In the last two articles, we have extensively talked about the project’s introduction and planning part. Now comes the fun part of doing the actual work. During the execution phase, team management and getting involved in daily tasks is essential.
Project roadmap should be well documented and shared with everyone associated with the project, and the tools for reporting and communication should be established. This phase requires setting deadlines and getting the work done in the most convenient way possible. This phase determines the success and failure of the project.
Below we have compiled a list of strategic moves to make your project execution straightforward.
1. Begin with the end
Make sure you visualize the product and adhere to a strategy which aligns with the project’s final outcomes. Most projects are delayed due to lack of clarity, unclear goals, and objectives for team members. A project roadmap is an essential document for navigating through storms. You can create your own here.
2. Project Management Method
From agile, waterfall to extreme development, you can choose the project management style according to your project and clients need. Using a framework will help you to stick to a particular technique and plan through the project in advance.
3. Clear communication
A project manager requires the efforts of developers, designers, quality assurance engineers. Vital communication is essential, and transparency in the project can give a deeper understanding of how all employees are contributing to the large. Using a collaborative project management tool like Jira or Trello is the ideal way to keep everyone aware of the tasks and deadlines.
4. Monitoring the progress
Without monitoring the progress, you will be lost in the wild sea. Meetings are critical, and keeping them short is important. Using SCRUM can minimize your time of meetings and can help everyone in the team to get a quick brief of what everyone is working on. Monitoring the outstanding action items and risks associated are essential to understand for seamless project execution.
Without a vital execution plan, all strategies are doomed to fail. Below we have compiled a list of key objectives of each department:
Sets project management standards
Resource Management and creating workstreams
Provides overall guidance, risk mitigation, and strategic plans
Report, status and issues and becomes a mediator between executives and team members
Define the validation tasks and features
Create a validation plan and strategy
Establish documents and change management rules
Ensure that there is transparency between development and project management
Make sure all deadlines and milestones are met
Manage project cost and budget
Identify cost-saving opportunities and strategies
Conduct cost audits
Development & Technology
Make sure all requirements are clear and show progress
Communicate to project management for resource allocation
Ensure scalability and security in the technology
Design and establish features and specifications
Adhere to technology frameworks, operating systems, and devices
Follow the best practices of art and design
What type of business goals can you measure?
Business goals influence the performance metrics managers to choose to use. These goals need to be SMART goals—not just wishes or dreams. A SMART goal includes the following elements:
These project management KPIs include:
1. Return on Investment (ROI)
Investment assists you to quantify project value, and understand the profitability of the project. It navigates to decide which project needs to be prioritized in the short-term and reserve funds for future cases. A project manager requires to establish a balance between high-risk, high return, low risk, and low return projects
ROI = (Profit From Investment – Cost of Investment) / (Cost of Investment)
ROI = [(Financial Value – Project Cost) / Project Cost] x 100
2. Cost Performance Index (CPI)
Cost performance index shows the efficiency in the project funds. This enables businesses to forecast future performance and allocate funds systematically.
CPI = Earned Value / Actual Costs
Note: If your result is greater than 1, your project is on track and will finish under the projected cost. However, if the answer is less than 1, your project costs will overrun the budget.
3. Resource Capacity
Resource capacity can help you to understand the limits of project teams. It’s common in organizations to overestimate employee availability. Forecasting project resources is an integral part of performance management.
Resource Capacity = (Number of People) * (Availability)
The core reasons why a project execution fails:
Over/under allocation of critical resources
Poor time management
Inadequate team training
Poor stakeholder engagement
Constant changes to requirements, leading to scope creep
Failed project leadership
Lack of a standardized approach
In the next article, we will discuss the second phase of Project Management – Performance & Control. Appzoro helps individuals, startups, and organizations to build beautiful and scalable mobile applications for their audiences. For more information, visit our resource center or contact an app development expert today.
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