If the project is a ship, project management is its sail. Project management is what provides a directive to a particular project so that it could be steered towards success. However, one might face unprecedented project management challenges when executing… Read More
Project success can be defined as reaching project objectives within budget and on time, and to the satisfaction of the stakeholders.
How hard can it really be?
According to research, only 2.5% of companies are able to successfully complete 100% of their projects. This means, nearly 98% of companies fail to produce planned deliverable within budget and on time and satisfy their stakeholders.
While a project is made up of several elements, such as a well-defined goal, resources, budget etc., effective implementation of them through a proper project management strategy is the key to project success. Project management is not only critical to organizational success but it is also a decisive factor in business performance.
A role of a project manager is to successfully plan, organize, execute, monitor and complete a project. While a project manager must have the necessary technical and soft skills to perform these responsibilities, she should also interact well with the team or teams she is managing.
If she is not engaged, committed, agile and trusted by her team, she will have a hard time leading her team towards project success.
Effective communication, which is essential to increase workplace productivity, is vital throughout any project. The absence of proper communication would lead to chaos – some would fail to complete their tasks on time while some others would frequently make errors with no proper guidance.
To avoid this, effective communication should be established through communication and collaboration software or through more conventional methods such as project review meetings.
Project goals set the path of a project. Every decision made and every action taken during a project should be to accomplish this goal that should be defined during the initial stage of the project. While a project goal should always align with the strategic objectives of the company and the expectations of the stakeholders, it needs to be one that can be measured and achieved in reality.
A project budget must cover all necessary expenses of a project. While it should be realistic, it should also be able to cover the extra expenses the organization may have to bear due to threats that may occur unexpectedly.
A project is dependent on its resources. Resources include both human resources and non-human resources like tools, conference rooms, laptops etc. These resources should be allocated properly in order to ensure that each objective can be reached in an efficient manner.
During the lifetime of a project, risks can occur at any time. Being prepared to face these obstacles – both financially and with manpower – is essential for the success of a project. Make sure to carry out frequent risk management practices before every new step.
Talent management is necessary for a company to attract and retain skilled employees in the industry and is a key reason why projects succeed. While the skills of the project team largely decide the fate of a project, it is necessary to have an army of skilled and experienced human resources to deploy during any new project.
20% of project success is decided by the satisfaction of the stakeholders, who could be your clients, government, consultants, subcontractors etc. This is why it is important to identify the stakeholders and their expectations during the initial stage of the project. By working their expectations into the project goals, you can ensure complete project success.
With the successful integration of the above project management tips to your project management strategy, you can make sure that you improve your chances at 100% project success. If you have additional reasons why you think projects succeed, do mention them in the comments below.