Every year your company initiates a wealth of projects. Whether changing how you manage your inventory, implementing an enterprise resource planning system, or launching a product, your business is always in “project management mode.”
However, entrepreneurs still have difficulty estimating the time and effort required to complete their projects successfully.
Technology is rarely the reason a project fails. Missed deadlines, changes of scope, and insufficient resources are why half of the business projects fail, according to a PwC survey.
What are the consequences? Wasted time and money: The business doesn’t reap the expected rewards and employees get discouraged.
You can identify the critical steps in managing a project and avoid its pitfalls by following the steps below.
Every project must start with identifying objectives. Consideration must also be given to the constraints that might jeopardize the project, including those related to the market, technology, human resources, budget, and timeline.
After you have determined the project is feasible and will benefit the business, you can move on to planning all the activities and setting a timeline. This step involves writing a detailed description of the activities in chronological order. Who will do what? Does the company have all the skills it needs in-house?
Now the plan has to be executed. It takes a stringent approach and discipline to stick to the timeline and produce deliverables. Weekly or quarterly meetings, depending on the complexity of the project, will help you take stock of your progress and avoid delays.
Momentum is often lost during the last 10% of the project. People feel like everything is finished and they forget the final details that take a lot of time to complete.
Get the project team together to look at what went well and what didn’t, so you can avoid the latter in the future.
Here are some tips on overcoming the most common obstacles to successful project management.
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