In project management, stewardship is a key concept that stresses the responsible management and use of resources to reach project goals. This concept says that project managers have to make good use of the money, people, and things they have.
To be good stewards, project managers need to set priorities and divide up resources in a way that makes the most of their value and helps the project reach its goals. This means that project resources need to be carefully planned, monitored, and controlled throughout the project’s lifetime.
Project managers must also make sure that resources are used effectively and efficiently, with as little loss as possible and as much money back as possible. This means that project plans, schedules, and budgets need to be reviewed and changed on a regular basis to make sure that resources are being used in the best way possible.
Effective management involves more than just managing resources. It also involves making sure that project partners know how the project is going and what the results are. This means giving people regular updates and reports and involving them in decision-making so that their needs and demands are met.
By putting an emphasis on care, project managers can make sure that projects are finished on time, on budget, and to everyone’s happiness. This concept also helps to encourage responsibility, openness, and ethical behaviour in project management. This makes sure that resources are used in a way that is fair to all parties and is good for the project as a whole.
In PMBOK 7, the Stewardship concept is still stressed as an important part of project management. It means making good use of resources and managing them in a responsible way so that project goals and objectives can be met.
Under this concept, project managers are responsible for putting things in order of importance and dividing resources in the best way possible. This needs careful planning and close tracking of the project’s resources, such as people, money, and supplies.
Effective management requires project managers to do more than just handle resources. They also need to make sure that partners are kept up to date on the project’s progress. This means keeping partners up to date on the project’s state, risks, and possibilities, and getting them involved in making decisions.
Also, the care concept stresses how important ethics and transparency are in project management. Managers of projects are expected to act ethically and make sure that resources are used in a way that helps all parties.
Overall, the Stewardship concept in PMBOK 7 emphasises how important it is to handle resources responsibly, communicate well, and act in an ethical way when managing projects. By sticking to this concept, project managers can make sure that projects are finished on time, on budget, and to everyone’s happiness.
Reference (12 Principles of Project Management)
Stewards act in a responsible way to make sure that tasks are done with honesty, care, and trustworthiness while following both internal and external rules. They show that they care about how the projects they fund affect people’s lives, the environment, and the economy as a whole.
People with a wide range of skills, knowledge, and experience make up project teams. When people on a project team work together, they can reach a common goal more quickly and effectively than if they worked alone.
Engage stakeholders in a proactive way and to the extent that is needed to help the project succeed and keep customers happy.
Evaluate and change a project’s alignment with business goals and the expected benefits and value on a regular basis.
Recognize, evaluate, and respond to the changing conditions inside and outside of the project as a whole to improve project performance.
Show and change your leadership skills to meet the needs of both yourself and your team.
Design the project development approach based on the project’s goals, stakeholders, governance, and environment, using “just enough” process to get the desired result while maximising value, controlling costs, and improving speed.
Keep your attention on quality so that you can make deliverables that meet the project’s goals and match the needs, uses, and acceptance requirements set by the right stakeholders.
Evaluate and deal with the complexity of the project on a regular basis so that approaches and plans can help the project team get through the project life cycle.
Evaluate your exposure to risk, both opportunities and threats, on a regular basis to get the most out of the good and the least out of the bad for the project and its results.
Build flexibility and toughness into the way the organisation and project team work to help the project deal with change, bounce back from setbacks, and move forward.
Prepare those who will be affected to adopt and keep up with new and different behaviours and processes that will be needed to move from the current state to the future state that the project outcomes will create.
