How to deliver your project on time and budget

Jul
24

IT technologies have become a significant constituent in a variety of industries, and specialists  increasingly face complex tasks of great importance. As the projects are getting extremely hard and large to manage, coming into contact with different parts of a company, they put at the risk the success of the whole business if something goes wrong. And the more ambitious the plans, the higher the risks of a failure. But what do you need to avoid costly mistakes? Today we’ll try to answer this tricky question.

Large or small, every project requires a professional project manager who will control the whole process to finish the line in a cost- and time-efficient manner. Delivering the project on time and within the allocated budget is the main goal of every PM. Unfortunately, it is easier said than done. The truth is 2 out of 3 tasks fail or end up costing a large amount of money for the company. Poor planning, lack of knowledge and experience, and ignoring risks can bring serious consequences and unplanned expenses. So, before starting the project, you should take into consideration all important factors and recommendations that can increase your chances to achieve your primary goal. You may ask, “What’s the best methodology for delivering projects on time and budget?” Here are the key steps to successful project delivery.

5 Project Success Steps

  1. Define your goals and objectives. Believe it or not, but team members very often don’t even understand the end they are working towards or even what they are doing. Because of a lack of clarity, your project may go in the wrong direction, with the result that you spend much more time and money than you budgeted for. As the project manager, you are responsible for clearly defining  realistic goals and objectives to every person who is engaged into creating every specific project. Don’t forget to outline what will not be included in the task as well. It is critical to divide the roles and detail the requirements so there is no room for ambiguity. The team member should understand exactly what is expected from them and what steps they need to take to accomplish the project efficiently.
  2. Plan and figure out the project scope. First of all, you need to define the clear project plan. Application of a comprehensive schedule will help your team to reach the main goal. Divide the time span between each step correctly, as each of them is individual and of big importance. Many steps depend on other ones and this creates the chain structure. It also significant to manage your project's scope. Stick to it as closely as possible, but be prepare for the unexpected. The never-ending “nice-to-haves” often sabotage even well-planned projects. So, try to keep scope creep in check and only approve any changes in project scope. Optionally, you can break down the whole project into smaller pieces and set smaller goals, which will keep the team focused and on task.
  3. Communication is key. No doubt, efficient communication is critical. You need to make sure that there is open communication between all the stakeholders, from programmers and top executives to customers. Moreover, it is vital to establish good relationships inside the project team. Communication helps everyone stay tuned and be informed about the most important milestones, project deadline, budget and so on and so forth. Therefore, hold the status meetings. It may seem to you a waste of time, but their goal is not only to provide crucial information and motivate people, but also coach your team, identify any potential concerns or problems and to solve them as quickly as possible. This effective methodology will promote better cooperation.
  4. Risk management. An accident may seem to you like a one-time thing. But any project is hazardous, and each occurrence can negatively influence your plan, scope, budget and deliverables. For certain projects that use new or untested technology, the whole process may be risky. In any case, you need to prepare in advance for potential risks. If you effectively identify risks your business may face, you can minimize the negative effects on your outcome and maximize your chances of success.
  5. Dedicated team. People are everything. This is the very heart of any successful project.  Without people, more specifically the right people who are dedicated, you will not reach the final goal. So you definitely need the best specialists next to you. With this in mind, pick only competent, enthusiastic staff who truly believe in your project. Bring them together and keep them motivated, because teamwork is important as well. By the way, you can benefit from cooperation with our professionals. But ultimately, your team makes the project outcome.

Despite the challenges you can face while managing complex business projects, these five steps can help you to finish them on time and within your budget. Our experts can also become the part of your team and develop an effective project management system for achieving the primary target. So, don't wait, contact us today!

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