From software development to construction to logistics and finance, every company has projects that need planning, managing and monitoring. But the tools we use to do that are often complex, designed for specialists and don’t do as much as they could to warn about potential problems. Could AI-powered decision support systems and automation make more of your projects successful by reducing costs and mistakes, analyzing risks, making things more efficient or keeping things on time and on budget? Here is an early look at how artificial intelligence, machine learning and predictive analytics could affect project outcomes in the years to come. Thinking about risk Managing a project well takes more than just making a great plan in advance and sticking to it. Interdependencies within your project and external changes make outcomes unpredictable. Estimates and many forecasts are at best intuition; at worst, guesses and handwaving. Modern management techniques such as agile and continuous … [Read more...] about How AI could revolutionise project management
Identifying risks in project management
From software development to construction to logistics and finance, every company has projects that need planning, managing and monitoring. But the tools we use to do that are often complex, designed for specialists and don’t do as much as they could to warn about potential problems. Could AI-powered decision support systems and automation make more of your projects successful by reducing costs and mistakes, analyzing risks, making things more efficient or keeping things on time and on budget? Here is an early look at how artificial intelligence, machine learning and predictive analytics could affect project outcomes in the years to come. Thinking about risk Managing a project well takes more than just making a great plan in advance and sticking to it. Interdependencies within your project and external changes make outcomes unpredictable. Estimates and many forecasts are at best intuition; at worst, guesses and handwaving. Modern management techniques such as agile and continuous … [Read more...] about How AI could revolutionize project management
Managing any project can become a slippery slope when your organization doesn’t have a solid grasp of all the moving pieces. Project management can be a complex discipline to understand and navigate. After all, there are enough key phases, knowledge areas, and project management-specific terms to fill a glossary. To simplify the key components of successful project management, CIO has put together this guide to understanding project management — the phases, knowledge areas, tools and more. First, it is important to identify why the formal application of project management skills and knowledge should be a necessity for organizations: because far too many projects fail. Why projects fail According to 9th global project management survey from the Project Management Institute (PMI), “Pulse of the Profession,” underperforming organizations typically have less than a 60 percent chance of completing projects on time and on budget, or in meeting intended goals and … [Read more...] about What is project management? Tips, strategies, best practices
A project management office (PMO) is a group — internal or external to a company — that sets, maintains and ensures standards for project management across that organization. They’re the keepers of best practices, project status and direction — all in one spot.“At the end of the day, PMOs are in place to help orgs deliver value to their stakeholders to projects and programs,” says Brian Weiss, vice president, practitioner career development of the Project Management Institute. [ Find out how to pick the right project management methodology, beware the most common project management mistakes to avoid, and gear up with the 15 essential project management tools. | Get the latest insights by signing up for our CIO newsletter. ]According to PM Solutions research, 85 percent of companies had a PMO in 2016, up five percent from 2014. They also found that 30 percent of companies without a PMO plan to implement one.The role of the PMO could change as … [Read more...] about What is a project management office (PMO) and do you need one?
Project management is complex, and its challenges are often amplified when navigating within the confines of remote project team environments. To greatly reduce the stress of these limitations, there are some steps that can be taken that increase the odds of goal attainment. You should directly assess and link project needs to anticipated candidate skill sets; this makes it easier to zoom in on critical job requirements rather than trying to find individuals prior to knowing precisely what knowledge and skill sets may or may not work for a particular project. This is usually a good practice with any project, but it's much more important when working within a virtual team setting. Take the time to accurately identify what it will take to accomplish the identified goals and enable you to closely match high-level skills, individual attributes, working styles, and professional traits to the intended position. Now that the required high-level skills for the position have been identified, … [Read more...] about 9 steps to building a first-rate remote project management team
When seeking an experienced project manager, the natural tendency for employers is to only consider candidates with industry or product experience that directly relates to the project, but how important is that requirement? It depends.The key is evaluating risk factors and the overall impact on not just the project and the business, but ultimately the client and their needs. Various risk factors and implications play into a project's success or failure, including at the very least: the truly unique nature and/or complexity of the company, its products, or its services, especially in relation to its competitors; specific quality aspects and specifications; the impact to customers; safety; the experience and skill level of other project team members and leadership; how prepared and experienced an organization is as a whole to undertake the project; and regulatory compliance, tax issues, legal and other legislation type issues. SEE: Trouble hiring a project manager? Five possible … [Read more...] about When hiring a project manager, how important is direct industry or product experience?
This resource guide is intended to be useful for project managers, business leaders, developers, project and product teams, consultants, stakeholders, and students. We'll update this primer when new information is available about Agile PM. SEE: Check out all of TechRepublic's smart person's guides What it is: Agile PM was developed for projects that require significant flexibility and speed. Agile PM is comprised of sprints, which are short delivery cycles. Why it matters: Agile PM is a highly iterative process that allows for rapid adjustments throughout a project, better performance, and agility by project teams. It is best suited for projects requiring minimal control and real-time communication within self-motivated teams. Who it affects: Agile PM affects project managers, their teams that work with this methodology, business leaders, developers, stakeholders in any capacity, end users, the business as a whole, and ultimately … [Read more...] about Agile project management: The smart person’s guide
Every day millions of companies send requests for information (RFIs), requests for quotes (RFQs), and requests for proposals (RFPs) to vendors around the world, but are these key components of successful project procurement providing the right information? Here's a cheat sheet to make crafting and responding to RFIs and RFQs much simpler. SEE: Quick glossary: Project management (Tech Pro Research)Let's start with the basics and define RFI, RFQ, and RFP.RFIs: In project procurement, the first step in requests is the RFI. Companies will typically send vendors an RFI to get more information about their services in relation to how those services can meet the company's needs. This is an initial exploratory step.RFQs: Vendors are often sent RFQs to determine which of them will most effectively and accurately meet project goals and needs within a specified budget. RFPs: If companies are unclear on how to resolve a particular issue, they may send multiple vendors an RFP seeking … [Read more...] about Cheat sheet: What project managers need to know about RFIs and RFQs
Procurement management is critical to successful project management—and yet, some project managers are unfamiliar with the practice, or perhaps are intimidated by what seems to be a daunting process. These are the procurement management basics you need to know. Procurement management is the practice or process of acquiring products or services from an outside vendor for the purpose of initiating or maintaining business operations. Procurement involves, at the very least, the process of determining requirements, researching options, requesting information, quotes, and proposals from vendors, as well as the final selection, approvals, the processing of vendor orders and payment and all subsequent activities until project close. Procurement is common in the world of project management, where there are formal processes that have been established and identified in the Project Management Body of Knowledge (PMBOK). Procurement management is an area of increasing focus as more … [Read more...] about How project managers can succeed with procurement management
In order to run a successful business, you better know how to keep projects on task.Fred Mouawad, an entrepreneur and creator of the task-management platform Taskworld, said good project management is fundamental to a company's success. It assures the alignment of resources and brings them together efficiently to execute and realize value. "Without proper project management, a good strategy remains just an idea that is unlikely to ever see the daylight," Mouawad told Business News Daily."It is imperative to have the right strategy and the right project management skills to materially succeed."To help small business owners, Mouawad highlights 16 parts of the process to keep in mind when trying to ensure projects are always moving forward: Purpose: Without purpose, it's hard for teams to exert the extra effort to get things done. Before you start, organize a kick-off meeting, and define the goal and what you're trying to achieve. Goals: Goals provide focus on how to design a road … [Read more...] about 16 Project Management Terms You Should Know