Project Management Tools and Concepts

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Project Management Tools and Concepts:

Project Management Methodology: This integrates an organization’s standard practices and project management standards. The method that is adopted is based on the organization’s culture and other elements controlling the project charter. General standards, guidelines, and practices are followed in combination to manage projects.

Project Management Information System: PMIS is a collection of computerized tools. These tools are used to support the project while goes through its life cycle. These gather and log data, analyze and interpret data into information for the project.

  • Expert Judgment
  • MBO
  • Accounting Concepts

Expert Judgment: This tool is applied in project initiation. Expert opinion may be needed for both technical as well as procedural details. Customers, stakeholders, professional associations, industry groups or even dissociated people can be called on for expert input.

Using Management by Objectives: Management by objectives is an important technique in management information systems. This technique attunes objectives within different levels of an organization or within multiple areas. The initiation process offers an understanding of the project; fosters awareness of the value the project and what it provides to the organization; and confirms the project is authorized by the organization.

It is considered an effective management tool for:

  • Implementing goal setting
  • Suggests activities similar to the project control process
  • Makes sure the goals are consistent with larger goals of the organization
  • MBO and sound project management needs the support of management to be successful

MBO can be applied in 3 steps:

  1. Establish clear objectives that should be attainable.
  2. Check that objectives are being met.
  3. Undertake corrective measures in case of inconsistencies.

Accounting Concepts Used with Project Initiation: A project manager should have working knowledge of basic accounting principles.

Accounting and valuation are…


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