The project management is to comply with the exercise of the beginning, planning, execution, control and closure of the work of a team in order to satisfy specific reasons for success and achieve specific objectives at the appointed time. Therefore, it is the application of skills, techniques, knowledge and tools to program activities that satisfy the requirements of a project..
A project is a transitional work designed to generate a unique result, service or product, with a defined beginning and end, that is undertaken to achieve notable objectives and goals, generally to achieve added value or beneficial change.
The temporal quality of projects is at variance with routine business operations, which are simple iterative, semi-permanent or permanent activities to produce services or products..
Not having a process to manage projects can result in wasted time, lost money, and poor performance.
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Project management is a powerful business tool that can offer many benefits to companies of all sizes. Provides repeatable processes, guidelines, and techniques to help manage the people and work involved in projects.
It can increase the chances of success and helps to deliver projects consistently, efficiently, on time and on budget..
By implementing basic project management strategies, desired objectives will be achieved and those objectives will be achieved within a specific scope of time and cost..
The bottom line is that everyone will win, which could therefore be the best benefit of all for project management..
The initiation phase determines the nature and scope of the project. You need to understand the business environment and also ensure that the necessary controls are built into the project.
The project initiation documents are a series of briefs that are used to create regulations for the duration of the project. These include:
- Project proposal: idea behind the project, general objective, duration.
- Project scope: project management and monitoring.
- Breakdown of work structure: a scale of work to be done, down to daily tasks.
- Responsibility allocation matrix: roles and responsibilities aligned with results.
- Analysis of business needs and requirements against measurable objectives.
- Review of current operations.
- Project letter, including costs, tasks, deliverables, and schedules.
The main objective is to properly plan the time, costs and resources to estimate the necessary work and thus effectively manage the risk during the execution of the project. It consists of determining the methodology to be followed for project management.
- Identify the deliverables and create the breakdown structures of the work.
- Identify the activities necessary to complete those deliverables and thus connect those activities with a logical sequence.
- Estimate the resource requirement for activities.
- Estimate the time and cost of activities.
- Development of the schedule and budget.
- Risk planning.
- Get formal approval to start work.
During execution, you must know what are the planned deadlines to be executed. The execution phase ensures that the deliverables of the project management plan are done accordingly.
This phase involves the proper allocation, coordination and management of human resources and any other resources, such as materials and budgets. The result of this phase are the deliverables of the project.
To maintain budget, scope, effectiveness, and also pace, a project must have physical documents related to each specific task..
With the correct documentation, it is easy to see whether or not a project's requirements are being met. The documentation provides information on what has already been completed for that project.
Done right, documentation can be the backbone of a project's success.
It consists of the processes that are carried out to observe the execution of the project, so that potential problems can be identified in a timely manner and corrective measures can be taken when necessary, to control the execution of the project..
Project performance is observed and measured to identify variations in the project management plan.
It also provides feedback between the different phases of the project, in order to implement preventive or corrective actions to comply with the project management plan..
It contains the formal completion of the project and its acceptance. Administrative activities include documentation of lessons learned. It consists of finalizing all the activities of the entire set of processes to formally close the project.
Post-execution review is also included in this phase. This is a vital phase for the project team to learn from experiences and apply it to future projects..
The things that worked well should be observed in the project and the things that did not work should be analyzed in order to generate lessons learned..
The goal of project management is to carry out a comprehensive project that meets the client's goals.
A project, regardless of its size, generally involves five distinctive phases of equal importance: Initiation, planning, execution, monitoring and control, closure.
The smooth and uninterrupted development and execution of all the above phases guarantee the success of a project.
It should always be kept in mind that the success or failure of a project is highly dependent on teamwork. Therefore, the key to success is always in collaboration.
To this end, establishing good communication is of great importance. On the one hand, the information must be articulated clearly and completely, so that it is fully understood by everyone. On the other hand, you must have the ability to listen and receive constructive feedback..
The main objective of the project must be completed within the estimated time, with the expected quality and within the considered budget.
Optimizing the necessary inputs assigned and their application to meet the predefined objectives of the project is a matter where there is always room for improvement.
All processes and procedures can be reformed and updated to improve the sustainability of a project and also to lead the team through the process of strategic change.
This could mean that the client's vision needs to be addressed and reformed, or negotiated with them in relation to the project objectives, to turn them into achievable goals..
Meeting customer expectations and keeping them happy not only leads to successful collaboration, which can help eliminate surprises during project execution, but also ensures future sustainability..
The main advantage of project management is that it helps to manage projects effectively. This allows for faster problem solving.
Project management provides a roadmap that is easily followed and leads to project completion. After you know where to avoid potholes, it stands to reason that you are going to work smarter and more efficiently.
As long as a project is completed on time and under budget, the client leaves happy. And a happy customer is someone who will be seen again.
Smart project management provides the tools that allow this client / manager relationship to continue.
The same strategies that made it possible to successfully complete one project will also be used many times over for other projects..
Positive results not only build respect, they often inspire the project team to continue looking for ways to perform more efficiently..
Perhaps one of the greatest benefits of project management is that it allows flexibility. A secure project management allows you to draw the strategy you want to carry out so that the project is completed.
However, the beauty of such an organization is that if a smarter path to take is discovered, it can be taken. For many small and medium-sized businesses, this alone is worth the price of admission.
When all the players are lined up and the strategy is in place, they will jump the potential risks to slap.
Project management provides a red flag at the right time - before starting work on project completion.
The merger of American Airlines with US Airways created an overlap in technology and programs. They knew spreadsheets weren't enough to manage complex resources and projects.
To gain visibility into the broader divisional and global priorities, they began to use project management for staffing, resource management, and capacity planning..
As a result, the airline went from capitalizing on its information technology work from 10% to 20%. This equates to a net positive impact of several million dollars on your balance sheet..
Now, they have access to better and more reliable data to make critical decisions about projects and resources..
The Royal Bank of Scotland needed to implement consistent and reliable data to inform financial and resource decisions. Therefore, they chose project management to drive this consistency. This is how they retired 35 legacy systems, more than 50 user-developed tools, and hundreds of spreadsheets..
With data in different formats and hundreds of projects managed by different systems, they wanted to control their data to see their total client portfolio more clearly..
In twelve months they were able to fulfill their business case and achieve a return on investment. Along the way, they have improved transparency and reduced costs at each business unit..
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