The 12 Project Management Principles

Rich Weller

24 Aug 202408:39

Summary

TLDRThis video offers an insightful overview of the 12 project management principles established by the Project Management Institute (PMI). Essential for PMP exam preparation, these principles guide project teams to act as diligent stewards, foster collaboration, engage stakeholders, focus on value, and navigate complexity. They also emphasize leadership, tailoring approaches to context, building quality, optimizing risk responses, embracing adaptability, and enabling change for a successful project outcome. For further study, the PMBOK Guide 7th Edition 2021 is recommended.

Takeaways

😀 Be a diligent, respectful, and caring steward, acting with integrity and trustworthiness while complying with guidelines.
🤝 Create a collaborative project team environment to leverage diverse skills and knowledge for shared objectives.
🤔 Engage stakeholders effectively to influence project performance and outcomes, serving them by proactive engagement.
🎯 Focus on value by continually evaluating and adjusting project alignment to business objectives for maximum value realization.
🔄 Recognize, evaluate, and respond to system interactions within and surrounding the project for positive performance impact.
👩‍💼 Demonstrate leadership behaviors that support individual and team needs, adapting styles to situations for project success.
🛠 Tailor the project approach based on context, using the right amount of process to achieve desired outcomes efficiently.
🏆 Build quality into processes and deliverables to meet project objectives and stakeholder expectations for acceptance.
🧐 Navigate complexity by evaluating and adapting to it, reducing its impact on the project life cycle through vigilance.
🚀 Optimize risk responses to maximize positive impacts and minimize negative ones, considering the organization's risk appetite.
💪 Embrace adaptability and resiliency to accommodate change and recover from setbacks, focusing on outcomes for adaptability.
🔄 Enable change for the envisioned future state, preparing those impacted for new behaviors and processes for transition.

Q & A

What are the 12 project management principles defined by the Project Management Institute (PMI)?
-The 12 principles are: 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.
What does it mean to be a 'diligent, respectful, and caring steward' in project management?
-Being a diligent, respectful, and caring steward means acting responsibly, carrying out activities with integrity, care, and trustworthiness, while maintaining compliance with internal and external guidelines. It includes a broad commitment to the financial, social, and environmental impacts of the projects.
Why is creating a collaborative project team environment important?
-Creating a collaborative project team environment is important because it facilitates alignment with other organizational cultures and guidelines, promotes individual and team learning and development, and enables the team to contribute optimally to deliver desired outcomes more effectively than individuals working alone.
How can project teams effectively engage with stakeholders?
-Project teams can effectively engage with stakeholders by doing so proactively and to the degree needed to contribute to project success and customer satisfaction. Stakeholder engagement involves understanding their needs and serving them to advance value delivery.
What is the focus of principle four, 'Focus on value'?
-Principle four emphasizes the importance of continually evaluating and adjusting project alignment to business objectives and intended benefits and value. Value is the ultimate indicator of project success and can be realized throughout the project, at its end, or after completion.
How does 'recognize, evaluate, and respond to system interactions' help in project management?
-This principle involves taking a holistic view of how different parts of a project interact with each other and with external systems. Being responsive to these interactions allows project teams to leverage positive outcomes and manage the dynamic circumstances within and surrounding the project.
What leadership behaviors should be demonstrated in a project team?
-Leadership behaviors include adapting leadership styles to support individual and team needs, promoting project success, and contributing to positive project outcomes. Effective leaders recognize differences in motivation among team members and demonstrate honesty, integrity, and ethical conduct.
Why is it important to tailor the project development approach based on context?
-Tailoring the approach based on context is important because each project is unique with its own objectives, stakeholders, governance, and environment. Using just enough process to achieve the desired outcome maximizes value, manages cost, and enhances speed.
How does building quality into processes and deliverables impact a project?
-Building quality into processes and deliverables ensures that the project meets its objectives and aligns with the needs, uses, and acceptance requirements set by stakeholders. It focuses on satisfying stakeholder expectations and fulfilling project and product requirements.
What does 'navigate complexity' involve in project management?
-Navigating complexity involves continually evaluating and managing the various factors that contribute to project complexity, such as human behavior, system interactions, uncertainty, and ambiguity. It allows the project team to successfully navigate the project life cycle.
How can project teams optimize risk responses?
-Project teams can optimize risk responses by continually evaluating exposure to both opportunities and threats, and by developing risk responses that are appropriate for the significance of the risk, cost-effective, realistic within the project context, and agreed upon by relevant stakeholders.
What is the significance of embracing adaptability and resiliency in project management?
-Embracing adaptability and resiliency is significant because it enables the project team to respond to changing conditions, recover from setbacks, and advance the work of the project. Adaptability is the ability to respond to change, while resiliency is the ability to absorb impacts and recover quickly from setbacks.
How can project teams enable change to achieve the envisioned future state?
-Project teams can enable change by preparing those impacted for the adoption and sustainment of new behaviors and processes required for the transition from the current state to the intended future state. A structured approach to change, along with stakeholder engagement and motivational strategies, assists in change adoption.

Outlines

00:00

📚 Overview of the 12 Project Management Principles

This paragraph introduces the 12 project management principles outlined by the Project Management Institute (PMI). It emphasizes the importance of understanding these principles for those preparing for the PMP exam. The principles are listed, ranging from being a diligent steward to enabling change for the envisioned future. Each principle is briefly explained, highlighting the need for stewardship, collaboration, stakeholder engagement, value focus, system interaction recognition, leadership, context-based tailoring, quality integration, complexity navigation, risk optimization, adaptability and resiliency, and change enablement. The paragraph also delves into the specifics of the first principle, detailing the responsibilities and broad commitment required of a steward, including integrity, care, trustworthiness, and compliance with guidelines.

05:01

🔍 In-Depth Analysis of Project Management Principles

This paragraph continues the discussion on the 12 project management principles, focusing on the practical application and implications of each. It discusses the importance of tailoring the project approach to the unique context, emphasizing quality in processes and deliverables, and navigating project complexity. The paragraph also addresses the optimization of risk responses, the necessity of embracing adaptability and resiliency, and the enablement of change for the future state. Each principle is explored in the context of project management, with an emphasis on the continuous evaluation and adaptation required to achieve project success. The paragraph concludes with a suggestion to acquire a copy of the PMBOK Guide, Seventh Edition, for further understanding.

Mindmap

Keywords

💡Project Management Principles

Project Management Principles are a set of guidelines defined by the Project Management Institute (PMI) that guide the planning, execution, and closing of projects. In the video, these principles are the central theme, with 12 specific principles discussed to provide an overview for those preparing for the PMP exam. Each principle is a fundamental concept that shapes the approach to project management.

💡Steward

A steward in the context of project management is an individual who acts responsibly and with integrity, ensuring the project's activities are carried out with care, trustworthiness, and compliance with guidelines. The script emphasizes the importance of stewardship, which includes a holistic view of financial, social, technical, and environmental impacts, as a foundational principle for project managers.

💡Collaborative Environment

A collaborative environment refers to a workplace culture where team members work together, leveraging diverse skills and knowledge to achieve shared objectives more effectively. The video script highlights the importance of creating such an environment within project teams to enhance efficiency and effectiveness in delivering projects.

💡Stakeholders

Stakeholders are individuals or groups who have an interest or are affected by the project's outcome. The script discusses the necessity of engaging stakeholders proactively to ensure project success and satisfaction. Stakeholder engagement is vital for understanding their needs and expectations, which in turn influences project performance and outcomes.

💡Value

In project management, value refers to the worth or usefulness that a project delivers, often aligning with business objectives and intended benefits. The script emphasizes focusing on value as a key principle, where value realization is the ultimate indicator of project success, and it can be defined in both quantitative and qualitative terms.

💡Systems Thinking

Systems thinking in the context of the video involves taking a holistic view of how different parts of a project interact with each other and with external systems. It is about recognizing and responding to the dynamic circumstances within and surrounding the project to positively affect performance. The script mentions this as a principle to navigate complexity and leverage positive outcomes.

💡Leadership Behaviors

Leadership behaviors as discussed in the script refer to the actions and attitudes that guide, influence, and inspire team members towards achieving project goals. Effective leadership is adaptable to different situations and team member motivations, and it is crucial for promoting project success and positive outcomes.

💡Tailoring

Tailoring in project management means adapting the project approach to fit its unique context, including its objectives, stakeholders, governance, and environment. The script explains that tailoring is an iterative process that helps in using just enough process to achieve the desired outcome while managing cost and enhancing speed.

💡Quality

Quality in the script is defined as the focus on producing deliverables that meet project objectives and align with the needs, uses, and acceptance requirements set by stakeholders. It involves ensuring that project processes are appropriate and effective, aiming to satisfy stakeholder expectations and fulfill project and product requirements.

💡Complexity

Complexity in the video script refers to the challenges that arise from human behavior, system interactions, uncertainty, and ambiguity within a project. It is the result of factors that can affect value, scope, communications, stakeholders, risk, and technological innovation. The script advises on the continuous evaluation and navigation of project complexity to successfully manage the project lifecycle.

💡Risk Responses

Risk responses are strategies to address potential opportunities and threats that can impact a project. The script discusses the importance of continually evaluating exposure to risk and optimizing responses to maximize positive impacts while minimizing negative ones. It also touches on the influence of an organization's risk attitude, appetite, and threshold on how risks are managed.

💡Adaptability and Resiliency

Adaptability and resiliency, as mentioned in the script, are essential for organizations and project teams to accommodate change, recover from setbacks, and advance project work. Adaptability is the ability to respond to changing conditions, while resiliency is the capacity to absorb impacts and recover quickly from failures. The script emphasizes building these qualities into project approaches.

💡Change Management

Change management in the video script is about preparing those impacted for the adoption and sustainment of new behaviors and processes required for transitioning from the current state to the intended future state. It involves a structured approach to help individuals, groups, and the organization transition smoothly. The script notes that enabling change can be challenging due to resistance and change fatigue.

Highlights

12 project management principles defined by the Project Management Institute (PMI) are essential for the PMP exam preparation.

Be a diligent, respectful, and caring steward, acting with integrity and trustworthiness while complying with guidelines.

Create a collaborative project team environment to leverage diverse skills and knowledge for shared objectives.

Engage stakeholders proactively to influence project performance and outcomes positively.

Focus on value, aligning the project with business objectives and intended benefits for ultimate success.

Recognize, evaluate, and respond to system interactions within and surrounding the project for holistic performance.

Demonstrate leadership behaviors that adapt to the situation and promote project success.

Tailor the project development approach based on the unique context to maximize value and efficiency.

Build quality into processes and deliverables to meet project objectives and stakeholder expectations.

Navigate project complexity by evaluating and adjusting approaches to successfully manage the project lifecycle.

Optimize risk responses to maximize positive impacts and minimize negative ones throughout the project.

Embrace adaptability and resiliency to accommodate change and recover from setbacks effectively.

Enable change for the envisioned future state by preparing stakeholders for new behaviors and processes.

Stewardship includes financial, social, technical, and sustainable environmental awareness.

A collaborative project team environment facilitates alignment with organizational cultures and guidelines.

Stakeholder engagement advances value delivery and contributes to customer satisfaction.

Value and benefits can be defined in both quantitative and qualitative terms, guiding project outcomes.

Systems thinking is crucial for taking a holistic view of how project parts interact with each other and external systems.

Leadership is distinct from authority, and effective leaders adapt their style to the situation.

Tailoring the project approach is an iterative and continuous process throughout the project.

Project quality ensures processes are appropriate and effective, meeting acceptance criteria for deliverables.

Complexity can emerge at any point during the project, requiring vigilance and various methods to manage it.

Risks can be both positive opportunities and negative threats, and should be addressed continually.

Adaptability and resiliency are key for responding to changing conditions and recovering from setbacks.

A structured approach to change management helps in transitioning to the desired future state.