Managing projects is one of the difficult tasks that project managers are faced with. Again, there is no standard way of managing projects, since the tactics and methods used for managing projects largely depends on the nature of the project at hand.
Although project managers can use different techniques for handling their projects, they are numerous factors that can greatly determine how a project will be handled.
1. Budget
Budget is among the most crucial factors that dictate the guide to project management and progress of any project. When the project manager is working with a huge budget, then the time needed to complete the project is longer. But when the budget is small, it simply means the manager has limited resources at their disposal to work with. This can substantially compromise on the progress of the entire project. It is thus highly important for project managers to budget for their projects to ensure sufficient resources are allocated to the project.
2. Deadline
Deadlines go along way into dictating how projects are managed. For project managers, the worst-case scenario for them is missing a deadline. This can ruin the impression of the entire project team. Effective management of projects is thus required to ensure deadlines are done within the stipulated deadlines. As much as you as the project manager want to meet deadlines when working on projects that don’t mean you compromise on their quality or success just to be meet deadlines.
3. Project team
The kind of project team that a project manager is working with determines whether the entire project will succeed or not. If the team comprises of team members with diverse professional backgrounds and skills, then chances of the project manager witnessing success are quite high. Team management and team-building skills are thus crucial for project management since they enable them to make effective use of the team members working on the project.
4. Demand
Project management techniques are also largely influenced by demand. On its own, demand is dependent on several factors such as usability and nature of the services or products. Demand for perishable products such as vegetable or grains is quite different from the demand of items that can be stored for months, such as electronics or clothes. The relationship between project management and demand is quite intricate. It is the level of demand and the kind of services and products at hand that determine the appropriate measures that a project manager will use while managing a project.
If an app development firm, for instance, is developing an app for a particular mobile device which is due to be released into the market in 6 months, the project manager of the app development firm needs to ensure the app is released 6 months prior to the launching of the new device. This is because the demand for that new app will be high once it is released. But if the firm opts to embark on the app development project after the device is released, then that app wouldn’t be in demand by then and hence the entire project would be a waste of resources and time.
5. Cost
Cost is an essential factor that also impacts on project management. Cost is set by project managers following consultations with sponsors of the project upon observing the market trends. Since cost is such an important factor in the success of any project, project managers must carefully determine the cost before handling any project.
In most cases, cost determines the size of the budget that a project manager will set aside for the intended project. If the manager doesn’t get the cost right, then they can’t successfully come up with an appropriate budget for the upcoming project.
6. Supply
For project managers to effectively meet demand within a certain deadline, there must be a consistent supply of resources throughout the whole process. The challenge for project managers is to tackle the complexity behind the supply chain, to ensure an adequate supply of resources. Without properly supply taking place, the deadline for the project risks getting compromised.
7. The stakeholders
The kind and attitude of the stakeholders of the project at hand will influence the techniques that the project manager will use in their project managing efforts. When stakeholders are from various backgrounds, there are chances of disagreements emerging among them. In such scenarios, managing projects can be extremely challenging for project managers. Consequently, managers ought to possess great negotiation and convincing skills while dealing with difficult stakeholder to ensure a consensus is reached at amicably.
Conclusion
Managing a project successfully can be a complex task that requires plenty of expertise on how to manage projects successfully. But as a project manager, your work can be easier if you just take time to comprehend some of the factors that will significantly impact on the projects you intend to work on.
I’m a 20-something stay-at-home mother and wife. I have an amazing husband, a beautiful daughter, two loving dogs, and a lazy cat. I wouldn’t change my life for anything! I love to read, listen to music, cook and blog!
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