To keep business glued to a progressive path, the project managers need to ensure that the projects are accomplished within the budget, scope, and resources. It demands a high level of project strategy planning and execution. The project managers, who are responsible for the success of the project, have to master the project strategy planning and execution processes.
Basically, a project management life-cycle can be broken down into five phases,
1) Project Initiation
2) Project planning
3) Project execution
4) Project monitoring and controlling
5) Project closing
All these phases are essential, but out of these –projects planning and execution are critical ones. These two phases have a significant role in driving the success of any project. The project strategy planning and execution revolve around managing three elements- people, process, and communication. Regardless of what challenges a project manager faces in managing these constituents, they have to release deliverables on time. Project management software can come as an ally to project managers and negates all the obstacles that stand against the successful completion of a project.
“Top-performing projects establish a clear view of project planning”
Top Ways to Master Your Project Strategy Planning and Execution
Project strategy planning
1) Scope planning: The first step to project planning is to get clarity on the objectives of projects and understand how it fits in meeting the organization’s goal. Collect all information about the project from stakeholders and other relevant sources.
2) Resource identification: Analyzing the resources help project managers to plan and allocate the project task in advance. The resources can include identifying technology stack, communication channel, technical skills, or even interacting with third-party vendors for raw material.
3) Create a project plan or work breakdown: Create a road map of the project and break it down into various milestones or tasks. Use project management software to efficiently manage and track the milestones. Small scale businesses or startups managing their project at a low budget can use free and open source project management software solutions.
4) Budget planning: Prepare an estimated cost that the business would incur at the end of the project.
5) Risk analysis: There are always risks associated with the project, such as a team member’s unexpected leave, incorrect project specifications, sudden change in client requirements, low technology stack, etc. Experienced project managers keep contingency plans ready and use them whenever needed.
6) Allocation of work to team members: Pick the right team and allocate the work as per their role. Make sure everyone is clear about their deliverables and the due dates. To avoid confusion over the project deliverables, it is necessary that a clear communication channel exists between the team members and project managers.
1) Allocate project resources: Allocate resources to team members as per their roles and responsibilities. Complete the approval process required to access the resources.
2) Project deliverables: Make sure the deliverables meet the acceptance criteria and meet the stakeholder’s expectations.
3) Change management documents: Change management document defines any change in the project goals, schedule or resource usage. The manager takes all necessary approvals from the authorized person.
4) Project status review meeting: The manager conducts regular review meetings to track the progress of tasks and projects plan for future milestones.
5) Fix issues: To maintain the quality of the product, an audit is conducted, and if there is an issue, it is sent to the responsible person.
Reportedly, on average, projects run 45 percent over budget and 7 percent surpass the delivery time, while 56 percent deliver less value than expected. This indicates the necessity to master the project strategy planning and execution. By following the standard project strategic planning and execution procedure with the help of the best project management tools, the project managers can meet the project goals and identify unforeseen challenges within the project. However, there is increasing pressure for releasing products quicker into the market. It means the project managers have to act smart in their approach. Taking advantage of the project planning systems can be the right strategy.
Jimmy Johnson is a senior content writer at GoodFirms’and writes on various technology topics. He often addresses the technology solutions that do value proposition and helps end-users to resolve some core issues. He writes on project development strategies, software solutions, the latest technology trends, and scouts on many exciting technologies that empower businesses beyond expectation.