Trends To Watch For And Pitfalls To Avoid In Project Management
Coming 2020, you will need to look out for the upcoming trends in project management to stay competitive and survive. You will also need to know the common pitfalls that you should avoid to make your project as well as its management a success.
Project management is something that is very important for all types of industries across the world. In all countries, you will come across several project management firms that ensure that a business can accommodate and respond to the changes in the surrounding that includes:
- Political influences and
- Socio-economic factors.
Project management, therefore, needs to adapt and be agile. In 2019, there are a few significant trends in project management noticed which will stay in 2020 as well. As a pro, you should be aware of these trends and those that are communing up.
Formal project management
The entire concept of project management has changed. It has now become more formal. Even the startups are looking over and above those traditional project management techniques. The formal project management is technology-based, and there is a lot of use of different types of tools in it noticed.
- Project management now is increasingly affordable
- It is now more web-based and
- It includes different productive solutions provided by the project management tools and software.
Using these solutions, the small, the big, and even the startup companies are now being able to leverage their project management level to a new high. These solutions are now much more comprehensive.
These can now be quickly and more effectively integrated with other existing management solutions, which enable all the companies now to meet all their project needs irrespective of the complexities of the challenges involved in it.
- These formal and technology-based project management solutions and practices help businesses to grow just as it is desired.
- These tools help them to level the playing field and, at the same time, reduce the chances of wasting any resources that are already scarce.
Most importantly, these tools help businesses to remove the ambiguity, if any, in the link between their vision and their projects.
In 2020, such acceptance of formal project management practices and the use of sophisticated project management tools will undoubtedly continue to grow. This will eventually help the startups that usually end up in failure simply because of wasted resources, time, and money on their missed objectives.
Recommended article: How to Avoid 12 Common Mistakes in Project Management
Use of analytics
There is also an increasing use of business analytics and intelligence tools. All fast-growing companies use these tools. These tools are also ‘must-have’ tools than ‘nice to have tools’ for the project management teams and companies. The project management teams have started to realize the significance of these tools in their work. These tools enable them to:
- Pinpoint and focus on the project trends more accurately
- Enhance their ability to identify the potential risks
- Expedite the process with increased efficacy and
- Perform better in even the most complex scenarios.
In short, it helps them to make a better plan so that they can improve their performance level on any type of project management.
The best part of these tools is that it will provide the project managers with valuable insights, parameters, and the key performance indicator dashboard. All these can be tailored according to the need of the user as well as to leverage the power and the capabilities of these tools.
This will help you to keep your projects moving in the right direction in 2020 and also gain some valuable inputs to improve your future execution of projects.
Migrate to EPMO model
Another significant trend noticed in modern project management is the inclination and migration to the EPMO model. Ideally, when it comes to PMO or Project Management Office, it seems that an Enterprise Project Management Office is a much more strategic and planned approach. It helps project managers in different ways, such as:
- Focusing better on ensuring proper alignment of all projects in hand
- Ensuring better malmanagement and performance of all the various programs to be followed and
- Improving portfolio activities in accordance with the objectives of the entire company.
Recommended article: The Many Benefits Of An Agile PMO: What You Should Know
You will get a fair idea about the influence and effectiveness of following the Enterprise Project Management Office model when you look at the 2017 report of the Project Management Institute. It says that:
- Companies that have and follow a strategic EPMO model are 38% more likely to ensure that their projects meet their business objective and original goals and
- The chances of failing in any project in hand are reduced by as much as 33%.
Therefore, the EPMO model is the way to go for any startup, small and medium-sized business to the large organizations, if they want to align their projects perfectly with the vision, mission and broader goals of their business. Both speed and performance level of the projects will be enhanced in and by the process.
Though the EPMO approach is primarily followed by large organizations, in 2020, it will be the best approach to follow for all types of businesses, especially the underperformers.
Avoid errors in planning
However, nothing will be productive if you do not avoid the common pitfalls in project management. You should be aware of and careful of these. The best you can do is make a proper plan in general. This will ensure you have enough time as well as can put in the desired efforts to avoid such errors. It will, in turn, help you to:
- Minimize the potential risks of the project
- Stay within your budget
- Meet your project goals and
- Make the customers, partners, and shareholders happy.
However, it is first essential to know and realize the planning errors, if any, and the consequences and negative impact it would have on the entire project management work. These negative impacts include:
- Missed deadlines
- Increased costs
- Non-compliance with the standard and requirements of the project and many more.
The result will be a failure of the business, unsatisfied clients, and a bad reputation in the market. These are in addition to the fact that you will need to spend more time, effort, and money to fix these errors in spite of your low income.
Other common pitfalls to avoid
There can be a lot of possible project management and planning pitfalls, but the most common ones that you should know and avoid are:
- Wrong estimates: This major mistake will lead to wasting time and shortage of resources, and even project failure. Therefore, take enough time while estimating.
- Project scope: Most of the project managers and businesses do not define the scope of the project early on. You should not only do that but even involve the stakeholders in it to know and include your business objectives and project requirements. This will keep everyone on the same page.
- Project requirements: Another big mistake to avoid is not understanding the needs of the project, which is different for each project. If you study it carefully in advance, it will help you make a better and proper plan of approach. Ignoring it will cost you in the long run.
- Setting an unrealistic deadline: You must never set a deadline that you cannot keep. This is quite often seen in the field of project management to meet the pressure and eventually fail. It costs the company a lot. Therefore, set a realistic deadline that will give all enough time to work according to the project requirements and come up with the result on time.
- Identify the limitations: Never ignore your limitations. Identify them well in advance so that you can prevent unexpected issues and delays in your project. This will ensure that you expect things to be done correctly through proper communication and allocate different jobs to different people based on their abilities and constraints.
- Improper role assignments: This is another common mistake in project management. This will cost you even more in terms of money, time, and wasted resources. Share and allocate responsibilities to accountable people based on their skills, communication style, and performance on previous projects.
Lastly, do not skip the most crucial part: monitoring the work in progress. This is a vital metric because it will allow you as well as your team to be accountable. At the same time, it will also improve the productivity level. You will then know what is left to be done and how best you can do it to finish the project within the set time frame.
Not a DIY process
Project management is not a DIY process. It is a team effort, and everyone needs to know their job, follow it responsibly, and stay accountable. You will be better off if you hire a project manager for that matter.
However, if you take that route, then make sure that you check a few key things before you hire anyone finally. These are the ability to doing different tasks such as daily standup, sprint planning, and review. They must also be certified and accredited by the PMI, apart from having a lot of technical knowledge and skills and previous experience.