A Guide to the Project Management Body of Knowledge - Essay Example

Project Time Management: This is a component of project management that involves the analysis and development of a timeline needed for the project’s completion. Project Cost Management: This knowledge helps in keeping a project within its defined budget. It includes processes such as cost budgeting, cost estimating and cost control.Project Quality Management: This is a key aspect of a performing organization since it is essential to project management. It involves activities and processes that determine quality objectives, policies, and responsibilities, which are required to ensure that the project’s goals are, met (Project Management Institute 13).

Project Human Resource Management: This aspect of project management primarily involves the organization and management of a project team. A project team includes people with different knowledge, skills and responsibilities. This, therefore, requires strong coordination between these individuals. Project Communications Management: This knowledge area plays a significant role to ensure that members of the project management team are kept on the same page. Adequate communication within a project management team is a necessity that ensures that all processes are implemented as they were predetermined (Project Management Institute 13).

Project Risk Management: This component of project management deals with the identification and moderation of risk on a project. Its main objective is to maximize and increase the probability of achieving positive goals.Project Procurement Management: This process is required to process and achieve products and services, or other outcomes that are required out of the project management team. It involves processes such as administering contracts, closing out contracts, and planning and achieving product and services from outside sources (Project Management Institute 13).