THE ROLE OF PROJECT MANAGEMENT PRINCIPLES IN THE SUCCESS OF THE BUSINESS

Abstract Project management principles play a critical role in business success by ensuring efficient resource allocation, risk mitigation, and strategic planning. This study examines the role of project management principles in the success of businesses, focusing on key areas such as planning and scope, resource management, and risk management. The research evaluates how these principles influence organizational performance and overall business growth. Using a mixed-methods approach, data was collected through surveys and interviews with business owners, project managers, and employees in Bakara Market, Mogadishu, Somalia. The findings indicate that businesses that implement structured project management principles experience improved efficiency, better financial performance, and higher customer satisfaction. However, challenges such as inadequate training, resource constraints, and limited risk management strategies hinder effective project implementation. The study highlights the need for enhanced project management training, better strategic alignment, and improved risk assessment frameworks to maximize business success. Recommendations include investing in project management education, integrating technology-driven tools, and fostering a culture of continuous improvement in business operations. These findings provide valuable insights for business leaders, policymakers, and organizations aiming to optimize project management for long-term success.