About this Video

• Video Title: Project Management Principles 1-4 | Episode 477
• Channel: CorneliusFichtner
• Speakers: Cornelius Fichtner, various audience members (names not provided)
• Duration: 01:02:43

Introduction

This video podcast discusses the first four of twelve project management principles introduced in the PMBOK Guide 7th edition. The speaker, Cornelius Fichtner, explains principle-driven project management, differentiating it from process-driven management, and then details the principles of stewardship, team, stakeholders, and value, incorporating expert quotes and interactive questions with the live audience.

Key Takeaways

• Principle-driven vs. Process-driven Project Management: Principle-driven emphasizes making informed choices guided by core concepts, while process-driven relies on prescribed processes. Both are necessary for successful project management.
• Stewardship: Project managers must act with integrity, honesty, fairness, and responsibility, safeguarding resources and making decisions beneficial to the organization.
• Team: Building a positive, accountable, and respectful team culture is crucial. This includes leading by example, embracing constructive criticism, and fostering trust and efficiency.
• Stakeholders: Engaging stakeholders actively, understanding their needs and motivations, and tailoring communication are vital for successful project delivery. It's a collaborative effort, not just the project manager's responsibility.
• Value: Focusing on delivering what's most important to stakeholders involves understanding their perception of value and prioritizing high-value items early. This includes regular stakeholder meetings, backlog grooming, and a clear definition of "done."

Based on the provided transcript, examples of good stewardship include:

• Adhering to the budget: Careful management of project finances to ensure financial success.
• Minimizing environmental impact: Creating a sustainable and environmentally friendly project.
• Upholding reputation: Protecting the reputation of the team and the company.
• Treating resources carefully: Responsible use of project resources.
• Ensuring product safety: Guaranteeing the safety of the final product for end-users. This extends beyond the project itself, considering the long-term impact.

The transcript also mentions careful thinking, negotiating conflicting requirements, considering ethics, and diligently following through on requests to ensure quality results as aspects of good stewardship.

The transcript provides these tips from Elizabeth Haron regarding engaging stakeholders:

1. Gain clarity on stakeholder involvement: Understand why the project matters to each stakeholder.
2. Understand their perspective: Learn about their concerns and motivations to build trust.
3. Build a trusted relationship: Engage in dialogue, listen to concerns, and be upfront about decisions.
4. Know what you're engaging them in: Define stakeholders' roles and tailor communication accordingly.
5. Communicate appropriately: Share information in a way that is relevant and understandable to the stakeholder.

The video also mentions, in the context of Elizabeth's advice, using various engagement methods like newsletters and gamification.