of materials, you still need to find the time to work in addition to your academic pursuits.
You should read the Project Management Body of Knowledge (PMBOK) rather than wasting time searching for a never-ending supply of resources. The following are some of the advantages that come from reading the PMBOK.
1. Those Who Are Studying for the PMP Exam Can Benefit from the PMBOK
Because the Project Management Professional (PMP) exam is commonly regarded as the ‘Gold Standard’ in project management, you must acquire as much knowledge as possible regarding the procedures and principles involved in project management. Consequently, the PMBOK should be your primary resource for the PMP examination.
2. Obtaining Professional Development Units by Studying the PMBOK
Professional Development Units, or PDUs, are awarded to individuals who read and study the PMBOK. These PDUs make it easier for an organization to adhere to the requirements set by the industry.
3. An Easy Breakdown of the Steps Involved in Project Management
The typical structure of a project consists of a set of steps, each of which may have its own set of substeps. The PMBOK teaches you how to simplify complicated processes by breaking them down into manageable phases. Unfortunately, some of the steps can be tough to figure out.
4. Broadening of Professional Experience to Include Additional Domains and Industries
You may require more experience in the future, notwithstanding the field in which you currently work. So, people use cloud-based project management software for this purpose.
5. Tried and True Approaches to the Management of Projects
PMBOK delivers techniques that have been tested and practices that are followed the evidence, so you can be sure you know what you’re doing, how to get the job done, and why other approaches may not work.
6. Acknowledgment of the PMBOK Around the World
There are eleven language translations of the Project Management Body of Knowledge (PMBOK). This has helped it in becoming one of the most well-known resources for project managers worldwide. As a consequence of this, the lessons that it teaches might be helpful when working with people and organizations originating from other nations and cultures.
7. Guarantees the Consistent Execution of Procedures
Standardizing business processes is, and will continue to be, an essential component of any successful business models and plans. The Project Management Body of Knowledge (PMBOK) offers a means of integrating separate processes in project management into an integrated, standardized, and cooperative effort.
8. Decrease in the Project Management Team’s General Operating Expenses
Your career will benefit further from the PMBOK. This will cut down on the overhead costs incurred by the project management team. Training on steps, recognizing inconsistencies, and the ever-growing influence of a work breakdown structure in the field could all fall under this category.
9. Offers an In-Depth Understanding of Time-Tested Methodologies
A project manager is only as effective as the depth of their understanding of what contributes to the success of a project and what does not. The Project Management Body of Knowledge references classic techniques and explanations of why these methodologies have flaws.
10. An Increase in the Preciseness of Procedures
The PMBOK ensures that all processes are precise by removing extraneous workflows, considering accuracy is essential in project management.
The decision to read the PMBOK could appear to be a tedious activity at first. Thus, reading the PMBOK will benefit you more than reading most other publications combined. Since the Project Management Body of Knowledge (PMBOK) is one of the finest ways to grow your career and improve your skills as a project manager, why don’t you go through the PMBOK 6 v/s PMBOK 7 to find out which is the better one?
Simplify your project management path.
In today’s times, it is common practice to keep tabs on all project-related paperwork. So, people use cloud-based project management software for this purpose.
A project’s level of predictability increases in proportion to the number of phases it consists of. It provides a structure within which to operate, which makes planning and carrying out the plan simpler. In the past, spreadsheets and notes were sufficient for managing digital projects. However, the requirements of digital project management are entirely different.
Thus, having the appropriate tools to plan, organize, and keep track of projects would be best. If you want to simplify the project management phases for each project, you need to use online project management software.