What Are The Four Pillars Of Project Management?

What are the key components of project management?

8 Critical Components of Project ManagementProject Goals.

The first thing you will need to establish are the goals of the project.

Project Timeline.

Project Budget.

Project Scope.

Team Skill Set.

Team Motivation.

Team Chemistry.

Leadership..

What are the major characteristics of a project?

These seven characteristics are;A single definable purpose, end-item or result. … Every project is unique. … Projects are temporary activities. … Projects cut across organizational lines. … Projects involve unfamiliarity. … The organization usually has something at stake when undertaking a project.More items…•

What is project life cycle?

A standard project typically has the following four major phases (each with its own agenda of tasks and issues): initiation, planning, implementation, and closure. Taken together, these phases represent the path a project takes from the beginning to its end and are generally referred to as the project “life cycle.”

What are the pillars of project management?

Let’s discuss them one by one:Decomposition: Creating Work Packages(WP)Scope management- Always take steps to reduce “scope creep”Short Schedules-Always keep the plans short to avoid impact of changing factors such as Resource, Technology, Organization and Environmental changes.Phasing each WP*More items…•

What are the four characteristics of a project?

There are several important characteristics of any project that will help to determine where on the SDLC continuum a project is best located. For this post, I will discuss what I consider to be the four most important: complexity, reoccurrence, predictability, and plannability.

What are the 3 pillars of the project management?

The project management “triangle” of scope, time, and cost has been informing projects ever since the first team member was hired to accomplish a job. In the basic setup of a triple constraint, one of three elements (or possibly more) can constrain a project. The elements are budget/cost, time/schedule, and scope.

What are the six phases of project management?

These include preparing handbooks, training the end users, setting up support team, writing project report, evaluating the project, transferring to the concerned team and dismantling the project. The six-phase model is designed on the rule – ‘think before you act’.

What are the 6 constraints of a project?

The Six ConstraintsTime and Cost. These are considered the standard constraints. … Scope. Scope doesn’t have the same ease of definition – ie, as normally being defined through “ranges”. … Quality. … Benefits and Risk. … Benefits. … The Sixth Constraint: Risk. … First Scenario. … Second Scenario.More items…

What are the 47 processes of project management?

Summary of 47 Processes from PMBOK 5th Ed. GuideProject Integration Management.Project Integration Processes.Develop Project Charter.Develop Project Management Plan.Direct and Manage Project Work.Monitor and Control Project Work.Perform Integrated Change Control.Close Project or Phase.More items…•

What are the five elements of project management?

Five Phases of the Project Management LifecycleProject Initiation.Project Planning.Project Execution.Project Monitoring and Control.Project Closure.

What are 3 critical skills a project manager needs to succeed?

15 Top Skills Project Managers NeedLeadership. Project leadership was a hot topic this year. … Negotiation. … Scheduling. … Cost Control. … Risk Management. … Contract Management. … Critical Thinking. … Communication.More items…•

What is the most important in project management?

A lot of people think that the most important contribution of a project manager is building the plan. To do this, the PM must communicate with team and stakeholders throughout the project; focus on solving problems, and create space for failure. …

What are the five characteristics of a project?

A project plan can be considered to have five key characteristics that have to be managed:Scope: defines what will be covered in a project.Resource: what can be used to meet the scope.Time: what tasks are to be undertaken and when.Quality: the spread or deviation allowed from a desired standard.More items…

How is Earned Value calculated?

Earned value (EV) is a way to measure and monitor the level of work completed on a project against the plan. Simply put, it’s a quick way to tell if you’re behind schedule or over budget on your project. You can calculate the EV of a project by multiplying the percent complete by the total project budget.

What is the 8 80 rule in project management?

Follow the 8/80 rule as a good rule of thumb that ensures that no task is less than 8 hours or more than 80 hours in the WBS. If a task is greater than 80 hours then it needs to be decomposed further into work packages.

What is the first step in project management?

Project Management Basics: 6 Steps to a Foolproof Project PlanStep 1: Identify & Meet with Stakeholders. A stakeholder is anyone who is affected by the results of your project plan. … Step 2: Set & Prioritize Goals. … Step 3: Define Deliverables. … Step 4: Create the Project Schedule. … Step 5: Identify Issues and Complete a Risk Assessment. … Step 6: Present the Project Plan to Stakeholders.

What is 100 rule in project management?

An important design principle for work breakdown structures is called the 100% rule. … The 100% rule states that the WBS includes 100% of the work defined by the project scope and captures all deliverables – internal, external, interim – in terms of the work to be completed, including project management.