Project Management: a business-focused approach

When managing a project, it is important to have an overall definition of what a project is supposed to accomplish, and a specific description of what the end result should be or accomplish. Regardless of the methodology used, the project development process will have the same four major stages: initiation, planning, execution and controlling, and closure.



The planning phase is critical in the success of a project. If it is not performed well, it is unlikely that the project will be successful in meeting the business’s needs.





Project management software is a term covering many types of software. The components most frequently found are : scheduling, cost control, budget management, resource allocation, collaboration software, communication, quality management and documentation. Project management software needs to provide a lot of information to various people, to justify the time spent using it. It can be implemented as a program that runs on the desktop of each user.



Several national and professional Associations exist which have as their aim the promotion and development of Project management and the Project management profession. For example the PMP (project management professional) has published a set of guidelines for project management known as Project Management Body Of Knowledge (PMBOK). These are helpful guidelines, but they have to be slightly adapted for each project. Nethertheless, applying a recognized project management methodology considerably improves the chances of success.





Project control begins early in the project with planning and ends late in the project with post-implementation review (closure phase). It has a thorough involvement of each step in the process. Each project should be assessed for the appropriate level of control needed: too much control is too time consuming, too little control is too costly.



With a good project tracking system, if a project is partially completed and data about the project duration, cost, and events occurred is available, it is possible to refine information about future potential events and helps to forecast future project performance.





Also furthering the concept of project control is the incorporation of process-based management. In the agile software development or flexible product development approach, the project is seen as a series of relatively small tasks conceived and executed as the situation demands in an adaptive manner, rather than as a completely pre-planned process.





The key project controls needed here is an understanding of the business environment and making sure that all necessary controls are incorporated into the project.

Harvard business review

A wholly owned, not-for-profit endeavor, The Harvard Business Review also offers itself, in eleven translated editions, as well, to business educators who can plot courses around the magazine—using the divisions of emphasis that include Accounting and Control; Business and Government; Competitive Strategy; Entrepreneurship; Finance; General Management; Human Resources Management; Information Systems Management; Organizational Behavior and Leadership; Service Management; and Social Enterprise and Ethics as the base text for their business curricula design and development. Educators access The Harvard Business Review to implement school cases, Harvard Business School exam replicas, and cutting-edge materials for undergraduate, graduate, and executive development courses. The Harvard Business Review reaches a wide-ranging demographic (of college-educated male and female readers between 18 and 55+); The HBR appeals to the business cross-section of corporate executives; and The Harvard Business Review, catering to and concerning the motivators, the innovators, the leaders, and the motivated learners of today, makes a mission of informing and entertaining with the best practices of the business world. Read also: Project management tips and web based project management software

Survival Tips For Your Business

Whatever your business or specialism, whether you are in mail order, direct mail or a small or medium sized on or offline business, it is important to know the strategies for keeping your business alive so that your business survives economic recessions, peaks and troughs in market trends, external competition, changes in legislation. At any point where the cash flow in the business, whatever its size starts to diminish the money management of the business needs to be scrutinised and managed tightly. Whatever your structure it is essential to keep your hands on the wallet of your business!! Credit control is essential to the cash flow of the business and is often overlooked, many businesses concentrate in generating new sales which is great, but if there is no money in the pot to finance the man power, the purchases needed for the business, etc then the business will not survive for long, therefore it is a necessity to ensure that your customers are paying their accounts on time, if not, you need to speak with these people, and follow a strategy and Action plan to ensure that debts are paid to you in a timely manner. In order to survive with a small business, regardless of the economic climate, surround you with smart professionals and practise sound business management at all times.

Entrepreneurship

The Entrepreneurship is the practice of starting new businesses or developing new products or services. Entrepreneurship is a difficult task, as a majority of new businesses fail. It is always associated with risk taking, but only moderate risks that would not jepardize the success of the new venture. Read full article at: Entrepreneurship - More resources: Leverage buy out financing

How to Perform FMEA (Failure Modes and Effects Analysis)?

Failure Modes and Effects Analysis (FMEA) is a method to analyze potential reliability problems in the development cycle of a project
Read full article on: FMEA - More resources: Cycle PDCA

Using key performance indicators (KPI) for effective project management

Key Performance Indicators are quantifiable measurements that reflect the critical success factors of an organization. Based on beforehand agreed measures, they reveal a high-level snapshot of the organization. They vary depending on the kind of organization they characterize. Read full article on: Key performance indicator - More resources: Fault tree

Project Managers – learn your lessons

Project management resources - lessons learned Read full article on: Lessons learned - More resources: PMFEA

Business case justification

A business case is a document that presents a comprehensive view of a project with financial justification and expected return on investment when the project is completed. It is an excellent source for reference when changes or process reengineering take place. Read full article on: Business case justification - More resources: Key Performance Indicators