Understanding Project Management Related Approaches

Understanding Project Management Related Approaches Chandra Shekar Pulipati Oklahoma State University Abstract Several approaches exist towards a successful project management. These have been emerging over years and also vary from project to project and industry to industry. This article focuses on few of popular project management techniques 1. PRINCE2 (Projects in Controlled Environments) 2. CPPM (Critical chain project management) 3. Agile Project Management Each of this technique focuses on unique way of attaining project management objectives. Note: Articles are referenced from the pool of Oklahoma state university library and proper citations have been provided. Understanding Project Management Related Approaches Projects in†¦show more content†¦1. Project Initiation Document (PID): This summarizes the list of project aims, project plan outline for all activities and corresponding deliverables, critical dependencies of project, process reporting, structured governing and procedures related to change control. 2. Detailed project plan: Milestones, key deliverables and time scales overall plan are consolidated into this document 3. Financial Controls and Reporting Procedures: Financial profiles including link budgets, expenditures related to activities, associated monitoring and procedures to take corrective action are embedded into this document. 4. Risk Register: This documents the anticipated risks and any newly observed risks. It can be categorized based on activities grouped. Probability associated with risk and corresponding severity are noted to determine priorities. 5. Issues Log: This contains a record of all risks identified and action taken to mitigate them. Also the people who handled and time stamps are noted. Not all aspects of management are covered by PRINCE2 approach for every project. The tools and techniques vary based on organizations. Flexibility of choosing other techniques for people management or generic planning or budget control can be employed as on needed. The project management practices in PRINCE2 works to provide minimal set of requirements to smoothly run project. Each project may vary based on the approach employed and more the