Introduction

Project Management is the acquired practise required to meet a specific goal and success factors through several stages following some specific criteria within a specified time. The procedure follows several stages consisting of project initiation, planning, execution, control and project closure. According to the PMBOK, a project is defined as an exclusive endeavour undertaken for the processes of procreating a unique product or service for delivering to the customers. The following report would thus be presented in this regard to reflect on my understanding of the detailed process management principles in Project Management with the critical analysis of the success factors behind the project management principles with the declaration of a real life example of an unsuccessful project and the reasons behind the failure of the project.

Understanding of Process Groups and their roles and relevance

As per the understanding that I have gathered through the learning of the theoretical PMBOK and Prince2 Project management phases, I understood that Project Management has several knowledge areas. The process groups that can be regarded as the steps by which the project is progressed. These process groups include the five stages of a project management, including the initiation phase, the planning phase, the execution phase, the monitoring, controlling and closing phase. I understood that the process groups can be regarded as the processed that are required for every phase of a project life cycle. From the understanding that I have acquired from my readings of the PMBOK and Prince2 methodologies, the roles and relevance of the process groups can be described as below as per my understandings:

Initiation phase: I believe that this is the phase of a project that helps in the triggering of a project process group. This phase in the project ensures that a project can initiate or begin working after the preparation of the documentations and the primary stages of the project planning.

Project Planning Phase: According to my ideology behind the entire project progression phase that ensures that a project has a proper planning for the project execution and progression. It is a legitimate phase at is it understandable how an entire project can crumble down to become unsuccessful if it does not follow an initial planning. This forms a base of the entire project as the project knows the direction and way through which the progress needs to follow up the execution phase.

Project Execution Phase: I believe that the phase where the delivery of the planned work is formulated is the execution phase of a project. This is the phase where the planning of the project comes into action according to the schedule and budget allocated as per the project planning.

Monitoring and controlling phase: According to my understanding gathered from the learnings of the PMBOK and Prince2, I believe that this is the project phase that happens to interact with all the other project phases as well. This is to specify that all the project phase is being carried on as per the planning of the phase formulated at the beginning of the project phases.

Project Closure Phase: I have learned that by the end of every project, there is a project closure phase required to close all the project phases and declare that the project is completed. I believe, this is to make sure that all the planning and constraints regarded for the project is completed accordingly to declare that the project is completed.

+According to the learning that I have gathered, I have acquired that there is an interrelationship between the project phases. Below would be a demonstration about how the process groups are associated with each other:

Figure 1: Interrelationship between the Project Process Group

(Source: Created by Author)

Impact of the Process Groups on the Project management best practises

According to the learnings gathered form the Project management Book of Knowledge or PMBOK, I have been able to understand that the process groups have their specific impact on the best practises as defined in the PMBOK. These ensure that the project phase and the best practises, both specify their impact on the theoretical knowledge. As per my understanding of the process groups, following would be my reflection of the impact of the Process Groups on the best practises of Project Management:

Project Initiation Phase: This phase has an impact by selecting the best utilization of the resources as per the limits of the project. Every project has certain limitations of the project, and the documentation in the project phase makes sure that the correct utilization of the resources is formulated to plan the production of the best quality end products or services.

Project Planning Phase: I believe that this phase initiates how a project should define all the aspects of the working structure of the project and at the same time it would define why each of the utilization of the resources is important to the project. This would help in identifying the scheduling activities, along with the risks that would be identified and defined.

Project Execution Phase: This phase has the potential of defining of the selection of the team members and the management of the work. This phase also defines how each of the project team members would not work as an individual group and as a fortified team.

Project Monitoring and Control Phase: This process would help in the tracking of the project processes along with the project progression that would define if the project is being proceeded as per the outcome that has been predicted.

Project Closure Phase: I believe that this process describes the verification of the accomplished project work and the financial closure of the contract. The paperwork in this process defines the administrative closure marking the end of the project.

PMI Code of Ethics

I have gone through both the best practises of a particular project management phase and in this way, I understood why is it important to make sure that the ethical considerations for progressing through a Project Management phase. I have understood that as a Project Manager, it is important to make sure that the project is continued as per the code of ethics as mentioned in the Project Management Institute.

I believe that, like every other code of conduct, ethical considerations should play an important part in clarifying the day to day activities of the behaviour and interactions in the project. It is just not only the Project Managers that needs to follow the code of conduct for the procedure but it also ensures that all the people in the project, including the stakeholders, the vendors, the employees and the other associated project team is working as per the ethical considerations as well. I believe that it is required for elevating the profession and also raises the future standards of the project. In addition, the faith and trust is restored due to the morally correct mindset that the project team bestows. I have an opinion that the project team can reduce the ethical constraints by following morally correct measures.

Description of Project Management Practises

I have gathered the idea that the Project management practises are based on the seven best practises that I would like to list and describe as follows:

• The definition of the scope and the practises of the Project Progression.
• The definition of the project deliverables as per the resources of the program requirements.
• The planning of the project at the initial stage.
• The proper planning done for effective communication.
• The tracking and reporting of the project progress.
• The initiation of the change and risk management plans.

Critical analysis of Project Management Approaches and their ability to handle projects

As per my learnings, the approaches by which a project management is initiated is followed by the ways which a project is carried out. The analysis of the phased project approach is initiated by planning the entire project through phases. This would ensure that the project level data would help in developing the industry level strategies.

Critical analysis of enhancement of improvement of success rate of a project

I believe that the success of a project is ensured by the application of appropriate project approaches and the proper ethical conducts that would ensure that the project is formulating the best practices, utilized the appropriate resources and at the same time made sure that the risk and changes required to be managed are handled well. All these, as per the PMBOK and Prince2 theories justifies that a project is probable of being successful. However, at the same time, this ensures that the project is feasible for establishing or maintaining a good reputation of the market.

Conclusion

Therefore, in conclusion, I can say that the gathered idea about the Project Management practises have ensured how I can proceed towards a project and how it would be absolutely essential for presenting a reflection of the learning throughout the course. I have gathered the acquired learning and based on that, the above reflection of the learnings has been presented. This has based upon the understanding of the Project Management principles and the understanding of the process groups and their roles, the relevance and impact of the process groups on the best practises of Project management, the need of ethical conduct for the Project Management Practises, the critical analysis of the project management approaches and the ways by which the improvement of the success rates can be initiated.

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