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Every company is faced with the goal of meeting certain objectives within a set time frame. To succeed, projects need to be managed efficiently. The obvious benefit is financial but there are others as well that provide more long-term gains such as improved customer relationships, building team collaboration and gaining a competitive advantage.

To help ensure your projects are managed effectively, consider the following upcoming management trends for the New Year that will set you apart from your competitors:

#1 Promoting Teamwork through Company Events

Project work requires continuous communication and interaction between various functional groups, i.e. project personnel, subcontractors, the customer, etc. One way to promote teamwork is by establishing a business rhythm. This can be achieved by setting up a calendar of company events such as a monthly cost review or risk board. Such events give employees an opportunity to engage with one another. Establish this rhythm early on and make it a significant part of your company culture.

#2 Investment in Professional Enrichment Opportunities for Project Managers

The discipline of project management is an under-appreciated one. Companies that value its importance and invest in training its managers will reap many gains. Successful project management relies on a mixed skill set, basic leadership abilities and experience. Project managers who receive exposure to role-based training opportunities will have more improved project outcomes.

Companies that invest in educational enrichment opportunities for their project managers will attract talented individuals to assume these roles.

#3 Establishment of Success-Focused KPIs

Key Performance Indicators provide actionable details related to project performance. KPIs are the driving force behind high level metrics such as new orders, revenue, profit and growth. How can you establish effective KPIs for your company?

Ensure the data quality is excellent so that you have precise indices

KPIs should reflect corporate goals

KPIs should have simple terms

Set internal and external benchmark

Use a system that provides quick and real-time access to your KPIs

Use a targeted approach when selecting KPIs

Examples of KPIs to include are % Complete, Gross Margin %, Burn Rate, Net Margin %, Earned Value, Utilization, etc.

#4 Establish a Project Management Office

A Project Management Office is a separate department within a company that sets the processes and standards for project management. They reflect the strategies and culture of the organization. A PMO is necessary to establish and maintain efficiency, consistency and manage costs.

When an Enterprise Project Management Office (EPMO) is also established and aligned with a company’s PMO, more projects are likely to meet their goals and experience a much lower project failure rate.

So if your company doesn’t have a PMO/EPMO, it certainly benefits to get one.

#5 Establish a Resource Management Practice

Your employees are your most valuable assets and a good company is committed to investing in them. To ensure resource management occurs in your company, do the following:

Create a central repository to store all source plans. Ensure it is accessible to stakeholders.

Make a skills catalogue. This ensures that most suitable resources are available when necessary.

Forecast your resources during the entire project san and not just at the start.

Provide participants with real-time KPI reports and resource demands.

Use an ERP system to plan your resources.

The trends mentioned in this blog are set to occur in 2018. To improve your company’s project outcomes, consider implementing these trends.

Get in touch with ViduPM today to learn how.