Principles of Project Management

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The principles of project management2
Viability of Project's Success/Failure Criteria4
Additional standard for the project's success/failure6
Calvert Social Index success/failure criteria7
Principles behind project management systems and procedures7 Human and material resources to achieve successful projects8 Information Security Audit System and Procedures 9
Key elements involved in terminating projects and conducting post-project appraisals 9 key elements involved in terminating projects 10
Situations where a terminated project can still be considered again10 References11

Investigate Project Management principles
A. Discuss the principles of project management (1.1)

1. The Commitment Principle
An equitable commitment between the project sponsor and the project delivery team must exist before a possible project exists.

The Project Sponsor is considered to be the Project Owner who provides resources such as funds, services and general direction. The project delivery team is the one in charge for appropriate techniques, plans and controls for using the skills needed and work to convert those resources into the required deliverables or product. Dealing with a Sponsor is a matter of developing a trust and understanding between the Sponsor and the team. Project sponsors should set clear boundaries for cost and time, with which the manager should work. If he/she cannot provide the agreed deliverables within these constraints, concerns must be escalated to the sponsor for a decision.

Defined roles and responsibilities: A project team in which ALL people understand their responsibilities and sincerely believe they can achieve them. Each person must know how they can contribute to project objectives. Project stakeholders must have a clear understanding of their roles and responsibilities, to be able know exactly what he or she is supposed to be doing. Project environment is of critical importance and requires definition and understanding.

2. The Success Principle
The measures of project success, in terms of both process and product, must be defined at the beginning of the project as a basis for project management decision making and post-project evaluation.

Success for a project and how it will be measured after completion needs to be defined at the beginning of the project. The most important reason is to provide an on-going basis for management decision making during the course of the project. The timing of the measurement of success itself may also need identifying. It is not possible to measure its ultimate success without agreement on the project's success criteria

3. The Tetrad Trade-off Principle
The core variables of the project management process -- namely, product scope, quality grade, time-to-produce, and 4 total cost-at-completion -- must all be mutually compatible and definitely attainable. The term “Tetrad trade-off” is quite an unfamiliar word, but possibly this is the value of the term to stressed that there are four separate but interactive variables which are scope, quality, time and cost rather than just three as in the old view of 'Triple Constraint' (time, cost and performance.) The advantage of viewing the four as a tetrad rather than choosing only three to form a triangle is that it gives more importance to quality. Of the four, the quality of the product is apparently, and in fact, the most stable.

4. The Strategy Principle
A strategy encompassing first planning then doing, in a focused set of sequential and progressive phases, must be in place. Before the project start, it is very important that consumers think thoroughly about the products, or deliverables they need. They must be précised and detailed about their requirements to produce a feasible plan. This makes managing the project much easier and less risky.

5. The management principle
The Management Principle begins with “how it will be done and who will do it”. Policies...
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