Project Management: Why It is So Important? Elevate Your Career by Realising the Characters, Elements, Types, Methods and Recent Trends!
Project management is a process that allows project managers to plan, execute, track and complete projects with the help of a project team. To do so, they must use project management principles, skills, methodologies and tools to lead team members through each of the project management steps which are known as the project lifecycle.
However, project management can’t be defined in one paragraph. In this guide, we’ll cover the basic concepts you need to know to understand what project management is, the stages of the project management process, different types of project management approaches and the tools you can use for managing projects.
In addition, you’ll need project management software to plan, execute and track projects. ProjectManager, for example, has the project planning, scheduling and tracking features you need to manage timelines, resources, costs and teams in one online tool. Use our Gantt charts, kanban boards, and calendars to create project schedules and assign work with real-time resource availability.
Project management focuses on planning and organizing a project and its resources. This includes identifying and managing the lifecycle to be used, applying it to the user-centered design process, formulating the project team, and efficiently guiding the team through all phases until project completion.
Value of Project Management
Through proper project management, you can assure that the purpose/vision and goals of the project are maintained, all while supporting the audiences’ tasks and objectives. Additionally, you avoid risks and effectively and efficiently use your available resources. It also helps the team members to understand their responsibilities, the deliverables expected, and the schedule everyone needs to follow to complete the project on time and within budget.
Areas within Project Management
The Project Management Institute (PMI) has identified nine areas of knowledge within project management:
- integration management
- scope management
- time management
- cost management
- quality management
- human resource management
- communication management
- risk management and
- procurement management
Building a Team and Encouraging
Keep in mind that members on your team may fulfill one role or may fulfill many.
Regardless of the size of the team, it’s important to identify how the team will communicate and collaborate with one another. This includes discussing upfront:
- Planned/ regular meetings
- How formal they will be
- Whether meetings will be held in-person, virtually, or both
- How the team will share and collaborate on documents
- Where documents will be stored and how they will be version controlled
- Workflow for decisions and approval
Project Phases, Life Cycles, and Incorporating User-Centered Design Principles
Projects are typically broken down into phases. Each phase outlines the work that needs to be done and who is involved. Generally, in order for a phase to be considered complete, specific deliverables need to have been completed and handed off. Some project teams, however, do choose to implement fast tracking, which is when phases are overlapped.
A lifecycle defines the beginning and end of the project; it represents all of the phases together. When defining the project’s life cycle, the first phase is noted as Step 0. It usually captures the visioning and conceptualizing of the project. According to the Project Management Institute, most life cycles have four or five phases but some may have more.
The most common lifecycle approaches are Waterfall and Agile., Regardless of the approach you choose, you will need to incorporate user-centered design (UCD) best practices and methods.
Project Plan and Charter Agreement
Make sure when outlining your plan, that throughout it you note how you plan to include user-centered design best practices and methodologies.
Most project plans outline:
- Objectives
- Scope, which correlates to the requirements
- Resources, including technology, budget, and
- Schedule
- Team roles and responsibilities
- Assumptions and Limitations
- Dependencies and Contingency
- Risk assessment
- Management plan
- Change control plan
At the end of the project plan, depending on your team’s needs, you may choose to include a charter agreement. A charter agreement is typically a one page document that has the sponsor of the project sign off that they agree to the work to be done as outlined by the team in the project plan. Remember, however, that successful teams understand upfront that things happen and that they’ll need to adapt. The project plan establishes the baseline for how you assume the project will happen and then provides information about the process for taking changes into account, should they arise.
Creating a Schedule
Schedules are an important part of project management because they help you measure your progress as the project moves along. They also help to outline how each team member’s part fits into the overall picture and demonstrate the dependencies.
Schedules reflect the life cycle broken down into specific deliverables and touch points. It defines what needs to be done and who is the point of contact responsible for the work.
Waterfall is often called the “traditional” project management approach. In traditional approaches, projects are completed one stage at a time and in sequential order—like a waterfall would flow down a collection of rocks.
When to use waterfall
The waterfall model is effective for projects that involve several steps to production. For projects where one task can't be completed without one being done before it, this is the most efficient outline system to incorporate.
2. Agile
Agile is an approach to project management that is built on small, incremental steps. It is designed to be able to pivot and incorporate changes smoothly, making it popular among projects where unknowns and new developments are common.
Agile’s 12 principles are enshrined in the Agile Manifesto, which was written in 2001 by project managers in software development.
When to use Agile:
Agile is best used in projects in industries that expect a certain amount of volatility, or in projects where you will not be able to know every detail from the outset. Agile project management is very popular in software development, where changes are almost constant. You might also use an Agile approach when you are launching a new product and are not fully aware of where pain points might lie until closer to the end of the project.
3. Lean
Lean is a project management style with roots in the manufacturing industry (Toyota’s cars, to be exact). It aims to cut down on waste and increase efficiency. Key Lean principles include emphasising value from the customer’s perspective and mapping out your entire project in the initial stages to see where to generate value and cut waste.
When to use Lean:
Lean can be a useful project management approach to adopt when you’re looking to reduce costs, shorten timelines and improve customer satisfaction. It is best used for projects that anticipate some flexibility and change.
The project manager is a staple role in many different industries. Though the fundamentals of what they do are the same—lead projects to fulfill goals while staying on schedule and within budget—the details of what they do can differ.
Construction: A construction project manager organises people and resources to oversee the process of building structures like houses and office buildings. The project manager generally works closely with architects and engineers.
IT: A project manager in IT works with teams to solve IT-related problems in a company. They can, for example, carry out a project to install new software across a company, update networks or help roll out cloud computing services.
Software development: Software project managers orchestrate project teams to develop new software and software updates. They may have professional experience in developing software themselves.
Health care: A project manager in health care leads projects in hospitals and other health care facilities. Health-care project managers often have to have a good understanding of health care legislation.
Energy: In energy, project managers carry out projects that develop new energy infrastructure or improve existing ones. They might also work to roll out energy-efficient practices at individual organisations.
Marketing: A project manager in marketing might work at a tech company, advertising firm, large retailer, or any number of other organisations that have marketing arms. Projects can include marketing campaigns, research efforts, and new product launches.
As the name suggests, project managers are responsible for projects from initiation to close, making sure the work gets done efficiently and satisfactorily. As team leaders with day-to-day schedules that are constantly changing, a static project manager job description would be hard to come by. Days can be filled with planning the project process, creating a budget, managing a team or communicating with clients.
- Planning and forecasting. It goes without saying, but proper project management requires skilled planning.
- Risk management.
- Budgeting.
- Tracking and monitoring.
- Project management methodologies.
- Meeting facilitation.
- Subject matter expertise.
- Quality management.
- Process Modeling and Management tools : Process modeling simply means to model software processes. At first, developers need to fully understand process and work of software, then only they can be able to model process. This tool represents key elements of process that are important. So, it makes it easier to perform work tasks in efficient and proper manner.
- Project Planning tools : Project planning simply means to plan and set up project for successful development within timeframe. It includes defined stages or steps to define objectives of project with designated resources, clarify scope of what should be done, and then develop list of tasks that are needed to be done to complete it. Tools used for project planning can be CPM (Critical Path Method) and PERT (Program Evaluation and Review Technique). Both of them are used for finding parallelism, eliminating bottlenecks in projects, and scheduling activities of project. Some tools that make planning of project in efficient way are Trello, Nifty, Asana, TeamGantt, etc.
- Risk Analysis tools : Risk analysis simply means to identify and analyze errors or defects or any issue that can cause negative impact and result in the changed outcome and objectives of project. The analysis is done so that organization can fix issue or remove error to avoid effect caused by them. These tools help in identifying risks and are useful for binding risk table. These provide detailed guidance in the identification and analysis of risks. The risks identified can be categorized into catastrophic, critical, marginal, or negligible. A cost is associated with each risk which can be calculated at each stage of development. Some tools and techniques are Delphi technique, Information gathering technique, Checklist analysis, etc.
- Project Management tools : Project management simply means to track or control progress and tasks of project. These tools are extension of project planning tools. These tools are generally used to update pans if require and schedule project. These tools make Project Management more effective and efficient. Some tools are Gantt chart, mind map, WBS chart (Work Breakdown Structure), etc.
- Metrics and Management tools : Metric management tools are very good for software as they provide very quick and easy way to track software development, set goals, and measure performance. These tools help in capturing and finding out specific metrics that are useful and provide overall measure of quality. These tools focus more on process and product characteristics. For example, “defects per function point”, “Line Of Code/person-month”.
- Quality Assurance tools : Quality assurance in software engineering simply means to maintain level of quality of software product by focusing on each step of process of development or production and delivery. It prevents mistakes and any defects or errors in manufactured products. These are actually metrics tools that audit source code to ensure compliance with language standards. Some tools that are used for both Quality management plan and to control quality process are Pareto Diagrams, control charts, histograms and scatter diagrams, etc.
- Database Management tools : Database management simply means to organize, store, and retrieve data from computer in efficient manner. It provides consistent interfaces for project for all data, in particular, configuration objects are primary repository elements. Some best database management tools are MySQL workbench, SolarWinds Database Performance Analyzer, TablePlus, TeamDesk, etc.
Project managers bring projects of all sizes to completion, on time and within budget. There are many reasons a project can derail; however, skilled project managers are able to organize the various elements involved and keep a project on course from start to finish.
By taking necessary precautions and having a detailed plan in place, project managers can ensure success. What can team leaders and project managers do to help keep projects on track when problems arise? The following strategies for successful project management offer both solutions and best practices.
Finalize Project Details
Before you begin a project, make sure that you’ve laid the foundation for success. This means getting buy-in from all stakeholders and understanding the expectations involved. You should clearly define the scope of the project itself, including the various roles and responsibilities of team members. Develop a detailed plan and define goals, then create measurable criteria for success. Factor in deliverable dates and create your timeline. Of course, certain elements will likely change along the way. But if your initial plan has enough detail, your team will be able to adapt.
Set Clear Expectations
Another key part of successful project management is being clear about which team members are responsible for all the components of a project. This makes it easier to create accountability. Once you’ve set expectations, make sure everyone is on the same page and knows when their deliverables are due and how their work contributes to the project as a whole. While it is important for the internal team to be clear on expectations, don’t forget to keep stakeholders informed as well.
Choose the Right Team and System
When your plan is in place and expectations are clear, you will be able to assign tasks to team members. It is the role of a project manager to put together a winning combination of skills, talent and personalities that are right for each particular project. Keep in mind that skill sets should align with specific project requirements. “In order for a project to be successful, you need to have the right project team in place.
Define Milestones
It is important to define key milestones throughout the lifecycle of the project. A good way to get started is by including four main phases: initiation, planning, execution, and closure. Then you can perform an evaluation after each phase and know how your team is doing by examining deliverables. This process keeps you informed about any problems that arise while ensuring that each phase of the project is completed successfully.
Establish Clear Communication
Another element that can make or break a project is communication. You’ll need to create a communication plan featuring how often the team will check in with stakeholders, when status meetings will be held, and more. It is the responsibility of project managers to create status reports, so you should also plan how often you will be sending those out and who needs to receive them.
Manage Project Risks
There are always risks involved in projects. When you are aware of them at the start, however, you can manage them and ensure that potential problems don’t arise. Skilled project managers are able to have contingency plans in place, take preventive action, or even step in with corrective measures.
Avoid Scope Creep
One of the most important roles a project manager plays is keeping a project on track. Although change will always happen, it is important to know how much change can occur before affecting deadlines and deliverables. Scope creep generally takes place when there are additions to a project, which is not revised accordingly.
Evaluate the Project After Completion
Each project provides information that you can utilize in the future. This is why reviewing the project as a whole is such a valuable practice. Note wins as well as areas for improvement, and be sure to consider the planned return on investment in comparison to the actual ROI. When project managers know what went right, what went wrong, and how to make adjustments next time, they are able to develop best practices for future work.
- Step 1: Study the project thoroughly.
- Step 2: Prepare a concrete project plan.
- Step 3: Daily monitoring of work assigned after project begins.
- Step 4: Keep the client informed on a predetermined basis.
- Step 5: Perform testing at regular intervals.
- Step 6: Final project delivery.
- Determine Goals and Milestones. ...
- Allocate Resources Appropriately. ...
- Develop a Risk Management Strategy. ...
- Maintain Effective Communication. ...
- Monitor Progress. ...
- Reward Achievements. ...
- Review and Adjust the Strategy.
- Foster clear and effective communication.
- Set clear goals for your project.
- Choose & use the right tools to monitor progress.
- Work with a flexible team whose skills combine well.
- Keep your project team members motivated as best you can.
In order to establish the right project management strategy, it’s necessary for the project manager to know the body of knowledge of project management, the value of each piece, its intended use, and how to use it,” Emerson says.
This knowledge includes 10 key areas, including:
- Scope: Processes required to ensure all the work—and only the work necessary to complete the project successfully—is included in the project plan
- Time: Processes required to manage timely completion of the project
- Cost: Processes involved to plan, manage, and control costs so that the project is within its approved budget
- Risk: Processes to identify, analyze, plan for, and manage risk on a project
- Human Resources: Processes that organize, manage, and lead the project team
- Stakeholder Management: Processes required to identify, analyze, and effectively manage stakeholders and their expectations in project decisions and execution
- Communications: Processes required to ensure timely and appropriate communication of project information
- Quality: Processes and activities to ensure the project satisfies the needs for why it was undertaken
- Procurement: Processes needed to acquire products, services, and results from outside the project team and organization
- Integration: Processes and activities to coordinate across the nine other knowledge areas
In a CBA, costs may include the following:
- Direct costs: These are costs that are directly related to the proposed project or investment, e.g., materials, labor, and equipment.
- Indirect costs: These are related fixed costs that contribute to bringing the project or investment to life, e.g., overhead, administrative, or training expenses.
- Opportunity costs: These are the benefits or opportunities foregone when a business chooses one project or opportunity over others. To quantify opportunity costs, you must weigh the potential benefits of the available alternatives.
- Future costs: These are costs that may come up later in the project. These costs depend on certain factors happening, e.g., costs of mitigating potential risks.
Why is conducting a cost-benefit analysis important?
Conducting a project cost-benefit analysis helps to:
- Identify project costs and benefits: A project cost-benefit analysis ensures all costs and benefits associated with a project are identified and quantified. This reduces cases of hidden expenses and future hurdles or losses, which may only be apparent with a closer look at the project.
- Provide a framework for analysis: A CBA provides a structured framework for analyzing the costs and benefits of a potential project. This helps ensure all factors are considered and the most optimal decision is made from a business perspective.
- Make better-informed decisions: A cost-benefit analysis helps decision-makers determine whether a proposed project or investment is worthwhile. By comparing the costs and benefits of the project, decision-makers make better-informed decisions and allocate organizational resources effectively.
- Promote transparency: A CBA promotes transparency by making the costs and benefits of any potential project visible and quantifiable. This can help ensure that decision-making is objective and all stakeholders have a clear understanding of the project’s potential impacts.
- Facilitate communication: A cost-benefit analysis in project management facilitates trust and a foundation for communication between various stakeholders by providing a common language and framework for analyzing a potential project. This helps ensure all parties are on the same page and decisions are made collaboratively and aligned with business goals and objectives.
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