The Ultimate Guide to Project Management
Whether you’re brand new to project management or you’ve got years of project management experience under your belt, completing a project on time and within budget is not easy. Each project is different and poses a distinct set of challenges. Irrespective of the type of project you’re working on, you probably face tight deadlines and high expectations.
There’s an old adage “You can’t learn to ride a bicycle at a seminar,” and it fits project management perfectly. Everything in project management is hands-on. Unlike other fields, you can’t find your way to success by making mistakes; experimentation will only get you slaughtered. You need to abide strictly to the principles to succeed. That’s where this guide will come in handy.
This project management guide is useful for novices who were thrown in the deep end of project management without any formal training and also intermediate or experienced project managers who want to learn more about project management process and project management methodologies.
Table of contents
What is Project Management?
Project management is the process of steering a project from the start through its lifecycle. The main objective of project management is to complete a project within the established goals of time, budget, and quality.
What is Project Management Lifecycle?
Projects have lifecycles since they aren’t intended to last forever. A project management lifecycle starts when the project is initiated and ends when the project is either completed or terminated in one way or another. At the end of each phase, there is a decision point where stakeholders decide whether or not to complete the project or terminate it and cut losses.
Every project management lifecycle has five specific project phases:
- Monitoring and Controlling
What are the Phases of Project Management?
Project management phases are different tasks, behaviors, and skill sets that are essential to creating successful projects.
Listed below are the five major phases of the project management process:
This phase marks the beginning of a project by determining high-level expectations like why a project is required, if it is feasible or not, and what is needed to complete the project.
Outputs of this phase include required stakeholder approvals to proceed to the next phase, documentation pertaining to project needs (business case), and rough estimates of time and resources required to complete the project (project charter), and an initial list of stakeholders.
In the planning phase, project managers detail the project scope, time frame, and risks. Completeness and continuity are the major components of a successful project plan.
Outputs of this phase include a detailed project plan, a communication plan (if there is no project plan), budget baseline, project scheduling, individual project goals, scope document, and updated stakeholder registry.
In the execution phase, the project team members are coordinated and guided through proper communication to get the work done as explained in the approved project management plan.
Additionally, this phase also covers the proper allocation and management of other project resources like materials and budgets. Project deliverables are the output of the execution phase.
4. Monitoring and Control:
The time, cost, and performance of the project are compared at every stage and necessary adjustments are made to the project activities, resources, and plan to keep things on the right track.
Outputs from this phase include project progress reports and other communications that ensure adherence to project plans and prevent larger milestones and deadline disruptions.
5. Closure or Completion:
The process of finalizing the project, reviewing the project deliverables, and transitioning them to the business leaders is called the project closeout phase in a project management life cycle.
This stage offers time for both celebration and reflection. Outputs from this project management phase include approved project results and learnings that can be applied to similar projects in the future.
What is a project management approach?
The project management approach offers a collection of processes, methods, and tools to manage project activities and accomplish project activities. They ensure consistency, simplify complexities, lower costs, and reduce risks. While there are a number of well-established project management approaches available.
Listed below are some of the most popular project management approaches:
- Phased approach
- Lean project management
- Iterative and incremental project management
- Critical chain project management
- Product-based planning
- Process-based management
- Project production management
What is a phased approach?
A phased approach is the best choice for big and complex projects that need to be executed in stages due to external constraints. In this approach, each phase goes through all five process areas from initiation to closure. At the end of every phase, all the work is assessed and handed off to the next phase in a sequential way.
The phased approach is often referred to as a waterfall or traditional model. It is an ideal choice for small, well-defined projects. Ambiguities and risks involved rise up with the complexity and size of the project.
What is lean project management?
Lean project management is a data-driven approach that focuses on improving the process and eliminating waste through efficient use of resources (cost, time, and people). This project management approach covers detailed planning, visual-rich documentation, continuous analysis, and frequent process improvements.
A project is considered to be lean if it follows the basic lean principles. Deming Cycle (PDCA), Lean Six Sigma (DMEDI), Value Stream Mapping (VSM) and kanban methodology are some of the most popular lean project management approaches. Most businesses lean towards value stream mapping as it offers them an accurate and detailed visualization of all steps in the project.
Value Stream Mapping (VSM) is a powerful, two-dimensional tool that documents and directs a lean transformation from a big-picture perspective. It not only helps businesses understand the total lead time but also show individual cycle and lead times and provides a clear picture of wastes that inhibit project flow.
What is iterative and incremental project management?
The iterative and incremental approach is a change-driven project management methodology that was developed to handle change and reduce inherent risks. This project management methodology is a perfect choice for large-scale, multi-company projects with ambiguous requirements and a high degree of risk. It is often used for software development.
A wide range of project management approaches like Agile project management, Extreme project management, and more have evolved from the incremental and iterative approach.
What is critical chain project management?
Critical chain project management (CCPM) is used to plan and manage projects while allowing room for resource constraints (personnel, equipment, and more). It is based on the theory of constraints (TOC) which states that a chain is only as strong as its weakest link. In CCPM, project delays are prevented by adding buffers to the inherent task and resource dependencies.
What is product-based planning?
Product-based planning is a structured project management approach that focuses on outputs and project deliverables (including intermediate products), unlike traditional approaches that focus on activities and tasks. As there are far fewer deliverables than tasks, it is relatively easy to define and arrange them in a logical way. PRINCE2 methodology is the most common implementation of this approach.
What is process-based management?
Process-based project management allows project managers to create, manage, and improve projects that align with the vision, mission, and core values of a business. All project activities and objectives are designed in such a way that they contribute towards achieving the most important organizational objectives.
Process-based project management includes six stages:
- Defining the processes
- Identifying process indicators
- Measuring performance
- Adjusting objectives
- Planning improvements
- Implementing improvements
OPM3 (Organizational Project Management Maturity Model) and CMMI (Capability Maturity Model Integration) are some of the most popular process-based project management maturity models.
What is project production management?
Project production management (PPM) is a strategic approach that applies theories and principles of operations science to better understand and optimize project delivery. What makes PPM unique is the fact it uses actual data from project activities to predict limits and determine what can be genuinely achieved. It also helps in designing appropriate control mechanisms to buffer variability.
* Source- Project Production Institute
What are some common reasons for project failure?
Any viable project is prone to failure due to one of the five reasons listed below:
- Resource deficiency-insufficient resources to complete the project.
- Inadequate time frame—having trouble completing the project on time.
- Unclear goals—lack of detailed documentation can lead to inappropriate results.
- Poorly managed stakeholder expectations—project scope changes that are not agreed upon by stakeholders causing varying views of quality, time, or budget.
- Inadequate risk management—failing to establish the risk associated with each project can cause your project to fail.
No one starts a project with the hope that it will fail, yet most projects tend to fail when project managers disregard the need to streamline their project management techniques.
How to streamline project management
Projects are filled with a slew of details. In the race to deliver the project on time, it is possible to miss a few important details along the way. Especially when project management is handled manually, it is hard to note down every small detail of a project. It results in a heap of paperwork and spreadsheets where uncertainties thrive driving up the chance for failure.
While it is impossible to harness the chaos in project management overnight, there are a number of ways to streamline the project management process effectively.
By following the thirteen best practices meticulously in their project lifecycle, even non-project managers can successfully streamline and complete their projects.
What is the role of a project manager?
Similar to a project passing through a variety of project management phases, a project manager needs to assume an array of roles with the people involved. These include interpersonal, information, decisional, and management roles.
|Interpersonal Role||Informational Role||Decisional Role||Management Role|
|1. Work with a diverse range of professionals
2. Solve team disputes
3. Build positive relationships
4. Motivate team members
|1. Communicate with all stakeholders effectively
2. Keep people up-to-date
3. Organize team meetings frequently
4. Provide performance feedback
|1. Make a range of decisions at each stage
2. Stay clear and focused
3. Balance scope, time, and resources
4. Prevent scope creep and budget slippage
|1. Recruit and manage employees
2. Manage finances
3. Respond well to ambiguity
4. Adhere to business priorities
If most of the responsibilities listed above sound familiar, then you’re a project manager—even if your job title doesn’t say so. By applying some of the project management best practices, you can improve the efficiency of your team as a whole.
Teams that can benefit from project management practices
Today, all organizations expect their teams to deliver more results with fewer resources. These seemingly impossible expectations can not only be fulfilled but also be exceeded if they take a project management approach towards their work.
Here are some of the teams that would benefit hugely by implementing project management practices:
1. Marketing teams:
In marketing, there are a number of moving tasks, feedback loops, deliverables, content workflows, and due dates. With the amount of information involved, it is challenging to find the right file.
Processing all of these without putting a strain on the available resources while ensuring business growth is hard without a predictable marketing project management process.
2. Support staff:
Good customer experience is the most important ingredient for an organization’s success. However, if the support team is preoccupied with existing chaos and juggling workload, they may not have enough time to focus on the customer.
Incorporating project management approaches can help your support team collaborate better, manage their workload, and communicate effectively with customers.
3. Product teams:
Once the product strategy is developed and stakeholder approval is received, product managers may need to track the number of details on a day-to-day basis and work along with a variety of teams.
Project management practices will help product managers translate strategy into discrete trackable tasks and communicate/collaborate with everyone effectively.
4. Event planners:
To bring an event together is no small feat. It takes a lot of teamwork, frequent budget check, strict deadline adherence, a little bit of luck, and a whole lot of responsibilities to host an event successfully. Missing a small detail can make things go wrong spectacularly.
By treating events like projects, event planners can simplify the process of coordinating tasks and people to create an event that people will be talking about for years to come.
Now that you have put a lot of new information about project management into your brain, some of you may feel overwhelmed. Take a deep breath and look back on your own projects. Everything you’ve learned today about project management is practical. So, if you’re working on a project, there’s a good chance that you are already using some of these concepts.
If not, take a few minutes and reflect on how you can use these things to make your project go as smoothly as possible. Tuning your project management skills will not only help you complete your projects on time and within budget, but will also contribute to your own career and your organization’s growth!