IT Strategy’s Post

You wonder why some projects are embarked upon and never completed with heavy resources invested, from human capital, to financial and infrastructure. Several factors mitigate against the successful completion of a project and at the same time there are certain principles to follow to complete a project successfully. Did the project manager or managers analyze the project life cycle properly? The project life cycle is the path of a project from start to finish. Each project phase builds toward the subsequent phase and helps to create a structure for the project. The main phases of a project life cycle are: initiating the project, making a plan, executing and completing tasks, and closing the project. 1.     Initiate the project: Here, some key questions are asked to set the foundation for the project; ·       Who are the stakeholders? ·       What are the client’s or customer’s goals? ·       What are the measurable objectives for the team? ·       What skills and resources will the project require? ·       What will the project cost? What are the benefits? 2.     Make a plan In this phase, a plan is made to get the project from start to finish. ·       Create a detailed plan. What are the major milestones? What task or deliverables make up each milestone? ·       Build out the schedule to properly manage resources, budget, materials and timeline. 3.     Execute the project: In this phase, put all the work from the first two phases to action ·       Monitor project team as they complete project tasks. ·       Break down barriers that could slow or stop the team from completing tasks. ·       Address weaknesses in the process or examine areas where the team may need additional training to meet project’s goal. ·       Adapt to changes in the project as they arise 4.     Close the project: In this phase, close the project. ·       Identify that the team has completed all of the required outcomes. ·       Take time to celebrate success with the team ·       Document lessons learned during the project ·       Reflect on ways to improve in the future We work on projects every now and then and it is important that we deliver successful projects. Following the above steps will set your project up for a win.

It's easy to agree to changes to a project when the proposed change sounds appealing. But it's important to ask yourself whether or not the change is within the scope of your project. As you do, think about the triple constraint model to identify the potential effects of change after project initiation. This model refers to the relationships between time, cost, and scope. If the change increases the time to delivery, it likely increases the cost and scope. If it increases the cost beyond your budget, will it require additional unplanned work resulting in more time needed and a change to scope? Finally, if the project scope changes, it likely means more time and money are required to accommodate the change as well. Being able to say 'no' is a valuable tool for managing well-planned projects. Being able to suggest alternative solutions to preserve your project boundaries is important as well.

The planning phase is critical to the success of a project. This phase sets the foundation for the entire project and lays the groundwork for its success. During this phase, the project scope, goals, timelines, budget, and resources are defined, and a detailed project plan is created. Here are some reasons why the planning phase is crucial: 1. *Defines project scope and objectives*: Clearly defining the project scope and objectives ensures everyone involved understands what needs to be accomplished. 2. *Establishes timelines and milestones*: Creating a project schedule with realistic timelines and milestones helps keep the project on track and ensures timely completion. 3. *Determines budget and resources*: Accurately estimating costs and allocating necessary resources prevents budget overruns and resource shortages. 4. *Identifies potential risks*: Conducting a thorough risk assessment during planning helps mitigate potential issues before they become major problems. 5. *Sets communication and stakeholder expectations*: Defining communication channels and stakeholder expectations ensures everyone is informed and aligned throughout the project. 6. *Creates a roadmap for execution*: A well-planned project plan serves as a guide for the entire project team, ensuring everyone knows their tasks, dependencies, and deadlines. By dedicating time and effort to thorough planning, you can set your project up for success and minimize the risk of costly rework, delays, or even project cancellation.

When you're defining your overall project plan, resource plan, and budget, you want to make sure you're not basing it on specific things but looking at the whole picture of everything required to complete the #project successfully. How do you fully construct your best project team? Here is everything you need to know. #digitaltransformation #digitalstrategy #structure #porjectream #blog https://lnkd.in/gKRDtKdT

Summary of the project phases The project life cycle is the path for your project from start to finish. Each project phase builds toward the subsequent phase and helps to create a structure for the project. To recap, the main phases of the project life cycle are: initiating the project, making a plan, executing and completing tasks, and closing the project. In this reading, we will summarize each phase of the project life cycle. The project life cycle Initiate the project In this phase, ask questions to help set the foundation for the project, such as: Who are the stakeholders? What are the client’s or customer’s goals? What is the purpose and mission of the project? What are the measurable objectives for the team? What is the project trying to improve?  When does this project need to be completed?  What skills and resources will the project require?  What will the project cost? What are the benefits? Make a plan In this phase, make a plan to get your project from start to finish.  Create a detailed project plan. What are the major milestones? What tasks or deliverables make up each milestone?   Build out the schedule so you can properly manage the resources, budget, materials, and timeline. Here, you will create an itemized budget. Execute the project In this phase, put all of your hard work from the first two phases into action. Monitor your project team as they complete project tasks.  Break down any barriers that would slow or stop the team from completing tasks.  Help keep the team aware of schedule and deliverable expectations. Address weaknesses in your process or examine places where your team may need additional training to meet the project’s goals. Adapt to changes in the project as they arise. Close the project In this phase, close out the project. Identify that your team has completed all of the requested outcomes.  Release your team so they can support other projects within the company. Take time with your team to celebrate your successes! Pass off all remaining deliverables and get stakeholder approval. Document the lessons you and your team learned during the project. Reflect on ways to improve in the future. Key takeaway Each phase of the project life cycle has its own significance and reason for existing. By following the project life cycle, you’re ensuring that you are: Capturing the expectations of your customer Setting your project up for success with a plan Executing project tasks and addressing any issues that arise Closing out your project to capture any lessons learned As you continue through this course, we will walk through each project phase in more detail.

When you're defining your overall project plan, resource plan, and budget, you want to make sure you're not basing it on specific things but looking at the whole picture of everything required to complete the #project successfully. How do you fully construct your best project team? Here is everything you need to know. #digitaltransformation #digitalstrategy #structure #porjectream #blog https://lnkd.in/gb8Y6iaJ

Ever wondered why successful projects don't just stick to rigid schedules but instead embrace adaptability? 💡 Here's the scoop for business owners and professionals: Project Schedules should remain flexible. Why? Because we're not just in the business of meeting deadlines; we're dedicated to delivering quality results. 🌐 In the dynamic world of project management, unforeseen changes, evolving requirements, and shifting resource landscapes are par for the course. It's not about compromising on timelines; it's about ensuring that every step we take aligns with our commitment to excellence. 🔍 Here's why Schedule Adjustments are vital for business success: Quality First, Always: We believe in delivering projects that stand the test of time. Adjusting schedules allows us to prioritize quality over rushing to meet arbitrary deadlines, ensuring that every deliverable is a testament to excellence. Accommodating Changes: In a world where change is the only constant, flexibility is our greatest asset. Adjusting schedules empowers us to seamlessly incorporate changes in requirements, scope, or market dynamics without sacrificing project integrity. Mitigating Risks: Project success hinges on risk management. By making timely adjustments, we proactively navigate uncertainties, ensuring that potential disruptions don't derail our journey toward successful project completion. Optimizing Resources: Our commitment to efficiency goes hand in hand with resource optimization. Adjusting schedules allows us to strategically deploy resources where they're needed most, preventing bottlenecks and enhancing overall project performance. In the grand scheme of things, it's not about finishing first; it's about finishing strong. 💪 Let's reshape the narrative from simply meeting deadlines to exceeding expectations through unwavering dedication to quality. 🌐 Quality Over Deadlines. Adaptability Over Rigidity. That's how we ensure project success. Do you agree? #ProjectManagement #QualityOverDeadlines #BusinessSuccess #Adaptability #ScheduleAdjustments

If you are going to enter this new year with large and ambitious tech initiatives, it is vital to keep in mind a proper management of large-scale projects. Navigating the complexities of large software projects requires a mix of strategy, collaboration, adaptability, and coordinated teamwork. And here are a few key tips on how to approach large scale projects elliminating challenges along the way. https://lnkd.in/dBDNzfKF #EasternPeak #softwaredevelopment #largesoftwareproject #largescaleprojects #projectmanagement #techinnovation

Early Stage Estimates Early estimates, by their very nature, are based on sketchy data and will not have a high degree of accuracy. By comparison, estimates prepared late in the development project life cycle are based on a much wider set of information and thus are more accurate. In other words, early estimates are inaccurate and difficult to make, yet they become the basis for project comparison and for developing guidelines for the final project funding. When the project is in its inception phases, only a small amount of information is available about the specifics of the project, and yet an estimate is needed to make a decision on the viability of the project and the profitability of the resulting product. It bears repeating that, even though an estimate is needed at that time, those who use the estimate must be made aware of its inaccuracies and shortcomings. Some organizations hold the project managers to the early estimates of the project. More progressive organizations allow systematic and logical changes to the project estimated cost throughout the project life cycle. A project can be defined as a temporary endeavor undertaken to create a unique product or service. Despite the temporary or "single-pass" nature of projects themselves, project management processes recur repetitively throughout the life cycle of each project. A process is a repeatable series of actions, changes, or functions with a goal of bringing about a result. The key to success for any project management office (PMO) implementation effort is effective management of the numerous processes that weave through the life cycles (9) of various projects. To be effective, a process must be well understood by project stakeholders and consistently enforced by management. Given that the project manager will make the estimate as accurate as possible considering the data available, the project stakeholders should keep the limitations or pitfalls of early estimates in mind when selecting projects based on them and during the cost management process, particularly if the project is selected for implementation based on the early estimates. Nonetheless, a preliminary estimate is needed for making project decisions, even though it will have to be made before project objectives are clarified, project scope is defined, requirements are fully spelled out, functions are clearly defined, and project constraints have been fully formulated.

📚 6 steps to avoid project failure by effectively gathering requirements. This post breaks down the process for successful project outcomes. Check it out 👉