Regular Stage Reviews Are Key to Project Success
Posted on 30th December 2019 at 06:20
When it comes to project management, scheduling a review at every key stage you reach ensures your hard work is not for nothing. After all, most projects fail because they are not reviewed at regular review points throughout the lifecycle of the project.
This is specifically important in the IT department. Working with technology can get expensive at the start of the business life cycle, and it’s important to input cost effective reviews to keep change from being impossible. From initial concept to delivery at key stages, any project your enterprise is working on should be reviewed, to ensure it is still on target to meet the objectives and the benefits that were identified at the beginning of the project.
At every key stage identified for every project, you will need to take a step back and review if the time, cost and quality elements are still going to be met, and if not, you’ll need to say so. You’ll need to keep junior and senior positions aware of how a project is progressing, and if the initial targets you set for completion and results are still viable as the work goes on.
In the long run, this will save you a lot of time and money, which is crucial for SMEs. Too many projects continue on without necessary interruption, and that do not realise their projected goals are unattainable or need reviewing, because a company has ‘gone too far'. For effective project management, always schedule time out for review.
Establishing an effective stage review process
To begin, we need to focus on identifying the stages of your project. According to the Project Management Institute, there are five main stages that you can split your project into:
Initiation - Laying the foundation for other stages in the project life cycle
Planning - Building the blueprint for achieving the project’s goals
Execution - Leveraging management skills to direct and motivate the team towards the goals laid out in the planning phase. This is often the most intensive phase of the project management lifecycle.
Monitoring and Control - Focus on monitoring the project and controlling it to ensure it is on-time and progressing according to the planning phase. While established as a stage of its own, it is often implemented during the execution phase.
Closure - The final stage of project management, such as delivering a finished project to a client or communicating the completion of a project to investors.
While these stages are clearly defined by the PMI, it’s not a rigid process and can change depending on your business’s preferred workflow. However, it’s still a good foundation for your own stage reviews process and can help you systematically identify issues that require your immediate attention.
It’s also possible to break each stage into several stages. This is most common during the execution phase for complex projects which may involve dozens or even hundreds of employees, systems and smaller sub-projects that must be completed simultaneously to ensure that your project runs smoothly and remains on schedule according to the planning phase.
Tagged as: Business Strategy, Project Communication, project evaluation, Project Health Check, Project Management
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