Project management landscape has been changing, since businesses are entering a different dimension over how tasks should be executed and the skills needed to meet specific set of requirements. Projects are emphasizing on increased productivity, flexibility, analytical reporting and information technology. Many businesses see the importance of evaluating ROI with projects, as well as to measure as much KPIs as possible.
Project managers are demanded with cross cultural, and multi-technical skills and knowledge to be effective leaders that are flexible enough to guide different sets of workforce in different project scenarios, with varying amount of resources to utilize.
Overall, project management becomes more complicated, wherein project managers are adding more action points in their work plans. Project teams are becoming more diverse, and skill sets should provide the best match. Project management isn’t just about collaboration, but a robust system powered by strong leadership and technology.
What is a Project?
Projects are unique undertakings of a business, with different purposes, which either for the benefit of growth, or as part of their client service. It is different from the usual day to day activities involved in running a company, but is equally important for its growth. Project management is an act of facilitating, controlling and handling these projects, which is usually handled by a dedicated project manager.
Current State of Project Management
According to a project management report conducted by the Project Management Institute, there is a projected 15.7 million additional project management role to take across the top 7 huge global industries by year 2020. These include oil and gas construction, manufacturing, business service, finance and insurance, information service and utilities. This will yield an economic impact amounting to roughly $18 trillion.
Things are getting more sophisticated on how project management should be handled. Add the tightening of market competition, businesses are in constant battles to be proactive in gaining leverage where in some cases, will be best achieved through changes in the business. For example, some businesses needed to expand their branches because their competitors did so.
Sadly, according to Project Management Institute’s Pulse of the Profession 2015, only 64% of projects actually meet their goals. This might have been influenced by a lot of factors, but the bottom line here is that there is a need for better innovation and leadership skills combined, which requires a certified project manager, and its partner, the best project management tool.
Benefits of Project Management
Project management is a project manager’s roadmap in leading his team members from point A to point B, in a way that it is done according to the set deadline and within the bounds of the allocated resources.
The basic concept of using project management is instilling organizational skills. But in order to capture success in a modern setting, it should be flexible and adaptable to changes that may arise any time, and must be robust enough to withstand greater risks. In modern project management, there is a greater demand for more sophistication, and more use of technology to be able to sustain an efficient and appropriate management of project.
The use of project management software benefits the project manager with its overall handling of the project, the team members collaborate well, and the client be satisfied with the outcome. Overall, a project management system is able to cater the individual interests concerning the project’s success.
In order to gain better understanding about the actual improvements and positive influence that project management is bringing businesses and organizations alike, here are 10 benefits, according to Bright Hub Project Management, of incorporating project management tools and techniques to your undertakings:
- Increased efficiency in delivering results.
Having a guide, or a roadmap to follow in a project engagement enable members and its leader to stay aligned with the common goals and objectives. Once you gain anticipation of the risks involved in the project, you can work smarter in order to be counter productive and be ready for it.
- Improved customer satisfaction.
If you are able to utilize properly and efficiently the allocated resources, and deliver results on time, clients are more satisfied with the kind of service that your business renders. Smart project management is also concerned over building trust and credibility in its relationship with customers, which is possible with the right skills and tools to support the success of any given project.
- Repetitive success.
In adopting an efficient project management system, one can have the same success with tried and proven steps to use. By establishing a set of basic strategies, a project manager can build from a project-specific approach.
- Growth and development of team members.
Out of positive results, team members continue with their learning about the best practices to utilize. It also inspires your members to contribute more positively by working hard and smart with any project that they may be part of.
- Leverage in market competition.
By implementing a well-founded project management system enables an organization or business to produce results that promote client satisfaction. The more satisfied clients are, the more that the word will be spread about your services and products. This provides an edge over your competitors naturally.
- Wider opportunities to succeed.
Better performance and service credibility opens more doors for opportunities for businesses to expand and widen its reach.
- Increased flexibility.
By looking at the project in a wider perspective, a project manager can effectively map out sound strategies according to different scenarios that may arise.
- Risk assessment and management.
Project management can alert you accordingly with “red flags” that pose certain risks or issues if left unattended right away.
- Improved service quality.
Increased efficiency with processes and task management can influence the quality of the services and projects that your business implements.
- Increased quantity of outputs.
This is the by-product of efficiency with project management. Aside from the proper utilization of resources, there is also better time management, which enables one to produce more and better results.
Responsibilities of a Project Manager
The best course of action to take in deploying effective project management is to assign a well qualified project manager. A good project manager enables business, or an organization, to discover a host of opportunities out of every endeavor, defines the appropriate requirements such as tools and staff, and the guides to implement the techniques and strategies to accomplish a project.
Skilled project managers are gems for a business. They are invaluable leaders, which are capable of leading and guiding their members to achieve a set of objectives and goals. There is an increasing need for skilled project managers nowadays, since projects are becoming more complex due to an increase in demands and exposure to risk.
A project manager’s role varies according to industry he belongs to. But the fundamental principles behind the tasks he should undertake or implement are common with other kinds of project managers, which includes juggling deadlines, resource allocation, task designation, budgeting and a host of other management related activities. The project manager should also monitor the performance of his team members, to ensure that deadlines are met and resources are utilized well. The overall success of a project lies significantly on the competency level of its project manager.
One of the most attribute that a project manager should have is leadership. Successful leaders are not only good technically, but is also able to inspire members to bring out their best performance in any project.
The skill sets that basically a project manager should fulfill, includes:
- Mathematical and analytical skills
- Effective communication skills
- Technical knowledge and abilities
The traits that a strong project manager should possess, also includes:
- Strong decision making
- Risk tolerance
Businesses and organizations are achieving a host benefits like increased profits, achieved goals, open opportunities and increased productivity among members from having a skilled project manager on board. Excellent leadership abilities are crucial in positively influencing the whole organization towards its success with any project or endeavor it will face.
In today’s modern businesses, the skills and experience of a project manager may not be enough in order to achieve 100% success with some projects. Technology is playing a significant role when it comes to dealing with more complicated project requirements, especially with the larger ones, which require long term commitment. Project managers should be careful in choosing the right project management tools, in order to assist him, and improve his skills in accomplishing the tasks at hand.
The best project management tools are capable of complementing the skills and knowledge of a project manager, to better handle a project. A project management tool can handle the time consuming tasks, in order to increase the productivity and efficiency levels of all members of the project.
Get to know more about the available project management tools in the market today by checking out CrowdReviews.com’s reviews of project management tools.
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