by DharamCW | Jan 3, 2024 | Project Management
🎯 Episode Highlights:
– Unveiling AI as the game-changer for Project Management.
– Becoming an AI-savvy project leader.
– Navigating the AI disruption for organizations and project executives.
– Utilizing AI assistants for on-schedule and on-budget project delivery.
– The strategic investment in AI training for project teams.
– Senior leadership and the journey beyond traditional methods for AI integration.
– Tackling the scope creep unique to AI in project management.
– The provocative question: Will AI replace the role of project managers?
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by Dharam CW2 | Nov 24, 2023 | General
The world is becoming more aware of the destructive impacts of climate change, and many businesses have started realizing the critical importance of sustainability to their future operations. Making the projects more sustainable is important to build a more sustainable world. But how to establish it?
Consumer Shift to Sustainability
According to Deloitte research, 28% of customers have stopped purchasing specific items owing to ethical or environmental concerns, increasing to 45% among Gen Z consumers. Approximately half of the consumers are prepared to spend extra money on more ethical and ecologically friendly brands.
However, keeping track of and being open about an organization’s sustainability initiatives is difficult if these metrics and methodologies are not evaluated and integrated into project processes. Unfortunately, what frequently happens is a lot of greenwashing, over-promising, and under-delivering sustainability goals, which may lead to even more distrust in brands and corporations.
As a result, many organizations are adding and integrating new sustainability features into their pre-existing project processes to meet the growing need for accountability and transparency in sustainability activities. However, as regulations evolve and customers grow more attentive, this strategy may no longer be adequate. That is why the organization needs sustainable project management.
Sustainable project management
71% of the world’s top 500 companies openly disclose their greenhouse gas emissions, among other energy metrics. Sustainability has become a commercial priority for all industries, and organizations recognize that it is not responsible for ignoring the problem.
Broadening Project Management for Sustainability
However, sustainable project management is more than just being green and combating climate change. It is a duty to ensure that resources are utilized appropriately, that individuals are treated equally and fairly, and that communities are considered when making choices. Therefore, project managers in this sector will adopt a comprehensive approach, evaluating environmental, social, and economic aspects. They collaborate with environmental planners, hydrogeologists, and geotechnical engineers, to name a few of the ecological professions helping to remake our planet for the better.
Principles of Sustainable Project Management
Sustainable project management is an approach that:
- Takes into account the complete Triple Bottom Line viewpoint.
- Considers the complete life cycle of a project, from project-related activities through final deliverables.
- Engages stakeholders actively and openly rather than merely managing their expectations.
- Accepts responsibility for its actions to society and the environment.
- Considers the short and long-term consequences of all project operations and results.
Building sustainability into projects
Project managers are responsible for supervising the project delivery and support procedures. They will both strive to ensure client satisfaction while inspiring their team to deliver excellence. That is the essence of the role of a project manager.
Meanwhile, a project manager concerned with sustainability will take a more comprehensive approach. They will consider resource use, climate change mitigation, property rights, community engagement, and human rights. It’s a complicated profession that, when done correctly, can have a huge influence on civilizations. The project manager’s objective is to produce value and complete a project on time and within budget, but also to do it ethically and fairly.
Environmental management and responsible resource use have never been more popular. As a result, companies worldwide are seeking methods to cut waste and lessen the environmental effect of their operations. Being environmentally responsible not only helps firms appeal to customers, but it may also assist save costs by reducing resource requirements and minimizing exposure to potential regulatory fines.
When a company implements a “green” mindset into its project management approach, the positive impacts may spread across the organization, resulting in increased efficiency, less waste, and increased employee morale. Here are some ideas for building and carrying out sustainable projects in any industry.
Strategies for Project Sustainability Across Industries
- Start by assessing your current project’s sustainability.
Before taking measures toward increased sustainability, you must first understand where you are now. A sustainability analysis can assist the project manager in identifying the most significant development areas and measuring success as the sustainability project takes shape. First, determine if the concept of sustainability applies to a project or project management technique, and then assess the costs and effort necessary to improve.
- Develop a sustainability strategy
Once the evaluation is complete, the next stage is to develop a strategy that describes the business’s goals for enhancing sustainability, like how the goals will be achieved and what the organization wants to gain from the process. Like a project plan, the strategy should identify the people, roles, or departments that will drive the sustainability effort and the degree of power they will have in establishing project priorities.
Every day, modern organizations face new and growing obstacles. On the other hand, sustainable businesses have proven to be more resilient. But where do you begin? What steps can be taken to take your efforts to the next level? Here are the four critical steps in developing a sustainability strategy.
Crafting a Sustainability Strategy in Four Steps
Step 1: Identify the impact factors
Before developing a sustainability strategy, you must determine which factors are important to your company. Each company is unique based on the following:
- The industry you operate in
- The size of your company
- The location
- Your place in the supply chain
Different aspects will be relevant to your business.
The four pillars of sustainability
To ensure that your sustainability strategy has the greatest potential impact, you must first determine which aspects are most important to you. Companies should undertake a materiality analysis to do this. Here are the four sustainability pillars to consider in the analysis:
Core Aspects of Sustainability
- Environment
- Labour and Human Rights
- Business Ethics
- Sustainable Sourcing
Collecting data
Starting a stakeholder engagement with internal and external stakeholders is an excellent strategy for discovering your impact factors. In addition, conducting a survey or interviews will give you more profound knowledge.
Step 2: Determine the long-term vision and mission
After recognizing the crucial material issues, determine which ones you can genuinely influence. It is now time to develop a long-term purpose and vision. These two steps are critical for good strategic planning. They may give consistency and establish limits for your business and its employees.
The ideal future
A mission statement focuses on your company’s present position and briefly explains its main purpose, focus, and goals. On the other hand, a vision statement summarizes an organization’s goals and the larger influence it hopes to have in the future. As a result, your vision and mission statement must represent your fundamental materials challenges and expand on your materiality assessment results. In addition, your company’s distinct traits must be taken into account. This aspect may assist you in prioritizing the impact elements and creating long-term alignment in your organization.
Step 3: Formulate the sustainability strategy
Finally, in the third step, you can begin designing the real strategy, which is a more immediate translation of your vision and goal. It should include all of the impact elements (identified in step 1) that are relevant to your business. More precisely, you must determine short- and mid-term objectives to realize your long-term vision and purpose (identified in step 2). Breaking down these long-term high-level statements will make each step more concrete and manageable.
Setting goals
The goals should be SMART:
- Specific
- Measurable
- Achievable
- Realistic
- Timely
After you’ve chosen a set of relevant targets, you’ll need to decide what steps your organization will take to reach them. Project outlines and processes must be outlined in detail. It is critical to ensure that your approach promotes both horizontal and vertical cohesion.
- The alignment of multiple departments and sustainability pillars is called horizontal coherence.
- Vertical alignment, on the other hand, refers to the consistency of choices made at the management (group or entity) and operational levels.
Step 4: Implement the sustainability strategy and track success.
The next stage will be to put your thoughts into action. Developing a great plan begins with collecting relative insights and understanding your primary material concerns. Then, by following a step-by-step approach, you can create a framework that will allow you to focus on investment and drive performance while also engaging internal and external stakeholders.
- Adopt a sustainability standard
As interest in project sustainability grows, companies have established guidelines to assist senior leaders and project managers in determining if they are reaching their sustainability objectives. For example, Green Project Management has issued the P5 Standard for Sustainability in Project Management, a set of goals and measurements that businesses may use to drive their efforts.
- Look for sustainability in partners and vendors.
The larger an organization, the greater leverage it has on the firms with whom it does business. So asking vendors and suppliers to raise their sustainability can lower the organization’s environmental footprint and lead to broader changes among the vendors and customers.
- Spread the word
Communication is the key to success in every organizational activity. Begin including your project teams in the process as soon as your sustainability strategy is determined. Solicit input on your sustainability goals and fresh suggestions from staff based on prior efforts. The more engaged your team is in the sustainability project, the more determined they will see it through.
- Be adaptable
One critical component of project sustainability is the capacity to adapt to changes in the organization, technology, and competition. Because these factors might shift a company’s goals while responding to them can help you succeed. This move might also include modifying project criteria or responding quickly to problems to execute projects on schedule and budget.
- Ensure projects are manageable
Projects become sustainable when they are manageable. While you may have larger ambitions, breaking them down into smaller, more manageable tasks might help you with expenses and resource allocation over time. You may also check your ability to implement manageable initiatives, such as having the necessary teams and approval processes. When planning for the future, be sure the organization can support any system or process modifications that a project manager wants to deploy.
- Review scalability
The ability to raise or reduce your resources based on your project’s demands is called scalability. This need frequently occurs when the scope of a project grows greater than intended, necessitating the use of additional tools, funds, people, or other resources to execute it. Ensuring that you can handle changes in scale may aid in developing a long-term sustainability strategy since it provides that the result will still be worth any additional demands.
Why should every project manager prioritize sustainability?
As governments worldwide establish net-zero carbon objectives, project managers are being charged with rethinking work processes to reduce emissions. Everything from planning to procurement to team structures is being re-evaluated to achieve sustainability goals. However, it is important to realize that sustainability covers more than climate change. It entails balancing projects’ environmental, social, economic, and administrative components to fulfill the requirements of present stakeholders without compromising the needs of future generations. Far from being a burden, sustainability provides an opportunity for project professionals to demonstrate their value by connecting with company strategic objectives centered on net zero. By incorporating sustainability into all aspects of their projects, project managers may make a significant difference and increase their visibility to the organization’s leadership.
Final Thoughts
Project Sustainability Management necessitates a more comprehensive strategy. It considers resource utilization, climate change mitigation, property rights, community engagement, and human rights. The project manager’s mission is to provide value and complete a project on time and under budget and do it ethically and fairly. The intertemporal character of sustainable project management contributes to its complexity. As a result, the lifetime of a sustainable project should not end after completion; environmental and social impacts must also be monitored and regulated afterward.
Project managers are in charge of managing the project delivery and support procedures. Both will ensure client satisfaction while inspiring their teams to produce greatness.
Project managers must consequently arm themselves with new indicators, such as ISO, SA, and others, for monitoring and managing these environmental and social issues. In the end, initiatives serve as a tool for effecting change, introducing new goods and services, and shaping society. As a result, sustainability should not be an afterthought but rather one of the primary aims of any project.
Feel free to check out my discussion on this topic with Thomas Walenta in YouTube
For any questions related to your Project Management career, training, and certifications, you can book an obligation free 15 minutes session with me by visiting https://bit.ly/2SbhTOK
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by Dharam CW2 | Oct 13, 2023 | General
Organizations may stay profitable and competitive using project management practices that help identify process improvements or cost-cutting opportunities. Metrics may assist in discovering areas for improvement, data to focus on, and how to quantify the success and efficacy of a company’s efforts. Knowing more about project management metrics that can assess performance will help one acquire professional skills for any business and advance their career in project management.
Every organization needs to ask,
- “Are we getting the outcomes we want?”
- “Are we accomplishing our project objectives?”
- “Are we meeting the requirements for customer success?”
- “Are we getting the intended return on investment?”
Project Management Metrics May Assist
Success depends on the ability to forecast and meet product and service commitments. With projects becoming more common, it is critical to show additional value to the business using project management strategies, tools, and procedures. Therefore, a metrics program is required. Metrics may assist in identifying significant events and trends, distinguishing between challenges and opportunities, and guiding companies to make wise decisions.
How can we know whether the project management efforts make a difference and contribute to corporate success?
- It has long been known that suitable measuring methods are essential to basic management tasks, including project planning, monitoring, and control, and metrics are present at all stages of project management.
- As project management grows prominence and more firms embrace a project-based management approach, objective and performance-based management highly depend on measurement processes.
- To assist decision-making, project selection, portfolio management, and lead product and process improvement, metrics must be integrated into project life-cycle activities.
- In addition, metrics may be used to assess an organization’s project management maturity.
- Metrics aid in understanding capacities, allowing for developing strategies based on creating and delivering goods and services. They also enable people to recognize significant events and patterns and distinguish between challenges and opportunities.
- Metrics can assist in improved cost and schedule management, decrease risks, increase quality, and guarantee that objectives are met.
Measuring is an end goal in some businesses. Individuals in such businesses who have obtained project management certification and use specific project management tools and processes are the ones who often recognize the significance of project management. At the same time, individuals at the top may only accept this value partially. A metrics practice put in place is one of the best methods for successfully explaining the benefits of project management to top executives.
What are Project Management Metrics
What are Project Management Metrics?
Project management metrics are data sets, algorithms, and calculations that allow businesses to assess the performance of a project. They assist managers and organizations in reviewing how a project progresses, evaluating team productivity, project completion deadlines, and costs, and identifying, reducing, or eliminating risks. Project management metrics are numerical instruments that firms use to build successful strategies, carry out continuous improvement initiatives, and assess employee and customer sentiment.
Benefits of using metrics in project management
Project management metrics are an efficient approach to assessing a project’s progress. Measuring the project’s performance against key parameters helps to understand the management process. These indicators in project management also assist in steering project objectives, allowing teams to assess success and make improvements as needed.
Following and evaluating the right indications can provide the company with critical insights regarding the team’s performance – from both a high-level and individual standpoint. In addition, you’ll be able to identify process bottlenecks and other inefficiencies, which one can subsequently fix, adding to the project assumptions list and enhancing future project performance.
Furthermore, tracking and collecting this sort of data might be useful when the time comes for the project management performance review. Taking responsibility for the team’s work by analyzing project outcomes, identifying inefficiencies, and developing improvement plans sends a strong message to management. It displays that one can be a real leader committed to the business’s success.
Benefits of Using Metrics in Project Management
- Measure team productivity
Relevant metrics in project management can reflect a team’s productivity. For example, the on-time delivery (OTD) rate or service level agreement (SLA) rate might be used to calculate the project’s ROI.
- Optimize team performance
While it is critical to maintain the team’s performance, forward-thinking management seeks development opportunities. Relevant project metrics enable one to broaden their understanding of project-related aspects. Project performance measurement reduces uncertainty and allows individuals to make better, more informed decisions.
- Track ongoing progress
Management performance metrics also track a project’s progress over time. These metrics are critical to discover obstacles early and help adjust the track as needed.
Project Management Metrics: How to Measure and Track Success
Relevant project management metrics will help enhance our understanding by eliminating uncertainty and making well-informed decisions.
Metrics prove value
Cost-related project management indicators may demonstrate the value of a team—for example, a rate of on-time delivery or a rate of satisfying SLA. Return on Investment (ROI) is a popular statistic for demonstrating this value. If a department fails to generate or contribute to a firm’s measurable objectives, a smart business would dissolve the department and redirect resources to another area that provides results.
How to choose the Metrics
Metrics improve performance
While demonstrating value is crucial, forward-thinking management prioritizes performance improvement. Relevant metrics help you have a better grasp of project management. This aspect reduces ambiguity, allowing all parties involved to make informed decisions. For example, assume that the given slack time is causing the completion of the following task to be delayed. You can adjust the slack time to keep the project deadline.
How to choose the metrics?
Each business or project requires metrics specific to its purpose or aim. Metrics are determined in three steps:
- Understand the project’s objective or goal.
- Determine which crucial success elements must be met to succeed and reach the objective.
- Consider how you will measure the achievement of each key success factor for the project or program.
What makes a successful project?
What makes a successful project?
Before starting any project, you and your team should know what constitutes a successful project. After all, you want to avoid being known for a famous failed project. So what makes a project successful? First, you should establish a set of success criteria for your project, including the following:
- Delivers on time: Completing a project on schedule and under budget is one measure of success, especially for external parties, such as clients.
- Stays within budget: A budget is in place for all initiatives. You will have succeeded if you can finish yours without incurring more fees and expenses.
- Achieves its objectives: If your project was completed and met its objectives — as stated at the outset — that’s a huge accomplishment.
- Gets positive feedback: Assessing a project’s internal and external success is simple. But how did it fare? If stakeholders and clients offer positive feedback, the project will be considered a success.
Key Project management metrics
Project management metrics may be established based on the purpose and complexity of the project. However, the ten key project metrics listed below often cover the most important measurements:
Key Project management metrics
- Productivity
This indicator examines a company’s total skills — how well it uses its resources. Productivity demonstrates the connection between inputs and outcomes. For example, how much do you get out of a project after your efforts? The optimal productivity outcome is to produce more with less.
Productivity = Units of Input/Units of Output
- Gross Profit Margin
Numbers are more powerful than words. Indicators directly related to the bottom line indicate success or failure faster than other metrics.
The larger the profit margin, the better the business. Any program or effort done should add to a company’s financial profit. The margin is the proportion of each dollar generated after expenses are deducted.
Gross Profit Margin = (Total Profit-Total Costs)/100
- Return on Investment (ROI)
Return on investment especially considers the dollar amount earned for the amount spent on a project. This metric is a financial calculation similar to gross margin. However, instead of focusing on a total profit, it considers the specific benefit of the project divided by the costs.
To use this metric, a dollar value must be assigned to each unit of data to calculate the net benefits, which may include:
- Contribution to profit
- Cost savings
- Increased output
Costs may include resources, labor, training, and overhead.
ROI = (Net Benefits/Costs) x 100
- Earned Value
Earned value provides strategic guidance by displaying how much you have derived from the money invested in a project to date. It compares the value of work performed by a given date to the project’s approved budget.
Earned value is often called the Budgeted Cost of Work Performed (BCWP). This statistic serves as a reality check during the project’s execution.
Earned Value (EV) = % of Completed Work / Budget at Completion (BAC)
- Customer Satisfaction
A customer satisfaction score is a quality indicator for your service or product—the findings of a customer survey influence this metric. In addition, the product or service should perform as intended and meet genuine client demands.
Each organization may create a unique score by weighing each component depending on its value. Customer survey results, money earned from clients, repeat or lost clients, and complaints are examples of variables.
The Customer Satisfaction Index (CSI) is the most extensively used metric for customer satisfaction. Another technique for measuring customer satisfaction is the Net Promoter Score (NPS). NPS measures customer loyalty by determining the chance of a consumer suggesting a product or service.
Customer Satisfaction Score = (Total Survey Point Score / Total Questions) x 100
- Employee Satisfaction Score
Survey data determines employee satisfaction in the same way that customer satisfaction is. So why should workers be included while evaluating project management? The answer is straightforward: employee morale is directly related to project performance.
In the end, a satisfied employee does better work and more efficiently. In addition, the high costs of employee turnover for a firm — which may range from 50% to 200% of an employee’s salary — should be motivation enough to focus on the people closest to the project.
The Gallup Q12 Employee Engagement Survey is a well-known data collection tool. An ESI procedure yields an index score.
Employee Satisfaction Score = (Total Survey Point Score / Total Questions) x 100
- Actual Cost
The Actual cost is a simple statistic that displays how much money is spent on a project rather than simply an estimate. This cost is calculated by adding all the expenses for a specific project across the timeline.
Actual Cost (AC) = Total Costs per Time Period x Time Period
- Cost Variance
Cost variance describes the difference between the intended budget and actual expenses during a given time period. Is the estimate higher or lower than the actual costs?
- A project is over budgetif the cost variance is negative.
- A project is under budgetif the cost variance is positive(a standard measure of success).
Cost Variance (CV) = Budgeted Cost of Work – Actual Cost of Work
- Schedule Variance
The schedule variance examines both budgeted and scheduled work. Is the project running ahead of or behind schedule?
The schedule variance is the difference between work scheduled and work accomplished, calculated as the budgeted cost of work executed minus the budgeted cost of work scheduled. A negative schedule variance indicates that the project is running late.
Schedule Variance (SV) = Budgeted Cost of Work Performed – Budgeted Cost of Work Scheduled
- Cost Performance
Cost performance is a cost efficiency metric. Divide the value of the work performed (earned value) by the actual costs incurred to get the earned value. Forecasting cost performance provides for more precise budget estimates.
Cost Performance Index (CPI) = Earned Value / Actual Costs
Implementing Project Metrics
Once project metrics have been established to meet the company’s goals, it’s time to apply them. First, interact with users to help them understand the process, its value, and how analytics may enhance projects. Then, provide specific examples, such as “the dashboard will indicate where we need documentation, so we may prevent delays by gathering the necessary information.”
Create a project management metrics strategy with criteria everyone can understand to help you get support. Explain the significant indicators you’ll be measuring, how you’ll track them, and the goals you intend to achieve. The strategy should then be put into action. Understand that project metrics should lead to action; else, they are worthless. As you discover unusable metrics, revise the plan.
Final Thoughts
Project management metrics are critical to the success of any organization. They track the progress of initiatives, assist managers in defining success, and verify that the team is heading in the right direction.
It is complicated to analyze and evaluate a project’s development without appropriate metrics in project management. With precise, trackable KPIs, the company can assess project progress and identify when it’s time to change strategy or where the team is experiencing difficulty. If the company does not make the essential changes, it may face serious obstacles and lead to failure. As a result, measuring important project management metrics is vital to the company’s success.
Feel free to check out my discussion on this topic with Justin Buckwalter in YouTube
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by Dharam CW2 | Sep 29, 2023 | General
Project management is in great demand by many businesses, as are the project managers. Project management is widely used in today’s economy, regardless of the business. Why?
Today’s organizations confront tremendous competition. They must address global issues and respond to internal/external concerns in parallel. In response to obstacles, businesses require a disciplined strategy for planning, organizing, controlling, and managing their resources (including internal skills) to deliver outcomes on time. And these outcomes should be in line with goals and demands. Project managers with strong project management abilities are well-equipped to take on these initiatives. These initiatives may have varying levels of complexity. Therefore, if you are a project manager or want to start a career as a project professional and be marketable amongst other professionals to survive in this competitive environment, this article will provide a good overview.
Transforming your project management career
A project management career might be an excellent choice if you want to increase your income and professional status. Project management roles are often active and interesting, with constant new challenges and possibilities. In contrast, talented project managers are in high demand throughout the corporate sector, as many qualified candidates are looking for these opportunities.
Understanding Project Management
One of the biggest misconceptions regarding the project management profession is that it is fundamentally the same as a more traditional management position. While project managers must be great leaders, their primary responsibility is to manage projects, not people.
Unlike departmental managers, project managers are not a part of the typical supervisory structure used by most businesses. Instead, they function as a type of free agent – a project management profession entails coordinating the work of many individuals and divisions to achieve a certain assignment. Throughout a project, the project manager will communicate with individual contributors at all levels of the organization in connection to various deliverables.
Duties of a Project Manager
Project Manager Duties/Tasks
- Determines relevant goods or services to define project scope, requirements, and deliverables with clients or customers
- Develops, adjusts, or contributes to project plans
- Implements project strategies to achieve goals
- Project activities are coordinated and integrated
- Manages, Directs, or Oversees project resources
- Monitors project activity and resources to reduce risk
- Quality assurance methods are implemented or maintained
- When issues arise, the project manager makes changes, fixes them, or takes remedial action
- Presents or briefs on all aspects of the project
- Participates in the project phase, milestone, and outcome reviews
- Determines the requirements or processes for project documentation
- Creates and implements a product release strategy
Qualities that make a Project Manager in High Demand
Qualities that make a Project Manager in high demand
Effective project management may require the following qualities to become an effective project manager:
- Effective communication skills
A good communicator is one of the qualities of a successful manager since it allows them to interact with people at all levels. The project manager must clearly describe the project goals, duties, responsibilities, expectations, and feedback for each team member to obtain the project goal.
- Strong leadership skills
Effective project management requires strong leadership abilities, such as encouraging and driving the team to maximum performance to achieve their objectives.
- Good decision-maker
An effective project manager must be able to make decisions since they will always be required.
- Technical expertise
Because project management software and other associated programs are vital in achieving project goals, a good project manager must have strong technical expertise to understand technological challenges. In addition, knowledge of theory and technology may substantially assist managers in adopting strategic moves when necessary.
- Inspires a shared vision
An effective project manager can communicate the vision to the team members. A visionary can guide employees in the proper direction while effectively adapting to changes. In addition, they excel in empowering people to experience their vision for themselves.
- Team-building skills
A team must work together, or the project will face numerous relational issues that might threaten its success. Project managers must understand how to offer each of them the attention they require by emphasizing their positive characteristics.
- Handles the pressure
As the project progresses, specific events could hinder its pace and put the project manager’s patience to the test. Therefore, project managers must always remain composed and grounded to avoid losing themselves and negatively affecting their connection with the team.
- Good negotiation skills
The capacity to negotiate is one of the abilities required for efficient project management. Project managers must have strong negotiation skills to resolve disputes resulting from differences of opinion and keep the team functioning together.
- Empathetic
An empathetic leader demonstrates to their followers’ things like compassion, empathy, and gratitude for others’ assistance. Understanding the project’s and its stakeholders’ demands is a necessary step.
- Competence
A good manager can start new initiatives, manage obstacles, and knows what he is doing.
An effective project manager must possess the majority of these qualities to manage the project successfully, along with a professional certification. Professional certificates can add value to their career and aid in success in a competitive environment.
Project Management Certification
A project management certification is a certification that verifies an individual’s project management knowledge, skills, and practical expertise. Certifications like PMP®, PgMP®, PfMP®, and other advanced certifications can aid the professional’s knowledge and adds value to their career.
According to the August 2023 PMI Fact File Stats, there are 1,465,873 PMP®, 4,847 PgMP®, and 1,538 PfMP® active certified professionals globally. Thus, completing those training programs and earning a project management certification from a globally recognized standard organization such as the PMI might improve the career, including staying current with a constantly evolving field, keeping up with the latest technology and practices, and earning a better project manager salary.
A career in project management: Facts and Figures
Project management has become a highly sought-after career path in today’s agile environment. According to the Project management – Job Growth and Talent gap, 2017 – 2027 report,
Project Management – Job Growth and Talent Gap | PMI
- A growing disparity exists between the demand for experienced PMPs and their suppliers worldwide. As a result, firms and organizations are searching for qualified project management professionals. Moreover, it allows one to tailor themselves to their needs.
- By 2027, there will be a demand for 87.7 million PMP positions. Because of increased demand and high attrition, there will be a huge job opportunity for a project management role in the coming future in various sectors, including manufacturing and construction, information services and publishing, finance and insurance, management and professional services, utilities, and others.
- Apart from the fact that there will be a lot of employment for PM positions in the future, it’s also encouraging to know that PM roles will be financially rewarding. According to the report, in the United States in 2017, earnings of project management-oriented professionals in projectized sectors were 82 percent more on average than the salaries of non-project-oriented professionals.
Challenges Faced by the Project Managers
A project manager must handle challenging projects smoothly and deliver positive outcomes. It may appear that being a project manager is a simple and well-paid profession. However, a project manager must work hard and face obstacles daily to balance all parts of a complicated project.
Challenges Faced by Project Managers
As a result, a project manager must be skilled in various areas, including communication, decision-making, delegating, and risk-taking, to mention a few. In addition, project managers are constantly required to manage tasks, resources, time, and money in addition to managing projects. Here are some of the challenges that today’s project manager’s face:
- Scope creep
Scope creep expands a project’s scope beyond its intended objective or aims. It usually occurs when project stakeholders request adjustments. Any change to a project’s strategy can cause confusion, raise the cost of resources, and make meeting deadlines difficult.
- Poor communication
Strong communication is one of the keys to effectively completing a project. A project manager can successfully provide orders, acquire information, and update stakeholders if they have strong written and verbal communication skills. Otherwise, their team might need to be more organized, causing delays.
- Unclear goals
Projects can only be effective if the team works toward well-defined and quantifiable goals. Ideally, every team member is aware of each project objective and the specific expectations of each stakeholder. Otherwise, they may spend time and resources attempting to do something that does not give the necessary benefit.
- Poor budgeting
Smart financial planning and cost management are required to ensure that funds are used wisely. Poor budgeting, on the other hand, may result in unfavorable effects. Without a solid understanding of financial concerns, the team may face cost overruns, aggravating stakeholders and preventing the project from being completed successfully.
- Insufficient risk analysis
Risk analysis is forecasting probable elements that might threaten a project’s success. Although it is an important aspect of the project life cycle, the process is vulnerable to specific hazards. For example, rushing the analysis might result in oversights that fail to anticipate important difficulties. As a result, flaws in the project design, budgetary concerns, or unexpected variables may arise.
- Lack of accountability
Accountability is accepting responsibility for one’s actions and the consequences of those acts, especially when mistakes are made. As a result, responsible people are willing to confront the consequences of their actions and attempt to overcome the resulting difficulties. However, when leaders and team members are not accountable, they can interfere with development in many ways. One way is to undermine team morale, which may withstand the repercussions of a single person’s errors. The other is by decreasing production when project resources are diverted to determine the root cause of a problem.
- Unrealistic deadlines
An unrealistic deadline is impossible or unreasonable to accomplish, given the specifications and needs of the project. When a team faces unreasonable deadlines, they are obliged to compress their operations so that the quality of their work decreases. As a result, the project’s final output will likely fall short of client expectations.
- Uncertainty
Uncertainty occurs when stakeholders, including team members, need clarification about any part of the project they are working on. For example, they may be concerned about the team’s ability to accomplish goals, the project’s possible impact when finished, or the usage of project resources. When uncertainty occurs, it may damage engaged people and lead to poor project outcomes.
Ways to make yourself more marketable as a Project Manager
Making oneself necessary to a current employer or alluring to a prospective one is the key to being (and remaining) marketable. Therefore, it is a commitment to constantly broaden the skills and knowledge to remain current, competitive, and well-positioned to compete for employment in various market scenarios.
Ways to make yourself more marketable as a Project Manager
Here are some suggestions to boost your job prospects at all phases of the economic cycle.
- Upgrade your skills
Keeping your skills fresh, current, and relevant is the best way to stay marketable. Align your skillset with your company’s plans and those of potential employers, and keep up-to-date by attending workshops and conferences to expand and improve your skillset.
Identify gaps that need addressing to position yourself as a highly valuable employee. Focusing on developing your transferable skills (in leadership, communication, or technology, for example) is a smart investment in diversifying and upgrading your career.
- Expand your learning
Continuous learning demonstrates your dedication to growth. Remember that you must stay current on the industry’s best practices and technologies, even if you are not using this information in your current role. Improving your knowledge and qualifications is a vital strategy to boost your worth to a current or future company.
In-house training, distance learning, and online courses may all help you develop new skills and information. Online seminars and professional journals are also excellent ways to stay current in your field, making it simpler to transition into a new job.
- Rework your CV
Refresh your CV with recent accomplishments and current skills so you can take advantage of opportunities as they emerge. Update your CV with concrete examples of your achievements, such as improving business procedures, contributing to the bottom line, or attending key conferences or seminars. Keeping a record of your accomplishments is an excellent reminder of the value you provide to your present position.
- Be flexible
In today’s constantly changing work market, having an open mind and staying flexible about your professional choices will offer a world of extra professional prospects. However, you may need to reassess your expectations regarding industry, compensation, and employment type (permanent, contract, or temporary) to keep your alternatives open and avoid restricting your employability.
- Expand your network
One of the essential job search and career development tools you have is your network of connections. Attend chapter events, networking events, activities, and conferences whenever possible. Networking helps to keep you top of mind when possibilities occur within or outside your firm, as well as creating your reputation as a well-connected and appreciated professional.
- Stay Informed
Anticipating what talents businesses will want now and in the future is crucial. Keep current with essential trade publications, industry studies, and job postings. Staying up to date on advancements and opportunities offers you a good indication of the types of talents that are now in demand, as well as those that are likely to be relevant in the future and which are helping you to plan for future career opportunities.
- Establish a personal brand
Remember that you are ultimately marketing yourself to a potential employer, so maintain consistency in your brand. Any changes to your CV should be reflected on your LinkedIn page, and you should consider getting a professional photo taken to put in your profile.
- Showcase your work
Maintain samples of your best work, as long as they are not the intellectual property of your current employer, and create an online portfolio. This simple method demonstrates your appreciation for your work and its quality. Make sure to include the portfolio in your LinkedIn profile so future employers can see your capabilities.
- Get a mentor
Discuss obtaining a mentor with your management or someone in a career or profession you might be interested in later. Find out what helped them get to where they want to go or what they would be looking for in a comparable job when recruiting. For example, you need to focus on a certain skill set or achievement ahead of time. In that case, you can offer yourself a more suitable candidate for new employment.
Final Thoughts
The project manager’s role is critical since it determines whether a project succeeds or fails. Therefore, being the project manager places a more significant focus on essential abilities and experience; as a result, the project manager is expected to have the necessary talents and desire to perform the research required to stay current and competitive.
But not all project managers are equal. For many of us, the problem is figuring out how to stand out in a market where everyone talks about having a brand. Also, how do you differentiate yourself in a setting where selling your value to the project is frequently more essential than getting things done on the project?
Here are a few suggestions to assist you in establishing your presence as an essential component of your organization’s success and put you in line to be recognized for your achievements.
- Make sure you communicate with everyone in the organization.
- Share your thoughts inside your business and with the project management community.
- Encourage yourself to keep growing.
Feel free to check out my discussion on this topic with Thomas Walenta in YouTube
For any questions related to your Project Management career, training, and certifications, you can book an obligation free 15 minutes session with me by visiting https://bit.ly/2SbhTOK
You can subscribe to the vCare Project Management YouTube Channel to catch future videos of our Q&A series and certification success stories: https://bit.ly/2YF0wJl
You can subscribe to and follow my podcasts and interviews with Project Management Experts on YouTube at https://bit.ly/2NDY8wd
by Dharam CW2 | Aug 25, 2023 | General
The modern workplace is undergoing a significant transformation. As a result, project professionals in both the public and private sectors worldwide have started to recognize the full range of benefits that successful project management can bring to their businesses and are prepared to make the required adjustments, particularly on cultural changes.
The success of each project is dependent on an effective project management strategy. Considering the next generation of project professionals, it is critical to have an efficient leader who can direct this process since it is methodically planning, organizing, and executing a pre-determined series of procedures to maximize resource utilization and achieve objectives. Project goals will likely be met with a manager monitoring adequate planning and checking off milestones.
To compete in the upcoming competitive market, a project manager must have the technical, digital, and other essential project management skills to comprehend future project challenges. On the other hand, a project leader with an effective skill set can tackle all the challenges in a project in the right way. So here are some of the challenges and skill sets to manage a project for the next generation of project managers.
Challenges of Project Management
According to data provided in the PMI’s Pulse of the Profession 2020, 11.4 percent of corporate investment is lost owing to poor project performance.
What variables might contribute to poor project performance? There are examples of a need for more precise planning, inconsistent procedures and techniques, incorrectly managing or accounting for all project stakeholders, budget overruns, and other causes.
Categories of Project Failure
However, if we take a step further, the causes of project failure fall into three major categories:
- People
- Processes
- Communication
Let’s look at the most common challenges for project managers and some tips on how to overcome them.
Challenges of Project Management
- Undefined Goals
Identifying project goals is one of the most common challenges in project management. The entire project and team might suffer when objectives need to be clearly defined. When top management cannot agree on or support undefined goals, the project has a limited likelihood of success. To define and convey clear goals, the project manager must ask the right questions and make the right decisions.
- Scope Creep
“Scope creep” occurs when incorrect project management permits the scope of a project to expand beyond its initial objectives. Clients and supervisors may request modifications to a project, requiring the project manager to examine each request and determine how and whether to accept it meanwhile also conveying the implications to all stakeholders regarding budget and timelines.
- Inadequate Skills for the Project
A project may necessitate the use of talents that the project’s contributors may need to have. Project management may assist a project manager in determining the required competencies, assessing existing personnel, and recommending training, outsourcing, or recruiting extra people.
- Lack of Accountability
When each team member accepts responsibility for their role in project success, the project manager’s leadership characteristics may come through. A lack of responsibility, on the other hand, might bring a project to an end. Learning to lead groups toward a shared objective is an essential part of project management.
- Improper Risk Management
Another key aspect of project management is learning to cope with and plan for risk. Because projects rarely go as planned, risk management is a desired project manager trait. To do their work effectively, project managers must solicit input, build trust, and understand which aspects of a project are most likely to deviate from the original plan.
- Ambiguous Contingency Plans
Project managers must understand which path to pursue in pre-defined “what-if” situations. The entire project may become entangled in unexpected problems if contingencies are not recognized. On the other hand, requesting that people identify possible problem areas can result in a smooth and successful project.
- Poor Communication
Poor communication can cause major project management issues. Project managers must offer direction at all project stages so that each team member understands what is expected from them. Therefore, effective communication with all people involved in the project is critical to its success.
- Resource Deprivation
Management must offer adequate resources for a project to function smoothly and successfully. The project management process aids project managers in establishing demands and securing approval up front, as well as how to assign and prioritize resources during a project.
- Lack of Stakeholder Engagement
A project can be ruined by an uninterested team member, customer, CEO, or vendor. A skilled project manager communicates openly and invites input at every stage to increase participant participation.
- Digital Transformation
Adapting to the correct tools, systems, and procedures becomes even more crucial as more firms board the digital transformation train. This difficulty stems from adapting to the appropriate project management system, enabling teams to construct, change, and improve existing procedures to expand and scale.
Overall, project management is in great demand and isn’t going away anytime soon. Indeed, project management is anticipated to expand by 33% by 2027. However, to keep up with the ever-changing business landscape, project managers must be updated on proper project management methods and trends.
Major Challenges for the Next Generation Project Managers
Major Challenges for the Next Generation Project Managers
- The first major challenge project managers must confront is technology globalization and the disruption of traditional corporate culture and model. This aspect includes eliminating the requirement to do business or manage projects from a single place. The adaptation of the “virtual team” has become a must, and a company’s agility might mean the difference between success and failure. What used to take months may now be accomplished instantly, emphasizing the necessity of a company’s ability to fast and naturally adapt to the fluctuating nature of today’s technology culture.
- The second major concern is worker involvement, a project manager’s capacity to grasp various roles and responsibilities and use agility to wear numerous “hats” depending on the project. Knowing generational drives, establishing moral leadership, and understanding how the team performs are all part of this.
- Finally, project managers will be impacted by innovation and risk. The problem is figuring out how to strike a balance between innovation and risk—as managing risk is an important project management skill—but without it, it’s hard to realize the entire project’s potential.
Future Trends of Project Management
Consider project management ten years ago: fewer tools, smaller teams, and more straightforward tasks. Since then, the project landscape has changed dramatically, with important developments such as:
- Blockchain
- Artificial intelligence
- Sustainability
- Remote teams
Future Trends of Project Management
Trend 1 – Blockchain
More businesses use blockchain technologies for management, such as when conducting dispute investigations. The capacity of blockchain to automatically update data makes it ideal for reconciling records and transactions. One of the most significant contributions of blockchain to project management will be smart contracts, which are effectively self-executing contracts powered by computer code.
Smart contracts reduce the number of key functions within the project manager’s scope, such as checking on project milestones and assigning new ones, which speeds up management processes. As a result, quicker workflow assures project completion on time and improves a company’s overall performance.
Trend 2 – Artificial Intelligence
Artificial intelligence is increasingly finding its way into project management systems, managing anything from predictive analysis to risk management. Because of its efficacy, as per the PwC report, by 2030, AI is expected to contribute:
- $42.7 B (7.7%) to Egypt’s economy
- $135.2 B (12.4%) to Saudi Arabia’s economy
- $96.3 B (13.6%) to the UAE economy
The primary capacity of AI is to provide data insights for decision-making, which increases the agility of any given project.
Trend 3 – Sustainability
Project sustainability is more critical than ever now. Governments and societies worldwide are demanding greener alternatives throughout the life cycle of a project.
Green initiatives are cost-cutting solutions for businesses. For example, energy is required for project completion, and shifting to renewable sources reduces costs. In addition, this frees up resources that may be directed toward other essential areas like innovation and research. Meanwhile, sustainable practices improve a company’s reputation and encourage consumer loyalty.
Trend 4 – Remote Teams
Remote teams have been the norm since the advent of communication technology. As a result, businesses gain from a more diverse and borderless talent pool easily available through contracts. In addition, they spend less on office space, travel, and other administrative expenses.
Data from Upwork’s Future Workforce Report 2021 revealed that more than half of the US population was working remotely to some level. Furthermore, 40.7 million Americans will likely be fully remote during the next five years.
Furthermore, in its 2022 State of Remote Work Report, Buffer discovered that 97% would promote remote work to others and continue to work remotely, at least for some time or for the rest of their lives. On the other hand, just 26% of businesses are prepared to offer a remote work environment.
As a result, it’s not unexpected that more workers anticipate that workplaces will become entirely virtual over the next several years. In general, remote working arrangements enable businesses to extend their resources while increasing operational efficiency. As such, they are crucial in developing lean, competitive firms.
Key Skills needed for Next-Generation Project Managers
Because of rising trends such as remote teams, digitalization, and automation, project management has changed dramatically in recent years. More companies rely significantly on technology to plan, execute, and monitor work.
As an example:
- Big data and artificial intelligence for better risk forecasting
- Remote progress tracking using digitization technologies
- Automation software for more efficient execution
These solutions have improved firms’ management capabilities and altered project management’s future.
According to Gartner research, 80% of management duties will be automated by 2030, and future managers will need more technical skills. They must be knowledgeable about cybersecurity, blockchains, machine learning, and robots, all of which are expected to play larger roles in management.
To stay up with trends in modern project management, a fundamental understanding of topics such as data science, conflict resolution, and entrepreneurship is required. For example, data science skills may assist a manager in incorporating AI into more elements of the project life cycle. Here’s a closer look at what these skills include and how they’ll stay up with future innovations in project management.
Key Skills Needed For Next Generation Project Managers
Skill 1 – Data Science
Big data insights are essential management tools in the future, especially for large projects with extensive life cycles. In terms of planning, insights from previous projects indicate inefficiencies that can guide the current project, such as the number of idle hours and their causes. In terms of execution, data analytics assess progress and spot deviations early, such as changes in material prices and exchange rates that exceed estimates.
Skill 2 – Conflict Resolution
Today’s projects are extremely complicated, with constantly changing deliverables. As a result, conflicts are never far away.
These conflicts, if left unaddressed, can undermine your team’s performance, resulting in delays and missed deliverables. Managers must thus understand the aspects of conflict resolution, such as:
- Behavioral and organizational aspects of a positive workplace
- Effective communication
- Effective contingency planning
Skill 3 – Entrepreneurship
Project managers are essentially CEOs. On the one hand, they are in charge of project deliverables, while on the other, they are negotiating with shareholders and setting targets based on estimates. As a result, being productive requires more than technical and administrative skills. Project managers must also have entrepreneurship skills, such as strategic thinking and market insight. This skill is beneficial for modifying deliverables, which is typical in agile projects like software development.
Skill 4 – Resource Management
Budgets and timeframes became tighter as projects got more significant and more complicated. Today’s project managers must balance budget constraints, deliver quality, and achieve deadlines with limited resources. They are entrusted with creating a lean organization.
For optimal efficacy, a delicate balance of resource allocation is required, as over-allocation to one activity inhibits the others. So, managers must understand resource management principles such as equilibrium shifts and flexibility.
Skill 5 – Digital Skill
Digital skills are essential for future project managers. According to the CBI’s report on developing a world-leading innovation economy, upskilling employees with digital skills is critical. However, the digital skills pipeline could be improved. They believe more should be done to foster more ambition in that field.
Digital Skills For Project Managers
Project managers need to have the following digital skills:
- Data analysis, analytics, and management
- Data security and protection
- Compliance with the rules and regulations
- Leadership and collaboration online
- Management of knowledge
- Decision-making based on data.
Considering the vital significance of the project manager’s role and how it changes, here is a list of additional skills for project leaders to follow in the present and future to enhance their careers and succeed.
Skills For Future Project Leaders
- Emotional Intelligence: The capacity to detect and interpret events and interactions (both verbal and nonverbal) in the context of the project plan.
- Adaptive Communication:The ability to explain one’s views to various individuals, groups, and cultures, whether orally or in writing, utilizing the most successful communication approaches for each group.
- People Skills: The ability to rapidly establish and maintain strong connections with team members and stakeholders.
- Management skills: The capacity to serve, encourage and concentrate a team, and create team member collaboration.
- Flexibility:The willingness and capacity to modify one’s project management style and course of action in response to business needs.
- Business Skills:Understanding the organization’s business, strategy, and industry. Understanding of a plan and ability to coordinate tactical work around that strategy.
- Analytical abilities:The capacity to think through circumstances and make judgments.
- Customer Focus:The ability to comprehend the end user’s or end customer’s demands and the drive to guarantee that projects meet those needs.
- Results-Orientation:The capacity to do tasks efficiently and successfully.
- Character:The project manager should have a pleasant demeanor and a solid moral and ethical foundation.
Final Thoughts
With a focus on the future generation, we’ve entered a project management world where we need to be aware of the key challenges we’ll encounter as project managers and the skills we’ll need to improve to succeed: technology globalization, worker engagement, and the battle between innovation and risk. There are, however, a few crucial insights to remember as you continue your journey through the strange and ever-changing world of project management.
- Be agile or be gone:Business constantly needs greater flexibility, strategy, and adaptability than ever before. No one strategy will work every time; knowing how to adjust to change with agility and rapidity is essential.
- Expect all teams to act differently:Teams will always be more diverse than those who make them up. However, you can lead more successfully if you genuinely grasp your team and each member’s unique imperatives. Because project teams determine project success, one of the most crucial skills of a competent project manager is the ability to construct an effective, high-performing team.
- Help team members understand the big picture:This will assist them in preparing for obstacles. When attempting to resolve an issue or manage change, keep the immediate consequences in mind to prevent losing sight of the forest for the trees.
Feel free to check out my discussion on this topic with Thomas Walenta in YouTube
For any questions related to your Project Management career, training, and certifications, you can book an obligation free 15 minutes session with me by visiting https://bit.ly/2SbhTOK
You can subscribe to the vCare Project Management YouTube Channel to catch future videos of our Q&A series and certification success stories: https://bit.ly/2YF0wJl
You can subscribe to and follow my podcasts and interviews with Project Management Experts on YouTube at https://bit.ly/2NDY8wd
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