What is Effective Project Management?
Being a busy business owner, you should get use to juggling numerous projects at the same time. Effective project management can help you spend your time wisely, especially on the things that contribute to your company’s best interests.
Effective project management can help you successfully obtain your business’ objectives through careful planning, organized resources and common sense. Usually, the perception about it is linked to major projects and campaigns. However, it can also be applied to small-scale developments.
When used for small projects, effective project management can help achieve specific objectives in a timely manner. You can successfully introduce a new product or service to your customers or start a new marketing campaign with the help of this technique.
According to Adrian Dooley, honorary fellow at the Association for Project Management, ‘Any standalone development or change, however small, will require good project management skills to make sure things come in on time, on budget and that it works for the business’. He also said that effective project management can help business owners understand the purpose of their plans and its benefits – which is something crucial, especially during times of economic crises.
Tips for Effective Project Management
Carefully plan the project by using a definition document. One of the most common mistakes that businesses commit these days is jumping right in and starting the work without a clear plan. Proper planning is crucial to the success of any project; it can reduce the cost and duration needed to complete the project as well as increase its quality. Your definition document should include the following:
- Project overview
- Assumptions and Risks
- Signature Page
- Initial Effort, Cost and Time Frame Estimates
Define project management procedures. Create a clear outline of the resources that will be used to complete the project. This section should include ideas on how your team should manage issues, scope change, risk, quality, communication and many more. One of the most important things that you need to ensure is that your whole team has a mutual understanding on what the project is all about. Always remember that rigorous and proactive planning is essential to the success of any project – big or small.
Manage work-plan and monitor budget and schedule. Effective project management involves identifying the budget and time frame the project is expected to be completed. Of course, it is always a challenge to proceed with any project exactly how it was planned and estimated; project managers should be disciplined and proactively apply their management skills all throughout the project! Take the time to review the work-plan and try to stay as close to it as possible; update any areas on the work-plan that were already completed and check on where you need to focus next. It is critical that you look for ways to accelerate the activities involved in the project to ensure that you are always on track.
Identify project risks right away. Once the project has begun, you and your team should immediately identify all the risks involved in it. Identifying the risks at an early stage will help you come up with a solution to prevent its probable occurrence and potential impact on the project. High-risks should be addressed first as they pose the biggest ‘threat’ to the success of the project while medium risks should be carefully evaluated and proactively managed. Majority of the low-level risks that occur in any project are just assumptions. Nevertheless, they should also be given ample attention to avoid any delay or any other problem from occurring.