Project Management is the process of organizing, creating, and carrying out a plan for meeting fixed goals. Project management is important because it enhances organizational efficiencies, improves team performance, and ensures the company’s growth. Smart project management is impossible without specific skills, tools, knowledge and techniques to properly complete the project within fixed parameters like budget and time.
Importance of project management
Project management is not just about executing projects. Impressive project management streamlines processes, reduces distractions, and improves collaboration. So, it plays a crucial role in the growth of a business.
Responsibilities of Project Managers
Project managers make sure that the key resources and players are utilized as per their potential to accomplish targets without delays. These are a product manager’s main areas of focus:
- Team organization- Team building is the first concern of project managers. When they have the right people, they utilize the talents of each team member wisely.
- Monitoring project process- The project manager supervises every step to help the team improvise, get rid of challenges, and complete the project on budget and on time.
- Time management- One of the drawbacks of assigning a task to a team is that every person has his own page of work. So, the project manager must set achievable deadlines to ensure that deadlines are met.
- Managing reports- A wise project manager takes post-project reports seriously. This helps him improve future plans and methods.
- Estimating project budgets and expenses- The project manager sees that the project doesn’t exceed the budget. It is his job to manage the budget like a pro.
Steps to create a project management plan
Developing a project management plan demands detailed research, prior planning, and careful consideration. Follow these project management steps for creating your dream project to please your stakeholders and clients.
Step 1: The first thing that you need to do is arrange a meeting with the stakeholders. Having the approval of project stakeholders is essential as they will get directly impacted by your project’s outcome. So, in the meeting, you have to share with them your project goals, the project’s purpose, an estimated budget, the tentative schedule, and the project’s outcomes.
Step 2: Once you know what stakeholders are expecting, it is time to start working on the goals. Make sure the goals are attainable and that you can measure them using performance indicators. Some such performance indicators include time spent vs planned hours, on-time delivery, schedule adjustments, budgeted cost vs. final cost, and return on investment.
Step 3: Now that you have discussed everything with stakeholders and defined the goals, it is time to assemble a dream team who will execute the project. Other than the project manager, an ideal team also needs project sponsors, team members, industry experts and risk analysts. Each project has its unique requirements, and the project roles are subject to change as per the needs of the project.
Step 4: When the team is ready, a project manager works on the budget and the project schedule. How can you accomplish both? Make a list of tasks and assign those tasks to respective team members. After that, arrange the necessary resources and calculate the time required to complete each task. Finally, develop a complete path and establish the initial budget.
Step 5: When you have all that you need to make your project a success, it is time to connect with the stakeholders once again. Keep in mind that the project management plan might need multiple additions and alterations before it is approved. Simply take note of major changes based on their opinions and always be open to making adjustments.
Summing Up
Now that you know the fundamentals of project management, it will be easy for you to picture yourself as a project manager. A certificate course in project management will help you gain in-depth knowledge of project management. Learning project management from a renowned institution will also give you the exposure to become a successful project manager.
