Project Management Fundamentals

In this article, we'll talk about some of the most basic, yet fundamental, project management fundamentals. You'll learn about the Fab Five, the Scope statement, the Work Breakdown Structure, and the Stakeholder list. But before we go on to these, let's quickly review some of the most important project management fundamentals. These fundamentals are critical to the success of any project, so read on to get started.

Scope statement

There is an important role for the scope statement in project management. Without it, the project may not be as successful as planned. Without it, the project might go over budget or fall behind schedule. Using a scope statement will prevent this from happening. A scope description will serve as a guide for evaluating change requests. Often, projects undergo a significant number of changes due to little or no clarity at the beginning of the project. To avoid such a scenario, you should understand the importance of defining and communicating the scope.

A scope statement will also contain details about the project's budget, timing, and constraints. The statement should also describe the project's achievable outcomes and how it will track its success. The more specific the project scope statement, the better. A project's scope statement should describe every aspect of the work, including any requirements that will need to be obtained by the end of the project. It is therefore crucial that the scope statement is detailed enough to help project managers plan accordingly.

The scope statement should also specify any assumptions that may need to be considered. For example, if a project is temporary and you have no firm idea of how long it will last, the project scope should include a time limit. This will ensure that you know exactly what the project will cost, and it will be clear to everyone who will be involved. A scope statement will also explain what is excluded from the project. It should also describe who will be performing the work and what their responsibilities will be.

Work Breakdown Structure

The work breakdown structure helps you identify redundancies or gaps. This method enables you to make sure that each component of your project is completed, and eliminates the need for unnecessary changes. Similarly, it helps you to determine the factors that contribute to the success of your project. Each element of a work breakdown structure must have two child elements. Hence, the work breakdown structure should be unique for each project. Lastly, it helps you to estimate the factors that influence project success.

A work breakdown structure defines the scope of a project and displays the requirements. The WBS is an outline of the complex activities, such as developing an aircraft system. It defines the requirements of each component and helps you keep scope creep under control. It is also an input for many other project management processes. For example, you can use Lucidchart to create a project breakdown structure for your project. The dictionary can be customized to fit your project's needs.

Project work breakdown structures are frequently used by project managers to identify risks. For example, incomplete branch definitions represent a scope definition risk. Those risks should be reviewed as the project executes. The work breakdown structure is integrated with the organizational breakdown structure. It helps identify critical communication points and major deliverables of the project. You can use this tool to determine what areas of the project are in need of the most help. The structure helps you make better estimates.

Stakeholder list

You can create a stakeholder list in your project management software for a variety of reasons. One of the best ways is to use a chart or table, listing the names of all stakeholders one by one. Then, use color-coding to indicate whether or not they are important, and how influential they will be. Each stakeholder will have a different opinion about the project, so be sure to address them accordingly.

You may find that you need to contact stakeholders early on in your project. You need to understand their perspectives and determine which will have the biggest impact on the project. It's important to note that 80% of the benefit comes from 20 percent of the stakeholders, so it's essential to build a list of the key stakeholders early on. To achieve this, you should conduct interviews with stakeholders to find out how to best manage these relationships.

You should also consider categorizing stakeholders in terms of power. Users, for example, can be classified as internal or external, customers, or staff. Staff members can be further categorized as part-time users, permanent users, and marketing users. This categorization can help you target your communication to them more efficiently. It can also help you break down silos into groups that have common interests. And you can even use stakeholder management templates to keep multiple project plans in one document.

Initiation

When it comes to managing projects, initiation is the most important phase of the project life cycle. It begins with the identification of stakeholders. During this process, the team must produce a high-level business case to ensure the project is a success. Once this has been completed, the team can begin work on the project's roadmap. The project's roadmap should be shared with the stakeholders to gain their confidence and support.

Initiation in project management encompasses a range of processes that begin before the project is actually started. It starts with the definition of the project's purpose and scope, then involves hiring the project team. Once the project team is hired, the project manager will set up the Project Office. The project is then reviewed to determine whether it meets its objectives and goals. Once this is completed, the project can move on to the next stage.