What are the steps involved in...

What are the steps in project management?

Your company starts a multitude of projects every year. Whether it's a change in inventory management, the implementation of an enterprise resource planning (ERP) system, or a product launch, it's constantly in "project management" mode.

However, entrepreneurs still struggle to estimate the effort and time required to successfully complete their projects.

Project failure is rarely due to technology. Exceeding deadlines, changes in project scope, and a lack of resources are the factors responsible for the failure of half of all business projects, according to a survey conducted by PwC.

The consequences? Wasted time and money. The company doesn't reap the expected benefits, and employees are demotivated.

You can identify key project management steps and learn how to avoid common pitfalls by following these steps:

1. Design

Every project should begin by identifying its objectives. Consider the constraints that could jeopardize its success, particularly those related to the market, technology, human resources, budget, and deadlines.

2. Planning

Once you know the project is feasible and will benefit the company, you can move on to planning all the activities and determining the timeline. At this stage, you must describe the activities in detail, following the chronological order. Who will do what? Do you have all the necessary skills in-house?

3. Execution

Next, you must execute the plan. This step requires rigor and discipline to meet the deadlines and produce the deliverables. Weekly or quarterly meetings, depending on the project's complexity, will help you review progress and avoid delays.

4. Closure

It's often said that momentum is lost in the last ten percent of a project. People feel like they've finished everything and forget the final details, which are very time-consuming to complete.

5. Review

Bring the project team together to evaluate the successes and failures to avoid future pitfalls.

Here are some tips for overcoming the most common obstacles in project management.

Conduct detailed feasibility studies to assess all costs. Instead of underestimating, it's always better to overestimate to ensure the project remains profitable even in the worst-case scenario.

Break down large projects into smaller steps. This will allow you to navigate complexity more effectively and avoid backtracking because you forgot a previous activity. It's also a great motivator for employees, who see the progress being made.

Develop contingency plans from the design phase onward. These individuals must understand the warning signs to watch for and the steps to take depending on the different scenarios. This strategy will help you assess risk factors and better manage unforeseen events.

Always keep the "critical path"—the activities essential to a project's success—in mind and follow it meticulously. Going it alone is not recommended. Recognize the value of teamwork and seek assistance for complex projects that exceed your management skills. BDC consultants are there to help.

Free up employees involved in the project from some of their regular duties. Focus on the process, not the people.

Every project represents change. Keep employees constantly informed of its progress, expected benefits, and potential challenges. Take a step back. The more time you spend developing and planning the project, the greater your chances of success.