Project Management – Critical Success Factors

Abstract

A project fails when risk management and risk identification are ignored in the earlier phase of the project assessment. A need for efficient risk evaluation is considered the prerequisite for reducing the olds of negative events happening. Uncertainty marks all stages of project management, and thus, efficient risk management helps cushion the negative impact on the project’s completion. There are several factors which managers should consider to ensure that their projects end up successful. As a manager of an organization or an institution, you should pay attention to the maintenance of any task carried out to enhance the efficient completion. A project’s scheduling is essential for determining the various needed activities needed to get completed under a specific time frame. There are many tasks to get completed, for instance, organizing planning and finance committees and purchasing for supplies, tools, and other materials. The search for an ideal location under the given budget is one of the prime aspects to be considered within the timeline. In this event, there are various roles and tasks in which the project managers have to be accomplished by the project manager (Frefer et al., 2018). Planning and coordination are critical elements for project management that ensure the success of an event or ceremony. One of the factors is that project managers should ensure there is productive communication. As a manager, you have to determine the means of communication to inform the key stakeholders about the project’s progression.

Critical success factors for project management

Critical success factors are crucial elements that are necessarily important for a project to achieve the intended mission. To realize their set goal, the project managers should consider all the critical success factors. Additionally, the project managers must understand the existing differences between the essential elements of success and the various roles in a project (Gunduz et al., 2020). A critical success factor is a fundamental activity or factor required for an organization’s success or a company.

The relation between critical success factors and critical success area 

It is noteworthy that the critical success factors the main strategies implemented by project managers to achieve the desired success. To achieve this, however, it is essential to consider utilizing those critical success factors that should be individualized, depending on the project’s requirements and scope (Gunduz et al., 2020). Each of the key success factors has a Key Success Area. The two key factors achieve success for a project primarily based on the rules and standards that should be followed to guaranteeing improved and enhanced services for the partners or clients.

Measures for achieving Key Success Factors

Project managers should be aware that it is crucially important to implement critical success factors in teamwork effectively. This helps to ensure the success of a project being undertaken. It is also essential to have workers give their feedback or submit their ideas to be considered for implementing the project (Gunduz et al., 2020). Additionally, project managers should have numerous frameworks to evaluate the specified long-term objectives’ key components. Before implementing your project-wide strategic goals with the critical success factors, it is vital to consider determining which factors are useful in realizing the project’s long-term plans.

Skills – project managers should be trained and adequately prepared to ensure the success of a project. The project managers’ abilities and skills can learn to include marketing sales, financial management, negotiation and communication, customer service, project planning and management, problem-solving skills, and networking.

Communication – an organization should consider putting together all the required staff and taking their opinions regarding what should be done to achieve a project (Frefer et al., 2018). The project managers should pay attention to two critical parts of the communication phase: the launch of initial communication – useful for setting the plans to be realized and the Ongoing Communication (integral part for communicating the project progression).

Planning – to effectively utilize the critical success factors, everything should be well planned. The necessary tools should be used for planning work and the ongoing progress of the project. A strategic measure can be planned separately for each department.

Teamwork – effective and collaborative teamwork is crucial for success when all the staff collaborates more opinions and ideas can be discussed to find ways to realize success. A business method or process is collecting structured, related tasks or activities by equipment or people who provide a product or service for given customers. Project managers should create and implement success factors that establish an enabling environment for completing a project (Frefer et al., 2018). For instance, Rockart John defines critical success factors as “crucial areas in which satisfactory outcomes ensure effective organization performance.” A project fails when there is no adequate commitment or support from the upper-level management, and thus the top management should work in collaboration with the team members.

Additionally, a project fails when risk management and risk identification are ignored in the project assessment’s earlier phase. A need for efficient risk evaluation is considered the prerequisite for reducing the olds of negative events happening. Uncertainty marks all stages of project management, and thus, efficient risk management helps cushion the negative impact on the project’s completion. There are several factors which managers should consider to ensure that their projects end up successful. As a manager of an organization or an institution, you should pay attention to the maintenance of any task carried out to enhance the efficient completion (Frefer et al., 2018). One of the factors is that project managers should ensure there is effectual communication. As a manager, you have to determine the means of communication to inform the key stakeholders about the project’s progression. Project sponsors and management board may want to be informed about the project’s progression and any other relevant information.

Clients, suppliers, and customers may need to be updated about contracts, work, or review of the progress. Adequate communication means enable the manager to keep the project teams continuously updated with regular briefings and assignments.  Many projects are prone to fail because of inadequate communication; therefore, managers should ensure reliable collaboration and close contact between the parties involved (Frefer et al., 2018). The entire process of planning should also entail the management of risk activities and all communication requirements. The development of the project schedule is just but one of the many phases of the project process. As a project manager, you should ask yourself the following questions: what are the effects of the changes on the organization’s schedule and budget? Are the changes necessary for the project’s success, or is it just nice to have them? What are the means of tracking the changes? Does everyone in the organization agree with the suggested changes? Scope management is considered as the most challenging part of project management. Therefore, the manager should be keen when managing a project’s scope as it is the cornerstone of project success.

 Project scope management process

A project’s scheduling is essential for determining the various needed activities needed to get completed under a specific time frame. There are many tasks to get completed, for instance, organizing planning and finance committees and purchasing for supplies, tools, and other materials. The search for an ideal location under the given budget is one of the prime aspects to be considered within the timeline. In this event, there are various roles and tasks in which the project managers have to be accomplished by the project manager (Frefer et al., 2018). Planning and coordination are critical elements for project management that ensure the success of an event or ceremony.

Summary and points made by the author

Initiation: This is where the project begins, and it gets conceptualized. The client can bring an idea, or the idea is created from within. The solution to implementing the concept is also created in a business case document after brainstorming the idea. It is here where the feasibility of the whole concept is checked. The project is also sent for approval once the feasibility test is passed, and the budget is allocated ready for the planning phase (Frefer et al., 2018).

Planning: this is where a detailed plan of the project is created with the required resources, timelines, costs, and tasks; he program can also be tailored to meet the demands of the nature of the project. Risk management is also an added phase in planning, and it helps analyze the various threats and their potential in impacting the profitability of the proposal.

Execution: According to Frefer (2018), this phase is highly dependent on the planning stage, and it is where the ideas are put into action. It involves timely delivery and proper allocation of resources. Tasks are also assigned to members of the team daily. Daily meetings are taken, and status reports based on the same are also accepted. Monitoring and Controlling: This phase occurs concurrently with the execution phase to ensure that the activities are carried out according to the plan.

Closure: The closure phase is where the project is complete and ready to be launched into the market or to the respective customers. Here, the plan for deployment comes into action, and activities in this phase include releasing the products to relevant stakeholders and communicating the stage to partners and stakeholders (Gunduz et al., 2020). The business documents are also signed off at this stage. Necessary payments are also made, and ultimately the support and maintenance structures are set up according to the needs of management.

Managerial skills are the essential qualities for a project manager. Formulation of an effective strategy for any project is a must responsibility for a project manager. Nathan Johnson’s article is an articulate and mind-blowing paper – Tips for Project Managers is aspiring for any project manager (Gunduz et al., 2020). It is a standard and must-have document for first-time managers. The book indeed recommends three things: ensuring a project is expertly managed – maintaining the project’s feasibility, ensuring the project’s cost is within the budget, and timely completion.

Critic

Of the five processes, initiation and planning are the most crucial process. The initiation phase is where the business problem is identified; this phase helps the firm figure out possible growth. For example, in IT business expansion, the problem lies in improper workflow and employee dissatisfaction. The idea can be generated directly from customer feedback or directly by the management. The planning process is significant for the organization in budgeting and allocation of resources. It is one of the considerable stages because it assesses the risks of implementing the project (Gunduz et al., 2020). Improper allocation of funds and flawed risk management plans may lead to a poor outcome. For instance, the IT expansion business is set for 48 weeks, and a budget of 50 million dollars is required. Its expansion is costly, and there is a risk of cost overruns. Surplus budget as part of risk management would help mitigate the expected loss. Derenskaya (2018) proposes that the process encourages stakeholders’ participation, hence assisting in achieving the project’s collective goal.

Budgeting is one of the issues in which involves expenditure and costing. In any event, there is a need to have a team in which they have to get hired and paid for their services and expertise. The hiring process and location of the venue are the two most costly items in the budgets. The change in price commodities might interfere with the initial budget or money given. This element is one of the most challenging issues in project management. The primary recommendation is buying the items in advance when the prices are low. EVM metrics are the elements that make projects sensible and attainable, and they include; Planned Value, Earned Value, and Actual Cost (Mavi et al., 2018). Moreover, the importance of these metrics is managing the project budget and schedule.

It can be daunting to lead a project for the first time. Despite that, a “trial and error” technique of learning is not recommendable in any workplace. However, formulating a successful strategy for your project navigation is highly recommendable for any aspiring project manager. The job of a project manager is to ensure that all the project objectives and goals are met. Therefore, a successful manager will ensure that the project is feasible and its cost is within the budget boundaries (Mavi et al., 2018). A manager should strive to ensure that the project is completed on time. This is what is referred to as the “Golden Triangle” of the project. The scope is what bounds the project parameters. A project manager should target to meet the project goals – its scope should define it (Mavi et al., 2018). The project’s needed process should be carried out to make sure that the work is timely completed.

Reference

Derenskaya, Y. (2018). Project scope management process. Baltic Journal of Economic Studies, 4(1), 118-125.

Mavi, R. K., & Standing, C. (2018). Critical success factors of sustainable project management in construction: A fuzzy DEMATEL-ANP approach. Journal of cleaner production, 194, 751-765.

Gunduz, M., & Almuajebh, M. (2020). Critical Success Factors for Sustainable Construction Project Management. Sustainability, 12(5), 1990.

Frefer, A. A., Mahmoud, M., Haleema, H., & Almamlook, R. (2018). Overview success criteria and critical success factors in project management. Industrial engineering & management, 7(1), 2169-0316.