Project Management Methodologies
Project Management Framework Concept
Project management framework encompasses various processes, tools, and tasks which are used in developing a project from the onset to its completion. The most common procedures employed in project management include initiation, planning, execution, control, monitoring, and termination of the project. The project framework primarily consists of three parts namely project lifecycle, project control cycle, and tools and templates that are employed in the execution of the project.
Project lifecycle articulates what is to be done at each stage of the project duration. On the other hand, the project control cycle puts into perspective how each step should be managed and planned. Project control cycle thus ensures that each stage has the requisite plan, control mechanisms, and corrective remedies intact. The project cannot be implemented in the absence of simple tools and templates. Project plan, checkpoint report, risk log, critical path, and duration are some of the tools that are employed to ensure efficient execution of the project (Milosevic, 2003). Project Management Institute comes with project framework that meets the global standards by providing guidelines, features of the project, regulations, and program. The standards are accepted across the globe and should be applied consistently to ensure that the organization achieves competitive edge and excellence in its operations.
Project management framework is a guide that will ensure that successful completion of the project is not hampered by factors such as resources, expertise, and time constraints. It takes into consideration all these factors. Consequently, the project management allocates enough resources, competent workforce, and time to ensure the successful completion of the project.
Business Values and Benefits of Project Management Framework
The use of project management framework comes with immense benefits to the company. The significant advantage of project management framework is cost savings. Companies that apply the concepts of project management framework can enjoy substantial savings on their project budget. In fact, it is estimated that they will enjoy close to $567,000 saving on a colossal project (Kathuria & Davis, 2010). The reason for the cost saving is that there is no duplication of roles. All roles are well defined in each stage of the project and personnel assigned to the project. Consequently, the company will employ optimal resources with no chance of wastage leading to cost savings.
Delivery of projects within schedule is yet another benefit associated with the project management framework. The project management framework ensures that the critical path is well defined. With the critical path well specified, all the activities in the path are prioritized and completed. It helps the company avoid engaging is none relevant activities that could derail the completion time for the project. It explains why the projects are completed within the schedule or ahead of schedule.
Research shows that project management framework improves productivity and efficiency in the organizations. Before a project is initiated, a feasibility study is conducted to determine the need for the project and its impact on productivity and efficiency in the organization. The company will come up with a project only after exploring its benefits. Consequently, all projects completed can add value and give the company a competitive edge in the market. Businesses operate in competitive environment and project management framework is one concept that companies should embrace to stay ahead of the competition.
There are several instances when projects fail. Causes of failure for the projects include poor planning, lack of resources, and lack of appropriate tools. However, with the project management framework in place, it is almost difficult for a project to fail since project lifecycle and control cycle addresses all the causes of project failures. Thus, a considerable success rate is associated with the projects completed under the project management framework.
Key Phases of Project Management Framework
The project management framework consists of three main parts namely project lifecycle, tools and templates, and project control cycle. Project lifecycle highlights the stages that apply to the completion of projects. The project lifecycle takes place in five defined stages namely initiation, planning, execution, control, monitoring, and termination. At launch, the feasibility study of the project is conducted to determine its suitability to the organization. Planning involves coming up with the requirements that are needed to complete the project. It consists of the design and determination of software and hardware components required to complete the project. Execution involves the actual process of undertaking the project such as installations, training, and constructions. Upon conclusion, the project is rolled out.
The project lifecycle is a critical aspect of project management framework because it highlights the activities that are to be undertaken at each stage of the project. It ensures that the project is completed within schedule and that no critical activity that pertains to the project has been left out. Undertaking each phase of the project lifecycle comprehensively ensures that upon its completion the project will serve its purpose and give the company a competitive edge in the market.
Project control cycle complements the project because it describes what ought to be done at every stage of the project lifecycle. It offers checks and balance on each step to ensure that each phase is completed successfully. Controls and corrective actions are undertaken from time to time at the project control cycle (Archer, & Ghasemzadeh, 2009). For instance, if at implementation stage it becomes apparent that one tenet is left out such as hardware or software component, then such element must be fixed before the project can be rolled out.
Finally, project tools and templates complete the project framework. A project requires specific tools and templates that aids in its completion. Project plan, checkpoint report, risk log, critical path, and duration are devices used to execute the project. The project management team uses the tools to ensure that upon its completion, the project will meet its objectives. For instance, the critical path determines the duration and the essential activities that must be completed before the project can be rolled out in the organization.
Requirements For a Project Management Professional
Project management professional is an internationally recognized accreditation that is accorded by the Project Management Institute. For one to be eligible for the accreditation a four-year degree holder is expected to have three years of project management experience, 4500 hours of leading and directing projects and 35 hours of project management education (Milosevic, 2003).
However, if one is a secondary degree holder, then they must have attained five years of project management experience. Additionally, they are required to have completed 7500 hours of leading and directing projects (Milosevic, 2003). Finally, they must have at least 35 hours of project management education.
References
Milosevic, D. Z. (2003). Project management toolbox: Tools and techniques for the practicing project manager. Hoboken, NJ: John Wiley & Sons.
Kathuria, R., & Davis, E. B. (2010). Quality and workforce management practices: The managerial performance implication. Production and Operations Management, 10(4), 460 – 477.
Archer, N., & Ghasemzadeh, F. (2009). An integrated framework for project portfolio selection. International Journal of Project Management, 17(4), 207 – 216.