Successful Project Managers
- As much as 68% of companies face marginal or outright project failures.
- Project failure in the IT industry costs the US economy about $50 to $150 billion each year.
- According to Gallup, only 2.5% of companies ever get to complete 100% of their projects.
- Even at IBM, only 40% of projects meet the company’s goals with regards to schedule, budget, and time.
And the list goes on and on…
Project management seems simple on the surface, but within, success has always eluded many.
What then are the secrets of the successful few?
Well, there seems to be no specific recipe for success in any industry. Nevertheless, the successful few have managed to succeed based on a few rules, principles and methods of their own. These we will briefly discuss here.
1. Making effective plans
They say that every minute you spend to plan saves you ten in execution.
This is true to a large extent as poor planning is usually one of the common reasons why some project managers fail. With a solid plan in place for every phase of the project, it will be far easier to execute those plans and the risks of failure will be significantly decreased.
2. Setting realistic goals
It’s important to set realistic goals so your project won’t fail even before it’s started.
Successful project managers understand the power of productivity and how excessive pressure to meet unrealistic targets can hinder this. Rather than hoping for a miracle with a low budget and an obvious tight deadline, successful project managers would rather keep a buffer to give themselves and team members a much-needed breathing space.
3. Careful delegation of responsibility
Now that you have a realistic goal and an effective plan in place, the next thing will be to delegate tasks to members of the team. Putting square pegs in round holes won’t cut it. A few wrong decisions and everything will be over till it has begun. Carefully examine and evaluate the skill and capacity of each person on the team so you can always make the right decision when the time comes.
4. Communicate clearly
As much as 56% of projects fail due to communications breakdown. That’s how important clear and smooth communication can be. Successful project managers won’t withhold information from those who need it. Rather they’ll ensure team members are kept regularly updated and informed whether through their project management software or through team meetings.
5. Proactivity and effective risk management
How you handle risks will determine how successful your project will turn out to be. Successful project managers are not reactive. They don’t wait for the problems, rather they are anticipatory.
Rather than wait till a particular problem has dealt a blow on their plans and project execution, successful project managers anticipate risks and they show a high level of risk management.
Successful project managers always try to stay a step ahead.
They are occasionally tracking project progress. That way, they can tell whether or not they are heading for success. Remember again, there’s no secret recipe for success. However, if you want to keep winning as a project manager, these are some of the many important skills you’ll need to master. Over time, these will help you achieve more project management success with regards to your budget, time, and schedule.
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