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5 Best Techniques for Project Management

Project management techniques are required to list the steps involved in a project and how to accomplish each step in order to achieve the final goal. In this article, we’re going to discuss five project management methodologies that are available in the market at present and used by various organizations. 1) Agile Methodology Agile is one of the most widely used project management methodologies in the market right now. One of the main reasons why it is popular is its ‘sprint principle’. In this, changes can be made to the plan at any stage. The client or the development team can suggest the changes if any, and it can be implemented in the main plan. This provides flexibility to the developers, especially when working on large-scale projects. Another important feature of Agile is that it contains teams that consist of few members. This helps team members to plan and work well. The meetings that are held in organizations that follow Agile methodology are also short. It lasts for less than 10 minutes wherein the team only discusses three concepts – how much work was done? What’s the next step? What are the possible hurdles in the next step? 2) PRINCE2 PRINCE stands for PRojects IN Controlled Environments. It was initially used for government projects and later adopted by the private sector. The principles of PRINCE2 are standard such that it can be implemented in any organization around the world. The position and the description of each position are clearly defined in order to avoid confusions in the process. The core plan is divided into smaller plans in order to get the work done faster. 3) Waterfall Methodology This is one of the oldest project management techniques that is used in the software development and other types of IT projects. Waterfall method uses a sequential form of getting things done. All the tasks that are required for a project like planning, development, quality and testing, and maintenance are all listed in a sequence. In this, each task is listed with the start date and end date of each task. At times, a Gantt chart is used to list the activities. This is a very rigid plan and is never altered till the completion of the project unless it is absolutely necessary to do so. 4) PRiSM PRiSM stands for Projects integrating Sustainable Methods. This project management methodology is mainly used in real-estate and other large-scale projects. It considers environmental factors when working on various projects and the methods suggested by PRiSM can be easily used in large-scale projects. One of the important factors of this methodology is that it gives due credit to the project managers who are actively working on the project. The principles that are followed by PRiSM helps organizations to achieve their goals by sustainable management principles and also have the least amount of negative impact on the environment. 5) Critical Chain Methodology In most of the conventional methods of project management, the time estimated is very large as compared to the actual time required to complete the project. This is called ‘safety time’ and can extend the delivery date further. In critical chain methodology, the estimated time required to complete the task is cut in half. The core components of a project are known as the critical chain and this methodology ensures that the maximum resources are allocated to this critical chain while other processes get sufficient resources as well. This methodology also uses 3 buffers to allocate time and resources efficiently. These are: • Project buffer: It is fixed between the last task and the project completion date. If the tasks in the critical chain are delayed due to any reason, they can utilize this buffer in order to complete the task on time. The time stored in this buffer is the half of the time cut from each of the tasks in the beginning. • Feeding buffer: These buffers are fixed between the last non-critical task and the first critical task. This is done so that the delays in the non-critical tasks does not have an effect on the critical tasks. The time in the buffer is calculated similarly to project buffer. • Resource buffer: In order to ensure that the tasks in the critical chain have ample resources to complete the task, resource buffers are fixed alongside critical chain tasks. The type of project management methodology used by an organization depends on the nature of the organization. It is not necessary that the project management technique that works well for a particular organization should be successful for another organization as well

5 Best Techniques for Project Management

2K
5 Best Techniques for Project Management

Project management techniques are required to list the steps involved in a project and how to accomplish each step in order to achieve the final goal. In this article, we’re going to discuss five project management methodologies that are available in the market at present and used by various organizations.

1) Agile Methodology

Agile is one of the most widely used project management methodologies in the market right now. One of the main reasons why it is popular is its ‘sprint principle’. In this, changes can be made to the plan at any stage. The client or the development team can suggest the changes if any, and it can be implemented in the main plan. This provides flexibility to the developers, especially when working on large-scale projects. Another important feature of Agile is that it contains teams that consist of few members. This helps team members to plan and work well. The meetings that are held in organizations that follow Agile methodology are also short. It lasts for less than 10 minutes wherein the team only discusses three concepts – how much work was done? What’s the next step? What are the possible hurdles in the next step?

2) PRINCE2

PRINCE stands for PRojects IN Controlled Environments. It was initially used for government projects and later adopted by the private sector. The principles of PRINCE2 are standard such that it can be implemented in any organization around the world. The position and the description of each position are clearly defined in order to avoid confusions in the process. The core plan is divided into smaller plans in order to get the work done faster.

3) Waterfall Methodology

This is one of the oldest project management techniques that is used in the software development and other types of IT projects. Waterfall method uses a sequential form of getting things done. All the tasks that are required for a project like planning, development, quality and testing, and maintenance are all listed in a sequence. In this, each task is listed with the start date and end date of each task. At times, a Gantt chart is used to list the activities. This is a very rigid plan and is never altered till the completion of the project unless it is absolutely necessary to do so.

4) PRiSM

PRiSM stands for Projects integrating Sustainable Methods. This project management methodology is mainly used in real-estate and other large-scale projects. It considers environmental factors when working on various projects and the methods suggested by PRiSM can be easily used in large-scale projects. One of the important factors of this methodology is that it gives due credit to the project managers who are actively working on the project. The principles that are followed by PRiSM helps organizations to achieve their goals by sustainable management principles and also have the least amount of negative impact on the environment.

5) Critical Chain Methodology

In most of the conventional methods of project management, the time estimated is very large as compared to the actual time required to complete the project. This is called ‘safety time’ and can extend the delivery date further. In critical chain methodology, the estimated time required to complete the task is cut in half. The core components of a project are known as the critical chain and this methodology ensures that the maximum resources are allocated to this critical chain while other processes get sufficient resources as well. This methodology also uses 3 buffers to allocate time and resources efficiently. These are:

• Project buffer: It is fixed between the last task and the project completion date. If the tasks in the critical chain are delayed due to any reason, they can utilize this buffer in order to complete the task on time. The time stored in this buffer is the half of the time cut from each of the tasks in the beginning.

• Feeding buffer: These buffers are fixed between the last non-critical task and the first critical task. This is done so that the delays in the non-critical tasks does not have an effect on the critical tasks. The time in the buffer is calculated similarly to project buffer.

• Resource buffer: In order to ensure that the tasks in the critical chain have ample resources to complete the task, resource buffers are fixed alongside critical chain tasks.

The type of project management methodology used by an organization depends on the nature of the organization. It is not necessary that the project management technique that works well for a particular organization should be successful for another organization as well

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Website : https://www.knowledgehut.com

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4 comments

Zariel 11 Jan 2017

Good details offered here. Be sure you men submit your own imertvempnos upon Facebook too. It’s always an effective way of having more exposure. Especially if you possess plenty of followers presently there. Best of luck

Brigida Sheasby 02 Feb 2017

Hey there, You have performed an excellent job. I’ll certainly digg it and for my part recommend to my friends. I am sure they'll be benefited from this site.

Sharon Thomson 13 Feb 2017

Great list of tricks one can use to manage the projects. I think you should check out ProofHub for managing your team and projects. Helps to plan, collaborate, organize and deliver projects on time.

Krupa moorthi 28 Nov 2018

How much can we earn as a Project manager?

KnowledgeHut Editor 28 Nov 2018

As of May 2015, the median annual wage of IT managers (including IT project managers) was $131,600 (USD) per year or $63.27 per hour. Note that median annual wage means 50% of workers in that industry earn more than that amount and 50% earn less than that amount. As of May 2015, the median annual wage of construction managers (AKA general contractors, project managers) was $87,400 (USD) per year or $42.02 per hour. As of May 2015, the median annual wage of architectural and engineering managers was $132,800 (USD) per year or $63.85 per hour.

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Managing Scope Creep: A Measurable Impact With PRINCE2®

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The boundaries within which we are going to do this will have to be drawn and ascertained whether we have the resources to achieve the above.  The boundaries are the limits within which the project will be managed and these are called the Scope of the project.  This precision and clarity with which the project team can write the Scope of a project ensure the success of a project.Triangle of Project Constraints The six main aspects or variables of a project in which a Project Manager has to manage are Cost, Time, Scope, Quality, Risks, and Benefits.  If Time, Cost, and Scope are three sides and Quality, Risks, and Benefits are three angles of an equilateral triangle then it will be apparent to the reader that changing any one of them will have an impact on the other five. 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5 Benefits Of Program Management

If you are familiar with project management you have probably come across program management as well. A program is a collection of related projects, and sometimes business as usual work too, all aligned to a common objective. It’s a way of organizing related work into one common stream so that you can track and manage similar projects together. It’s really effective and it makes management’s life easier too! It’s virtually impossible to keep on top of 250 projects, but 30 programs? That’s a different story. Here are 5 more benefits of running a group of related projects as a program instead of as unconnected activities. 1. It’s Easier to Share Resources First, resources can be shared more effectively when a program structure is in place because the program manager can ensure individuals and the budget are deployed in areas that make the most difference. 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How Important Is Project Monitoring And How Do We Implement It Through AI?

Project Monitoring plays a vital part in project management as well as the project manager’s decision making processes. However, it is a method often overlooked and only done for the sake of fulfilling the requirements of a project management plan. But if put into practice, project monitoring can help project managers and their teams foresee potential risks and obstacles that if left unaddressed, could derail the project. It clarifies the objectives of the project, links the activities to the objectives, sets the target, reports the progress to the management and keeps the management aware of the problems which crop up during the implementation of the project. It supports and motivates the management to complete the project within the budget and on time.   What is Project Monitoring? 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Your decisions will be based on very little to no evidence, so the action may not be very efficient and could only be a waste of time and resources.  Getting a PMP certification will help you grow and become a successful, object-oriented Project Manager.   That’s why it is important to monitor projects diligently and use the data you gathered to come up with intelligent decisions. Here are some questions answered through project monitoring: Are tasks being carried out as planned? Are there any unforeseen consequences that arise as a result of these tasks? How is your team performing at a given period of time? What are the elements of the project that needs changing? What is the impact of these changes? Will these actions lead you to your expected results? Automated tools and technologies can simplify the tedious process of project monitoring. Most project managers have already adopted project management tools to delegate tasks and monitor their projects. However, project monitoring is a complex process and there are only a few project management apps out there that can support the project manager’s requirement to have laser-focus on individual tasks and team efficiency. Types of Project Monitoring: Project Monitoring can be attained via: Staff Meetings, which can be conducted on a Weekly, Monthly or an Annual basis. Partners meeting, Learning forums (FGD, Surveys) or Retreats. Participatory reviews by the stakeholders Monitoring and Supervision Missions that can be Self, Donor or Joint. Statistics or Progress reports How to implement Project Monitoring and Control in projects? The following are the steps to implement Project Monitoring and Control (PMC) in projects: Monitor the parameter of project planning: It requires the monitoring of project parameters like effort, costing, schedule, timeline, etc. It is the responsibility of a Project Manager to track such metrics while working on a project. Monitor Commitments: Being a Project Manager, you will have to keep track of the commitments of different stakeholders in the project. The stakeholders can include anyone: the team members, management, peers, vendors as well as clients. Monitor the Project Risks: It is important to keep a track of all the risks that might be involved with the project. There are various types of risks that can be involved in a project, including process, people, technology, tools, etc. Data Management monitoring: Keeping track of all of the configuration items, which includes software, hardware as well as documentation of the project. Monitoring the Stakeholder involvement: As a Project Manager, it is important that you keep track of how all the stakeholders are involved in the project. This can be done through different types of meetings, status reports, etc.  Manage Progress Reviews: Conduct and manage the project progress reviews with the help of different techniques which includes the work progress of team members, client meetings, milestones reviews, etc. Based on these activities, various status reports are created, which are shared with the stakeholders as well. Manage actions to closure: Based on the progress of the project, it is important to take corrective actions to get control over the progress of the project plan.  These corrective actions are then tracked by the Project Managers till the project closure or until the progress is under control. Why Project monitoring? Project monitoring aids various purposes. It brings out the problems which occur or which might occur during the implementation of the project and which demands solutions for smoother progress in the project. Effective monitoring helps in knowing if the intended results are being achieved as planned, what actions are needed to achieve the intended results during the project execution, and whether these initiatives are creating a positive impact towards the project execution. To assess the project results: To know how the objectives are being met and the desired changes are being met. To improve process planning: It helps in adapting to better contextual and risk factors which affect the research process, like social and power dynamics. To promote learning: It will help you learn how various approaches to participation influences the outcomes. To understand stakeholder’s perspectives: Through direct participation in the process of monitoring and evaluation, learn about the people who are involved in the research project. Understand their values and views, as well as design methods to resolve conflicting views and interests. To ensure accountability: To assess if the project has been effectively, appropriately and efficiently executed, so that they can be held accountable. 3 Ways to Track and Re-Plan a Project It is said that projects never go according to what we have planned. Hence, one must be ready to make any amendments as needed. You can also opt for the following three-step approach: Check and understand the progress of the project: Before starting to re-plan your project, you should be sure of the current state and status of the work. Setting up a meeting for the whole team together to get to know about the updates of the current work, upcoming tasks and issues will be beneficial. Also, recognize the important milestones in this meeting. Search for and Manage Exceptions: Stay on a look-out for exceptions like risks, issues and change requests. Open issues will have to be resolved so that roadblocks can be removed, and a risk mitigation plan will have to be developed. Re-plan the project: You have an idea of how to re-plan the project. The following steps will help you do so: Keep the important project documents updated, which includes the project charter. Share the new plan with the shareholders. As per the demand, re-assign the work. Communicate with the team members regarding the new assignments and send automated reminders to them. As required, make changes on the project site with the updates reports and dashboards. Project Monitoring with KnightSpear’s AI Work Coach Isabella KnightSpear has a practical way of helping project managers to monitor their projects and team’s performance. With the help of Isabella, KnightSpear’s AI work coach with machine learning capability, the information you need for project monitoring is handed over to you so you can spend less time gathering and interpreting data and more time taking action instead. Isabella, the KnightSpear’s AI-enabled chat-box work coach, can process data within the app. Accordingly, they respond to the project managers with reports and suggestions on how they can manage tasks and keep his/her team engaged. Here are some ways by which Isabella helps you with project monitoring. Real-time monitoring of team performance With automated task monitoring, Isabella can monitor how everything is going, including what the team is working on, which team members are stuck on a task or what other tasks need to be done to move forward with the project. Regular status and progress reports Isabella provides the duration summary of a task. It displays the amount of time the assignee has spent on a task and predicts how much more is needed to complete the entire project so you can identify existing issues and make timely adjustments to get things back on track. Providing recommendations and suggestions Isabella can estimate the percentage of project success or failure. She can also predict the probability of tasks going overdue or missing its deadline and provide valuable advice on how you can get the team to work together to prevent this from happening. Ensuring that recommended actions are implemented It’s important that the team is clear if there are any changes to the project plan. Isabella can remind the team of any over dues, hanging tasks and issues that need quick resolution so you can drive your team to the direction you are planning to take. In conclusion, project monitoring is important in making the project management plan work to meet your project objectives. It is a part of the project and project management, not an addition to it. Given the data about the team, the project and the prediction of overdue, project managers can customize the project plan and address issues before they happen. With project monitoring, you can identify the most efficient way to manage your resources and continually assess your project status, so you can ensure your project success.
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