Major Reasons to Consider Praxis for Project and Portfolio Management

Praxis is a term used to describe the processes of putting theoretical knowledge or ideas into practical use or action. It refers to the practical application of theory, knowledge, or skills, often in a social, political, or economic context.

According to the Project Management Institute's (PMI) 2021 Pulse of the Profession 2025 Pulse of the Profession Report, 85% of organisations surveyed identified the ability to connect different parts of the business as a key talent-development objective. Interestingly, 23% of gymnastic businesses say how the different segments of the company interact as a key talent-development objective, in comparison with the 13% of traditional companies. Read this blog to learn the major Reasons to Consider Praxis for Project, Programme, and Portfolio Management.

Table of Contents

1) Importance of Applying Praxis

2) Reasons to Consider Praxis

a) Integrates Theory and Practice

b) Provides Free Resources

c) Focuses on Continuous Improvement

d) Provides a Comprehensive Framework

e) Emphasises Collaboration

f) Provides Flexibility

3) Why is Portfolio Management Important in Project Management?

4) Conclusion

Importance of Applying Praxis

Praxis is a methodology applied based on the notion that knowledge and action are interlaced and that information may be acquired both theoretically and practically. The idea of Praxis has been used to underline the value of implementing theoretical knowledge in practical settings in many disciplines, such as philosophy, education, sociology, and political science.

Praxis is a cyclical process that entails analysing one's experiences, figuring out the underlying theories and concepts, and applying this understanding to guide and enhance future actions. It is a method of learning that places a strong emphasis on the value of real-world experience, critical reflection, and the need to continuously apply and improve one's knowledge and abilities. The Praxis Delivery Model facilitates this process by providing a structured framework for practical application and reflection.

Reasons to Consider Praxis

Praxis can provide several benefits for Project and Portfolio Management. Following are a few of the critical reasons to consider Praxis for Project and Portfolio Management:

Integrates Theory and Practice

Praxis emphasises the integration of theoretical knowledge and practical application. This approach can help Project Managers bridge the gap between what they learn in theory and what they encounter in real-world project situations.

Providesfree resources

Praxis is a free, 24-hour, online, open-source framework. It comprises a library of free resources that can be used for personal purposes. The Praxis website includes templates, tools and techniques, assessment tools, articles, a glossary describing the Project Management terminology, and more.

Focuses on Continuous Improvement

Praxis is a cyclical process that focuses on continuous improvement and reflection. By continually reflecting on experiences, identifying underlying theories and ideas, and applying this knowledge to future actions, Project Managers can improve their skills and become efficient in managing projects.

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Provides a Comprehensive Framework

Praxis provides a comprehensive framework for Project Management that covers all aspects of project, programme, and Portfolio Management, including Risk Management, governance, stakeholder engagement, and benefits management.

Emphasises Collaboration

Praxis emphasizes collaboration and Effective Communication between stakeholders. This approach can help Project Managers build stronger relationships with stakeholders and ensure that everyone is heading towards the same goals.

Provides Flexibility

Praxis is a flexible framework adapted to suit the needs of different projects, programs, and portfolios. It allows Project Managers to tailor their approach, ensuring that it aligns with the specific needs of their organisation and project while following the principles of the Praxis Pathway to guide them through effective management.