Project Management Principles are important tools used by project managers and organizations to ensure successful project completion. They provide a foundation for the project manager to ensure that the project is managed in a consistent and effective manner. The 12 Project Management Principles are the official, business definition of successful project management. Firstly, the Principle of Planning ensures that the project is properly planned out and considered from start to finish. Second, the Principle of Quality focuses on delivering the highest quality results. Third, the Principle of Communication is based on a two-way exchange of information between stakeholders and the project manager. Fourth, the Principle of Risk Management prioritizes the identification and management of potential risks. Fifth, the Principle of Resource Management includes prioritizing and allocating resources efficiently. Sixth, the Principle of Cost Management focuses on controlling the costs of the project. Seventh, the Principle of Time Management is based on managing the time of the project. Eighth, the Principle of Contract Management requires that contracts are created and upheld.