Striving to be a great project manager? wondering how to manage projects successfully? A great project manager is a person who can envision the complete project from the initial to end-stage.
Hi and welcome to Gwiz Academy’s Project Management articles. In this article, we will see which 5 rules define if a project will succeed or fail. The project managers need to make their management techniques more and more flexible in order to keep up with the business tempo.
How to Manage Projects Successfully
Though the reasons for a project succeeding or failing might differ from project to project let’s see the top reasons why projects fail.
Top reasons for the project to Fail
- Low client satisfaction: Sometimes it happens that the client/customer keeps a higher level of expectations that are uncertain to be met.
- Budget Overrun: Unexpected costs incurred during the process may also result in project failure. it’s always advisable to keep a buffer amount.
- Changing Requirements: When client requirements are not well confirmed and a higher level of requirements comes up during the process, you may have to cancel the project abruptly.
- Team member replacement: if the tasks are assigned again and again to a new member due to a performance issue or other, then it will have a negative impact on the project.
- The shift in Timeline: if the timeline is decreased in an unmanageable way or increased way too much resulting in the loss of time and money resources, it may eventually lead to failure of the project.
Top reasons for the project to succeed
- High client satisfaction: Clients having realistic expectations helps us in successful project completion.
- Hassle-free approval: When clients approved the milestones without any hold-offs this contributes towards the success of the projects
- On Target Budget: A rightly set budget contributes as well.
- Deadlines Met: When a team works as per the project schedule and meets the deadline
- Positive feedback: Great feedbacks are always a plus for the project to be completed successfully.
Rules to follow for a successful project management
Rule 1: Gather complete details before getting started
Details here refer to the project scope approved by the client, expected deliverable date/dates, and a Budget required in a clear budget sheet. The more clear the details, the better the interaction between the client and you throughout the process.
Rule 2: Allocate tasks clearly
Deadlines are often missed when multiple people are collaborating on the same project. In order to deploy the project successfully, clearly convey which member is in charge of which part of the work and enforce accountability for that work.
Rule 3: Pay attention to these 3
Time, Budget, and Quality play a vital role in a project’s success. Completing the project on time, within the budget allocated, and by not compromising on the satisfactory level of the client i.e., by giving a quality service and product, eventually results in a successful project.
Rule 4: Keep the project on Track
Beginning from the initial requirement gathering to planning and then execution, keep checkpoints for each stage and check if the project is on track with what is expected at any particular stage.
Rule 5: Follow agile Methodology
With changing business requirements, the method being followed must be changed as well. Following the same traditional methods for modern requirements may result in the failure of the project. At present, Agile methodology is proven to be the best method.
So here are the reasons for the success or failure of the project and 5 rules that can help you complete the project successfully when being followed from Gwiz Academy’s end. If you have any reason or rule from your end, please do let us know in the comments.
Thank you for reading.