Compare and contrast project management approaches
PMO process group consists of project initiation, planning, execution, monitoring, and project closing. The process groups sound complicated but are simply the significant phases for each project. There is a substantial impact on project management while focusing on the role of a process group and practicing the aspects of PMBOK knowledge areas (Piney, 2018). I have learned PMI’s code of ethics that includes responsibility, fairness, respect, and honesty. PMBOK knowledge areas impact the code of ethics in project management (PMI, 2020). Ethical choices tend to diminish risk and ensure increased trust, success, and reputation of the project. As such, leadership aspects are considered to maintain project management with free ethical choices. Some values drive the code of conduct that I have studied and gained importance in real life, focusing on professional manner to be maintained in the project.
I have learned different project management approaches that are appropriate for managing a particular project. I have gained information regarding which project management approach suits a specific project to be undertaken while using the project model in completing the project. There are a variety of projects that are filled with the project management aspect which are useful to tailor according to human resource capabilities, project type, and culture. I have studied eight project management approaches, which include phases strategy, lean project management, iterative and incremental project management, critical chain project management, process-based management, benefits realization management, and earned value management. Phase project is based on the stages of the series of the project. There are four stages in terms of phase project that include initiation, installation, enterprise-level, and maintenance. The phase project management approach is a traditional approach that is used for smaller organizations and has a well-defined project. The waterfall model is used in the organization based on project complexity.
In lean project management, six sigma, A3 problem solving, and other models can be used, which will help to minimize the waste and increase the high value of the project. The method is based on an assembly line, which was focused on Toyota’s production system (Jensen, 2017). I made sure that these methods are different, and the models used in the phase project management were consequently different than lean project management. In addressing the difference in project management approaches, I found that iterative and incremental project management aspects ensure final projects to which an agile project model can be used in the business. The plan is satisfactory and has a significant influence on reviewing the problems and preparing solutions that evolve in time. The next project management that I have learned was critical chain project management. The process-based management approach is a process model that has different tasks that are aligned with project goals, particularly with the project plan and output of the project. The PRINCE2 process model is an example that consists of the pre-project, initiation stage, subsequent delivery stage, and final delivery stage.
I have come to the point that the benefits realization management approach is focused on project benefits that maximize the return on investment and provide benefits to the organization. Three processes are included in this method, such as identity, execute and sustain the project and attain the primary goal of the project and the business. Next, I realized that Earned Value Management is an approach that was once used by the US Air Force. This is one such management tool that helps to assess the cost performance and focus on project value, which helps in considering the budget and schedule of the project. The amount spent in the project is calculated on the base of scope, cost, and time. I learned that the planned value, earned value, and actual price are addressed as the primary source of Earned Value Management.
Project management tools and techniques
I have learned that a risk matrix is a tool that helps to identify the risk in the project and considers the level of tolerance and the likelihood aspect of risk. The impact of risk on a project is based on the project risk complexity and is based on a risk quadrant such as high risk, very high, medium, low, and shallow impact of uncertainty (Bonnie, 2014). The risk tolerance and risk management are decided on the level of attention and uncertainty that is addressed in the project. The probability of risk is, therefore, measured with the project costs and budget that ensure the use of time and resources.
Leadership styles
I have learned different leadership styles that help to succeed in the business with a range of project management situations that thrive in the completion of the project. The leadership styles, such as the democratic leadership style is effective as each member’s decision is collected, but the leader makes the final call for managing the project. Democratic leadership style is effective in managing the project as it allows employees to take part in open communication and wisely decide on the project completion stage (Becker, 2019). Another leadership style called coach-style leadership helps in making effective decisions when the project is complex, and the time frame for completing the project is limited. In this case, a leader strengthens an individual’s capacity and ensures growth and success of the project that enables team-building skills. An effective leadership style is to be selected to improve the success rate of the project.
Conclusion
The reflective journal comprised of PMBOK knowledge areas and process groups. The importance of each knowledge area and the impact on the project were described in the reflective journal. The project management approaches were described in detail with the tools and techniques that help in risk management. The best leadership style for managing the variety of project was reflected in the reflective journal.