Project Management best practices

How do we evaluate our current project performance within the myriad of benchmarked practices and maturity models? Experience with clients over the years in a wide variety of industries and projects have indicated that an effective project management process should contain nine basic elements, or best practices.

The lifecycle of a project

Each project follows a process that has five basic steps or phases, name the five steps?

Introduction

How do we evaluate our current project performance within the myriad of benchmarked practices and maturity models? Experience with clients over the years in a wide variety of industries and projects have indicated that an effective project management process should contain nine basic elements, or best practices.

List of nine best practices of project management and the reasons why they are important

1. Defined Life Cycle and Milestones: Organizations need to map and define phases, deliverables, key milestones and sufficiency criteria for each group involved in the project. There are four phases to a project life cycle—Concept, Planning, Implementation and Closeout.

2. Stable Requirements and Scope: Effective project management requires that project requirements, objectives and scope be documented and become stabilized at some point early in the project life cycle. Project requirements should be established in the concept phase.

3. Defined Organization, Systems, and Roles: In any organization projects must have defined roles for the project manager, functional managers and project team members. Accountabilities must be identified for all. Leadership and interpersonal skills are essential. A system of communications and team involvement is essential to success.

4. Quality Assurance: Many projects management processes are inadequate in the quality dimension. Quality on projects requires the identification of standards and criteria to be set in each phase of the project life cycle for both the product and the process. Quality means making and meeting agreed to commitments with a constant eye for improvement.

5. Planned Commitments: Plans must be based upon the process capability of the organization and not upon wishful thinking. It is common to see wishful project schedules built upon a “house of cards” where sufficient resources are not available. Plans must be more than schedules in that they address all nine elements of the project management process.

6. Tracking and Variance Analysis: Projects should be managed using an exception process in which deviations from plans are reported and resolved. Any other way is inefficient. An effective project management process requires regular reports and regular meetings of the project team to identify when things are off target. Schedule slips, cost overruns, open issues, new risks and identified problems must be dealt with as early as possible.

 7. Corrective Action Decisions: When variances from plan are detected, the default assumption is that the team or functional groups will work to put the project back on track. Without a clear procedure corrective action can have many outcomes, not all consistent with corporate objectives.

 

8. Escalation and Issue Management: A formal process needs to be in place, similar to dispute clause in a contract or a grievance procedure in a labor contact, to escalate issues before they become fatal to the project cost or schedule.

9. Work Authorization and Change Control: Late changes in projects are a major source of disruption that lead to schedule slippage, cost overruns, insertion of defects and rework. A formal system of change control and change management must be in place. Changes caused by scope creep must be resisted and change control is needed to prevent these problems.

  • Define
  • Control
  • Follow-up
  • Introduction

Project Management best practices

In any organization projects must have defined roles for which members on the project team?

Introduction

How do we evaluate our current project performance within the myriad of benchmarked practices and maturity models? Experience with clients over the years in a wide variety of industries and projects have indicated that an effective project management process should contain nine basic elements, or best practices.

List of nine best practices of project management and the reasons why they are important

1. Defined Life Cycle and Milestones: Organizations need to map and define phases, deliverables, key milestones and sufficiency criteria for each group involved in the project. There are four phases to a project life cycle—Concept, Planning, Implementation and Closeout.

2. Stable Requirements and Scope: Effective project management requires that project requirements, objectives and scope be documented and become stabilized at some point early in the project life cycle. Project requirements should be established in the concept phase.

3. Defined Organization, Systems, and Roles: In any organization projects must have defined roles for the project manager, functional managers and project team members. Accountabilities must be identified for all. Leadership and interpersonal skills are essential. A system of communications and team involvement is essential to success.

4. Quality Assurance: Many projects management processes are inadequate in the quality dimension. Quality on projects requires the identification of standards and criteria to be set in each phase of the project life cycle for both the product and the process. Quality means making and meeting agreed to commitments with a constant eye for improvement.

5. Planned Commitments: Plans must be based upon the process capability of the organization and not upon wishful thinking. It is common to see wishful project schedules built upon a “house of cards” where sufficient resources are not available. Plans must be more than schedules in that they address all nine elements of the project management process.

6. Tracking and Variance Analysis: Projects should be managed using an exception process in which deviations from plans are reported and resolved. Any other way is inefficient. An effective project management process requires regular reports and regular meetings of the project team to identify when things are off target. Schedule slips, cost overruns, open issues, new risks and identified problems must be dealt with as early as possible.

 7. Corrective Action Decisions: When variances from plan are detected, the default assumption is that the team or functional groups will work to put the project back on track. Without a clear procedure corrective action can have many outcomes, not all consistent with corporate objectives.

 

8. Escalation and Issue Management: A formal process needs to be in place, similar to dispute clause in a contract or a grievance procedure in a labor contact, to escalate issues before they become fatal to the project cost or schedule.

9. Work Authorization and Change Control: Late changes in projects are a major source of disruption that lead to schedule slippage, cost overruns, insertion of defects and rework. A formal system of change control and change management must be in place. Changes caused by scope creep must be resisted and change control is needed to prevent these problems.

  • Project manager
  • Financial Manager
  • Management Accountant
  • Quality Manager

Untitled single choice question

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