When you think of a ‘project’, you think of something ‘big’ and ‘important’. When something is big and important, everything matters! The context of the project may differ from one organization to another, but the purpose remains same – execute it successfully. Hence, project management comes into the picture.
10 Reasons of Project Management Matters
Here are ten reasons why project management is considered the backbone of any project.
Make Structured Plan
Planning is the first stage of project management. It lays down various sub-goals that are necessary to achieve the end goal in the given timeline.
Allocate Resources
A project consumes time, money, labour and materials. If they are not allocated appropriately, the operational efficiency can be adversely affected and result in high costs. Project management ensures right allocation of resources.
Also Read: Benefits of Building a Career in Project Management
Establish Communication
A project is handled by many teams. Lack of proper communication channels can hamper productivity. Project management keeps communication flowing without any interruptions.
Team Co-ordination
When there are too many heads working on a project, it is natural to have conflicts and lack of coordination. Project management lays down the hierarchy to monitor team issues and make them work in collaboration.
Track Progress
Remember, we talked about mini goals in the first point above? Project management helps you to keep a tab on every mini goal so that you know that project is progressing as per the schedule. If there are any deviations or loopholes, they can be easily captured in a timely manner.
Hire Right People
If people working on the project do not have necessary experience or qualifications, projects are doomed to fail. However, a project management strategy enables you to determine the necessary talent you need to hire. It is always advisable to recruit people who can show project management certification courses on their resume.
Maintain Quality
When a project is long-term or complex in nature, it may be difficult to maintain the consistency of quality. Project management makes sure that standard quality norms adhere throughout the project.
Control Costs
It is not uncommon for projects to deviate from their original budget. As the project moves ahead, additional costs may be incurred. However, by implementing a robust project management strategy, you can ensure that budget does not overrun.
Respond to Changes
In the course of project execution, unexpected business, economic or any other changes may arise. Project management helps you to anticipate such eventualities and minimize risks.
Also Read: The Pathway to a Thriving Career in Project Management
Learn from Execution
Project management enables you to document each and every aspect of the project. If it is successful, you know what went right. If it fails, you learn your lessons. Either way, there is learning for future projects.
Got a task to pull together a handy-dandy project to discuss some key initiatives your company aims to achieve this quarter? Don’t worry, you don’t need to know all the project management basics for successful project execution. You won’t need the assistance of any project management course if you follow this simple guide to project management and lead your team with confidence.
Step 1: Define the scope and objectives of your plan
The first and foremost part of any plan involves defining the scope and objectives of the project clearly. Make sure you identify the needs of all the stakeholders and keep their interests in mind while creating your project plan. Meet with the key stakeholders to discuss their needs and expectations out of this project. Layout the project scope, budget and timeline. It may take several drafts before you get the approval of all the stakeholders but do not skip this step.
It helps to get everyone on the same page and reduces the chances of miscommunication.
Step 2: Prepare a comprehensive written plan
A detailed plan lists down all the tasks and activities in the order they will be undertaken. It also specifies who is responsible for which task, how long each task will take, and provides a timeline for the start and finish. Make sure to include project deliverables, timeline and budget in your plan. The plan will need to be updated on a regular basis as and when issues are identified and depending on the course of action taken to implicate the corrections.
Step 3: Maintain good communication with the team
A good channel of communication is vital for the success of any project. Communication makes sure that the entire team is aware of the status of the project. It also helps in understanding what the team should be working on, and if they require any assistance or support. Try and hold regular meetings with the team to discuss the progress of the project and resolve any issues that arise.
Step 4: Measure the project’s performance
Keep a regular check monitoring the progress of the tasks and activities aligned towards the project plan.
Checkpoints to measure the performance of the project:
- Make sure the project is well within the defined scope.
- Make sure the project’s timeline is being met.
- Make sure the project is within budget.
If anyone of these points is not in line, the plan needs to be updated, and the team members and stakeholders should be kept in the loop.
Step 5: Complete the project & present it to the stakeholders
Try to complete the project within the given timeframe; it gives you the confidence that everything is on point. Present the plan to the stakeholders, address their expectations and present your solutions to any conflicts. Make sure everyone participates in your presentation and no one is left out. Have an open discussion about every agenda and make sure to cover all the points of your project.
Step 6: Review, and follow-up
After discussing the complete project, hold a formal closure meeting. The meeting will indicate that every point was discussed and any issues will be taken care of. Make sure to indicate the completion of the project, and review its success and failures. Most importantly: Thank your team for their work.
Pull it Together
If you still think you need guidance from project management courses, go ahead; these courses provide in-depth knowledge and take you through a detailed course of action for successful project execution. There is no harm in looking for help. For beginners, this simple guide to project management can prove to be very effective.
Happy Planning!
More Information:
How to Build a Thriving Career in Project Management?
Career Opportunities in the Domain of Project Management
Turn your projects into profits with Project Management from XLRI
What Skills Must You Acquire To Land Top Project Management Jobs?
What Kind Of Jobs Can You Get With A Project Management Certification?
