project management principles

The objectives of project management principles are to execute a project so that deliverables can meet scope requirements on budget and schedule, and at acceptable risk, quality, safety, and security levels. The example maintenance facility project is to deliver a five bay facility that meets pre-determined performance specifications within the three year schedule.
Many times project objectives compete with each other and require skillful balancing throughout the project life cycle by the project manager. For example, unexpected soil conditions delay the maintenance facility construction contractor. The schedule can be made up by paying additional costs for contractor overtime to make up the delay. This is a cost/schedule trade-off. The greatest threat to project success is scope creep. The addition of a sixth bay to the maintenance facility we mentioned earlier is a clear example of added scope. Often projects face more subtle scope creep because the project manager allows the users to “piggy back” additional requirements on the project.

For example, it may be that originally in the CIP process the maintenance of non-revenue vehicles was to be done in a different location. During the project life cycle the lease on the non-revenue location was lost and the maintenance department wants them maintained at a new bay at the new facility. The project manager will need to address such changes through retracing of the CIP process
and obtaining new project authorization.
In addition to scope, budget, and schedule, it is extremely important that the project manager facilitates a discussion of the project risk, quality, and safety and security objectives and incorporates the outcome in the Project Management Plan (PMP) and project management principles .

The objectives of project management are to execute a project so that deliverables can meet scope requirements on budget and schedule, and at acceptable risk, quality, safety, and security levels.