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5 benefits of project management app
Globalization and, thus, intense market competition mean that companies must be able to implement their market strategies quickly and effectively. A standard method of implementing strategies is to carry out a series of projects precisely linked to strategic objectives. Through projects, new products are introduced, investments are made, processes are improved, etc. Many projects make it necessary to commit more and more organizational resources to their implementation. It is essential that these projects are carried out efficiently and that project teams are provided with practical ways of communicating and coordinating their work. Companies that operate using a self-created project management program – usually based on tools from the MS Office package – cannot ensure sufficient efficiency in implementing the strategy. Such companies need a professional project and portfolio management application. This will enable them to communicate and distribute work efficiently. A professional IT program will also help to coordinate activities and monitor the results achieved.
1. Plan the project precisely and formally approve the implementation plan
Project planning should start with creating a Project Charter and, once approved, move on to precise planning. The project schedule, which significantly influences the project’s success, is an essential product of the project plan. Therefore, it is necessary to implement the company’s project management rules, which require each project to create a project plan. Such a plan must be formally approved before the implementation phase begins. At first, such an approach may appear to generate excessive administrative work, but this is only an appearance. A good project plan, which includes a project schedule and often a Gantt chart, is a ‘roadmap’ for project delivery. It shows how the project team is expected to achieve the project objective. What often discourages project teams from building a project plan is unfriendly project management software. A good program is beneficial in building a project plan because the team can work on the plan in parallel. They can easily make changes that lead to the final plan. An advanced project management application allows you to formally approve the project plan, which will be implemented from then on. Deviations will also be monitored against this plan. It is worth distinguishing the features of a good project plan: approved project charter, communication plan, tasks with set dates for their realization and assigned responsibility, links between tasks visible on a Gantt chart, and project budget.
2. Identify and prevent project risks
Professional software to manage projects and project portfolios enables risk management in the project. They often have a dedicated module to keep a register of project risks. Risk management is essential because it allows early identification of risks that may adversely affect the course of the project. Managing project risks is relatively easy. Mostly, it comes down to disciplined risk register maintenance and discussing it regularly with the project team. Advanced methods such as Monte Carlo simulations are on the most extensive and very comprehensive projects. There are various approaches to risk management in the project that are worth knowing and doing in the right way. But in what way is it desirable not to “over-identify” everything, which can negatively affect the project? Defining the project life cycle in the company’s project management standards is worth defining. In addition, define which risk categories should be defined in the project initiation, planning, and implementation phases. For example, describing only the most relevant risks in the project idea stage is helpful. Mainly so that managers deciding to start a project can reflect on its acceptance by knowing the key risks. In contrast to the idea definition stage, it is already worth identifying and recording the more and less significant risks in the risk register in the implementation phase. What may seem unimportant to some may be a completely different perspective to others. This is because different people have different perspectives on the perception of risks. It can be assumed that up to 70% of the project’s risk management impact will come from regular project team meetings. During such meetings, it is worth dedicating time to discuss project risks.
3. Precisely define the project's goals and scope and make sure that the project fits into the company's strategy
Every company must effectively implement its market strategy to differentiate itself from the competition and gain an advantage. Therefore, the objectives of major projects must be consistent with the company’s chosen strategic goals. It is only possible to implement a project effectively by knowing its objective. Every project must have well-formulated objectives. Defining and writing project objectives in a project charter is standard practice. The project charter includes the goals and scope, milestones, completion date and duration, dedicated budget, project roles, etc. Companies that are advanced in project management go one step further. They create a precise link between company strategy and projects. The ability to link a company’s strategic goals with project goals is one necessary functionality that a project and project portfolio management software should offer. Only some project management applications have this functionality. When choosing a system, it is worth paying attention to the availability of this functionality. Not every organization has a document with a written strategy, and not every organization has specific strategic goals. However, this company may decide to improve its strategic process in the future. In that case, the need for such functionality should not force replacing the project management software with a new, more powerful one. When choosing a project management system, it is worth deciding right away on one that supports both project management and strategy implementation management.
4. Build project situation reports and automate the process of cyclical project reviews
Managing projects effectively with ongoing access to reports and information on planned and ongoing projects is only possible. In addition, managers expect information to be presented in a very clear way. Companies operating in Poland often expect project and portfolio management applications in Polish; for example, companies from Ukraine want a system in their national language. This is because English language skills are at different levels among employees. This can make project communication difficult. A good project management app should unquestionably offer easy creation of project reports on various topics. A useful feature of such software is that system users can create project reports and configure them freely. The creation of project reports is primarily the role of PMO staff. The project management office is responsible for understanding the company’s project situation. The PMO reports the status of ongoing projects to the company’s board and management. The ability to tailor the content of reports to the requirements of the company’s management is undoubtedly one of the key functionalities for choosing a project management application. Some project management software has several key reports permanently designed. The best ones offer extensive report configurability. Configurability is one of many features that characterize a sound project management system. It is worth noting that such reports can be converted to PDF files or exported to MS Excel. The ability for the system to automatically send reports to defined user groups is also expected.
5. Ensure effective management of both human and financial project resources
Global studies show that managing project resources effectively is many companies’ most significant challenge. Companies are overstretched by a need for prioritization in selecting projects to be undertaken, and thus run too many projects simultaneously. Nowadays, when companies run more and more projects in parallel, adequate financial and human project resources management becomes a vital issue. Project resources, especially human resources, are many companies’ most essential and often the most expensive asset. If this is indeed the case, there is no doubt that companies should make maximum effort to manage project resources effectively. Such management, in practice, is about ensuring that individual project team members are well-rested in project work. Organizations with a PMO and want to manage project resources well expect such functionality to be offered by a good project and portfolio management application. For good project resource planning, the ability to assign the level of commitment of project team members to tasks is needed. The application should count for each project team member how many hours they are scheduled to complete their assigned tasks. If there are overruns on certain days, the system should communicate this immediately through clear warnings. It is essential to remember that, initially, resource planning on a project may seem like a demanding activity. However, such project resource management activities are certainly very valuable and bring a number of benefits. The most important are increased staff motivation, better work organization, a better ability to spread projects over time, and a focus on priorities.
![What is a Gantt chart, and how to create one? [EXAMPLE]](https://flexi-project.com/wp-content/uploads/2024/04/What-is-Gantt-chart-e1714048900401.png)
![What is a Project Charter and how to prepare it? [EXAMPLE]](https://flexi-project.com/wp-content/uploads/2024/04/Project-charter-flexiproject.png)
