All You Need to Know about Project Management!
‘Rewarding project management demands excellent communication and a focus on finding solutions’.
Many people usually believe that project management is about overseeing the building of hardware and software. How tough can it really be? Well, if you spend a day in the life of a project manager, you’ll quickly realize that the role is more complex than that.
Project managers divide resources aptly, manage timelines, and take care of stakeholder expectations. Although this may seem straightforward, there are numerous tasks and challenges at every step. In this blog, you’ll get a glimpse of project management and how to complete your projects on time and within budget successfully.
What is Project Management?
The processes you use in project management are crucial and decide whether the project will be completed successfully. You need to be well-versed in the practice of applying skills, techniques, tools, and knowledge to complete a project based on certain requirements.
Accurate execution of this practice means recognizing the problem, putting together a plan to solve the issue, and then executing that plan until the issue has been resolved. There is a ton that goes into every step of the process. With the correct management plan, the project will be completed before or on time and within the set budget.
Why is Project Management Necessary?
Research from a Project Management Institute discovered that firms that don’t incorporate project management will see their outright project failure rate hike up by a whopping factor of 2/3. With this astounding statistic in mind, below are a few advantages of how project management will assist your business:
- Have more predictable planning and execution processes
- Help abide by the project budget, scope guidelines, and schedules.
- Resolve project obstacles and escalate problems more easily and quickly.
- Increase the team’s collaboration within the team as well as improve the company’s culture
- Recognize and terminate projects without relevant business value.
- Help teams become more efficient.
What are the 5 Stages of Project Management?
The project management procedure can be grouped into 5 stages:
- Initiating — Define scope.
- Planning — Create a roadmap for everyone to follow.
- Execution — Act on plans made in the previous stage.
- Monitoring & Control — Ensure that deadlines are met and progress is made as expected.
- Closing — Evaluate finished projects before handing them over for maintenance by another team.
Who is a Project Manager?
Project managers control project planning and execution – outlining success criteria/necessities/costs while monitoring activities/performance individually.
What are the Responsibilities of Project Managers?
Project managers aren't just figures pulling the strings from behind the curtains but they are leaders. The managers are coordinators of a project management plan, ensuring that major players and resources are used to their complete potential to accomplish an aim in the shortest duration.
Below mentioned are the main responsibilities of a project manager:
1. Team Organization
- Project managers make certain that they have the ideal individuals for the job and that they use the team members when and where they are the most required.
- They create plans that direct everyone towards achieving a goal and task completion, and they motivate the members to recognize their potential.
2. Time Management
- The built-in issue within getting individuals together to accomplish a goal is the fact that everyone works at their stride.
- The job of the manager is to set practical deadlines and communicate those deadlines to the team.
- Besides setting those deadlines, a great project manager will know when to shift the resources when particular tasks are in danger of lagging behind.
3. Monitor Project Progress
- The beginning project outline created by the project manager offers the team an action plan for triumph, but that doesn’t signify that there won’t be any obstacles.
- This is where project managers will step in and take restorative steps to ensure the project is delivered on budget and on time.
4. Develop & Manage Reports
- The ideal project managers know that post-project reports are important, not just for ensuring all project necessities are delivered, but also for improving succeeding plans and methods.
5. Project Budget & Cost Estimates
- While it’s crucial to deliver a project that meets expectations and is on time, if you go over your project budget, your project might as well be considered a failure.
- A manager should know how to prepare, manage, and make certain that budgets don’t go over their estimates.
Common Issues Faced while Managing Projects
Scope Creep — When a project's goals or requirements expand beyond the original scope that was defined at the beginning. This affects a team’s ability to complete a project within budget, on time, or in a way that meets the project objectives. It can also leave everyone involved feeling disappointed.
Poor Communication — This is at the forefront of most project failures. It undermined clarity and cohesion. It gives way to misunderstandings between the stakeholders and the team members. It also serves to break trust.
Financial Setbacks — A report found that just 34% of firms always or mostly complete projects while staying on budget. This is a major problem as a project can only offer the anticipated ROI if it’s delivered within budget.
Famous Approaches to Project Management
While the majority of businesses agree that project management is crucial, there are several distinctive styles of project management. In this portion, we’ll go through 4 famous approaches to project management:
Product- Based Planning
Product-based planning focuses its approach on outputs and project deliverables. This approach concentrates on launching a service or product from conception all the way to completion, with the concluding result being sales of the service or product.
Process-Based Planning
Process-based planning makes certain that all project activities add to the achieving the business’s objectives. With this approach, the manager creates, manages, and improves projects lined up with the organization’s main values.
Phased Approach to Product Management
This approach utilizes operations science principles and theories to comprehend and optimize project delivery. Project production and management utilizes activity data to forecast restrictions and decide the achievement levels.
Tips to Manage Projects Effectively
- Establish effective and clear communication
- Determine clear objectives for your project
- Put together a schedule
- Utilize the correct tools to monitor the project's progress
- Put together a multi-skilled team
- Recognize and plan for risks
How to Create Your Project Management Plan
Creating a project management plan requires you to consider several moving parts before you start penning out your initial draft. To give you an example of a project management plan, we have put together 5 project management steps that will keep you on track as well as please your stakeholders.
Step 1 — Set up a Meeting with the Stakeholders
The initial step towards creating a plan is to set up an opportunity for face time with the stakeholders. The project stakeholders are those who are affected by the outcomes of your project, thus they are the ones you’ll report back to about any new developments and progress.
Step 2 — Sets Goals & Define Project Success
Now that you have an understanding of what the stakeholders are on the lookout for, it’s time to list out those requirements and set objectives around them. These goals have to be measurable and attainable utilizing key performance indicators that will permit you to inspect the shortcomings and successes of your project.
Step 3 — Define Project Roles & Responsibilities
Once you have completed the initial 2 steps, the next step is to assemble your team to help in executing this project:
- Project Manager — Who’ll be building, executing, and managing the project?
- Project Sponsor — Who’ll own and fund the project?
- Project Team — Who’ll be executing the project tasks?
- Industry Experts — Who’ll assist in developing the project scope and determine the requirements for the project?
- Risk Analysts — Who’ll assess the challenges and risks associated with taking on this project?
Step 4 — Create a Project Schedule & Cost Estimates
Once you’ve decided on your goals, the team, and your deliverables, it’s time to create the backbone of your project plan – the budget and the schedule.
You can do this via a 7-step process:
- Pinpoint the tasks you’ll have to complete and their dependencies
- Decide on the resources required to fulfill every task
- Estimate the time required to fulfill every task and dependency.
- Create a critical path for the fulfillment of the project.
- Create an estimate for the cost of every task.
- Make a project schedule.
- Establish a beginning project budget.
Step 5 — Present your Plan to the Stockholders
Once you’ve collected everything you require in your project plan, be certain to go back to the shareholders to lay out the procedure to them. If at any point corrections are required to be made, this is not a major deal. Simply make a note of the possible changes, reevaluate your project plan, and then come back with your modifications for consent from your stakeholders. There will probably be several occasions where your project management plan will need additions and alterations.
Conclusion
Project management is a complex but essential process for ensuring successful project outcomes. It demands a deep understanding of market-specific nuances and communication. Understand the key principles and best practices. You can then effectively manage projects, deliver value, and achieve your organizational goals. Get in touch with our experts if you have a question about features, trials, pricing, or need a demo. Our team is ready to answer all your questions!
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