Planned to a T: Executing an Effective Project Management Strategy for Success

Business.com / Managing / Last Modified: February 22, 2017

Project management can greatly impact the effectiveness and overall success of an organization. Is your business doing it right?

For any business or organization, managing projects is essential to their overall efforts.

As we know, project management (PM) is the process of planning, organizing, motivating and controlling resources that to be created in order to achieve a specific goal.

This is not something that came to existence recently, but has been around for centuries and dating back when the Great Pyramid of Giza was built in 2570 BC.

Project Management; Pyramid of Giza

Image via Visual.ly

But project management can be used in other areas within a company, for example, the sales level. Selling project management could be added to your list of services.

“Let’s say your company provides online services such as social media, copywriting, PR etc. You can easily add Project Management as a complementary service, to oversee the overall success of your campaigns. Not only that, it also gives you the complete control of how much is done, since you won’t be doing only the consulting, strategy and implementation. You’d also be overseeing the management of the entire project. That’s a good thing to have nowadays," says Tom Treanor, Director of Content Marketing & Social Media at Wrike.com.

Project management should be part of any organization, with an allocated budget, a designated or point person and/or a project manager who oversees the progress. In business, it is also important to understand just where project management is heading.

The practice of PM as a whole within an institution is set to grow over the next couple years. A recent report concluded that between the years of 2010 to 2020, 15.7 million new project management roles will be created globally and the PM industry will expand to $6.61 trillion.

Naturally, this also means project management professionals will be needed, and will grow in demand by 12 percent and 6.2 million jobs by the year 2020. The two industries that will experience a boost from PM will be business services (two million jobs) and manufacturing (630,000 jobs).

On the down side, the results are not always 100 percent perfect for an organization when they create a PM project. There is still room for improvement and progress for this to become a streamline sort of practice for both the private and public sector.

Project Management Dilbert Comic

Image via Troy Angrignon

So does project management succeed most of the time? According to the previously mentioned analysis, just 64 percent of projects meet their goals. Elsewhere, 70 percent of companies report having one failed project per year.

Is there money lost for PM? Yes, the estimated amount is $109 million for every $1 billion invested for projects and programs alike.

Related Article: 15 Incredibly Useful Project Management Tools

Designing Project Management for Success

Nowadays, PM can be carried out in a multitude of ways, thanks in large part to the advancements made in information technology (IT) and for the general landscape of digital technology.

When it comes down to it, there are a couple of things to remember aside from the date of completion and staying within budget. An infographic published on Visual.ly, explains ten helpful tips to really set your business or organization for PM success:

  1. Set the goal to move on
  2. Club inputs together
  3. Fix your deadline
  4. Work on bottom line
  5. Ready to alter your plan
  6. Make room for adjustments
  7. Mandate recording records
  8. Team-up professionals
  9. Set big steps
  10. List up following small steps

These are general guidelines and each organization's culture will influence how the process, tools and methodology differ from one institution to the next. What is important to remember for PM is to stay thoroughly organized and keep control of time and budget.

Out of the ten items listed above, there will be times you need to be ready to change and alter your planning. In addition, you have to keep your mind open and make room for adjustments as things will demand a change in approach or different strategy to carry out the many tasks for completion of the project.

Not all of the projects will come away with spectacular results, but the takeaway is to recognize the the mistakes made during the project and capitalize on them moving forward on future PM projects.

Just take the United States government, for example. It loses $50 to $150 billion each individual year because of failed IT projects, according to Capterra. As a way to tackle and optimize the PM policy, a new legislative bill was introduced in the Senate called the S. 1550, which was endorsed by the Project Management Institute (PMI). The aim of this legislation is to improve the program management practices and foster workforce development.

Related Article: Fast, Good or Cheap. Pick Three?

Key Takeaways

Keeping track of time is paramount for these sort of projects and they do help shape the company´s efforts in the long run. The practice and use of it within departments of any entity will remain as a tool for development.

Do you need to revisit some of the basics or revisit what PM is? You can check out a YouTube video by Doodle Slide, which summarizes succinctly what this process involves around this concept.

Whether you are sold or not on PM, consider there is an established working system to use it and different methodologies. To have a look at the most popular PM methodologies visit Slideshare´s “16 Popular Project Management Methodologies” and see which one fits right for you.

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