Before we dive into the pool of project management, let’s take a quick look at what a project is.
A project is more often a temporary endeavour undertaken by an individual or teams within or across organizations to achieve specific goals or add value within a specified timeframe.
That said, project management encompasses all those activities needed to achieve specified goals and tasks within the specified time. Project management activities typically involve:
- Initiating a specific task on the lines of scope, time, quality and budget
- Planning and organizing company resources and the workforce
- Executing the project while simultaneously maintaining top-notch quality
- Successfully closing the project while meeting the desired criteria within the given time constraints
Projects can be a one-time endeavour or an ongoing venture.
Challenges faced in project management
Organizing a team to work on a project without hassles is easier said than done. There can be challenges faced at the initial stages, during the execution and also towards the end.
The constraints can be related to the scope of the project, time management, quality of the workforce and budget constraints. Another challenge to tackle is to produce the results that compile with clients’ objectives.
Importance of project management
To successfully complete a project and ensure a comeback, following a structured and streamlined project management methodology is the need of the hour. This ensures efficient team collaborations and an organized way of working.
The project management you undertake plays a critical role to accomplish goals and also exceed client expectations. It provides guidance through every stage of the project and projects benefit much better.
However, it’s important to note that one size doesn’t fit all. Different projects need a different style of project management.
Types of project management
Here are some of the most popular project management approaches undertaken by companies depending on the type of the project:
Agile Project Management
This style is best suited for projects that require flexibility and speed minus the stage-by-stage approach. It can help find and rectify errors during any stage of the project. Projects with real-time communication and with less need for control benefit immensely through this method.
Traditional Project Management
It’s the classic approach to assess several tasks of a project with constant monitoring. It provides the scope to coach teams and to provide feedback. This style works well in projects where small groups execute the tasks and, minimal interaction is required.
Waterfall Project Management
Following the traditional method, this approach requires the completion of one task before starting the other. This means, tasks should follow a fixed sequence. Smaller tasks make way for larger tasks. This also leads to the growth of the team.
Adaptive Project Management
Going by the title, this methodology adapts itself to the project. The scope of a project can vary and, it can be adjusted as and when its executed. Companies can derive maximum value from each project.
Critical Path Project Management
Projects where tasks are interdependent on each other choose this style. It’s a step-by-step approach that breaks down the project with specific timelines for completion. Companies use this method to calculate the time duration of every activity. You can separate critical tasks from non-critical ones and decide the time required.
PERT Project Management
Program Evaluation and Review Technique combines with critical path style to enable business expansion. Every event and activity is analysed for the amount of time required and, realistic budgets are set.
Rational Unified Process
Projects that require testing and feedback from users that can influence production go for this method. Performance testing and evaluation take place at the end of every cycle. The project can expect to enjoy enormous growth and expansion in the future, including a complete transformation.
Critical Chain Project Management
There are certain projects where eliminating some tasks completely prove to be beneficial. This method is an improvement on PERT and critical path and is adopted by highly competitive industries, including the automotive and technological industries.
Extreme Project Management
Repetitive tasks in a project are organized into daily or weekly processes to reduce the time taken for completion. They are given specific names and, any requests can be incorporated in upcoming cycles.
Scrum Project Management
Used predominantly by the software industry, scrum style includes sessions defined as sprints. Small teams with specific skillset work on each sprint within the required timeframe. Sprints usually last for 30 days where tasks are completed accordingly.
This method emphasises the need for an understanding of customer requirements and, improving business processes accordingly. The data-driven method aims to increase profits by reducing waste. The process calls for a comprehensive understanding of the underlying processes while reducing or eliminating any defects.
Crystal Project Management
This method takes a different route and lays emphasis on effective communication to complete a project. Extensive importance is given to the skillsets of the team members that are inevitable to complete the tasks. Unique projects with more flexibility can be created.
Joint Application Development
As the name suggests, clients join the project at early stages to collaborate and give ideas to the project. Both the team and the client can have brainstorm sessions and achieve tasks based on the requirement and the workforce.
Client contribution benefits the project immensely and enjoys several inputs throughout its lifecycle.
Choosing the best project management method
Now that you have a substantial idea of the types of project management, how do you go about choosing the right one for your business? As pointed earlier, there can be no single project management method best suitable for all projects.
There are several factors that influence businesses and, they should be flexible enough to use the ideal method to ensure maximum returns.
The following factor can help you determine which project management methodology is right for your business or project:
- Your organizational goals
- Your organization’s core values
- Team size
- Type of the project
- Scope of the project
- Project constraints
- Your stakeholders
- Cost of the project
- The capacity to take risks
- Scope for flexibility
Project management process
We know for the fact that project management encompasses:
- Project Documentation
- Monitoring and controlling
Let’s get into details of each of the process for better understanding and clarity.
This step determines the nature and scope of the given project. It’s important to consider the business environment and its needs to determine its success. The following project initiation documents are critical for any business:
- Project Proposal
- Project Scope
- Product Breakdown Structure
- Work Breakdown Structure
- Project Schedule
- Analysis of Business Needs
- Review of The Current Operations
- Financial Analysis
- Stakeholder Analysis
- Project Charter
- SWOT Analysis
Here time, cost and resources are planned accordingly to manage risks during execution. Thoughtful planning goes a long way in ensuring the success of the project. This typically includes:
- Determining the project management methodology
- Developing the scope statement
- Selecting the planning team
- Identifying deliverables and the activities needed to achieve them
- Creating work breakdown structures
- Estimating the required resources
- Estimating time and cost for activities
- Developing the schedule and the budget
- Risk planning
- Developing quality assurance measures
The planned activities should be executed in a systematic manner with proper work allocation. Managing human resources and other resources play key roles in this stage.
Every activity undertaken in a project should be documented to avoid any hiccups. Physical documents help keep track of various tasks, including maintaining the budget and pace of a project. It makes it very convenient to cross-check whether a requirement has been met. It’s also an effective way to monitor and control various phases of a project.
Monitoring and controlling
It’s critical to observe project execution to address potential issues and to take corrective action immediately. The process also includes the measuring of ongoing activities, identifying corrective actions and influence the outcome in better ways.
The final stage includes the successful completion of the project and closure of the contract. It’sthe formal acceptance of the project.
An important inclusion in this stage is the post-implementation review. Here, the team members take away important learnings from their experiences, useful for future projects. This stage helps analyse those activities that went bad and determine better ways to avoid such instances in the future.
Project management software and its importance
Project management software helps carry out project management activities smoothly. The software helps in planning and estimating budget, allocating resources, control costs and make decisions.
Project management software acts more or less like humans and assists in maintaining and improving quality and document important information for future use.
These are some of the popular types of project management software:
- Single user
The cut-throat competition in this digital age demands more than just advanced skills and modernization. Organizations these days should be flexible enough to adapt to the dynamics of the ever-changing consumer demands.
The only way to achieve goals and expand is through the thoughtful implementation of ideas and resources. Project management is both an art and science to oversee the timely implementation of resources to ensure desired outcomes with scope for expansion.
Robinhood plans confidential IPO filing as soon as March – Bloomberg News
(Reuters) – Online brokerage Robinhood, at the centre of this year’s retail trading frenzy, is planning to file confidentially for an initial public offering as soon as March, Bloomberg News reported late on Friday, citing sources.
The California-based brokerage has held talks in the past week with underwriters about moving forward with a filing within weeks, Bloomberg said.
Robinhood did not immediately respond to a request for comment.
Reuters reported last year that Robinhood has picked Goldman Sachs Group Inc to lead preparations for an initial public offering which could value it at more than $20 billion.
Robinhood was at the heart of a mania that gripped retail investors in late January following calls on Reddit thread WallStreetBets to trade certain stocks that were being heavily shorted by hedge funds.
The online brokerage tapped around $3.4 billion in funding after its finances were strained due to the massive trading in shares of companies such as GameStop Corp.
(Reporting by Ann Maria Shibu in Bengaluru; editing by Richard Pullin)
Analysis: How idled car factories super-charged a push for U.S. chip subsidies
By Stephen Nellis
(Reuters) – When President Joe Biden on Wednesday stood at a lectern holding a microchip and pledged to support $37 billion in federal subsidies for American semiconductor manufacturing, it marked a political breakthrough that happened much more quickly than industry insiders had expected.
For years, chip industry executives and U.S. government officials have been concerned about the slow drift of costly chip factories to Taiwan and Korea. While major American companies such as Qualcomm Inc and Nvidia Corp dominate their fields, they depend on factories abroad to build the chips they design.
As tensions with China heated up last year, U.S. lawmakers authorized manufacturing subsidies as part of an annual military spending bill due to concerns that depending on foreign factories for advanced chips posed national security risks. Yet funding for the subsidies was not guaranteed.
Then came the auto-chip crunch. Ford Motor Co said a lack of chips could slash a fifth of its first-quarter production and General Motors Co cut output across North America.
“It brings home very clearly the message that the semiconductor is really a critical component in a lot of the end products we take for granted,” said Mike Rosa, head of strategic and technical marketing for a group within semiconductor manufacturing toolmaker Applied Materials Inc that sells tools to automotive chip factories.
Within weeks, automakers joined chip companies calling for chip factory subsidies, and U.S. Senate Majority Leader Chuck Schumer and President Biden both pledged to fight for funding.
Industry backers now aim to be part of a package of legislation to counter China that Schumer hopes to bring to the Senate floor this spring. Still, all agree it will do little to solve the immediate auto-chip problem.
Headlines about idled car plants resonated with the public that had shrugged off abstract warnings in the past, said Jim Lewis, a senior fellow at the Center for Strategic and International Studies. Lawmakers, already worried that a promised infrastructure bill will not materialize this year, decided to push for quick solution.
“Nobody wants to be seen as soft on China. No one wants to tell the Ford workers in their district, ‘Sorry, can’t help,'” Lewis said. “It was one of those moments where everything aligned.”
The package includes matching funds for state and local chip-plant subsidies, a provision likely to heat up competition among states including Texas and Arizona to host big new chip plants that can cost as much as $20 billion.
The subsidies could benefit a factory in Arizona proposed by Taiwan Semiconductor Manufacturing Co and one in Texas eyed by Samsung Electronics Co Ltd, even though those factories would be geared toward high-end chips for smartphones and laptops, rather than simpler auto chips. And those factories would not come on line until 2023 or 2024, according to plans disclosed by the companies, the world’s two largest chip manufacturers.
In the longer term, a raft of U.S. companies are also poised to benefit. Any chipmakers that build factories will source many tools from American companies such as Applied, Lam Research Corp and KLA Corp.
Intel Corp, Micron Technology Inc and GlobalFoundries – which already have U.S. factory networks – will also likely benefit.
Smaller, specialty chip factories also could benefit.
“The recent chip shortage in the automotive industry has highlighted the need to strengthen the microelectronics supply chain in the U.S.,” said Thomas Sonderman, chief executive of SkyWater Technology, a Minnesota-based chipmaker that makes automotive and defense chips. “We believe that SkyWater is uniquely positioned due to our differentiated business model and status as a U.S.- owned and U.S.- operated pure play semiconductor contract manufacturer.”
Even with subsidies, the U.S. companies still must compete with low-cost Asian vendors over the long run, and the immediate auto chip troubles will probably persist.
Surya Iyer, a vice president at Minnesota-based Polar Semiconductor, which makes chips for automakers, said his factory is booked beyond capacity and has started to speed some orders up while slowing others down, to meet automakers’ needs as best it can.
“We are expecting this level of demand to continue at least for the next 12 months, maybe even longer,” he said.
(This story has been refiled to add attribution to quote in paragraph 9, add dropped words in paragraphs 10 and 17)
(Reporting by Stephen Nellis and Hyunjoo Jin in San Francisco and Alexandra Alper in Washington. Editing by Jonathan Weber and David Gregorio)
Atlantia disappointed with CDP bid for unit, continues talks
By Francesca Landini and Stephen Jewkes
MILAN (Reuters) – Italy’s Atlantia said on Friday an offer by a consortium of investors led by state lender CDP for its 88% stake in Autostrade per l’Italia fell short of the mark and asked its top managers to see if the bid could be sweetened.
“The offer falls below expectations,” the Italian infrastructure group said in a statement, adding it had mandated the chief executive and the chairman to assess “the potential for the necessary substantial improvements” to the bid.
Italian state lender CDP, together with co-investors Macquarie and Blackstone, has presented a proposal valuing all of Autostrade per l’Italia at 9.1 billion euros ($11 billion).
The consortium also requested Atlantia guarantee up to 700 million euros in potential damage claims and another roughly 800 million euros for a pending legal case, making the bid less attractive than previously expected.
One source said the consortium estimated overall pending legal claims against Autostrade at 3 billion to 4 billion euros, adding the 700 million euro cap did not mean the amount would be detracted from the offer price from the start.
Earlier on Friday Atlantia’s minority investors TCI and Spinecap had called on Atlantia’s board to reject the offer, saying it undervalued the asset.
“No deal is better than a bad deal, especially a bad deal and a wrong price,” TCI Advisory Services partner Jonathan Amouyal said in a emailed comment to Reuters.
TCI, which holds an indirect stake of around 10% in Atlantia, repeated that the value for 100% of Autostrade should be no less than 12.5 billion euros.
The board will hold a further meeting in order to take a final decision on the offer in due time, Atlantia said.
The negotiations between Atlantia and the CDP-led consortium are part of an effort to end a political dispute over Autostrade’s motorway concession triggered by the collapse of a motorway bridge run by the unit.
(GRAPHIC – Atlantia share performance: https://fingfx.thomsonreuters.com/gfx/mkt/qzjpqggjdpx/image-1614331237501.png)
The bid expires on March 16, but the deadline could be extended in case Atlantia calls an extraordinary shareholders meeting (EGM) on the issue, according to one source with knowledge of the matter.
Shares in the group ended down 0,7%, after recovering some losses, as investors waited for the decision of the board.
Atlantia, which is controlled by the Benetton family, owns 88% of Autostrade, with Germany’s Allianz and funds DIF, EDF Invest and China’s Silk Road Fund holding the rest.
The group also kept open an alternative plan to demerge and sell its stake in Autostrade per l’Italia unit and called an EGM on March 29 to extend to end-July a deadline for offers for the demerged stake.
(Additional reporting by Stefano Bernabei, editing by Louise Heavens and Steve Orlofsky)
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