PROJECT MANAGEMENT

Code: KMB401 Credits: 3 Teaching Hours: 36

Course Objective: The course is intended to develop the knowledge of the students in the
management of projects, special emphasis will be provided on the managerial aspects of project
management along with understanding of various tools and techniques for project appraisal and
control. It will help the MBA students to draft the project proposal in any area of management
and evaluate the worth of projects.
Unit 1(6 Sessions)
Introduction of Project: Definitions & Characteristics of Project, Types of Projects, Project Life
Cycle. Concepts of Deliverables, Scope of Work and Milestones. Project Management Process:
Introduction, Tools & Techniques of Project Management. Project Team and Scope of Project
Management: Characteristics of a Project Team & Project Leader, Project Organization, and
Importance of Project Management. Case Studies

Unit II(08 Sessions)

Project Identification & Selection: Identification, Generation of ideas, Approaches to Project
Screening and Selection, Project Rating Index. Market & Demand Analysis Techniques: Survey
& Trend Projection Methods. Project Risk Management: Concepts and Types of Project Risks,
Risk Identification, Risks Analysis, Risks Mitigation Strategies. Case Studies

Unit III (08 Sessions)

Project Costing: Fundamental components of Project Cost, Types of Costs: Direct, Indirect,
Recurring, Non-Recurring, Fixed, Variable, Normal, Expedite costs. Project Financing and
Budgeting: Sources of Finance, Top down Budgeting, Bottom up Budgeting, Activity Based
Costing. Social Cost Benefit Analysis (SCBA) of Project: Concept & significance of SCBA,
Approaches to SCBA. Case Studies

Unit IV (08 Sessions)

Project Scheduling and Network Analysis: Steps in Project Scheduling and Network design,
Gantt Chart, Work Breakdown Structure (WBS) & Responsibility Assignment Matrix. Project
Network Design: Identifying the Nodes and Activities, Activity on Arrow (AoA) and Activities
on Node (AoN) methods, Introduction to PERT and CPM, Crashing in Projects. Case Studies

Unit V (10 Sessions)

Project Monitoring and Control: Planning- Monitoring and Control Cycle. Project Management
Information System. Milestone Analysis and Tracking Gantt chart. Earned Value Analysis
(EVA): Planned Value (PV), Earned Value (EV), Cost Variance (CV), Schedule Variance (SV),
Cost performance Index (CPI), Schedule performance Index (SPI). Project Termination: Types
of Terminations, Project Termination Process. Case Studies
Project management is the application of methodologies, tools and processes to successfully
plan and execute projects. Project management intelligently makes use of teams and resources
to complete project activities within the boundaries of time, cost and scope.
The project objective is defined by the client or stakeholder, and a project manager uses the
methodologies of project management to create a plan that defines the resource allocation, tasks,
milestones and deliverables necessary to meet the stakeholders’ requirements.
The plan must adjust to the triple constraint, or project management triangle, which refers to the
time, cost and scope limitations that apply to every project. This concept is a cornerstone of
project management, and therefore managers must pay special attention to the schedule, budget,
and work breakdown structure during the planning phase.
Projects are often planned, scheduled, executed and tracked with the help of project management
software. This vital tool keeps projects on track and teams productive.
The Definition of a Project
A project is work that has a specific objective (or deliverable) that is to be completed within a
set timeline, and upon completion, a product or service is created. Projects are unique in that they
end, unlike other business functions that repeat or continue regularly.
The project life cycle is made up of five stages: initiation, planning, execution, monitoring and
control and closure. Depending on the industry, objectives and stakeholder requirements,
different types of project management methodologies will be employed to manage these five
stages and achieve a successful outcome.
Different Types of Project Management
There are many project management methodologies and frameworks devised to manage a
project. These are some of the most popular:
 Waterfall project management: A traditional methodology that is sequential and
requirement focused, with each project stage completed before moving onto the next.
 Agile project management: A framework that prefers a faster and flexible way of
working, as opposed to waterfall. It is iterative and incremental in response to changing
requirements.
 Scrum: An approach used in agile project management, which focuses on teams, daily
standup meetings and sprints, which are short iterations of work.
 PRINCE2: Stands for Projects In Controlled Environments and is the official
methodology for governmental projects in the UK. It’s based on seven principles, themes and
processes.
 Lean: Lean is what you’d think from its name: a way to cut waste and in so doing
increase value. So, lean focuses on key processes to continuously have a positive impact on
value. It does this by optimizing separate technologies, assets and verticals.
Regardless of the type of project management that’s used, a project manager is typically
involved to ensure that everything runs smoothly, and that the agreed upon methodology is being
followed correctly.
What Exactly Does a Project Manager Do?
A project manager is the individual tasked with planning and executing the project. As noted,
there are many ways to manage a project—and depending on the methodology used, a project
manager can operate in vastly different ways.
However, most project managers share common roles and responsibilities. Some of the more
traditional duties of a project manager include the following:
 Scope Management: Defining the work needed to complete the project
 Task Management: Planning tasks and defining their deliverables
 Resource Management: Using people, capital, materials and all other resources
efficiently
 Team Management: Assembling and leading a team
 Schedule Management: Consists in analyzing the duration of activities to create a
project schedule. Once the execution phase begins, the project status must be monitored to
update the schedule baseline
 Quality Management: Establishing a quality policy for the project’s deliverables and
implementing quality assurance and quality control procedures
 Cost Management: Estimating costs and creating a budget
 Stakeholder Management: Satisfying stakeholders expectations and communicating
with them throughout the project life cycle
 Risk management: Identifying, monitoring and minimizing project risk
 Status Reporting: Monitoring and tracking progress and performance by generating
reports and other documentation
Project managers learn about their role through certification from the Project Management
Institute (PMI), which has codified standards in the often updated Project Management Book of
Knowledge (PMBOK). Armed with their knowledge, project managers rely on project
management software to execute all of the tasks necessary for a successful project.
Characteristics of Project Leader
The terms project manager and project leader get used interchangeably all the time, and yet there
are a couple important differences that can be derived from the respective terms themselves.
Managers manage. Leaders lead. What this means in practice is that project leaders are
responsible for establishing direction, communicating their vision to management and the
workforce, and forging teams that are capable of delivering high-performance. In contrast,
project managers focus primarily on short-term goals and are responsible for solving short-term
problems. The project manager implements the project and solves roadblocks as they emerge.
Noting that difference, it is easy to argue that project leaders have the most diBcult job of all in
regard to the implementation of major change initiatives.
After all, project leaders liaise between management and the workforce, and are directly
responsible for ensuring the inspired execution of the agreed upon strategy. Here are the Five
characteristics of highly effective project leaders.
1. They are strong communicators
Project leaders need to be particularly strong communicators as they must eventually provide
feedback to the management and facilitate the continual improvement efforts of the men and
women working under them.
2. They are trustworthy
Whether project leaders come from inside or outside the organization, they must have the
continued support and trust of the board of directors and management. Without this,
micromanagement and inefficiencies are bound to occur over the course of a major
transformation.
3. They understand people
While the project leader doesn’t necessarily need to be a “people person”, he or she does need to
have a strong sense of where the aptitudes and abilities of the team members lie. Putting together
a team with complimentary strengths and weaknesses helps to ensure the eventual success of the
chosen project.
4. They can see the overall Performance
Being able to take the long-term view is a critical characteristic of project leadership and project
leaders need to be able to see the whole as it is in order to make connections that the individual
team members cannot see due to their limited scope in the overall project.
5. They can see the all level of efforts
While taking the holistic view is critical for project leaders, they need to be able to communicate
on a detailed level about all aspects of the project to any level of seniority. Possessing long-term
vision will prove insufficient when it comes to managing people and their individual roles within
the larger project.
Characteristics of Project Team
On this type of team, there is usually a strong trust bond, people work cooperatively together to
reach the common project goals, and often the project is even more successful than the project
manager and customer could have imagined.
These types of teams generally have some key characteristics in common that help make them
the effective, high performing teams that they are.
Clearly defined goals
Clearly defined goals are essential so that everyone understands the purpose and vision of the
team. It’s surprising to learn sometimes how many people do not know the reason they are doing
the tasks that make up their jobs, much less what their team is doing. Everyone must be pulling
in the same direction and be aware of the end goals. Clear goals help team members understand
where the team is going. Clear goals help a team know when it has been successful by de?ning
exactly what the team is doing and what it wants to accomplish. This makes it easier for
members to work together – and more likely to be successful.
Clear goals create ownership. Team members are more likely to “own” goals and work toward
them if they have been involved in establishing them as a team. In addition, ownership is longer
lasting if members perceive that other team members support the same efforts. Clear goals foster
team unity, whereas unclear goals foster confusion – or sometimes individualism. If team
members don’t agree on the meaning of the team goals, they will work alone to accomplish their
individual interpretations of the goals. They may also protect their own goals, even at the
expense of the team.
Clearly defined roles
If the team’s roles are clearly de?ned, all team members know what their jobs are, but de?ning
roles goes beyond that. It means that we recognize individuals’ talent and tap into the expertise
of each member – both job-related and innate skills each person brings to the team, such as
organization, creative, or team-building skills. Clearly de?ned roles help teammembers
understand why they are on a team. When the members experience conflict, it may be related to
their roles. Team members often can manage this conflict by identifying, clarifying, and agreeing
on their individual responsibilities so that they all gain a clear understanding of how they will
accomplish the team’s goals. Once team members are comfortable with their primary roles on
the team, they can identify the roles they play during team meetings. There are two kinds of roles
that are essential in team meetings.
Open and clear communication
The importance of open and clear communication cannot be stressed enough. This is probably
the most important characteristic for high-performance teams. Many different problems that arise
on projects can often be can be traced back to poor communication or lack of communication
skills, such as listening well or providing constructive feedback. Enough books have been
written about communication to all a library. And I’ve personally written several articles on this
subject alone for this site over the past few months. Excellent communication is the key to
keeping a team informed, focused, and moving forward. Team members must feel free to express
their thoughts and opinions at any time. Yet, even as they are expressing themselves, they must
make certain they are doing so in a clear and concise manner. Unfortunately, most of us are not
very good listeners. Most of us could improve our communication if we just started to listen
better—to listen with an open mind, to hear the entire message before forming conclusions, and
to work toward a mutual understanding with the speaker.
Effective decision making
Decision making is effective when the team is aware of and uses many methods to arrive at
decisions. A consensus is often touted as the best way to make decisions—and it is an excellent
method and probably not used often enough. But the team should also use majority rule, expert
decision, authority rule with discussion, and other methods. The team members should discuss
the method they want to use and should use tools to assist them, such as force-field analysis,
pair-wise ranking matrices, or some of the multi-voting techniques. Effective decision making is
essential to a team’s progress; ideally, teams that are asked to solve problems should also have
the power and authority to implement solutions. They must have a grasp of various decision-
making methods, their advantages and disadvantages, and when and how to use each. Teams that
choose the right decision-making methods at the right time will not only save time, but they will
also most often make the best decisions. This completes the four basic foundation characteristics:
clear goals, defined roles, open and clear communication, and effective decision making.
Balanced participation
If communication is the most important team characteristic, participation is the second most
important. Without participation, you don’t have a team; you have a group of bodies. Balanced
participation ensures that everyone on the team is fully involved. It does not mean that if you
have five people each is speaking 20 percent of the time. Talking is not necessarily a measure of
participation. We all know people who talk a lot and say nothing. It does mean that each
individual is contributing when it’s appropriate. The more a team involves all of its members in
its activities, the more likely that team is to experience a high level of commitment and synergy.
Leader’s behavior
A leader’s behavior comes as much from attitude as from anything. Leaders who are effective in
obtaining participation see their roles as being a coach and mentor, not the expert in the situation.
Leaders will get more participation from team members if they can admit to needing help, not
power. Leaders should also specify the kind of participation they want right from the start.
Participants’ expectations
Participants must volunteer information willingly rather than force someone to drag it out of
them. They should encourage others’ participation as well by asking a question of others,
especially those who have been quiet for a while. Participants can assist the leader by suggesting
techniques that encourage everyone to speak, for example, a round robin. To conduct a round
robin, someone directs all members to state their opinions or ideas about the topic under
discussion. Members go around the group, in order, and one person at a time says what’s on his
or her mind. During this time, no one else in the group can disagree, ask questions, or discuss
how the idea might work or not work, be good or not good. Only after everyone has had an
opportunity to hear others and to be heard him- or herself, a discussion occurs. This discussion
may focus on pros and cons, on clarifying, on similarities and differences, or on trying to reach
consensus.
Valued diversity
Valued diversity is at the heart of building a team. Thus, the box is at the center of the model. It
means, put simply, that team members are valued for the unique contributions that they bring to
the team. Diversity goes far beyond gender and race. It also includes how people think, what
experience they bring, and their styles. The diversity of thinking, ideas, methods, experiences,
and opinions helps to create a high-performing team.
Managed Conflict
Conflict is essential to a team’s creativity and productivity. Because most people dislike conflict,
they often assume that effective teams do not have it. In fact, both effective and ineffective teams
experience conflict. The difference is that effective teams manage it constructively. In fact,
effective teams see conflict as positive. Managed conflict ensures that problems are not swept
under the rug. It means that the team has discussed members’ points of view about an issue and
has come to see well-managed conflict as a healthy way to bring out new ideas and to
solve whatever seems to be unsolvable. Here are some benefits of healthy conflict: Conflict
forces a team to find productive ways to communicate differences, seek common goals, and gain
consensus; Conflict encourages a team to look at all points of view, then adopt the best ideas
from each; Conflict increases creativity by forcing the team to look beyond current assumptions
and parameters.
Positive team atmosphere
To be truly successful, a team must have a climate of trust and openness, that is, a positive
atmosphere. A positive atmosphere indicates that members of the team are committed and
involved. It means that people are comfortable enough with one another to be creative, take risks,
and make mistakes. It also means that you may hear plenty of laughter, and research shows that
people who are enjoying themselves are more productive than those who dislike what they are
doing.
Cooperative relationships
Directly related to having a positive atmosphere are cooperative relationships. Team members
know that they need one another’s skills, knowledge, and expertise to produce something
together that they could not do as well alone. There is a sense of belonging and a willingness to
make things work for the good of the whole team. The atmosphere is informal, comfortable, and
relaxed. Team members are allowed to be themselves. They are involved and interested.
Cooperative relationships are the hallmark of top-performing teams. These top teams
demonstrate not only cooperative relationships between team members but also cooperative
working relationships elsewhere in the organization.
Participative Leadership
The participative leadership block is not at the top of the model because it is the most important.
It is at the top because it is the only block that can be removed without disturbing the rest.
Participative leadership means that leaders share the responsibility and the glory, are supportive
and fair, create a climate of trust and openness, and are good coaches and teachers. In general, it
means that leaders are good role models and that the leadership shifts at various times. In the
most productive teams, it is diZcult to identify a leader during a casual observation. In
conclusion, a high-performing team can accomplish more together than all the individuals can
apart.
Tools and Techniques of Project Management
Techniques in project management range from traditional to innovative ones. Which one to
choose for running a project, depends on project speci8cs, its complexity, teams involved, and
other factors. Most of them can be used in various 8elds, however, there are techniques that are
traditionally used in certain areas of activity, or are developed speci8cally for certain 8elds.
Below, we’ve listed the most popular techniques that are used in project management.
Classic Technique
The simplest, traditional technique is sometimes the most appropriate for running projects. It
includes preparing a plan of upcoming work, estimating tasks to perform, allocating resources,
providing and getting feedback from the team, and monitoring quality and deadlines.
Where to use: this technique is ideal for running projects performed by small teams, when it’s
not really necessary to implement a complex process.
Waterfall Technique
This technique is also considered traditional, but it takes the simple classic approach to the new
level. As its name suggests, the technique is based on the sequential performance of tasks. The
next step starts when the previous one is accomplished. To monitor progress and performed
steps, Gantt charts are often used, as they provide a clear visual representation of phases and
dependencies.
Where to use: this technique is traditionally used for complex projects where detailed phasing is
required and successful delivery depends on rigid work structuring.
Agile Project Management
Agile project management method is a set of principles based on the value-centered approach. It
prescribes dividing project work into short sprints, using adaptive planning and continual
improvement, and fostering teams’ self-organization and collaboration targeted to producing
maximum value. Agile frameworks include such techniques as Scrum, Kanban, DSDM, FDD,
etc.
Where to use: Agile is used in software development projects that involve frequent iterations and
are performed by small and highly collaborative teams.
Rational Uni;ed Process
Rational Uni8ed Process (RUP) is a framework designed for software development teams and
projects. It prescribes implementing an iterative development process, where feedback from
product users is taken into account for planning future development phases.
Where to use: RUP technique is applied in software development projects, where end user
satisfaction is the key requirement.
Program Evaluation and Review Technique
Program Evaluation and Review Technique (PERT) is one of widely used approaches in various
areas. It involves complex and detailed planning, and visual tracking of work results on PERT
charts. Its core part is the analysis of tasks performed within the project. Originally, this
technique was developed by the US Navy during the Cold War to increase efficiency of work on
new technologies.
Where to use: this technique suits best for large and long-term projects with non-routine tasks
and challenging requirements.
Critical Path Technique
Actually, this technique is an algorithm for scheduling and planning project works that is often
used in conjunction with the PERT method discussed above. This technique involves detecting
the longest path (sequence of tasks) from the beginning to the end of a project, and de8ning the
critical tasks. Critical are tasks that inWuence the deadlines of the entire project, and require
closer attention and thorough control.
Where to use: Critical Path technique is used for complex projects where delivery terms and
deadlines are critical, in such areas as construction, defense, software development, and others
Critical Chain Technique
Critical Chain is a more innovative technique that derives from PERT and Critical Path methods.
It is less focused on rigid task order and scheduling, and prescribes more Wexibility in resource
allocation and more attention to how time is used. This technique emphasizes prioritization,
dependencies analysis, and optimization of time expenses.
Where to use: like the previous two techniques, it is used in complex projects. As it is focused on
time optimization and wise resource allocation, it suits best for projects where resources are
limited.
Extreme Project Management
Extreme project management technique (XPM) emphasizes elasticity in planning, open
approach, and reduction of formalism and deterministic management. Deriving from extreme
programming methods, it is focused on human factor in project management rather than on
formal methods and rigid phases.
Where to use: XPM is used for large, complex and uncertain projects where managing uncertain
and unpredictable factors is required.
Project Organization
The project organization consists of a number of horizontal organizational units to complete
projects of a long duration. Each project is vitally important to the organization. Therefore, a
team of specialist from different areas is created for each project.
The size of the project team varies from one project to another. The activities of a project team
are coordinated by the project manager who has the authority to obtain advice and assistance of
experts both inside and outside the organization.

The core concept of project organization is to gather a team of specialists to work on and
complete a particular project. The project staff is separate and is independent of the functional
departments. Project organization is employed in aerospace, construction, aircraft manufacture
and professional areas like management consultancy etc. Project organization is appropriate
when the enterprise is undertaking tasks that have de@nite goals that are frequent and unfamiliar
to the present structure, that are complex because of interdependence of tasks and that are crucial
for the success of the @rm. A project team is a temporary set up. Once the project is complete,
the team is dissolved and the functional specialists are assigned some other projects.
Merits of Project Organization
1. It provides concentrated attention that a complex project demands.
2. It permits the timely completion of the project without disturbing the normal routine of rest of
the organization.
3. It provides a logical approach to any challenge in fulfilling a large project with definite
beginning, end and clearly defined result.
Demerits of Project Organization
1. There is an organizational uncertainly as a project manager has to deal with professionals
drawn from diverse fields.
2. Organizational uncertainties may lead to interdepartmental conflicts.
3. There is a considerable fear among personnel that the completion of the project may result in
loss of job. This feeling of
insecurity may create considerable worry about career progress.

Importance of Project Management

1. Strategic Alignment
Project management is important because it ensures what is being delivered, is right, and will
deliver real value against the business opportunity. Every client has strategic goals and the
projects that we do for them advance those goals. Project management is important because it
ensures there’s rigor in architecting projects properly so that they >t well within the broader
context of our client’s strategic frameworks Good project management ensures that the goals of
projects closely align with the strategic goals of the business. In identifying a solid business case,
and being methodical about calculating ROI, project management is important because it can
help to ensure the right thing is delivered, that’s going to deliver real value. Of course, as
projects progress, it is possible that risks may emerge, that turn into issues or even the business
strategy may change. But a project manager will ensure that the project is part of that
realignment. Project management really matters here because projects that veer off course, or
which fail to adapt to the business needs may end up being expensive and/or unnecessary.
2. Leadership
Project management is important because it brings leadership and direction to projects. Without
project management, a team can be like a ship without a rudder; moving but without direction,
control or purpose. Leadership allows and enables a team to do their best work. Project
management provides leadership and vision, motivation, removing roadblocks, coaching and
inspiring the team to do their best work. Project managers serve the team but also ensure clear
lines of accountability. With a project manager in place there’s no confusion about who’s in
charge and in control of whatever’s going on in a project. Project managers enforce process and
keep everyone on the team in line too because ultimately they carry responsibility for whether
the project fails or succeeds.
3. Clear Focus & Objectives
Project management is important because it ensures there’s a proper plan for executing on
strategic goals. Where project management is left to the team to work out by themselves, you’ll
>nd teams work without proper briefs, projects lack focus, can have vague or nebulous
objectives, and leave the team not quite sure what they’re supposed to be doing, or why. As
project managers, we position ourselves to prevent such a situation and drive the timely
accomplishment of tasks, by breaking up a project into tasks for our teams. Oftentimes, the
foresight to take such an approach is what differentiates good project management from bad.
Breaking up into smaller chunks of work enables teams to remain focused on clear objectives,
gear their efforts towards achieving the ultimate goal through the completion of smaller steps and
to quickly identify risks, since risk management is important in project management. Often a
project’s goals have to change in line with a materializing risk. Again, without dedicated oversite
and management, a project could swiftly falter but good project management (and a good project
manager) is what enables the team to focus, and when necessary refocus, on their objectives.
4. Realistic Project Planning
Project management is important because it ensures proper expectations are set around what can
be delivered, by when, and for how much. Without proper project management, budget estimates
and project delivery timelines can be set that are over-ambitious or lacking in analogous
estimating insight from similar projects. Ultimately this means without good project
management, projects get delivered late, and over budget. Effective project managers should be
able to negotiate reasonable and achievable deadlines and milestones across stakeholders, teams,
and management. Too often, the urgency placed on delivery compromises the necessary steps,
and ultimately, the quality of the project’s outcome. We all know that most tasks will take longer
than initially anticipated; a good project manager is able to analyze and balance the available
resources, with the required timeline, and develop a realistic schedule. Project management
really matters when scheduling because it brings objectivity to the planning. A good project
manager creates a clear process, with achievable deadlines, that enables everyone within the
project team to work within reasonable bounds, and not unreasonable expectations.
5. Quality Control
Projects management is important because it ensures the quality of whatever is being delivered,
consistently hits the mark. Projects are also usually under enormous pressure to be completed.
Without a dedicated project manager, who has the support and buy-in of executive management,
tasks are underestimated, schedules tightened and processes rushed. The result is bad quality
output. Dedicated project management ensures that not only does a project have the time and
resources to deliver, but also that the output is quality tested at every stage. Good project
management demands gated phases where teams can assess the output for quality, applicability,
and ROI. Project management is of key importance to Quality Assurance because it allows for a
staggered and phased process, creating time for teams to examine and test their outputs at every
step along the way.
X. Risk Management
Project management is important because it ensures risks are properly managed and mitigated
against to avoid becoming issues. Risk management is critical to project success. The temptation
is just to sweep them under the carpet, never talk about them to the client and hope for the best.
But having a robust process around the identi>cation, management and mitigation of risk is what
helps prevent risks from becoming issues. Good project management practice requires project
managers to carefully analyze all potential risks to the project, quantify them, develop a
mitigation plan against them, and a contingency plan should any of them materialize. Naturally,
risks should be prioritized according to the likelihood of them occurring, and appropriate
responses are allocated per risk. Good project management matters in this regard, because
projects never go to plan, and how we deal with change and adapt our plans is a key to delivering
projects successfully.
7. Orderly Process
Project management is important because it ensures the right people do the right things, at the
right time – it ensures proper project process is followed throughout the project lifecycle.
Surprisingly, many large and well-known companies have reactive planning processes. But
reactivity – as opposed to proactivity – can often cause projects to go into survival mode. This is
a when teams fracture, tasks duplicate, and planning becomes reactive creating ine]ciency and
frustration in the team. Proper planning and process can make a massive difference as the team
knows who’s doing what, when, and how. Proper process helps to clarify roles, streamline
processes and inputs, anticipate risks, and creates the checks and balances to ensure the project is
continually aligned with the overall strategy. Project management matters here because without
an orderly, easily understood process, companies risk project failure, attrition of employee trust
and resource wastage.
^. Continuous Oversight
Project management is important because it ensures a project’s progress is tracked and reported
properly. Status reporting might sound boring and unnecessary – and if everything’s going to
plan, it can just feel like documentation for documentation’s sake. But continuous project
oversight, ensuring that a project is tracking properly against the original plan, is critical to
ensuring that a project stays on track. When proper oversight and project reporting is in place it
makes it easy to see when a project is beginning to deviate from its intended course. The earlier
you’re able to spot project deviation, the easier it is to course correct. Good project managers
will regularly generate easily digestible progress or status reports that enable stakeholders to
track the project. Typically these status reports will provide insights into the work that was
completed and planned, the hours utilized and how they track against those planned, how the
project is tracking against milestones, risks, assumptions, issues and dependencies and any
outputs of the project as it proceeds. This data is invaluable not only for tracking progress but
helps clients gain the trust of other stakeholders in their organization, giving them easy oversight
of a project’s progress.
9. Subject Matter Expertise
Project management is important because someone needs to be able to understand if everyone’s
doing what they should. With a few years experience under their belt, project managers will
know a little about a lot of aspects of delivering the projects they manage. They’ll know
everything about the work that their teams execute; the platforms and systems they use, and the
possibilities and limitations, and the kinds of issues that typically occur. Having this kind of
subject matter expertise means they can have intelligent and informed conversations with clients,
team, stakeholders, and suppliers. They’re well equipped to be the hub of communication on a
project, ensuring that as the project aows between different teams and phases of work, nothing
gets forgotten about or overlooked. Without subject matter expertise through project
management, you can >nd a project becomes unbalanced – the creatives ignore the limitations of
technology or the developers forget the creative vision of the project. Project management keeps
the team focussed on the overarching vision and brings everyone together forcing the right
compromises to make the project a success.
10. Managing and Learning from Success and Failure
Project management is important because it learns from the successes and failures of the past.
Project management can break bad habits and when you’re delivering projects, it’s important to
not make the same mistakes twice. Project managers use retrospectives or post project reviews to
consider what went well, what didn’t go so well and what should be done differently for the next
project. This produces a valuable set of documentation that becomes a record of “do and don’t”
going forward, enabling the organization to learn from failures and success. Without this
learning, teams will often keep making the same mistakes, time and time again. These
retrospectives are great documents to use at a project kickoff meeting to remind the team about
failures such as underestimating projects, and successes such as the bene>ts of a solid process or
the importance of keeping time sheet reporting up to date!