- principles serve as a foundational guideline for strategy, decision making & problem-solving. Professional standards & methodologies are often based on principles & guide the behavior of people involved in projects.
- PMI Code of Ethics & Professional Conduct
- Principles can but do not necessarily reflect morals. A code of ethics is related to morals & can be adopted by an individual or profession to establish expectations. PMI is based on 4 values: responsibility, respect, fairness, honesty
- Total 12 principles
- Stewardship: Diligent, respectful & caring steward. Act of taking care of or managing something. Carry out actions with integrity, care, trustworthiness, and sensibility while keeping compliance with internal & external guidelines.
- Team: Create a collaborative project team. A team comprises people with diverse skills, knowledge & experience. Teams will be affected by team agreements, organizational structures, and processes. Transparency on roles & responsibilities improves team cultures. Authority, accountability, responsibility.
- Stakeholders: Keep them engaged proactively. Not only at the beginning, throughout the project. They impact projects, performance & outcomes. It helps improve delivery value. PROJECT TEAMS ARE ALSO GROUP OF STAKEHOLDERS. But often, it’s the customers. We have to define how, when & how often we are engaging the stakeholders. Minimize negative impact + maximize positive impact.
- Value: Ultimate indicator of project success. Can be realized throughout, end, or after it is completed. Can be defined quantitivate/qualitative. Intended outcomes from the perspective of the customers is the ultimate success indicator. IT IS SUBJECTIVE. Business case [need, justification, strategy] allows the team to deliver the intended outcome on the purpose/vision of project instead of just a deliverable.
- Systems Thinking: interacting and interdependent components that function as a unified whole. HOLISTIC VIEW. Systems are constantly changing, requiring consistent attention to int/ext conditions.
- Leadership: Demonstrate leadership behaviours. Leadership is different than authority. Modify style to the situation. Motivate people towards a common goal. Projects work best when leaders understand what motivates people.
- Tailoring: Each project is unique. We have to tailor our project management methods approach according to the project. Using ‘just enough’ process to accomplish the desired outcome while maximizing value, cost-value and enhancing speed. Tailoring the framework that will enable the flexibility to achieve positive outcomes.
- Quality: Meeting the acceptance criteria for deliverables. Satisfying stakeholders’ expectations. Performance, conformity, reliability, resilience, satisfaction, efficiency, sustainability. Usually defined by metrics & acceptance criteria.
- Complexity: outcome of human behaviour, system interactions, uncertainty, technology innovation, & ambiguity. Evaluate and navigate complexity to efficiently deliver.
- Risk: uncertain event, if occurs, can have positive [opportunities] or negative [threats]. Addressed continually throughout the project. Optimize risk responses. An organization’s risk attitude, appetite, and threshold influence how risk is addressed.
- Adaptability & Resiliency: ability to respond to changing conditions, and ability to absorb impact & recover quickly. Build this into the organization & team’s approaches.
- Change: enable change to achieve the envisioned future state. A structured approach will help individuals transition from current state to future desired state. Change is hard to embrace.