SlideShare a Scribd company logo
1 of 5
Download to read offline
10 Critical Factors to Consider For Success of a Project


1. As Complex As You Make It
Planning and delivering a project can be a fairly complex process. Its complexity can be attribute to:
changing project dynamics- scope, cost, resource requirement; the time & efforts required, forming a
project team to execute deliverables, making everyone understand what he/she is expected to deliver
and what is the schedule of delivery, generally projects have interdependency of project activities,
collecting feedback or trace progress of the project, also during lifecycle of a project, it observes
unplanned issues & risks being surfaced.




                                                                                 1




Despite of set of these processes mentioned above makes project management to appear complex; it is
your approach that will make it simple. Try following things.

           Set a clear objective for stakeholders, especially for your team

           Communicate regularly with all stakeholders especially your team

           Get regular feedback from customers as well as project team


2. Project manager is responsible
Well, it is not entirely true, since it is a collective effort, entire team has to work together to make it
happen. Undeniably you will have to accept the fact that: from organizations’ point of view, it is the
role – 'Project Manager' that has been identified to own project & deliver it withstanding risks on
time, within budget. The overall owner of the processes mentioned above, either there is a person


1
    Image Reference:: http://www.krp-consult.de/__we_thumbs__/76_1_cartoon.jpg


www.zilicus.com                                    © Zilicus Solutions 2012                     1 | Page
designated as project manager or one who assumes that role. You as a project manager own the
ultimate responsibility to ensure that project is successfully delivered. In short, to carry out project
management activities, organization & customer need project manager.


Overall responsibilities
    1.   Prepare a project plan – including schedule, communication, risks, etc.
    2. Schedule tasks & milestones with respect to agreed timeline
    3. Identify, secure & assign appropriate resources
    4. Tracking project progress – Tracking milestone achieved & pending status, manage issues and
         risks
    5. Update stakeholders about project status & deliverables


In today's collaborative environment, it is apparent for project managers to engage his/her entire team
with project management and collaboration tools & techniques to streamline project activities & get
things done.


3. Reinforce & Regain Focus
Don’t have enough fund/ resources?
If you struggle to get enough funds, resources for your project; you need to understand organization's
priority towards project. If you believe that organization need to focus on deliverables of your project;
it requires your organization to relook at prioritization of project portfolio.


Are you loosing track?
Despite of the fact, we have tools and techniques to streamline project progress; we see projects
getting delayed/ de-scoped or abandoned. Not every organizations have portfolio management role
which will take care of assessment & prioritization of projects: planning & execution activities. In such
situation, project teams may find themselves getting dragged because of changing project
requirements, changing environment & project management team without clear focus.


Avoid The Trap:
At times, projects need higher management (as appropriate) buy in & strong support to deliver it
successfully. And to gain buy in for a given project, one needs to build a business case, justifying cost-
benefit analysis by delivering project – highlighting kind of support required: be it in terms of
customer engagement, resources with specific skill sets, space, equipment, project duration, etc.


This exercise will help you & your organization to focus on right set of projects & right kind of support


www.zilicus.com                          © Zilicus Solutions 2012                              2 | Page
for project(s).


4. Specific & Quantifiable Project Objectives
Surely, any project has certain objectives which are expected to be aligned with goals of an
organization. When project objectives are being set, it is important to set specific & quantifiable
costs & benefits expected from delivery of a project. E.g. gain 250K revenue for a given product
category which otherwise – is a loss of sale by making products available to store. Thus, these tangible
& quantifiable benefits act as ultimate reference that everyone involved in the project would focus on.


5. Project Plan - Clear & Detailed
First & foremost – Project Planning: it is the most critical factor. The project plan which is carved well
saves a lot of time, cost later. As they say –devil is in the details. So it is critical to the project to carve
out the as much as details as possible. Also the detailing done in project plan, builds up the
confidence of project planner & the team responsible for execution.


Your project plan should have:
    a. Mutually agreed & Clearly defined:
            I.    Distinct Milestones, set of deliverables
            II. Timelines to achieve milestones & provide deliverables
            III. Detailed resources roles & responsibilities – skillset /& grades of material required
            IV. Estimates of project cost with reasonable accuracy based on above parameters
            V. Contingency plan with - optimum estimate
    b. Establishing a clear mechanism to highlight & manage project issues & risks – (i.e. clear
        SLA)
    c. To set clear focus for every team member about project activities & processes they need to
        follow
    d. As team members work on project related activities, you can compare progress of project
        with the planned schedule & you should become alert of losing track – which has time &
        money implication.


6. Don’t let it leak – Project Scope has to be sacrosanct
Quite often we see, project scope being altered during the course of project execution. It is the same
principle that needs to be followed while preparing project scope: A fix in time, saves nine. Quite often
it has been observed that project scope is broadened; more often than not, such project creep implies
that the project scope was prepared & published pre-maturely.


Alright, it (the mistake?) has happened. What should you do next? Should you agree for any further


www.zilicus.com                           © Zilicus Solutions 2012                                   3 | Page
changes (& compromise on project cost, timeline) or refuse (& risk customer engagement)? I think
this really needs careful considerations.


Your customer may not appreciate your reluctances (toward accepting any new/major changes) but
generally accepting small scope change & delivering those does not get accounted. I have seen this
happening; at the time of project sign off & also in future, customers may not consider, the extra miles
you have run. You need to note that even though, you run the extra miles, at the end of it, your &
organization’s credibility of delivering project on time & within budget can be at risk.


Essentially your customers also know well that project scope was mutually agreed. Hence delivering
project as defined on schedule within cost may be of his interest too & may accept to contingent plan
to include ‘changed project scope’ in some alternate form/way. You have to get customers’ & higher
management buy in to say NO, if ‘accepting scope change’ is going to hurt project’s objective &
organization’s goal in foreseeable & reasonable future timeframe.


Having mentioned this, it is in best mutual interest that you have a factual discussion with customer.
Be transparent & understand each other’s concerns. Mutually Re-prioritize project deliverables, work
out contingency plan& agree on time & cost estimates.


7. Build Inspired Team – It can save you greatly
The sense of ownership & in turn involvement makes your team to stretch their limits. Yes, we
ourselves have done it & seen examples around. The sense of belonging & ownership instils a healthy
& highly productive environment – benefits of which you should maximize to get things done quicker
& of high quality.


It is not really rocket science to build such team, rather an art: Especially if we have gone through it,
we can relate to it quickly. The least you have to do is:
       Be transparent
       Communication (Be regular & have clarity)
       Listen to their ideas (You never know, they may have better way of doing it. So support them)
       Let them be creative, give them space (generally, it helps you to get returns)
       Get them involved (again, listen to them, get their inputs, make them integral part of process)


8. Issue Management:
Practically, every project deliverable has numerous issues surfacing in its lifecycle. Your organization
needs an effective process & efficient mechanism to manage issues. You need to realize issues as they
surface, recognize their severity, and assign priority as appropriate to the project delivery schedule,

www.zilicus.com                          © Zilicus Solutions 2012                             4 | Page
assign resources to work on these.


At times, issues being submitted may appear to be teaser to progress of your project. But it is your
issue management practice which will make it routine job. It is needless to say that you need to make
provision for risk management while planning & scheduling your project.


9. Risk Planning & Mitigation
As they say, Devil lies in the details. At least you would know there is a devil & you can plan
accordingly. So it is in your best interest to document potential risks right from the beginning of the
project, assess & prepare through appropriate response plan to tackle those risks.


You would agree that this exercise really prepares you for the battle: means – as unplanned/ unknown
risks appear during execution of a project, you would know what approach/methodology to employ in
assessing risks and strategy to mitigate risk (re-scheduling tasks, assigning resources, update project
deliverables, estimates)



10.    Identify & agree for point of closure of a project
As PMBoK™ states, project is a temporary endeavour. Once project is delivered according
scope, as agreed project resources should be returned to the resource pool (or transferred to other
project), else project is considered as open and then it has project continuation cost associated with it.


Again, it is in best mutual interest to discuss about which all project deliverables are according to
project plan & figure out which project deliverables were not agreed project scope. Through this
discussion you need to agree whether future work will require initiation of a new project or it will be
addendum to existing project (agreement on former option will close existing project & other
option(s) will keep the project status not-closed).


Concluding Remark:
Be transparent. Communicate clearly & regularly with everyone involved in the project.



_____________________________________________________________________________



                           ZilicusPM is online project management software that offers an incredibly simple
and collaborative ways to manage projects lifecycle. Try ZilicusPM a powerful tool to stay on top of things.
Take a tour; You can sign up for 30-days risk free trial.

www.zilicus.com                         © Zilicus Solutions 2012                                 5 | Page

More Related Content

What's hot

Critical success factors in construction projects
Critical success factors in construction projectsCritical success factors in construction projects
Critical success factors in construction projectsnamra mubarak
 
Project Management Prospective
Project Management ProspectiveProject Management Prospective
Project Management ProspectiveAbhishek Shah
 
Project Management Scope Templates for SharePoint
Project Management Scope Templates for SharePointProject Management Scope Templates for SharePoint
Project Management Scope Templates for SharePointToby Elwin
 
Top Five Ideas for Project Management
Top Five Ideas for Project ManagementTop Five Ideas for Project Management
Top Five Ideas for Project ManagementJohn Goodpasture
 
Project Management 101 Primer
Project Management 101   PrimerProject Management 101   Primer
Project Management 101 PrimerGary Drumm
 
Project initiation topic 2.1_introduation
Project initiation topic 2.1_introduationProject initiation topic 2.1_introduation
Project initiation topic 2.1_introduationRudreshSamant
 
It project management and best practices
It project management and best practicesIt project management and best practices
It project management and best practicesNaresh Pokhriyal
 
Multi-project management problems & their solutions whitepaper
Multi-project management problems & their solutions whitepaperMulti-project management problems & their solutions whitepaper
Multi-project management problems & their solutions whitepaperStefan Ondek, PMP, CSPM
 
Critical Success Factors Affecting Project Performance in Turkish IT Sector -...
Critical Success Factors Affecting Project Performance in Turkish IT Sector -...Critical Success Factors Affecting Project Performance in Turkish IT Sector -...
Critical Success Factors Affecting Project Performance in Turkish IT Sector -...systred
 
Asset Finance Systems: Project Initiation "101"
Asset Finance Systems: Project Initiation "101"Asset Finance Systems: Project Initiation "101"
Asset Finance Systems: Project Initiation "101"David Pedreno
 
Project Management Best Practices: Brock Boddie/General Assembly
Project Management Best Practices: Brock Boddie/General AssemblyProject Management Best Practices: Brock Boddie/General Assembly
Project Management Best Practices: Brock Boddie/General AssemblyGeneral Assembly
 
Role of Project Manager
Role of Project ManagerRole of Project Manager
Role of Project ManagerMuhammad khan
 
Project Management PowerPoint PPT Content Modern Sample
Project Management PowerPoint PPT Content Modern SampleProject Management PowerPoint PPT Content Modern Sample
Project Management PowerPoint PPT Content Modern SampleAndrew Schwartz
 
How Project Management Leads to Better Outcomes
How Project Management Leads to Better OutcomesHow Project Management Leads to Better Outcomes
How Project Management Leads to Better OutcomesAllison Reznick
 
Project management
Project managementProject management
Project managementErankajKumar
 
Termination.project management
Termination.project managementTermination.project management
Termination.project managementMarius Miron
 
SymEx 2015 - Troubled Project Recovery, The Story of Firefighter & Hero
SymEx 2015 - Troubled Project Recovery, The Story of Firefighter & HeroSymEx 2015 - Troubled Project Recovery, The Story of Firefighter & Hero
SymEx 2015 - Troubled Project Recovery, The Story of Firefighter & HeroPMI Indonesia Chapter
 

What's hot (19)

Critical success factors in construction projects
Critical success factors in construction projectsCritical success factors in construction projects
Critical success factors in construction projects
 
Project Management Prospective
Project Management ProspectiveProject Management Prospective
Project Management Prospective
 
Project Management Scope Templates for SharePoint
Project Management Scope Templates for SharePointProject Management Scope Templates for SharePoint
Project Management Scope Templates for SharePoint
 
project management essentials
project management essentialsproject management essentials
project management essentials
 
Top Five Ideas for Project Management
Top Five Ideas for Project ManagementTop Five Ideas for Project Management
Top Five Ideas for Project Management
 
Project Management 101 Primer
Project Management 101   PrimerProject Management 101   Primer
Project Management 101 Primer
 
Project initiation topic 2.1_introduation
Project initiation topic 2.1_introduationProject initiation topic 2.1_introduation
Project initiation topic 2.1_introduation
 
It project management and best practices
It project management and best practicesIt project management and best practices
It project management and best practices
 
Multi-project management problems & their solutions whitepaper
Multi-project management problems & their solutions whitepaperMulti-project management problems & their solutions whitepaper
Multi-project management problems & their solutions whitepaper
 
Critical Success Factors Affecting Project Performance in Turkish IT Sector -...
Critical Success Factors Affecting Project Performance in Turkish IT Sector -...Critical Success Factors Affecting Project Performance in Turkish IT Sector -...
Critical Success Factors Affecting Project Performance in Turkish IT Sector -...
 
Project manager
Project managerProject manager
Project manager
 
Asset Finance Systems: Project Initiation "101"
Asset Finance Systems: Project Initiation "101"Asset Finance Systems: Project Initiation "101"
Asset Finance Systems: Project Initiation "101"
 
Project Management Best Practices: Brock Boddie/General Assembly
Project Management Best Practices: Brock Boddie/General AssemblyProject Management Best Practices: Brock Boddie/General Assembly
Project Management Best Practices: Brock Boddie/General Assembly
 
Role of Project Manager
Role of Project ManagerRole of Project Manager
Role of Project Manager
 
Project Management PowerPoint PPT Content Modern Sample
Project Management PowerPoint PPT Content Modern SampleProject Management PowerPoint PPT Content Modern Sample
Project Management PowerPoint PPT Content Modern Sample
 
How Project Management Leads to Better Outcomes
How Project Management Leads to Better OutcomesHow Project Management Leads to Better Outcomes
How Project Management Leads to Better Outcomes
 
Project management
Project managementProject management
Project management
 
Termination.project management
Termination.project managementTermination.project management
Termination.project management
 
SymEx 2015 - Troubled Project Recovery, The Story of Firefighter & Hero
SymEx 2015 - Troubled Project Recovery, The Story of Firefighter & HeroSymEx 2015 - Troubled Project Recovery, The Story of Firefighter & Hero
SymEx 2015 - Troubled Project Recovery, The Story of Firefighter & Hero
 

Similar to 10 critical factors for success of a project

Drs 255 project management skills
Drs 255 project management skillsDrs 255 project management skills
Drs 255 project management skillspaulyeboah
 
Project management
Project managementProject management
Project managementsatya pal
 
8 Project Management Steps To Increase Productivity And Profitability.docx
8 Project Management Steps To Increase Productivity And Profitability.docx8 Project Management Steps To Increase Productivity And Profitability.docx
8 Project Management Steps To Increase Productivity And Profitability.docxSameerShaik43
 
Project Manager Primer
Project Manager PrimerProject Manager Primer
Project Manager PrimerTom Cremins
 
Presentation of project management synopsis 1
Presentation of project management synopsis 1Presentation of project management synopsis 1
Presentation of project management synopsis 1ferozpatowary
 
GETTING STARTEDOverview of the ProjectNothing is impossible fo.docx
GETTING STARTEDOverview of the ProjectNothing is impossible fo.docxGETTING STARTEDOverview of the ProjectNothing is impossible fo.docx
GETTING STARTEDOverview of the ProjectNothing is impossible fo.docxgilbertkpeters11344
 
GETTING STARTEDOverview of the ProjectNothing is impossible fo.docx
GETTING STARTEDOverview of the ProjectNothing is impossible fo.docxGETTING STARTEDOverview of the ProjectNothing is impossible fo.docx
GETTING STARTEDOverview of the ProjectNothing is impossible fo.docxshericehewat
 
PROJECT MANAGEMENT intro - Lecture 01.pptx
PROJECT MANAGEMENT intro - Lecture 01.pptxPROJECT MANAGEMENT intro - Lecture 01.pptx
PROJECT MANAGEMENT intro - Lecture 01.pptxBimsaraRotaract
 
Sheet1Lectocomp Electronics Manufacturing CompanyProject RisksAsse.docx
Sheet1Lectocomp Electronics Manufacturing CompanyProject RisksAsse.docxSheet1Lectocomp Electronics Manufacturing CompanyProject RisksAsse.docx
Sheet1Lectocomp Electronics Manufacturing CompanyProject RisksAsse.docxlesleyryder69361
 
PROJECT PLANNING AND MANAGEMENT
PROJECT PLANNING AND MANAGEMENTPROJECT PLANNING AND MANAGEMENT
PROJECT PLANNING AND MANAGEMENTAbraham Ncunge
 
Estimate budget and project crashing.pptx
Estimate budget and project crashing.pptxEstimate budget and project crashing.pptx
Estimate budget and project crashing.pptxMIANMNADEEM
 
Effective Project Management
Effective Project ManagementEffective Project Management
Effective Project ManagementBinary Semantics
 
Project management for technologies MGT410
Project management for technologies   MGT410Project management for technologies   MGT410
Project management for technologies MGT410Saqib Imran
 
Basics of Project Planning
Basics of Project PlanningBasics of Project Planning
Basics of Project PlanningZilicus
 
importance of resources allocation in formal method of software engineering ...
 importance of resources allocation in formal method of software engineering ... importance of resources allocation in formal method of software engineering ...
importance of resources allocation in formal method of software engineering ...Abdul Naqashbandi
 
MODULE II - M.ARCH.pptx
MODULE II - M.ARCH.pptxMODULE II - M.ARCH.pptx
MODULE II - M.ARCH.pptxMdAliMujawar1
 

Similar to 10 critical factors for success of a project (20)

Drs 255 project management skills
Drs 255 project management skillsDrs 255 project management skills
Drs 255 project management skills
 
Project management
Project managementProject management
Project management
 
8 Project Management Steps To Increase Productivity And Profitability.docx
8 Project Management Steps To Increase Productivity And Profitability.docx8 Project Management Steps To Increase Productivity And Profitability.docx
8 Project Management Steps To Increase Productivity And Profitability.docx
 
Project Manager Primer
Project Manager PrimerProject Manager Primer
Project Manager Primer
 
Presentation of project management synopsis 1
Presentation of project management synopsis 1Presentation of project management synopsis 1
Presentation of project management synopsis 1
 
GETTING STARTEDOverview of the ProjectNothing is impossible fo.docx
GETTING STARTEDOverview of the ProjectNothing is impossible fo.docxGETTING STARTEDOverview of the ProjectNothing is impossible fo.docx
GETTING STARTEDOverview of the ProjectNothing is impossible fo.docx
 
GETTING STARTEDOverview of the ProjectNothing is impossible fo.docx
GETTING STARTEDOverview of the ProjectNothing is impossible fo.docxGETTING STARTEDOverview of the ProjectNothing is impossible fo.docx
GETTING STARTEDOverview of the ProjectNothing is impossible fo.docx
 
PROJECT MANAGEMENT intro - Lecture 01.pptx
PROJECT MANAGEMENT intro - Lecture 01.pptxPROJECT MANAGEMENT intro - Lecture 01.pptx
PROJECT MANAGEMENT intro - Lecture 01.pptx
 
Project
ProjectProject
Project
 
Project Management Tools and Techniques
Project Management Tools and TechniquesProject Management Tools and Techniques
Project Management Tools and Techniques
 
Sheet1Lectocomp Electronics Manufacturing CompanyProject RisksAsse.docx
Sheet1Lectocomp Electronics Manufacturing CompanyProject RisksAsse.docxSheet1Lectocomp Electronics Manufacturing CompanyProject RisksAsse.docx
Sheet1Lectocomp Electronics Manufacturing CompanyProject RisksAsse.docx
 
PROJECT PLANNING AND MANAGEMENT
PROJECT PLANNING AND MANAGEMENTPROJECT PLANNING AND MANAGEMENT
PROJECT PLANNING AND MANAGEMENT
 
Project Intro
Project IntroProject Intro
Project Intro
 
Estimate budget and project crashing.pptx
Estimate budget and project crashing.pptxEstimate budget and project crashing.pptx
Estimate budget and project crashing.pptx
 
Effective Project Management
Effective Project ManagementEffective Project Management
Effective Project Management
 
Project Management Demo
Project Management DemoProject Management Demo
Project Management Demo
 
Project management for technologies MGT410
Project management for technologies   MGT410Project management for technologies   MGT410
Project management for technologies MGT410
 
Basics of Project Planning
Basics of Project PlanningBasics of Project Planning
Basics of Project Planning
 
importance of resources allocation in formal method of software engineering ...
 importance of resources allocation in formal method of software engineering ... importance of resources allocation in formal method of software engineering ...
importance of resources allocation in formal method of software engineering ...
 
MODULE II - M.ARCH.pptx
MODULE II - M.ARCH.pptxMODULE II - M.ARCH.pptx
MODULE II - M.ARCH.pptx
 

Recently uploaded

Call Girls in Gomti Nagar - 7388211116 - With room Service
Call Girls in Gomti Nagar - 7388211116  - With room ServiceCall Girls in Gomti Nagar - 7388211116  - With room Service
Call Girls in Gomti Nagar - 7388211116 - With room Servicediscovermytutordmt
 
Lowrate Call Girls In Laxmi Nagar Delhi ❤️8860477959 Escorts 100% Genuine Ser...
Lowrate Call Girls In Laxmi Nagar Delhi ❤️8860477959 Escorts 100% Genuine Ser...Lowrate Call Girls In Laxmi Nagar Delhi ❤️8860477959 Escorts 100% Genuine Ser...
Lowrate Call Girls In Laxmi Nagar Delhi ❤️8860477959 Escorts 100% Genuine Ser...lizamodels9
 
Call Girls In Sikandarpur Gurgaon ❤️8860477959_Russian 100% Genuine Escorts I...
Call Girls In Sikandarpur Gurgaon ❤️8860477959_Russian 100% Genuine Escorts I...Call Girls In Sikandarpur Gurgaon ❤️8860477959_Russian 100% Genuine Escorts I...
Call Girls In Sikandarpur Gurgaon ❤️8860477959_Russian 100% Genuine Escorts I...lizamodels9
 
Regression analysis: Simple Linear Regression Multiple Linear Regression
Regression analysis:  Simple Linear Regression Multiple Linear RegressionRegression analysis:  Simple Linear Regression Multiple Linear Regression
Regression analysis: Simple Linear Regression Multiple Linear RegressionRavindra Nath Shukla
 
Call Girls Navi Mumbai Just Call 9907093804 Top Class Call Girl Service Avail...
Call Girls Navi Mumbai Just Call 9907093804 Top Class Call Girl Service Avail...Call Girls Navi Mumbai Just Call 9907093804 Top Class Call Girl Service Avail...
Call Girls Navi Mumbai Just Call 9907093804 Top Class Call Girl Service Avail...Dipal Arora
 
Cash Payment 9602870969 Escort Service in Udaipur Call Girls
Cash Payment 9602870969 Escort Service in Udaipur Call GirlsCash Payment 9602870969 Escort Service in Udaipur Call Girls
Cash Payment 9602870969 Escort Service in Udaipur Call GirlsApsara Of India
 
The CMO Survey - Highlights and Insights Report - Spring 2024
The CMO Survey - Highlights and Insights Report - Spring 2024The CMO Survey - Highlights and Insights Report - Spring 2024
The CMO Survey - Highlights and Insights Report - Spring 2024christinemoorman
 
VIP Call Girl Jamshedpur Aashi 8250192130 Independent Escort Service Jamshedpur
VIP Call Girl Jamshedpur Aashi 8250192130 Independent Escort Service JamshedpurVIP Call Girl Jamshedpur Aashi 8250192130 Independent Escort Service Jamshedpur
VIP Call Girl Jamshedpur Aashi 8250192130 Independent Escort Service JamshedpurSuhani Kapoor
 
Call Girls In Connaught Place Delhi ❤️88604**77959_Russian 100% Genuine Escor...
Call Girls In Connaught Place Delhi ❤️88604**77959_Russian 100% Genuine Escor...Call Girls In Connaught Place Delhi ❤️88604**77959_Russian 100% Genuine Escor...
Call Girls In Connaught Place Delhi ❤️88604**77959_Russian 100% Genuine Escor...lizamodels9
 
Insurers' journeys to build a mastery in the IoT usage
Insurers' journeys to build a mastery in the IoT usageInsurers' journeys to build a mastery in the IoT usage
Insurers' journeys to build a mastery in the IoT usageMatteo Carbone
 
2024 Numerator Consumer Study of Cannabis Usage
2024 Numerator Consumer Study of Cannabis Usage2024 Numerator Consumer Study of Cannabis Usage
2024 Numerator Consumer Study of Cannabis UsageNeil Kimberley
 
Keppel Ltd. 1Q 2024 Business Update Presentation Slides
Keppel Ltd. 1Q 2024 Business Update  Presentation SlidesKeppel Ltd. 1Q 2024 Business Update  Presentation Slides
Keppel Ltd. 1Q 2024 Business Update Presentation SlidesKeppelCorporation
 
7.pdf This presentation captures many uses and the significance of the number...
7.pdf This presentation captures many uses and the significance of the number...7.pdf This presentation captures many uses and the significance of the number...
7.pdf This presentation captures many uses and the significance of the number...Paul Menig
 
Sales & Marketing Alignment: How to Synergize for Success
Sales & Marketing Alignment: How to Synergize for SuccessSales & Marketing Alignment: How to Synergize for Success
Sales & Marketing Alignment: How to Synergize for SuccessAggregage
 
Call Girls Pune Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Pune Just Call 9907093804 Top Class Call Girl Service AvailableCall Girls Pune Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Pune Just Call 9907093804 Top Class Call Girl Service AvailableDipal Arora
 
Call Girls In Panjim North Goa 9971646499 Genuine Service
Call Girls In Panjim North Goa 9971646499 Genuine ServiceCall Girls In Panjim North Goa 9971646499 Genuine Service
Call Girls In Panjim North Goa 9971646499 Genuine Serviceritikaroy0888
 
RE Capital's Visionary Leadership under Newman Leech
RE Capital's Visionary Leadership under Newman LeechRE Capital's Visionary Leadership under Newman Leech
RE Capital's Visionary Leadership under Newman LeechNewman George Leech
 
Call Girls In Sikandarpur Gurgaon ❤️8860477959_Russian 100% Genuine Escorts I...
Call Girls In Sikandarpur Gurgaon ❤️8860477959_Russian 100% Genuine Escorts I...Call Girls In Sikandarpur Gurgaon ❤️8860477959_Russian 100% Genuine Escorts I...
Call Girls In Sikandarpur Gurgaon ❤️8860477959_Russian 100% Genuine Escorts I...lizamodels9
 
Intro to BCG's Carbon Emissions Benchmark_vF.pdf
Intro to BCG's Carbon Emissions Benchmark_vF.pdfIntro to BCG's Carbon Emissions Benchmark_vF.pdf
Intro to BCG's Carbon Emissions Benchmark_vF.pdfpollardmorgan
 
Tech Startup Growth Hacking 101 - Basics on Growth Marketing
Tech Startup Growth Hacking 101  - Basics on Growth MarketingTech Startup Growth Hacking 101  - Basics on Growth Marketing
Tech Startup Growth Hacking 101 - Basics on Growth MarketingShawn Pang
 

Recently uploaded (20)

Call Girls in Gomti Nagar - 7388211116 - With room Service
Call Girls in Gomti Nagar - 7388211116  - With room ServiceCall Girls in Gomti Nagar - 7388211116  - With room Service
Call Girls in Gomti Nagar - 7388211116 - With room Service
 
Lowrate Call Girls In Laxmi Nagar Delhi ❤️8860477959 Escorts 100% Genuine Ser...
Lowrate Call Girls In Laxmi Nagar Delhi ❤️8860477959 Escorts 100% Genuine Ser...Lowrate Call Girls In Laxmi Nagar Delhi ❤️8860477959 Escorts 100% Genuine Ser...
Lowrate Call Girls In Laxmi Nagar Delhi ❤️8860477959 Escorts 100% Genuine Ser...
 
Call Girls In Sikandarpur Gurgaon ❤️8860477959_Russian 100% Genuine Escorts I...
Call Girls In Sikandarpur Gurgaon ❤️8860477959_Russian 100% Genuine Escorts I...Call Girls In Sikandarpur Gurgaon ❤️8860477959_Russian 100% Genuine Escorts I...
Call Girls In Sikandarpur Gurgaon ❤️8860477959_Russian 100% Genuine Escorts I...
 
Regression analysis: Simple Linear Regression Multiple Linear Regression
Regression analysis:  Simple Linear Regression Multiple Linear RegressionRegression analysis:  Simple Linear Regression Multiple Linear Regression
Regression analysis: Simple Linear Regression Multiple Linear Regression
 
Call Girls Navi Mumbai Just Call 9907093804 Top Class Call Girl Service Avail...
Call Girls Navi Mumbai Just Call 9907093804 Top Class Call Girl Service Avail...Call Girls Navi Mumbai Just Call 9907093804 Top Class Call Girl Service Avail...
Call Girls Navi Mumbai Just Call 9907093804 Top Class Call Girl Service Avail...
 
Cash Payment 9602870969 Escort Service in Udaipur Call Girls
Cash Payment 9602870969 Escort Service in Udaipur Call GirlsCash Payment 9602870969 Escort Service in Udaipur Call Girls
Cash Payment 9602870969 Escort Service in Udaipur Call Girls
 
The CMO Survey - Highlights and Insights Report - Spring 2024
The CMO Survey - Highlights and Insights Report - Spring 2024The CMO Survey - Highlights and Insights Report - Spring 2024
The CMO Survey - Highlights and Insights Report - Spring 2024
 
VIP Call Girl Jamshedpur Aashi 8250192130 Independent Escort Service Jamshedpur
VIP Call Girl Jamshedpur Aashi 8250192130 Independent Escort Service JamshedpurVIP Call Girl Jamshedpur Aashi 8250192130 Independent Escort Service Jamshedpur
VIP Call Girl Jamshedpur Aashi 8250192130 Independent Escort Service Jamshedpur
 
Call Girls In Connaught Place Delhi ❤️88604**77959_Russian 100% Genuine Escor...
Call Girls In Connaught Place Delhi ❤️88604**77959_Russian 100% Genuine Escor...Call Girls In Connaught Place Delhi ❤️88604**77959_Russian 100% Genuine Escor...
Call Girls In Connaught Place Delhi ❤️88604**77959_Russian 100% Genuine Escor...
 
Insurers' journeys to build a mastery in the IoT usage
Insurers' journeys to build a mastery in the IoT usageInsurers' journeys to build a mastery in the IoT usage
Insurers' journeys to build a mastery in the IoT usage
 
2024 Numerator Consumer Study of Cannabis Usage
2024 Numerator Consumer Study of Cannabis Usage2024 Numerator Consumer Study of Cannabis Usage
2024 Numerator Consumer Study of Cannabis Usage
 
Keppel Ltd. 1Q 2024 Business Update Presentation Slides
Keppel Ltd. 1Q 2024 Business Update  Presentation SlidesKeppel Ltd. 1Q 2024 Business Update  Presentation Slides
Keppel Ltd. 1Q 2024 Business Update Presentation Slides
 
7.pdf This presentation captures many uses and the significance of the number...
7.pdf This presentation captures many uses and the significance of the number...7.pdf This presentation captures many uses and the significance of the number...
7.pdf This presentation captures many uses and the significance of the number...
 
Sales & Marketing Alignment: How to Synergize for Success
Sales & Marketing Alignment: How to Synergize for SuccessSales & Marketing Alignment: How to Synergize for Success
Sales & Marketing Alignment: How to Synergize for Success
 
Call Girls Pune Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Pune Just Call 9907093804 Top Class Call Girl Service AvailableCall Girls Pune Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Pune Just Call 9907093804 Top Class Call Girl Service Available
 
Call Girls In Panjim North Goa 9971646499 Genuine Service
Call Girls In Panjim North Goa 9971646499 Genuine ServiceCall Girls In Panjim North Goa 9971646499 Genuine Service
Call Girls In Panjim North Goa 9971646499 Genuine Service
 
RE Capital's Visionary Leadership under Newman Leech
RE Capital's Visionary Leadership under Newman LeechRE Capital's Visionary Leadership under Newman Leech
RE Capital's Visionary Leadership under Newman Leech
 
Call Girls In Sikandarpur Gurgaon ❤️8860477959_Russian 100% Genuine Escorts I...
Call Girls In Sikandarpur Gurgaon ❤️8860477959_Russian 100% Genuine Escorts I...Call Girls In Sikandarpur Gurgaon ❤️8860477959_Russian 100% Genuine Escorts I...
Call Girls In Sikandarpur Gurgaon ❤️8860477959_Russian 100% Genuine Escorts I...
 
Intro to BCG's Carbon Emissions Benchmark_vF.pdf
Intro to BCG's Carbon Emissions Benchmark_vF.pdfIntro to BCG's Carbon Emissions Benchmark_vF.pdf
Intro to BCG's Carbon Emissions Benchmark_vF.pdf
 
Tech Startup Growth Hacking 101 - Basics on Growth Marketing
Tech Startup Growth Hacking 101  - Basics on Growth MarketingTech Startup Growth Hacking 101  - Basics on Growth Marketing
Tech Startup Growth Hacking 101 - Basics on Growth Marketing
 

10 critical factors for success of a project

  • 1. 10 Critical Factors to Consider For Success of a Project 1. As Complex As You Make It Planning and delivering a project can be a fairly complex process. Its complexity can be attribute to: changing project dynamics- scope, cost, resource requirement; the time & efforts required, forming a project team to execute deliverables, making everyone understand what he/she is expected to deliver and what is the schedule of delivery, generally projects have interdependency of project activities, collecting feedback or trace progress of the project, also during lifecycle of a project, it observes unplanned issues & risks being surfaced. 1 Despite of set of these processes mentioned above makes project management to appear complex; it is your approach that will make it simple. Try following things.  Set a clear objective for stakeholders, especially for your team  Communicate regularly with all stakeholders especially your team  Get regular feedback from customers as well as project team 2. Project manager is responsible Well, it is not entirely true, since it is a collective effort, entire team has to work together to make it happen. Undeniably you will have to accept the fact that: from organizations’ point of view, it is the role – 'Project Manager' that has been identified to own project & deliver it withstanding risks on time, within budget. The overall owner of the processes mentioned above, either there is a person 1 Image Reference:: http://www.krp-consult.de/__we_thumbs__/76_1_cartoon.jpg www.zilicus.com © Zilicus Solutions 2012 1 | Page
  • 2. designated as project manager or one who assumes that role. You as a project manager own the ultimate responsibility to ensure that project is successfully delivered. In short, to carry out project management activities, organization & customer need project manager. Overall responsibilities 1. Prepare a project plan – including schedule, communication, risks, etc. 2. Schedule tasks & milestones with respect to agreed timeline 3. Identify, secure & assign appropriate resources 4. Tracking project progress – Tracking milestone achieved & pending status, manage issues and risks 5. Update stakeholders about project status & deliverables In today's collaborative environment, it is apparent for project managers to engage his/her entire team with project management and collaboration tools & techniques to streamline project activities & get things done. 3. Reinforce & Regain Focus Don’t have enough fund/ resources? If you struggle to get enough funds, resources for your project; you need to understand organization's priority towards project. If you believe that organization need to focus on deliverables of your project; it requires your organization to relook at prioritization of project portfolio. Are you loosing track? Despite of the fact, we have tools and techniques to streamline project progress; we see projects getting delayed/ de-scoped or abandoned. Not every organizations have portfolio management role which will take care of assessment & prioritization of projects: planning & execution activities. In such situation, project teams may find themselves getting dragged because of changing project requirements, changing environment & project management team without clear focus. Avoid The Trap: At times, projects need higher management (as appropriate) buy in & strong support to deliver it successfully. And to gain buy in for a given project, one needs to build a business case, justifying cost- benefit analysis by delivering project – highlighting kind of support required: be it in terms of customer engagement, resources with specific skill sets, space, equipment, project duration, etc. This exercise will help you & your organization to focus on right set of projects & right kind of support www.zilicus.com © Zilicus Solutions 2012 2 | Page
  • 3. for project(s). 4. Specific & Quantifiable Project Objectives Surely, any project has certain objectives which are expected to be aligned with goals of an organization. When project objectives are being set, it is important to set specific & quantifiable costs & benefits expected from delivery of a project. E.g. gain 250K revenue for a given product category which otherwise – is a loss of sale by making products available to store. Thus, these tangible & quantifiable benefits act as ultimate reference that everyone involved in the project would focus on. 5. Project Plan - Clear & Detailed First & foremost – Project Planning: it is the most critical factor. The project plan which is carved well saves a lot of time, cost later. As they say –devil is in the details. So it is critical to the project to carve out the as much as details as possible. Also the detailing done in project plan, builds up the confidence of project planner & the team responsible for execution. Your project plan should have: a. Mutually agreed & Clearly defined: I. Distinct Milestones, set of deliverables II. Timelines to achieve milestones & provide deliverables III. Detailed resources roles & responsibilities – skillset /& grades of material required IV. Estimates of project cost with reasonable accuracy based on above parameters V. Contingency plan with - optimum estimate b. Establishing a clear mechanism to highlight & manage project issues & risks – (i.e. clear SLA) c. To set clear focus for every team member about project activities & processes they need to follow d. As team members work on project related activities, you can compare progress of project with the planned schedule & you should become alert of losing track – which has time & money implication. 6. Don’t let it leak – Project Scope has to be sacrosanct Quite often we see, project scope being altered during the course of project execution. It is the same principle that needs to be followed while preparing project scope: A fix in time, saves nine. Quite often it has been observed that project scope is broadened; more often than not, such project creep implies that the project scope was prepared & published pre-maturely. Alright, it (the mistake?) has happened. What should you do next? Should you agree for any further www.zilicus.com © Zilicus Solutions 2012 3 | Page
  • 4. changes (& compromise on project cost, timeline) or refuse (& risk customer engagement)? I think this really needs careful considerations. Your customer may not appreciate your reluctances (toward accepting any new/major changes) but generally accepting small scope change & delivering those does not get accounted. I have seen this happening; at the time of project sign off & also in future, customers may not consider, the extra miles you have run. You need to note that even though, you run the extra miles, at the end of it, your & organization’s credibility of delivering project on time & within budget can be at risk. Essentially your customers also know well that project scope was mutually agreed. Hence delivering project as defined on schedule within cost may be of his interest too & may accept to contingent plan to include ‘changed project scope’ in some alternate form/way. You have to get customers’ & higher management buy in to say NO, if ‘accepting scope change’ is going to hurt project’s objective & organization’s goal in foreseeable & reasonable future timeframe. Having mentioned this, it is in best mutual interest that you have a factual discussion with customer. Be transparent & understand each other’s concerns. Mutually Re-prioritize project deliverables, work out contingency plan& agree on time & cost estimates. 7. Build Inspired Team – It can save you greatly The sense of ownership & in turn involvement makes your team to stretch their limits. Yes, we ourselves have done it & seen examples around. The sense of belonging & ownership instils a healthy & highly productive environment – benefits of which you should maximize to get things done quicker & of high quality. It is not really rocket science to build such team, rather an art: Especially if we have gone through it, we can relate to it quickly. The least you have to do is:  Be transparent  Communication (Be regular & have clarity)  Listen to their ideas (You never know, they may have better way of doing it. So support them)  Let them be creative, give them space (generally, it helps you to get returns)  Get them involved (again, listen to them, get their inputs, make them integral part of process) 8. Issue Management: Practically, every project deliverable has numerous issues surfacing in its lifecycle. Your organization needs an effective process & efficient mechanism to manage issues. You need to realize issues as they surface, recognize their severity, and assign priority as appropriate to the project delivery schedule, www.zilicus.com © Zilicus Solutions 2012 4 | Page
  • 5. assign resources to work on these. At times, issues being submitted may appear to be teaser to progress of your project. But it is your issue management practice which will make it routine job. It is needless to say that you need to make provision for risk management while planning & scheduling your project. 9. Risk Planning & Mitigation As they say, Devil lies in the details. At least you would know there is a devil & you can plan accordingly. So it is in your best interest to document potential risks right from the beginning of the project, assess & prepare through appropriate response plan to tackle those risks. You would agree that this exercise really prepares you for the battle: means – as unplanned/ unknown risks appear during execution of a project, you would know what approach/methodology to employ in assessing risks and strategy to mitigate risk (re-scheduling tasks, assigning resources, update project deliverables, estimates) 10. Identify & agree for point of closure of a project As PMBoK™ states, project is a temporary endeavour. Once project is delivered according scope, as agreed project resources should be returned to the resource pool (or transferred to other project), else project is considered as open and then it has project continuation cost associated with it. Again, it is in best mutual interest to discuss about which all project deliverables are according to project plan & figure out which project deliverables were not agreed project scope. Through this discussion you need to agree whether future work will require initiation of a new project or it will be addendum to existing project (agreement on former option will close existing project & other option(s) will keep the project status not-closed). Concluding Remark: Be transparent. Communicate clearly & regularly with everyone involved in the project. _____________________________________________________________________________ ZilicusPM is online project management software that offers an incredibly simple and collaborative ways to manage projects lifecycle. Try ZilicusPM a powerful tool to stay on top of things. Take a tour; You can sign up for 30-days risk free trial. www.zilicus.com © Zilicus Solutions 2012 5 | Page