Strategic Alignment is the process of aligning an organization's actions with its mission, vision, and strategy. It ensures that all business activities, including projects, support the overall direction of the company. A project manager in this context must align the project objectives with the organization’s strategic goals to help achieve the desired outcome. A well-aligned project can significantly contribute to the organization's success by optimizing resources, minimizing conflicts, and ensuring that all stakeholders are working towards a common goal.

Value delivery focuses on the output and benefits that a project brings to the organization and its stakeholders. It is more than just completing the project on time and within budget. A project must deliver tangible and intangible benefits that enhance the company's position. To manage value delivery effectively, a project manager should apply techniques like benefit realization management and project portfolio management, which help define, measure, and control the value provided by a given project.

Risk Management is a systematic process of identifying, assessing, and responding to uncertainty and potential risks that can affect project objectives. The goal is not only to minimize potential negative effects but also to capitalize on opportunities. A project manager should integrate risk management into all parts of the project, from planning to execution, and include both internal and external risks. Effective risk management contributes to project success by providing a proactive approach to threats and opportunities.

Stakeholder Management involves identifying the individuals, groups, or organizations that can impact or be impacted by the project, and developing strategies to manage their expectations and engagement. Stakeholder management focuses on effective communication, inclusion, and feedback mechanisms to ensure that stakeholders' needs and expectations are understood and managed appropriately. A project manager needs to master interpersonal and communication skills to build and maintain strong relationships with stakeholders, which can significantly influence the project's success.

Continuous Improvement is a management philosophy that encourages a constant, systematic approach to making incremental enhancements in processes, systems, or products. Continuous improvement involves assessing and analyzing the current process and identifying areas for enhancement. In the context of project management, it includes lessons learned, post-project reviews, and performance assessment throughout the project lifecycle. Effective continuous improvement can result in quality improvement, efficiency gains, and customer satisfaction, making it a vital tool for any organization.

Project Governance refers to the framework which ensures that project decisions are made in an accountable and transparent manner. This includes the strategic alignment of the project's objectives with the organization's goals, stakeholder engagement, risk management, value delivery, and continuous improvement. Effective project governance ensures projects are defined, controlled and delivered efficiently and effectively. It provides a structured process for decision making, accountability, control, and risk management, and fosters a culture of transparency and trust amongst stakeholders.

Knowledge Management is the systematic approach of capturing, organizing, sharing, and applying collective knowledge to achieve organizational objectives. In a project management context, it includes creating, sharing, using and managing the knowledge and information within the project environment. It encourages learning from past experiences and leveraging this knowledge to proactive problem solving, decision making, learning from best practices and avoiding past mistakes. It boosts efficiencies, sparks innovative ideas, and promotes a learning culture within the project team.

Resource Management is the efficient and effective deployment of an organization's resources when and where they are needed. These could involve human resources or project resources such as capital, time, materials, tools etc. It includes planning, scheduling, and allocation of resources to tasks, based on their availability and skills. Effective resource management ensures that the right resources are allocated to the right tasks at the right time, thus minimizing waste, improving productivity, boosting project performance and supporting strategic alignment.

Change management in the context of project management refers to a systematic approach that manages the change from the perspective of an organization and individual employees. It's a disciplined approach for helping the individuals in a project to understand, accept, and adopt changes in the business environment and procedures. The main focus of change management is on adjusting and managing changes to minimize employee resistance and cost to the organization while simultaneously maximizing the effectiveness of the change effort. Change management teams have to foresee and mitigate resistance to the changes, making this a vital skill for any project manager.

Communication Management is an essential component of project management, and involves a systematic plan, implementing, monitoring, and revision of all the channels of communication within a project, and also includes the communication with contractors and project stakeholders. Successful communication management ensures information is appropriately distributed, understood and provided for decision-making. The project manager should create a communication plan to provide who requires what information, when the information is needed, and the modality of the information.