Six best practices for effective project management

Project management is a very important skill that lies behind the success and failure of any  project. Failure of any project is mostly due to inept planning. On the other hand, efficacious project management leads to the successful completion of a project; that is why enterprises look for professionally qualified and skilled candidates. MITSDEā€™s  Project management course makes the candidate ready to take up this crucial position in any organisation. MIT School of Distance Education offers PG Diploma Course in Project Management which is a value-added course that will enhance your chances of getting a job and improving your skills. The course not just entails knowledge but it also teaches you wise practices to get the job done in the best way.

It is important for organisations to strike the right balance of cost and time to get their project completed. This technique of making the right decision is possible only through efficient project management. Management techniques involve using the right mix of planning, controlling and monitoring to ensure that the project is completed before the deadline within the budget and with good quality results. This can be ensured by adopting wise practices. Following are the best practices required for efficacious project management:

  1. Effective planning by using project definition document

If the planning phase of the project is executed efficiently, then the cost of completing the project along with the duration can be reduced drastically. Hence, the quality of the result is also enhanced. The first step in planning phase should involve defining the project. The definition of the project is then approved by the clients and it then becomes the cornerstone of the project. Project definition includes:

  • Overview of the project: The motive of the project and its benefits
  • Goals
  • Scope of the project
  • Approach to the project
  • Risk assessment
  • Initial cost estimation, its deadline and budget
  1. Creation of a proper plan

It is an immediate procedure undertaken after defining the project. Under this, a plan is formed with proper steps for the management and the execution of the project. The same plan can be used multiple times when a similar project is to be executed. These plans are formed in such a way that it leads to the optimization of resources, capital, manpower and time.

  1. Defining the procedures for project management

This includes planning all the resources that are required for the management of a  project.  It outlines the procedures how the staff will manage, monitor and control factors such as scope change, risk, quality, time-constraint and many more. The project management team should manage the task meticulously and proactively. The stakeholders and the team must know exactly how the project processes will take place.

  1. Identify the signs of warning

The project may be in trouble due to various factors. It is the task of project managers to identify any signs of warning and then take corrective measures to keep the project on track.

  • If a small inconsistency in the project occurs, it must be made accurate as soon as possible or may be disregarded in case it is irrelevant.
  • If you find out that the task you thought is complete but is actually not complete, then you should investigate why it is not complete it, remove the hurdles and try to  finish it so that you can still keep the deadline.
  • You must respect the deadlines and not abuse them, even if you have to work over time
  • You need to keep the morals of the employees high during the project functioning by motivating them through a good incentive scheme or awards and recognition.
  1. Identification of the risk

Risks of different types are likely to occur during the life cycle of the project. Therefore, the team members should have enough intellectual level so as to determine the risk level and they should be ready to face it.

  1. Assessing the risk in the project

Sometimes, small issues or risk can create huge problems. It is important for the team members to identify the risks to the project and report them immediately so that a remedial action is taken immediately.