In recent years, the way we work has exponentially changed. This is because the business landscape has seen so many changes as technology advanced, not to mention a global pandemic that has turned things upside down. One of these notable changes is the emergence of project-based work. A consultancy firm reported that we expect most work to be project-based by 2027. This brings about an increased demand and a growing emphasis on the importance of project managers. As a result, companies have started to understand that good project management is crucial in achieving more substantial results and keeping employees happy.
What is project management?
Project management is not a new trend. We can date project planning back to when the pyramids were built. That’s right — 4,500 years back. Today’s techniques and principles of project management are the same ones used by the Egyptians to build one of the original wonders of the world.
Project management is the application of skills, methods, techniques, experience, and knowledge to arrive at a result that is of value to people. The difference between project management and just “management” is the former’s finite timespan. This means that unlike in management, which is an ongoing process, project management has a timeframe and budget to be constrained.
Project management involves three essential parameters: quality, resources, and time. A project manager must be able to work around these aspects and whatever constraints they may pose as the project progresses.
Not all companies have a formal or designated project management process. As a result, some may find it unnecessary or something that is not a priority just yet. However, suppose collaboration and timeliness are becoming pain points in your organization. In that case, it is probably high time to prioritize project management.
The Benefits of Project Management
Productivity and Costs
With project management comes optimized methodology. This allows for more efficiency — in other words, you do as much as possible in as little time. So how does project management make this happen?
- A project plan that enumerates all the information from the clients, as well as a timeline with milestones
- Clearly defined tasks, with specific deadlines, resources, dependencies, and task owners
- Well-monitored workloads
- Constant check-ins with and updates to stakeholders, clients, and management
- A clear policy for when there are changes mid-project
Team members can efficiently work together if their tasks and responsibilities are clearly defined. Because when tasks are well-designated, chances are, no one is overworked and burnt out. What can you do to improve collaboration through project management?
- Take advantage of open source project management tools to keep members, stakeholders, clients, and managers on the same page.
- Aside from delegating tasks accurately, offer timely feedback and schedule regular check-ins.
- Establish a communication plan with stakeholders, and always have a clear grasp of what they want.
Clearly, the goal is to keep the client happy. And at the same time, as a manager, you are tasked to keep your team members happy. Keeping the clients happy lies in communication. From the get-go, the goals and expectations of the clients must be well-established, as this is the same information you will relay to your team.
The other important thing is proper documentation. Some of the most crucial documents are project initiation documents, change policy, and project charter. It is also essential to document the risks and how you plan to mitigate them.
When you have an optimized methodology like in project management, it is easy to track performance and results and pinpoint room for improvement. This can be done by:
- Designating a centralized repository of reports, trackers, notes, and other important information that easily accessed when it’s time to analyze the data
- Sitting down with your stakeholders at the end of the project and let them give you feedback on every step of the project
- Create an improvement plan based on the information you gathered post-project
Managers and team members can hone their problem-solving skills with structured project management. It trains you to spot problems before they become significant issues that can blow up the project. With the ability to mitigate risks, project managers can prevent issues from lasting and damaging effects on the project and the company.
The above are just some benefits of project management that a company can enjoy. Project planning can potentially create a massive impact on the work that your organization does. This results in happier stakeholders who would love to work with you in subsequent projects, more fulfilled team members who are likely to stay in your company, and more satisfied customers. A project management team in your company can be one of your greatest strengths and keys to business success.