Everything in life can be seen as a project—whether you’re forming a team, hiring key personnel, launching a new campaign, or managing financial goals. Without a structured approach to managing projects, achieving a 100% success rate is unlikely. Using a project management framework can guide you toward accomplishing your goals effectively.
What is a Project?
The Project Management Institute (PMI) defines a project as “a temporary endeavour undertaken to create a unique product, service, or result.”
To clarify why projects are considered temporary, consider this example: ongoing recruitment efforts for an organisation wouldn’t qualify as a project because they lack a defined endpoint. However, hiring a specific executive such as a CEO or COO can be classified as a project since it has a clear goal and conclusion.
What is Project Management?
Project management is the application of knowledge, skills, tools, and techniques to meet project requirements. When these elements are used cohesively to drive a project to completion, it becomes a well-executed project management effort.
Now that we understand the definition, let’s explore the framework and the steps involved in managing a project from initiation to completion.
Steps in Project Management
1. Initiation
This step involves conceptualising the project. For example, deciding to hire a COO marks the initiation phase of the project.
2. Planning
A solid plan and team are essential for a project’s success. For instance, hiring a COO might involve assembling a hiring team, outlining timelines, and planning interview schedules.
3. Execution
During execution, the project plan is put into action. This could involve conducting interviews, shortlisting candidates, and finalising the hire. Additional tasks, such as onboarding, may follow to ensure smooth integration.
4. Monitoring and Controlling
Monitoring ensures the project stays on track. Delays, such as unexpected events, can impact timelines. Effective project management involves addressing gaps and adapting to changes while maintaining progress.
5. Closing
The final step ensures the project achieves its goals. Even if unforeseen changes arise during the project, a capable project manager should handle adjustments, manage resources, and ensure successful completion.
Key Aspects of Successful Project Management
To manage projects effectively, consider these ten key elements:
- Integration: Ensure the project aligns with overall business objectives without overshadowing other priorities.
- Scope: Clearly define the scope and deliverables.
- Time: Establish realistic timelines for project completion.
- Cost: Account for human resources, operational, and technical expenses.
- Procurement: Secure necessary materials, personnel, and funding.
- Human Resources: Identify the required skillsets and allocate staff accordingly.
- Communication: Maintain clear communication within the team, especially for larger projects.
- Delay Mitigation: Prevent delays, as they increase costs.
- Risk Management: Identify and plan for potential risks, such as resource shortages or natural disruptions.
- Stakeholder Management: Engage with internal and external stakeholders to ensure alignment and support.
Tools for Project Management
Implementing the right tools can significantly enhance project management. For example, cloud-based platforms simplify task allocation, progress tracking, and communication.
The Importance of Project Management Skills
Project management is an essential skill for both students and professionals. A structured approach ensures you meet objectives efficiently, even when unforeseen challenges arise. By adopting the principles outlined here, businesses can scale and succeed, turning individual efforts into collective achievements.