Unveiling The Secret Behind Efficient Project Management

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When a project fails, it’s seldom due to technical reasons. Most projects fail because of the method in which they are planned and managed, or rather how they are not planned.  A lack of dedicated focus and poor strategic alignment are a hindrance to many project teams and a roadblock for achieving larger business objectives. To overcome this challenge, companies have started to focus on improving their Project Portfolio Management (PPM) strategies. While there are many benefits that accrue to the organization that adopts an effective PPM strategy, these benefits are multiplied when these strategies are coordinated for maximum impact.

Project Management is essentially the art of organising, leading, reporting and completing a project through people. Project Portfolio Management (PPM) encourages a paradigm shift in thinking from conventional project delivery, and challenges the narrow project-by-project orientated focus to planning. PPM helps the business in establishing a clear line of sight from the top right down to the individual project layer. Thus, it is dedicated to empowering the business, not just the project process.

The 5 P’s that ensure Project Management success are:

  1. Proposal

When it comes to proposal, there are two sides to it.

  • Requesting/Evaluating a proposal
  • Writing a responding proposal

Firstly, it is important to understand the requirements. If your proposal is in line with the specific project requirements, the success rate of the project is higher. Once there is clarity about the requirements, a statement of work needs to be prepared which covers the ‘what’, ‘how’, and ‘how it should be done’. It should ideally be a mix of structure and flexibility. Deciding the project length is another crucial task to do before evaluating the proposal.

  1. Planning

Budgeting, staffing and scheduling are the 3 main pillars of the project planning process.  A completion date for the project is set typically before assigning a Project Manager to it. A good Project Manager must prepare a schedule to complete the project in the given time frame, and should also be ready to alter it in case of unforeseen circumstances. The budget assigned for the project should be realistic, though there may be minor fluctuations.

  1. People

Success of a project is directly related to the people that are involved in it. People include project staff, subject matter experts, end users, upper management, and stakeholders. The Project Manager should monitor the results at regular intervals and should also listen to the people involved and consider their suggestions.

  1. Processes

Processes define the structure of a project. They assure that the things are done right and are delivered on time.

  1. Product

To deliver a useful product, user input, documentation of requirements, and good analysis is a must. In order to avoid misconceptions about the final product, it also needs to be tested from time to time.

Some tools and softwares that can help in simplifying the project management process are mentioned below:

  • Redmine
  • Freedcamp
  • Basecamp
  • Redbooth
  • Microsoft Project
  • Active Collab
  • Trello
  • Jira
  • Teamwork Projects
  • Zoho Projects

A combination of the right manager and the right tool is thus a cornerstone for successful execution of any initiative.

Key Reseller Takeaways

  • With the growing complexity in the business environment, keeping an eye on the progress of various strategic initiatives in the right direction is a challenge
  • We foresee that there will be a good uptake for a cloud based tool which would help the top management to aggressively execute strategic initiatives
  • As a reseller, it may be a good opportunity for you to have a strong Project Portfolio Management tool as part of your solution portfolio

 

Would you like to be contacted by any PPM tool? Let us know in the comments below.

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