The goal of every business is to add value to the society and most stakeholders intend to make profit for the business while trying to add the value. It is a well-known fact if the business does not make money, it would inevitably fold up.
One of the key success factors is the choice and implementation of products and services to serve its customers. A lot of companies come up with beautiful and grand ideas however it is not always the case with the implementation of these products. 70% of projects fail without proper project management. The implementation of a management process has been shown to reduce the failure rate to 20% or below. So, this calls for proper planning and good project management.
What is Project Management?
A notable authority in project management, the Project Management Institute (PMI) which is a U.S.-based not-for-profit professional organization, defines project management as “the use of specific knowledge, skills, tools and techniques to deliver something of value to people.”
It goes on to add that “all projects are a temporary effort to create value through a unique product, service or result. All projects have a beginning and an end. They have a team, a budget, a schedule and a set of expectations the team needs to meet. Each project is unique and differs from routine operations—the ongoing activities of an organization—because projects reach a conclusion once the goal is achieved.”
Key Success Factors for Project Management
Alignment of the project with the business strategy of the company
It is always good to ensure that the projects are aligned with the business strategy of the company. This means that the projects which in this case is the implementation of new products or services, should emanate from the business strategy of the company. This ensure that the whole company, stakeholders are aware of the project and know their roles in the project.
Top Management Support
Without top management support, any project is dead on arrival (DOA). All projects must have top management support which means that the decision-making body of the company approve and agree to the project. The executives of the company should be in the early stages of the project and help to validate the business case, the objectives, and the priority of the project. If top management support is absent, funding and people resources may not be available for the project.
It is acceptable practice to have the project sponsor as part of executive management or top management for the success of a project. PMI states that one in four organizations (26%) reports that inadequate sponsor support is the primary cause of failed projects
Certified Project Managers
It is not enough to have people who call themselves project managers to execute a project. The project managers must be accredited. This means they follow a known project methodology, whether it is PMI or Prince II. The discipline of project management has gone beyond a general skill acquired through experience to an actual qualification that you can get certified in. It is understandable that experience is valuable, but with a project manager having the right certification the results from your projects might be even better.
With the right certification, it clearly shows that the project manager has spent time learning the most effective ways to manage projects successfully. You can rely on the certified project manager to plan, manage, and deliver projects on time, on budget, and for the benefit of the company.
Good Project Management software
As in the earlier point where we stated the importance of a certified project manager to the success of a project, it is an undeniable fact that the use of good project management software would increase the chances of successfully executing a project.
Project management involves managing different stakeholders, activities, timelines, goals and more. This is an arduous and chaotic task without a good software since there are many moving parts.
A good software is used to plan, organize, and allocate resources for managing projects. It is used to help teams collaborate and keep track of the project’s progress while clearly defining tasks and responsibilities. Project managers use the software to control costs and time, provide timely reports and allow smooth collaboration between stakeholders.
There are many good project management software in the market. To start, you can manage a project with a gantt chart as this is very simple and easy to use.
Constant effective communication
Communication! Communication!! Communication!!! This is a very important element in the success of a project. It is important to let stakeholders have timely information about a project. It helps to manage expectations and provide the stakeholders with information about the progress of the project.
Project managers must determine the kind of information to provide to the different stakeholders, the frequency of the reports as per the requirements of the project and the communication channels. Top Management and project sponsors may want regular status reports or sometimes only highlights.
The project team do need activity or task assignments and regular briefings while suppliers, clients and/or customers may need statements of work, contracts, and progress reviews
Conclusion
The success of a good project can be increased by ensuring that project management practices are used in the execution of projects.
