The world of business is highly competitive and fast-paced. Numerous projects are launched in various business domains. The challenges and constraints of every project are different. But one factor, which is common to all successful projects, is strategic project management.
What is project management?
The process of guiding and managing human resources, who are directly or indirectly contributing to a project, is called project management. It is a multi-layered and multi-stage process driven mainly by project managers.
A seamless coordination between various associates and stakeholders is crucial for the completion and success of any project. If you are keen to pursue a career in this field, a project management certification from a reputed academic institute will be greatly helpful. Once you know what is project management, being aware of the project lifecycle is also necessary.
The main stages of the project lifecycle are as follows.
- Initiation
- Planning
- Execution
- Monitoring
- Completion
What are the challenges of project management?
Too tight or unrealistic a deadline is one of the main hurdles to the smooth completion of the project. Because of it, either projects are delayed, or their quality suffers. Lack of insight into the scope of the project is another challenge, which leads to extra time and cost.
Other factors which hamper the project are- inefficient communication, lack of project ownership or accountability, financial constraints, insufficient risk analysis, and more. To avoid this, knowing the project planning and management fundamentals is imperative. Let’s have a look.
Fundamentals of a successful project management
- Cost management is an important factor. Without proper budgeting and cost bifurcations, no project can function and complete smoothly. It involves cost planning, estimation, and control.
- Risk management is one of the most important fundamentals of project management. It consists of identifying and analysing risks, assigning tasks to minimize the risks, defining effective strategies, and monitoring.
- Two-way communication between the project managers and the team members, and other stakeholders is a significant fundamental. The purpose of the project should be clearly defined. The target audience of the project, the core message, the communication channels, and the timeline need to be clearly conveyed. Team meetings are a great way to communicate.
- The scope and the objectives of the project should be defined precisely. The team members, associates, and stakeholders should be made aware of it. The project deliverables should be chalked out.
- A cost-efficient and practical resource plan is significantly fundamental to successful project management. The project should be completed within resources.
- The project manager is at the helm of the project. He or she assigns tasks and supervises every stage of the project lifecycle. In this process, complete trust in the project is important. So, transparency should be maintained throughout the project. Feedback should be taken from time to time. Suggestions of the team members should be executed.
- Project documentation is of utmost importance. All the points, research, feedback, and developments should be formally recorded and preserved. This helps to streamline the information for future use.
The statistics show that approximately 25 million new project managers are required by 2030. If you want to grow as a product manager and align your operational skills and operational strategies to transform your organisation through comprehensive courses from futuristic institutions such as Emeritus India. It is a renowned edtech platform offering global degree and certificate courses for excellent colleges and universities. Some of the highly sought-after programmes offered by Emeritus India are Advanced Programme in Supply Chain Management by IIM Calcutta, Advanced Operations Management & Analytics by IIM Kozhikode, and Certificate Programme in Project Management by IIT Delhi.
Project management is a vast field with an array of career opportunities. To succeed in this field, project managers need to be strategic, proactive, and result-oriented. By mastering the best project management practices and fundamentals, project management teams can achieve their goals efficiently. A good project management certification serves the purpose perfectly.
Ingrid Maldine is a business writer, editor and management consultant with extensive experience writing and consulting for both start-ups and long established companies. She has ten years management and leadership experience gained at BSkyB in London and Viva Travel Guides in Quito, Ecuador, giving her a depth of insight into innovation in international business. With an MBA from the University of Hull and many years of experience running her own business consultancy, Ingrid’s background allows her to connect with a diverse range of clients, including cutting edge technology and web-based start-ups but also multinationals in need of assistance. Ingrid has played a defining role in shaping organizational strategy for a wide range of different organizations, including for-profit, NGOs and charities. Ingrid has also served on the Board of Directors for the South American Explorers Club in Quito, Ecuador.
