Statistics show that only 2.5% of companies complete all the projects they set out to do. What does the other 97.5% do? Waste time and money because they don’t have a solid plan when it comes to project management.
Can’t get your project to the finish line?
Project management is the way a person organizes and manages resources that are necessary to complete a project. Sounds simple enough, yet as managers or leaders assigned to manage a project, we often do not have the proper tools or resources to make a project happen. Projects can become unmanageable (and eventually fail) because of a variety of challenges. Those challenges include changes in priorities, changes in project objectives, inaccurate requirements gathering, inadequate vision, and poor communication.
How Much is Bad Project Management Costing You
- Around two-thirds of projects are designed to fail.
- About 1 in 6 projects had a cost overrun of 200% or more.
- For every $1 billion spent on projects in the U.S., there was a loss or waste of roughly $122 million—meaning that 12% of the budget for projects, on average, was wasted due to poor management, counterproductive behaviors, and bad decision-making.
Certain projects may require the use of a professionally trained, dedicated Project Manager, who determines the best methodology, possesses the necessary soft skills, and utilizes appropriate technology to manage the project. When resources are limited, most projects can be effectively managed and implemented successfully, completely in-house, or with limited outside support.
Here are six simple steps to help you manage your next project:
- Initiate. Get your stakeholders lined up and committed to the project – management buy-in is a must for success.
- Plan. Put a smart strategy and agenda in place. Large projects should be broken into smaller ones to make them more manageable.
- Execute. Work together with continuous and clear communication.
- Monitor. Keep the overall project progress in check – don’t allow the project to creep out of its original scope.
- Control. Make changes and improvements where needed – watch out for scope creep here as well.
- Close. Tie up any last loose ends and prepare for project delivery. Include an opportunity for reflection of what worked and what did not during the process.
If a visual is more helpful, click here to download our 4-Step project management process guide. We use this guide in our business and with our clients; maybe it can help you too.
How Can We Help?
If you or your team need help to identify obstacles and challenges in your workplace situation, contact Theresa, or visit our Contact Us page to schedule a 30-minute Complimentary Conversation. Reaching a goal is a journey, and Success Trek is here to take that journey alongside you.