Could your project management style use a tune-up? Based on the research, it’s entirely possible. Recent statistics show that 56% of enterprises are becoming more dissatisfied with their project management. In most cases, the primary causes of project failure come from changes in both organization and project priorities.
And in some cases, it’s no surprise that priorities shift. Project managers must manage resources, deliverables, budgets, and timelines with increasing restrictions. Luckily, it’s possible to strike the right balance. We’ll examine the core values of project management as well as several examples of enterprises that resolved company issues through effective project management.
What is project management?
Project management is the process of planning, managing, and evaluating a project until completion. Effective project management meets deliverables on time and within budget. To successfully manage a project, the individual or team must apply:
- knowledge
- skills
- experience
- methodology
- proven processes
Without proper management, the project may fall behind, go over budget, or fail to reach completion. Project management requires excellent organizational skills to oversee all aspects of the project, from design, development, release, and monitoring.
To ensure a project meets deliverables, the individual or team must accurately define each project’s scope, resources, and timeframe. Then, management needs to assign key stakeholders to be responsible for deliverables and manage task completion.
Related: Essential Tools to Boost Remote Employee Engagement
Benefits of project management
When executed well, project management offers several benefits:
- Streamlines workflow and increases productivity
- Reduces costs
- Defines an optimized methodology
- Mitigates risks
- Encourages collaboration
- Improves customer satisfaction
- Tracks performance
- Identifies bottlenecks, problems, and risks
To reap these benefits, project managers must be organized, focused on details, and effective at time management.
Core components of project management
The core responsibilities of project management include:
- defining the project, its requirements, resources, and purpose.
- determining the timeframe to complete the project based on deliverables.
- creating a business case to justify the investment.
- managing and securing funds for the project.
- assembling key stakeholders and team members to complete the project.
- designing a management plan.
- leading a team to complete deliverables.
- assessing any changes, problems, or risks that may arise.
- monitoring and tracking the project to address bottlenecks and determine its progress.
- staying on budget and within deadlines.
- communicating with stakeholders about the project’s progress.
Some projects can be small, while others may be complete product lines. Consistent collaboration and communication are essential to excellent project management.
Stages of project management
For most project management methods, there are five stages:
- Conception and initiation: This is the beginning of a project where individuals and teams brainstorm and assess the project’s relevance.
- Definition and planning: This stage defines the project’s purpose, requirements, goals, budget, and timeframe.
- Launch or execution: During this stage, the team works toward completing tasks and deliverables within the set budget and timeframe.
- Performance and monitoring: A critical element of project management, the project manager will monitor, track, and follow up with other team members about completing their deliverables.
- Project closure: During project closure, the project is officially complete. The project manager will create a final report outlining all the deliverables and collect all documentation to save in a repository for reference.
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Examples of effective project management
If you are a project manager or are leading your next project, you’ll want to learn from these excellent examples of project management:
Smith Bros. & Wilson
At the beginning of the COVID-19 pandemic, Smith Bros. & Wilson encountered a massive communication problem because their project teams were scattered across remote work sites. They also needed to move their employees to a tech-based solution since many employees completed most of their work with pen and paper.
Jonathan Wong, project manager at Smith Brothers and Wilson, introduced the Vibe board to his off-site construction teams to collaborate on documents since they couldn’t meet in person. This gave them the flexibility to meet safely and communicate in a familiar pen and paper feel with Vibe’s touchscreen capability.
Domino’s
Domino’s had an internal communications issue where they were receiving redundant information through various communication platforms. Employees were overwhelmed and bogged down, which created an environment where employees tuned out the repetitive communication.
A project team created a more efficient communication workflow by centralizing all communication to the same communication platform. And then, the team created a system for dispersing company-wide communication utilizing a project management best practice of clearly defining roles and responsibilities to prevent confusion and duplication.
Airbnb
One of the services Airbnb provides is unique multi-day trips escorted by a local expert that offers cultural experiences for the area. As the company grew, scaling this service became problematic. Airbnb needed to scale its production from 12 cities to 50 worldwide.
Airbnb assembled a team to scale and streamline the workflow to accommodate users worldwide and create a centralized system for managing production assets. They established a clear communication channel for collaboration and a common goal for everyone to work toward.
Related: How the Right Work Space Can Spark Creativity
Hack Reactor
Hack Reactor teaches in-person and remote software coding boot camps across the country. As they expanded from their original location, they needed to find a way to provide a standard service level of education regardless of boot camp location.
A project team was tasked with creating consistent teaching materials and processes that could be accessed from a centralized platform. Then as changes were made to the materials, they would universally update for all locations. By creating this system, they cut their operation cost in half.
Suppose you are in a similar situation where your teams need to collaborate from various remote locations. In that case, you should consider a Vibe interactive whiteboard that enables stakeholders to meet, work, and brainstorm effectively as an in-person meeting.
Improve your project management with best practices
Communication and centralized platforms are critical to effective project management. In an age where employees are scattered among remote locations, finding a way to collaborate without duplicating communication is vital.
Vibe offers a collaborative solution combining an interactive digital whiteboard and innovative smart software. Increase engagement and efficiency at your brainstorming sessions, virtual training, and classroom sessions by integrating your favorite applications with video conferencing and an infinite, mess-free writing canvas. Collaborate today with Vibe.
Looking for the latest in interactive whiteboard technology? Check out Vibe today!