Introduction
Why are so many large projects not able to meet expectations despite the sum total of global experiences, learnings, discussions, and analysis taken into account?
To deliver a large project not only requires a combination of technical skills and experience, but also strong measures of motivation, innovation, and leadership. Creating and maintaining these softer elements over an extended period is the art required to lead and deliver such projects.
The root cause of failure in any large project can be the flaws in project management processes, standards, systems, tools, and technical mastery – the body of knowledge that we call project management.
But what is project management, precisely, and how does it work? This blog covers everything you need to know to get your projects on track.
What is Project Management
Project Management is a systematic process to plan, organize, execute, and monitor projects to achieve project goals within defined constraints of budget, time, and resources. It plays a very crucial role across industries such as IT Services, Manufacturing, Construction, Startups, Consulting, Agencies, and many more. It enables the successful delivery of projects with methodologies that align with the organizational objectives.
According to the Project Management Institute, projects are the sum of all efforts undertaken to create products, services, or deliverables. This distinguishes projects from ongoing operational work that might be focused on continuous improvements of existing processes.
Project Management comprises of:
- Definition of project scope
- Deliverables
- Risk Management
- Effective peer-to-peer communication
- Time Management
- Resource Allocation
- Stakeholder Management
“Operations keeps the lights on, strategy provides a light at the end of the tunnel, but project management is the train engine that moves the organization forward. ~Joy Gumz
Running successful projects is very different from running continuous operations. Operational Excellences focuses on optimization principles, while project management requires various sets of skills to meet the novelty, complexity, and finite timelines.
Example
Shelly is a program director at a tech startup. She is tasked with launching a new fitness tracker app. Learn how this aligns with project management elements:
- Definition of Project Scope:
Shelly defines the target audience (casual walkers, marathon runners) in India; Core features (Sleep tracking, heart rate, GPS); Budget
- Deliverables:
She breaks down the project into manageable tasks – App design, beta testing, marketing plan, App availability on iOS and Android
- Risk Management:
Identifies the potential areas of risk – delays in coding, unexpected bugs, integration issues with app. She develops contingency plans for these risks.
- Effective peer-to-peer communication:
She creates communication channels for developers, designers, marketers, and other team members. She conducts regular meetings, retrospective, and tracks the project with project management software.
- Time management:
She sets deadlines for all the project phases from idea to launch.
- Resource Allocation:
She allocates the budget and resources to different areas like development, testing, design, etc.
- Stakeholder Management:
She regularly communicates with the leadership and potential users. She manages expectations and feedback.
Project professionals, thus need a distinct set of skills, experience, and knowledge to effectively define and execute the projects to achieve the goals.
Advantages of Project Management
The reasons why project management is important is the assurance that the right outcomes are delivered, the strategic goals are properly planned and executed. Additionally, project management plays a vital role in appropriate setting and management of expectations. In essence, effective project management will help mitigate risks, ensure quality, and the organization will learn from both success and failure.
Effective project management offers numerous benefits:
- Increased Project Success Rates:
Established processes and best practices adhered to from the project management methodology greatly improve the likelihood of delivering projects on time, within budget, and to required standards. This means a better return on investment and a stronger competitive advantage.
- Improved Efficiency and Productivity:
Methodologies in project management serve as guidelines on how resources can be put to better use for simplification of work processes and minimizing wastage such as time and energy. It will result in higher productivity, reduced costs, and faster delivery.
- Improved Collaboration and Communication:
Project management will provide a collaborative environment by establishing the channels of communication, roles, and responsibilities while attaining transparency between different stakeholders. This in return will facilitate better teamwork with less conflict and higher satisfaction among all the stakeholders.
- Reduced Risk and Cost:
The project manager can lessen the impact of unexpected events by identifying and mitigating risks in advance. This proactive approach will avoid expensive delays, rework, and reputational damage.
Types of Project Management
Project Management can be categorized into different methodologies tailored for the industry, the project types, and organization. These methodologies guide a project manager in all the aspects of a project: planning, execution, and closure.
- Waterfall Model:
This model follows the traditional sequential model, that is a linear approach in which the phases of any project are completed one after another. It suits projects with well-defined requirements and those projects for which very few changes can be expected during the course of their execution.
- PRINCE2:
This is another traditional methodology of project management; it finds extensive application in most private sector projects in the UK. It sets comprehensive guidelines over every phase that a project would go through to ensure that the projects come on time and within budget.
- Agile Project Management:
In contrast to traditional methodologies, it emphasizes iterative and incremental development, with high values placed on flexibility, coordination, and continuous improvement. It therefore will be the best fit for projects whose requirements are very likely to be in flux—where there is a great deal of uncertainty.
- Scrum:
Within agile, this is an international framework that happens in small and incremental cycles, usually known as sprints, which gradually deliver a product. It focuses on teamwork, communication, and adaptability.
- Kanban:
A visual workflow management method based on visualization of tasks, limiting work in progress, and optimization of flow. It is suitable for projects that are characterized by different velocities with continuous flow and flexibility.
Project Management Steps
The Project Management steps consist of five phases—initiation, planning, execution, monitoring, and closure. Each one of these phases ensures that projects will be successfully completed within the estimated available time and budget.
- Phase 1: Initiation:
The initiation is the very first step in developing ideas into a well-framed vision. The phase comprises idea generation, feasibility studies, and refinement of the concept to organizational goals and stakeholders’ needs. Precisely during this stage are identified objectives of the project, scope of the work involved, and what shall be achieved by the completion stage
- Phase 2: Planning:
This is crucial because it involves specific designing of the blueprint with which the project will be undertaken. It is therefore, at this stage the project is divided into manageable tasks, that is logically sequenced. In addition, resources are estimated, and a comprehensive project plan is developed. Precise planning involves establishing the methodology that will be followed for the project, development of the scope statement, identification of deliverables, and development of schedules and budgets. Once the project is well planned, then the risk is mitigated, thus increasing chances for success.
- Phase 3: Execution:
In this stage, there is implementation of the project plan. There is concern for the allocation, coordination, and managing of available human and material resources toward producing the project deliverables. Team members coordinate their efforts together to ensure that work is being done as per the project management plan.
- Phase 4: Monitoring:
Same as the execution phase, monitoring allows for the assurance to note that the project is on course. Project managers observe how well a continuous activity or performance measures against the project management plan and performance baseline. This phase shall involve identification of deviations and taking corrective actions against issues or risks during execution. Thus, it helps in managing the scope, cost, and schedule of the project.
- Phase 5: Closing:
This is the closing phase that properly formalizes the end of any given project. Finalization includes such activities as settlement of contracts and a post-implementation review to establish what worked and what didn’t. This phase serves well in capturing lessons that could be used in other similar projects. This is also the closure of all open lists so that the project can be closed.
Top Project Management Tools
Project management tools are indispensable for Project Managers to carry out tasks with teams respectively. These tools support project managers in planning, executing, communicating, and controlling projects.
Project Planning Tools:
- Gantt Charts:
It provides project schedules, tasks, dependencies, start and due dates, and progress. Thus, it offers a clear timeline and identifies critical path activities of the work. - PERT Charts:
It consists of network diagrams that show project tasks and dependencies. It is used to evaluate project management workflows, identify bottlenecks, and outline the critical path for project delivery. - Work Breakdown Structures:
It breaks down projects into smaller, manageable tasks. It also provides a hierarchical view of the broader project scope to support in allocating the tasks, analyzing estimations, and progress.
Project Planning Tools:
- Project Management Software:
Platforms such as 5day.io, Asana, Trello, Wrike, and ClickUp streamline collaboration, task management, communication, and progress tracking. They offer centralized repositories for project data, files, and also improve team collaboration.
- Communication Platforms:
These tools support real-time communication, file sharing, and enabling effortless collaboration among team members. These platforms minimize email clutter, reduce meetings, and improve team cohesion.
Risk Management Tools:
Risk in Project Management is often the most crucial for Project Managers to resolve. It requires processes to identify, evaluate, and mitigate risks in projects. With risk management tools, it gets easier to document, simplify, and standardize any deviations for mitigating the risk.
Resource Management Tools:
Resource management tools help with the allocation and utilization of resources. These tools track resource availability and workloads, making it easier to adjust allocations so to keep the project on track.
Best Project Management Software
- 5day.io:
Ideal for small businesses. Best free project management software for ease of use and simplicity. Top features: Custom Status Workflow, Custom Fields, Project Dashboard, Timesheet. - Asana:
Best project management software for task management especially managing workload. Top features: Dependencies, Task tracking, Deadline. - Wrike:
Best project management software for Large Enterprises. Top features: AI, Gantt Charts, Integrations. - Smartsheet:
Best project management software for spreadsheets. Top features: Custom workflows, Automation tools. - ClickUp:
Best project management software for high customizations and automation features. Top features: Automation, Whiteboard, Time Tracking.
Tips for Successful Project Management
Project management ensures that projects are delivered efficiently, meeting goals, utilizing resources wisely, and keeping clients happy. Here’s how to achieve success:
- Build a culture of agility:
High performance project teams are proactive and adaptable, not reactive to change. Early diagnosis of problems and resolution can drive the momentum of the project. - Effective Communication:
Transparency, Consistency and Context in communication is vital for any project success. Medium for open dialogue, easy collaboration, and information flow with all stakeholders involved in the project can increase the velocity and progress of the project. - Detailed and well-defined roadmap:
A meticulously crafted project plan can serve as a cornerstone of execution. It should clearly include objectives, manageable workstreams and realistic timelines for the team. It provides clarity, accountability, and alignment with the roadmap. - Role of Project Manager:
Effective project leaders possess unique qualities of vision and execution. For the success of the project, employing project management methodologies, leveraging data driven insights, and fostering performance within the team are essential. - SMART Goals:
Unclear objectives don’t yield desired results for the organization and team. SMART Goals are – specific, measurable, achievable, relevant, and time bound. These goals provide the benchmark for success and utility. Teams can effectively track their progress and make well-informed decisions. - Orchestrate the work:
Build the squad with complementary skills and allocate the right people to the right task. Also, promote an open and collaborative environment for the team to learn and excel. - Defined Roles & Responsibilities:
All the roles & responsibilities should be clearly defined. The team should be provided with the necessary resources and support to make decisions easily. Tasks should properly be delegated and assigned ownerships at every level. - Data driven culture:
Key performance indicators (KPIs) should be well defined and regularly tracked to understand the project health. Good project management tools can provide real time insights and methodologies to track progress and make well informed decisions. - Documentation for Knowledge Transfer and visibility:
A comprehensive documentation can be a single source of truth providing the transparency, accountability and clarity of various tasks. All the communication logs, key decisions, files, and plan on a single record can be vital for project information. - Recognize and Celebrate Success:
Acknowledging and celebrating small and big wins can boost team morale. Recognizing individual and collective contribution, appreciation can reinforce shared commitments towards the project
In short, successful project management requires adapting to change, managing risks, clear communication, good planning, and strong leadership.
“If everyone is moving forward together, then success takes care of itself.” ~ Henry Ford
Why Choose 5day.io for Project Management?
Identify risks during project planning
1. Intuitive Organization & Collaboration:
- Visualize Your Projects:
Views options like boards and list views, 5day.io provides flexibility to track tasks and keep everyone aligned.
- Centralized Communication:
Unlimited communication and collaboration using built-in tools at project or task level for file sharing, discussions, and updates.
- Customizable Status Workflows:
Tailor statues, roles, and custom fields to fit your team’s unique needs.
2. Comprehensive Feature Set:
- Time Tracking & Approvals:
Easily track time spent on tasks, manage timesheet submissions, and fast track approvals.
- Templates:
Use pre-built templates or create your own to standardize projects and capture key information.
- Integrations:
Connect with your favorite tools and scale your work.
3. User-Friendly Experience
- Easy & Intuitive Interface:
5day.io is designed for ease of use, making it easy to use even for non-technical users.
- Mobile Accessibility:
Manage projects on the go with the 5day.io mobile app.
- Dedicated Support:
Access helpful and responsive customer support for a smooth experience.
5day.io is a productivity and collaboration tool built by practitioners for practitioners:
- Improve Collaboration:
Foster seamless communication and teamwork.
- Boost Productivity:
Organize tasks, streamline work, and save valuable time.
- Make Informed Decisions:
Leverage Analytics to optimize projects.
- Scale with Ease:
Adapt 5day.io as your team and projects grow.
The Future of Project Management
Project management landscape is growing consistently with newer technological advancements, changing market dynamics, and the increasing complexities of projects. Here are some key trends that will shape the future of project management:
- Artificial Intelligence and Machine Learning:
With current advances in AI and ML, there has been exponential growth of solutions in project management powered by these new tech. One of the use cases can be work intelligence, which is essentially advanced predictive insights and decision making with respect to projects. Other applications might be risk predictions, resource allocation, and analysis of project repeatability.
- Hybrid Project Management:
Currently most organizations are adopting hybrid approaches that are a combination of traditional and agile practices. This allows greater flexibility and adaptability for changing project requirements
- Remote and Distributed Teams:
There has been increasing demand for hybrid and distributed models of work globally. Project managers must adapt their communication and collaboration strategies to manage remote teams across time zones and regions, so that there is no negative impact on performance.
- Sustainability:
There has been growing emphasis on sustainability practices within project management. This approach involves environmental, social, and economic impacts of projects and also safeguards against any negative consequences.
FAQs
Project management landscape is growing consistently with newer technological advancements, changing market dynamics, and the increasing complexities of projects. Here are some key trends that will shape the future of project management:
1. What do project managers do?
A project manager’s role includes leading and guiding a project to accomplish predetermined milestones. They plan, execute, monitor, and close projects, ensuring projects are delivered within budget and on time with required standards.
2. How can I improve my communication skills?
To improve communication skills, you need to listen actively, be clear and concise. Your message should be tailored as per audience. Also, be empathetic.
3. How do I manage scope creep and say "no"?
You need to set clear boundaries upfront and understand the impact of any new request. You should document everything and say ‘no’ politely.
4. How do I build trust with my team, especially remotely?
During remote setting, you should make an effort to over communicate, be available, acknowledge team member’s efforts and first open communication
5. How can I effectively use project management software?
Choose the right tool, use task lists and deadlines, track progress visually, and centralize communication.
6. How do I learn from more experienced PMs and find a mentor?
Network within your organization and professional groups, don’t be afraid to ask for guidance, and be a proactive mentee.
