Managing a project with confidence is a necessity for a Project Manager.  The team he leads will look to him for encouragement when the project is going well and for reassurance when the inevitable problems and doubts arise. Fortunately, developing that confidence can be simple when the project plan is followed faithfully and key principles of project management are put into practice. 1. Justifications.  A worthwhile return on investment is an essential guideline for any project.  Before the project sponsor and upper management commit to any significant action or expense, the benefits of the project need to be clear and thoroughly understood by the stakeholders.  It is up to the Project Manager to ensure the benefits are clear and the expenditure is worthwhile.  Circumstances affecting the project can change quickly during its life cycle, and the Project Manager must closely monitor the situation and developments.  If at any time the project loses its feasibility and a positive return on the investment is no longer likely, the Project Manager must recognize these changes and cancel the project before any further time or money is wasted. 2. Definitions.  Each member of the project team must be given a clearly defined role that helps them understand their places and purposes on the team.  The Project Manager determines the responsibilities for each team member and institutes the hierarchy of accountability.  Without this information, team members will not be certain what they are to do or to whom they report.  This lack can create a chaotic environment and jeopardize the progress of the project. 3. Exceptions.  The Project Manager is responsible for the daily running of the project.  This allows the project sponsor to focus on the larger picture instead of getting distracted by the minutia of project details.  Too much involvement by the sponsor is a hindrance to the project team and their progress on the project.  It is the duty of the project sponsor to determine the boundaries of time and cost, and the duty of the Project Manager to provide scheduled deliverables within the allotted budget and time. 4. Stages.  Use the timeline of tasks as a guide to break the project into stages.  After completion of a stage, the project sponsor will have the opportunity to review the current progress and make the critical decisions regarding the continued value of the project.  If the project remains worth the investments made, and the risks are still acceptable, the project sponsor can confidently approve continuation.  By dividing a project into stages and committing to only one stage at time, the sponsor and Project Manager have a low-risk approach toward project completion. 5. Deliverables.  Clients, or customers, must have a clear idea of the product or deliverable required before the project begins.  Being clear about the requirements helps ensure satisfaction from the client, or customer, and enables the project team to develop a realistic and achievable plan with less risk involved. 6. Experience.  Learn from previous projects to help minimize the risks of duplicating mistakes on later projects.  Review the project and determine what went well and what caused problems.  Incorporate both sets of data into the documentation and approach of the next project.  Recreate the successful circumstances and ensure that the next project team understands the risks of errors. 7. Customize.  The project management methodology must be tailored to the working environment and suitable for the needs and expectations of the project.  The Project Manager must avoid blind adherence to methodologies and be able to adapt existing procedures to the current project.  The planning of a two week project is going to be different from the plan for a two year project, but the resourceful Project Manager will be able to customize a methodology to create whatever framework is necessary for the successful completion of the project. In conclusion, these key principles can be applied to any project.  Many years of practice, trial and error, and review have proven these principles to be valid and utilizable by any good Project Manager.  Instead of the struggle of a plan without coherent strategy, being mindful of these principles increase the project’s chance of success. Source: projectmanager.com