Ways to Manage Projects on Time and on Budget
A Successful Project Management Depends on Best Practices
Apr 30, 2009
Managing a successful project is no accident. A project proceeds but often, after working for many late hours, stressed and hassled, the project manager still brings the project in late and over-budget.
During post-implementation review he/she is left answering some questions like: "Why didn’t I take that action?" "Why did I take that action when I shouldn’t have?" "I did my best with what I have, but how did my project get six months late?"
Here are seven suggested ways to manage a project on time and on budget:
1. Clearly Defined Project Scope
The project should be clearly defined in the project plan with the project objectives that satisfy the business requirements along with the following:
- Limitations and scope of the project
- Assumptions, risks and issues involved
- People requirements including client, sponsor, other stakeholders including senior management and client support to ensure that resources and authority are available
- Milestones are clearly established before the project commences.
2. Properly Identified Resources Requirements
All major tasks and required resources, facilities and equipments, time and costs are properly identified and determined. Existing resources and those to be sourced are listed down. The correct skill set of the human resources are emphasized. Time and cost are set for the use of each resource. If third party service level agreements for other resources are needed, they are identified. Clear responsibilities, authorities, expectations and measures are established.
3. Sustained Balance of ‘Process’ and ‘People’ Factors
Often, project managers are so busy focusing on the process that they fail to give enough attention to the team players of their projects. These people players are the clients, the project sponsor, all other stakeholders, and the performing team. The clients and stakeholders need regular updates on progress and the impact on any changes. The sponsor is significant and can break through bureaucracy, obtain resources and assist in high-level commitment. Team members have an interest in the success of the project. The project manager develops a work process in place that includes policies, procedures and standards to fully identify, define and control the major components of the process.
4. Utility of Tools and Techniques
Project management tools are necessary to assist in the planning, scheduling and allocation of resources, monitoring and controlling the progress of the project, and maintaining records and reports. Nowadays there are sophisticated project management tools like project management, project planning, project scheduling and project tracking software. Some common project management tools and techniques are brainstorming, task breakdown structure, task sheets, time sheets, and other project control tools like monthly reports, milestone reports and the old reliable Gantt Charts.
5. Keeping Responsible Team Members
Unexpected departure of a team member in the middle of any project life is often disruptive. Usually in large companies, the team members have been selected and trained, performance expectations and monitoring explained, and responsibility matrix completed which includes checkpoints and deadlines for individual tasks and project steps. The project manager empowers his/her team members by inspiring and recognizing individual and team efforts. They want to "feel" and "see" how their contributions have made a difference.
6. Applying Constant Project Review and Evaluation, and Immediately Address all Setbacks
Set Evaluation mechanisms are set expected deadlines are underscored. In cases where changes in requirements occur, the project manager manages the change, instead of the other way around.
7. Regular Communication with the Relevant Project Players
Project players are mainly the client, sponsor, project team and stakeholders. A project manager manages communication among all players. This is vital to avoid delays and unnecessary misunderstanding. Without clear and adequate communication, a project courts disaster.
A Final Project Insight
During the post-implementation review, the project is evaluated for client satisfaction, timing and resource effectiveness and individual performance. For a project well done, that is, on time and on budget, it is a fulfilling moment for the team to celebrate.
Managers who use these suggestions are most likely to succeed in their projects. And perhaps even deliver projects ahead of time and under-budget.
Readers who find this article insightful may want to check out Employer-Employee Mutual Benefit, Team Collaboration at Work, and Employee Motivators and Ways to Handle Them.
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