Regardless of the project management methodology, you have subscribed to or the industry you work in, there are project management practices that all project heads need to apply regularly to enhance workflow, reduce stress, maintain the smooth running of projects, enable professional and personal development, and reward employees for the hard work.
Consider these three project management best practices as minor tune-ups that can maintain a tip-top shape of your project management machinery. Each of the three tasks should not take more than an hour, and you should get pretty much most out of the three practices.
1. Risk Management
Risks are occurrences that can cause adverse effects on the successful results of a project. Some of the risks include lack of the required technical skills among the staff to do the tasks, late delivery of hardware, contractor bankruptcy, and many others. Risks vary for every particular project; however, you must identify the major risks in a project as soon as possible. Arrangements need to be made beforehand to reduce the potential risk. If the risk is unavoidable, mitigate it to reduce its effect if it happens.
You might not practice risk management because there are too many of them. After all, not all risks have the same impact. But you need to pinpoint all risks and estimate the chance of avoidable risks occurring. Estimate the effect of the risk on your project and find out the risk factors. High-risk factors show the most severe risks. Regularly review risks and watch out for new ones because they have a tendency to show up at any time.
Failure to effectively manage risks is a big reason why most projects fail.
2. Monitor the Budget and Schedule, and Manage Your Work Plan
Once you have planned sufficiently, the execution of the task can kick-off. Now that you have already agreed on the project definition, your work plan, and the project management system are properly set. The issue now is how to execute your plans properly. Projects do not always proceed as they were entirely planned. The main challenge is exercising the discipline needed to make your project management skills work proactively and correctly.
Regularly review your work plan to know your progress. You can do this weekly if your project is small. The frequency for bigger projects can be more frequent if needed.
Highlight and update all activities accomplished in the previous time duration on your work plan to indicate that they are completed. Establish if there are more tasks that should be complete but are not. After updating the work plan, determine if your project will be executed within the planned time, budget, and effort. If not, establish the critical path and find ways to quicken these activities to get you back on track.
Monitor your budget. Check the amount of funds your project has consumed, and establish if your actual spending has exceeded the original estimate depending on the work completed. If so, engage proactively. Work with your team to know how the other tasks will be accomplished within the initial budget.
3. Effective Communication
It is useless to have project plans unless you effectively communicate them to your project team.
Clear communication is the center of any successful project. As a project manager, it’s your responsibility to facilitate communication on each milestone. You must also be prepared to blow the whistle at the slightest trace of trouble, which could even mean a tough conversation.
The three project management best practices discussed here provide you with a better chance of accomplishment. They can place you in the best position to grab your project by the horn and maneuver it to success. Nevertheless, you have no need to wrangle it all by yourself. Discover some of the best project management software solutions on BizDig, which will help you plan, track, and manage each project efficiently.