Even the most perfectly planned projects can fail due to a number of unexpected factors. Studies have shown that about half of the large projects valued at more than $15 million fail to meet the targets. On average, around 45 percent of projects run over budget while 7 percent exceed the target time, and 56 percent deliver less value than predicted.
The findings are consistent across different industries. Successful project managers that are able to see their projects to completion are those that have high problem-solving skills. They know what steps to take to see the project come to a successful end. Here are 10 critical steps that you can take to deliver the project on time and within the budget.
10 Project Management tips
1. Make a Cost Analysis and ROI of the Project
Before taking on any project, it’s important to perform a cost analysis. Make sure that you work out the cost, profit margins, and return on investment (ROI) of the project. This is important to ensure that you don’t take on projects that are not aligned with the strategic goals of the company. There is no point taking on projects that are not beneficial to the bottom line of the company.
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2. Prepare a Contingency Plan
You must be prepared for all types of eventualities that relate to the project by making a contingency plan. It’s important to evaluate all the risks relating to the project and the obstacles that can prevent successful completion of a project.
Identify all the resources that will be required for the budget, and then make a plan on how you will manage supply disruptions due to an unexpected event. Also, find out what steps to take in case of machine breakdowns and other similar emergencies. A contingency plan will ensure that the project continues despite the obstacles that prevent it from completing on time.
3. Put the Right People in Place
A skilled and properly trained team is the foundation for any successful project. Putting the right people in place having the right experience will greatly increase the chances of successful completion of the project. Assigning the right people at the start of the project will make handling a project a lot easier as compared to firing them halfway through the project.
Remember that the motivation, experience, and enthusiasm of the team will determine the delivery of the project. You should have the skills to properly manage the team and guide them in a way that helps in achieving project objectives.
4. Write a Detailed Scope of the Project
The scope of the project should be clearly established at the start. A detailed project scope that has been approved by all the stakeholders of the project is an absolute necessity. Make sure that the project scope includes important milestones, a timeline, and the expenses required to complete the project.
Agreeing on a project scope before the commencement of a project will ensure that everyone is on the same page about project deliverables. This will provide the project manager and the team to know exactly what needs to be accomplished. Moreover, it will allow the manager to point out when the project is diverging from the agreed outline of the project.
5. Establish Criteria for Success
Without establishing criteria for measuring success, there is no way of knowing how to successfully complete the project. You need to set success criteria for the project that are not only measurable and reportable. The criteria chosen for the project will not only define project success, but also act as a benchmark for the project management team to known whether they are staying on track on straying from the project deliverables.
6. Open Flow of Communication
An open flow of communication will ensure that problems are detected early on before they cause major damage. It’s suggested that you keep systems in place that can help in identification of risks before they escalate. An honest flow of information will ensure that recurring problems are identified and proper action is taken to prevent them to negatively affect project outcomes.
7. Establish Strict Control
One of the main reasons that projects do not meet the original targets is because of ‘scope creep’, which happens when the client makes additional requests during the execution phase of the project. In order to avoid this prospect, it is vital to set strict change control. An executive level approval should be required for every change request made by the client. Otherwise the never ending lists of ‘nice-to-haves’ will result in failure of the project.
8. Remain Disciplined and Methodical
The project management team should remain disciplined and methodical in completing the project tasks. Tardy deliverables and project delays equate to over-budget and late project. It’s suggested that the project end-goal must be divided into mini-goals that can help the team in timely completion of the project while meeting all the project deliverable goals.
9. Review and Improve
You must conduct a careful review of the project both during and after completion. This will enable you to note the good points, learn from the mistakes, and plan the next project even better. Continuous analysis and review of the project will ensure that recurring problems do not occur, and also allow the project management team to improve after every project.
10. Create a ‘Post-Mortem’ Report
After the project has ended, a ‘post-mortem’ report should be prepared for internal purposes. The report should highlight the high and low points during the execution phase of the project. The report will serve as a benchmark for the project manager in carrying out future projects.
In conclusion, you must remember that there are more than one ways to complete a project successfully. You must be willing to discover that path that leads to success, and then incorporate it into your project management DNA. The ten project management tips shared in this article can help you get started and ensure that a project moves along smoothly and completes on-time and within the budget.
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