According to a survey, 64% of companies confirmed that project management leads to better alignment of projects within their business strategy. Organizations also reportedly identified a nearly 27% hike in ROI, and budget performance. Effective Project management also helps organizations in maximizing their returns, and increasing profit margins. However, it is easier said than done. Following the right path to managing projects is often replete with numerous challenges and hurdles. Therefore, it is important to choose the right project management methodology and follow it through to ensure success in business projects.
Key Considerations for Effective Project Management
Project managers possess natural problem solving skills, and tend to have a finger on the pulse when it comes to project changes and technology. This is because projects today are so multifaceted, they cannot be categorized. Every project is unique and comes with its own set of complexities and problems. So let’s discuss some best practices for project managers that can help them be more efficient.
1. Create a new MAP (methodology assessment process) for each project.
Project Management Methodologies do not follow the one-size-fits-all approach as it is highly dependent on various factors including industry, scale, markets, project type, and even situation. One approach that is correct for a particular situation may not be the ideal one for another. The same methodology seldom works for all projects in an organization. However, it is also important to remain flexible since projects sometimes undergo unforeseen changes that need to be factored in.
2. Select the appropriate PMM (Project Management Methodology)
Whether you go for Agile, Waterfall or Hybrid method for your project, depends on individual project requirements which may include criteria such as business requirements, size and complexity, processes and policies, risks involved etc.
- Agile is ideal for projects where the dynamics are quickly changing and the project needs to keep pace by following an iterative approach.
- Waterfall method is a traditional PMM that captures all requirements upfront, thus minimizing errors due to loss of information in the initial planning stages.
- Hybrid: The best of both worlds get combined in this approach, thus tying the benefits of both Waterfall and Agile together in one model.
3. Be SMART (specific, measurable, agreed, realistic, time-framed) when it comes to setting milestones.
Milestones are generally used as focal points for project managers and teams, to monitor and forecast correctly, so that regular reporting can be done. Following milestones also helps maintain the structure of the project and keep project teams in loop about task status.
Although, there’s a lot a project manager has to do and take care of, these are the three basic things to consider for managers who are handling projects. Identifying key concern areas, understanding priorities, determining what, when, where and how each methodology, creates the most productive impact is a key to project success. This is where project managers are able to provide assistance to companies and bring invaluable knowledge to the table, thus establishing their expertise in implementing projects in the most efficient and effective manner while minimizing risks.