Everything You Ever Wanted To Know About Project Management
Why do some projects succeed and others fail? Many factors can be used to explain the latter: poor leadership, lack of funding and resources, lack of direction, etc. Truthfully though, it probably lacked effective project management.
What is project management?
It is a discipline that entails “initiating, planning, executing and controlling the work of a team of people towards the achievement of a particular goal(s).” Some of these goals may be the production or development of unique products or services or other improvements. The outcome must provide value to the customer., Using project management, tasks are completed using specific skill sets, tools, methodologies, techniques and knowledge base to meet a project’s requirements. The central goal is to achieve the objectives of the projects within specific constraints.
Projects are temporary, but project management oversees multiple projects at the same time. In other words, it’s permanent. Also, project management is different from the daily operations of a business.
Every project has four key elements:
Scope – The size of the projects and its goals and requirements.
Resources – Items needed to complete the project, i.e., workforce, equipment, tools, etc.
Time – Duration of the tasks, schedules, dependencies, critical path, etc.
Money – There are contingencies, expenses, costs, profits and revenue in every project.
Out of all four elements, the scope is the most crucial because it addresses the remaining three ingredients. At the start of any project, a project manager must clearly define and manage range, and This doesn’t mean you can avoid or ignore any of the other elements. All of them need to be maintained.
What is the approach to Project Management?
The project plan is at the heart of effective project management. Many projects fail because decisions were made on a whim which leads to costs and lack of resource planning. A lack of a project plan or failing to implement one is the principal culprit, and This is the concern for an organization who continuously face time constraints. The yield of this stage is a project plan which will outline all the activities, tasks, dependencies and timeframes of the project.
Its contents will include the following:
Project Goals: What do you want to achieve with this project? What are its goals? Take into account the requirements of your stakeholders. Will the project’s results satisfy their needs? Will it provide solutions to their issues? Before setting your project goals, identify the following:
Identify stakeholders: The sponsors and investors in your project.
Identify your stakeholder’s needs: You may learn about these through interviews and surveys.
Rank their Needs: Set priorities so that you know which ones to deal with first.
Your goals must be attainable and clear. Avoid grey areas. Ensure your team is aware of the all goals and each member understands his or her respective role.
Deliverables: What is expected for delivery by the team? These must be according to the project goals. Provide the estimated delivery dates for each output.
Project Schedule: Here, you must provide exact delivery dates, not estimates. Also, you need to identify corresponding tasks that need to be completed for project submission.
Therefore, indicate the following in your project schedule:
Specific tasks that must be completed.
The amount of time required to complete each task.
Resources and costs to complete each task.
Target delivery dates for each deliverable.
It’s important to keep things realistic when scheduling. Avoid setting light deadlines but incorporate some slack.
Support Plans: Although a project plan is standalone, it definitely can do with some supporting programs such as:
Risk Management Plan: Identify possible risks and possible responses to combat them.
Human Resources Plan: The roles, responsibilities, and accountabilities are clearly described, This helps the project manager recruit suitable team members.
Communication Plan: Collaboration on a team is inevitable so how information will be exchanged and transmitted is critical, This is project management in its briefest definition. A well-defined project plan and a project management tool is at the heart of a successful project.
Get in touch with ViduPM to learn more about their project management tool.