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Insights on Project Management to Improve Your Business Results

Insights on Project Management to Improve Your Business Results

Learn about project management and how it can improve your business results.

4 min read

Writer

https://ghost.scalestack.io/content/images/2022/04/Mateo.jpg

Mateo Bilbao

scalestack

Insights on Project Management to Improve Your Business Results

Information about the writer

Sales & Marketing head at Scalestack

This article will cover the important facts of project management, how to carry out a well-functioning project, and the importance of having someone efficiently handling this matter. Managing is something that involves every activity on its own and/or separately, and having a smart planification and controlling of a project tends to give better results than improvised procedures.

Basics of a Project

In order to understand project management, we first have to analyze the concept of a project. We must look more profound into what constitutes a project. Basically, projects are temporary efforts to create value through unique products, services, and processes. Some projects are planned to quickly resolve problems. Others require extended timelines to produce outcomes that will not need major improvements outside of projected maintenance.

It is evident that some projects will be a mixture of both of these things. This applies to everything from developing new software to planning disaster relief efforts. Yet, this is all general information concerning what a project is. Digging some more, we find that projects are amalgamations of tasks, activities, and deliverables that must be structured and executed carefully in order to achieve the desired result.

Project

Before an outcome is accomplished, each aspect of a project must go through phases of initiation, planning, and execution. This process is known as the project management lifecycle, which is the lifeblood of successful ongoing projects. Furthermore, this cycle allows project managers to plan each task and activity meticulously to guarantee the highest chances of success.

Understanding Project Management

Project management is the action of planning, organizing, and managing a project in order to achieve a prearranged goal. All types of companies rely on projects to achieve many of their short-term as well as long-term goals because projects are the way that things get done. Organizations undertake different types of projects based on different factors, such as their strategic goals and the industry they are in.

In today’s fast-paced professional landscape, project management is a vital business tool for companies of all sizes and niches. While the concept of project management has always been practiced, it was done informally until the mid-20th century.

Use of Project Management

Project management is oriented towards managing the production of deliverables that create positive change for the business. This requires strategic planning, which consists of the following things. First of all, defining the strategic value of the project, then estimating required resources, and lastly developing a finite span to complete the endeavor.

Project Management

The types of projects that demand serious management are the ones that produce new deliverables or update the existing ones. The teams involved in these projects tend to be more complex than common business initiatives, thus change management and risk management should be incorporated.

3 Project Management Approaches

In this section, we will cover some of the most used methodologies when doing project management. These are the most popular, and the reason for it is that they are the ones that tend to work best for most people.

1-Traditional project management

In a first way, we have the Project Management Body of Knowledge (PMBOK), which focuses on common project management skills, such as planning, budgeting, and managing inputs and outputs. PMBOK is a set of standard terminology and guidelines for project management. The knowledge here evolves over time.

The majority of the PMBOK guide is unique to project management, but it can also overlap with general management regarding different activities, such as planning, organizing, staffing, executing, and controlling an organization’s operations. Other management areas that overlap with the PMBOK guide are the following: management science, budgeting, financial forecasting, and organizational behavior.

Another method is Projects in Controlled Environments (PRINCE2). This is a structured project management procedure and accredited approach that is usually realized to carry out many types of activities. Among them are the ones listed below.

First of all, it clarifies people’s roles. In the second place, it manages project risk by, for instance, analyzing data. Then, it keeps lines of communication open and clear. Last, of all, it establishes base costs and other things.

This method is based on seven defined principles, which are, in order, the following. First comes continued business justification. Secondly, learn from experience. Thirdly, defined roles and responsibilities. In fourth place, manage by stages, then also manage by exception. Then comes the focus on the products, and lastly, the tailoring of the project circumstances.

2-Hybrid project management

The hybrid approach combines elements of agile with conventional project management. This approach lets Agile-ready teams perform iterative work, while also having more independence than teams working under a traditional command-and-control project manager.

High-level planning can be accomplished over a timeline with clear start and finish dates to adjust stakeholders and managers who prefer milestone-driven work. That way, work is completed following the Agile method, but the progress is reported back to stakeholders by using other traditional methods with which are more familiar.

3-Agile project management

The last method is Agile project management. This approach tends to work for projects in complex, fast-moving environments because it permits teams to respond flexibly to changing needs and conditions. Agile project management is an iterative approach to planning and conducting project processes.

The main advantage of Agile project management is the capacity to respond to issues as they arise throughout the period of a project. Making a required change to a project at the right time can save resources and help deliver a successful project on time and within budget.

Bottom line

Now that you know what project management is all about, you might want to consider implementing its ways to your business to carry out projects in a more efficient and thoughtful manner. By doing so, it is more likely that you will start getting better results in your company.