5 steps to effective project management

Here are the 5 steps to effective project management. Whether a change in inventory management , to the implementation of an ERP system for the company or a product launch, it is constantly in “project management method “.

However, entrepreneurs are still struggling to estimate the effort and time required to conduct perform their tasks successfully.

The failure of a project is rarely due to technology. Exceeding deadlines, changes in project scope and lack of resources are the factors responsible for the failure of almost half the projects in business, according to a surveys.

The consequences? time losses and money. The company does not obtain the expected benefits, and employees are unmotivated.

Read Also: 7 tips to set goals for your business plan

You can identify key steps in project management and learn how to avoid the pitfalls by following these steps:

1. Design

Each project must start by identifying objectives. Think of such constraints that could threaten its successful implementation, including those related to the market, technology, human resources, budget and deadlines.

2. Planning

When you know that the project is feasible and it will be useful for the company, you can switch to the planning of all activities and determine the timetable. At this stage, describe in detail the activities, in chronological order. Who will do what? Do you have in-house all the necessary skills?

3. Execution

Then you have to execute the plan. This step requires rigor and discipline to meet schedule and produce deliverables. Weekly or quarterly meetings, depending on the complexity of the project, will help you take stock of progress and to avoid delays.

4. Closure

It is often said that it is in the last ten percent of the project that we lose momentum. People seem to have everything finished and they forget the last details whose implementation requires time.

5. Review

Gather the project team to assess the good and bad shots to avoid the negative in the future.

Here are some tips to overcome the most common obstacles project management matters.

  • Make detailed feasibility studies to assess the overall costs. Instead of estimating down, it is always better estimate on the rise, whether the project is still profitable according to the worst scenario.
  • Divide large projects into small steps. This will allow you to better navigate the complexities and avoid going back because you forgot a prior activity. This is also a great motivator for employees, who see progress.
  • Set up contingency plans at the design phase. These must include the warning signs to watch for and the steps to follow for different scenarios. This strategy will help you assess the risk factors and better manage the unexpected.
  • Always keep in mind the “critical path” – activities essential to the success of a project – and follow it carefully.
  • Fly solo is not recommended. Acknowledge the teamwork and get help for complex projects that exceed your management skills. BDC’s consultants are there to help you.
  • Free the employees involved in the project part of their regular duties. Put pressure on the process, not on people.
  • Each project represents a change. Put employees constantly aware of its evolution, the expected benefits and possible difficulties.
  • Step back. The more you spend time to develop and plan the project, the greater your chances of success.

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