Project Management is known to be one of the most important aspects of a business as it helps to streamline operations. If any organization is looking to increase the efficiency of their work within a given timeline, then they need to have project management in place. The core responsibilities of the project manager include initiate, plan, execute, monitor and closure the project. Apart from this they also look after the other tasks as well such as setting the timelines, monitoring the budget, communicating with stakeholders.
If you are a project manager and new to this role then this could be overwhelming to you as you would need to manage people, organize the tasks and meet the deadlines of the project. But as napoleon said nothing is impossible. Being a newbie, you can also execute your projects effectively with little planning and breaking down the tasks in various stages. There are various tools and software such as total synergy which can help you to execute and manage the projects easily. Here in this article, we will talk about how to execute the new project in various steps. Let’s begin!
Initiation of Project and Conceptualization
The very first step of Project Management where you would need to devote the time to understand whether the project is valuable for your business or not. It involves several steps such as receiving the project idea from the client, researching on the workload, budgetary and standpoints of the project, Determining the feasibility of completion of the project, advising stakeholders about the feasibility of the project, and reevaluation of the new factors which could arise based on the perspective of the stakeholders. In this step, you can decide whether you can take it up or not, and hence it could save a lot of your time in the future.
Ideation and Planning of a Project
In this step, you would create an idea and prepare a plan to represent in front of the stakeholders. Here you would need to first set up the planning meeting with your stakeholders. Once done you would need to set goals and define your KPI’s. Post this you would need to work on defining the project roles and responsibilities. After this, you would need to create a schedule for the project and the total estimation of a cost. Once you are done with this you can present it to your stakeholders.
Launch And Execution Of A Project
So now you have drafted a plan and the idea now it is time for a launch and execution. During the execution first, you would need to represent the idea in front of the stakeholders and convey the important things related to the deadline and deliverables of the project. Here you can take the help of project management software to make the entry of important details of your projects such as goals, deliverables, and resources. Here you will get an option to assign certain tasks to the respective team members. After allocation, you can conduct the review on weekly basis with the team to discuss the progress.
Monitoring the Project
Here at this stage, you would need to measure the key performance indicators of your project. The first that you can monitor is the total time spent on the project by each member and also check whether your team would be able to deliver the given project tasks according to the project deadline. You can also compare the real-time spent with the planned time for the project tasks. The other things that you would need to monitor are the number of times your schedule got changed, the actual cost vs planned cost of the project, expenditure details, and the total return on investment.
Presentation And Closure Of A Project
Here comes the last stage of the project wherein you would finish all related tasks and evaluate the final project report. Here you would need to develop the final project report along with the budget. Once done you would need to represent the project deliverables and other key metrics to the stakeholders. Post presentation you can hold a meeting with your team regarding the overall performance and the scope of improvement for future projects.
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