What is Project Management?
Project management in business development involves project managers, software, and methodologies.
What is Project Management?
Project Management is an approach to the management of company operations for capitalizing on business opportunities, called projects. In business development, project management professionals plan and execute strategies, manage constraints, and coordinate efforts across teams, to complete projects within specified time frames.
Project management functions
Project Management functions, from a broad perspective of business development, include:
- Plans and implements strategies to capitalize on business opportunities.
- Achieving specific business results such as increased market share, entering new markets, or developing new partnerships.
- Meeting Success Criteria at a Specified Time – Project Management schedules tasks ensuring business goals meet specific timeframes.
- Managing constraints by allocating resources and controlling costs to ensure project execution.
- Managing Teamwork by coordinating tasks of team members toward the same goals
The difference between project management and traditional management is the use of different approaches to business development. Project Management plans resources and executes strategies to capitalize on business opportunities in a specific timeframe. Traditional management focuses on ongoing business operations and broad allocation of resources.
A dedicated project manager is the person that makes Project Management effective. The project management professional role is crucial for managing complex projects successfully, especially in a business development context where projects directly contribute to the growth and success of the organization.
Who is a Project Manager?
A project manager is a dedicated professional in a company responsible for overseeing the successful completion of a project. In the context of business development, the project manager’s job is to leverage business opportunities by planning and executing specific, time-bound projects.
What is involved in a project manager job?
The project manager job involves planning, implementing, and overseeing strategies to exploit business opportunities. The project manager defines the scope of the project, schedules tasks, allocates resources, controls costs, manages risks, ensures quality, and guides the completion within the agreed-upon project life cycle.
What skills are needed for a project manager?
A project manager requires a blend of soft skills and specialized knowledge. Essential soft skills include communication, flexibility, leadership, and problem-solving. Specialized skills required for a successful project manager encompass understanding business scalability, proficiency in project management software and tools, risk management, familiarity with various project management methods, and the ability to effectively budget and allocate resources.
Project Management Software
Project Management Software is a specialized application designed to aid project managers and teams in managing project tasks effectively. It can significantly enhance project efficiency by facilitating task management, teamwork coordination, communication, resource tracking, and more. Depending on the project management framework different software tools can be used.
What are project management tools?
Tools such as calendars, Gantt charts, Kanban boards, time trackers, and communication platforms aid in managing and tracking the progress of a project. These tools are often integrated within Project Management Software such as ClickUp, Asana, Jira, or Monday. They support project managers in aligning the project’s progress with its timeline and budget, ensuring efficient execution and successful completion of the project.
Project Management Plan
In practice, a project management plan is a formal, written document, or an informal collection of notes, a series of tasks outlined in software, or even a verbal agreement. The format and level of detail of the plan can depend on many factors, including the size and complexity of the project, the company’s culture, the project manager’s preferences, and the needs of the team.
What are the key elements of a project management plan?
A good project management plan should always include the key elements: clearly defined project objectives, roles and responsibilities, resource allocation, budget, schedule, risk management strategies, and communication strategies. These components are essential for guiding the project toward its goals and ensuring its completion.
The plan should identify the project management methodology that will be used, whether it’s Agile, Waterfall, Scrum, or another approach. This methodology will dictate how the project is organized, managed, and executed.
What is a project management methodology?
A project management methodology is a specific set of principles or a systematic process for executing and managing a project. In the context of business development, the choice of methodology has a significant influence on the project plan. Popular methodologies include Agile, Scrum, Lean, Waterfall, Prince2, and Kaizen. The selection often depends on various factors, including the nature of the project, its goals, the organization’s culture, and the industry in which the business operates.
Which project management methodologies are used for business development?
The main project management methodologies used in the context of business development are:
- Agile: It is an iterative and incremental approach that emphasizes flexibility, collaboration, and customer satisfaction. Projects are divided into small parts called sprints, which are prioritized and completed in short iterations. After each sprint, the completed tasks are reviewed and feedback is gathered, which then informs the next sprint’s tasks. This process is repeated until the project is completed.
- Scrum: It is a subset of Agile project management. It utilizes sprints for completing tasks but distinguishes itself by clearly defined roles (Scrum Master, Product Owner, Development Team) and specific events for inspection and adaptation, such as daily Scrum meetings, sprint reviews, and sprint retrospectives.
- Traditional or Waterfall: This is a linear approach where the project moves through sequential phases (i.e., conception, initiation, analysis, design, construction, testing, implementation, and closure). Each stage is dependent on the completion of the previous one.
- Lean: This approach is focused on creating more value for customers with fewer resources. It’s centered around efficiency, waste reduction, and continuous improvement principles.
- Prince2: PRojects IN Controlled Environments (Prince2) is a process-based method providing a step-by-step project management technique.
- Six Sigma: This approach is heavily focused on improving the quality of process outputs by identifying and removing the causes of errors or defects and minimizing variability in manufacturing and business processes.
- ADKAR (Awareness, Desire, Knowledge, Ability, and Reinforcement) is a goal-oriented change management methodology that allows change management teams to focus their activities on specific business results.
What are the types of Project Management?
There are many types of project management depending on the nature of the business. For example, in Tech business, project management includes types such as IT, Engineering, Change Management, Marketing, or Product Management.
What technique is best for each type?
In practice, the best project management techniques for mentioned project types are:
- IT: The Agile methodology (and its variants like Scrum and Kanban) is very popular in software development and IT project management. This is because it allows for flexible adjustments throughout the software development process, which is crucial in a field that often faces shifting requirements and rapid technology changes.
- Engineering: The Waterfall methodology, also known as the linear-sequential life cycle model, is often used in engineering and construction projects. This is because these projects usually have clear, fixed requirements and a structured progression where one phase is completed before the next begins.
- Change Management: The ADKAR (Awareness, Desire, Knowledge, Ability, Reinforcement) model, which is a goal-oriented change management model, is often used in change management projects. It helps project managers guide their teams through the change process and provides a structure for managing change at an individual level.
- Marketing: The Agile methodology can also be used effectively in marketing project management, as it allows marketing teams to be more responsive to changes and continuously adjust and optimize their strategies based on feedback and results.
- Product: Both Agile / Scrum and Waterfall methodologies can be used in product project management, depending on the nature of the product and its development process. If the product requirements are likely to change and rapid iterations are needed, Agile might be the best choice. If the product requirements are clear, and fixed, and the project needs a linear progression, then Waterfall might be more suitable.
What do Project Management types have in common?
Project management types have common five key phases: initiation, planning, execution, monitoring and control, and closure. Each project type may approach differently to these steps differently. For example, project management type using Agile methods prioritizes iterative execution and frequent reassessment.
What are Project Management Steps?
Project management steps are divisions of a project lifecycle that provide a structured approach to managing projects. In practice, each step in the project management process can be viewed as a distinct stage.
What is the sequence of project management phases?
The sequence of project management phases includes following stages:
Initiation stage: This is the first stage of a project, where its feasibility and value to the business are evaluated. Key decisions are made about the project goals, key stakeholders, project manager, and high-level budget and timeline.
Planning stage: Once the project has been officially started, the next stage involves developing a detailed project plan. The plan includes the project scope, resources needed, schedule, budget, quality standards, communication plan, risk management plan, and procurement plan if needed.
Execution stage: In this stage, the project team starts working on the tasks and deliverables outlined in the project plan. Project resources are distributed and teams are informed of their responsibilities.
Monitoring and Control stage: During this stage, project performance is tracked and compared with the project plan. Changes are managed, risks are tracked, and if there are any deviations from the plan, corrective actions are taken.
Closure stage: In the final stage, all project activities are completed, and the project is closed. Final deliverables are handed over, contracts are closed, resources are released, and a post-project review is carried out to document lessons learned.
How to start Project Management process?
To start a project management process it is a good practice to define the scope, resources (budget, team, and time), and goals of the project. Resources are also project team members, as well as the tools that will be used to manage the project. In addition, understanding the needs of stakeholders is a factor in the project’s success.
What are the 3 S's of Project Management?
The 3 S’s of project management are budget/cost, time/schedule, and scope. Changes in any one of these elements will affect the others and must be considered and managed accordingly.
What are the 7 C's of Project Management?
The 7 C’s of project management are customers, competitors, capabilities, cost, channels, communication, and coordination. These elements play a crucial role in the organization’s decision-making process for a project.
How to apply Project Management to marketing?
To apply project management in marketing ensure that teamwork aligns with the overarching business and marketing strategies and that resources are being used efficiently to deliver the best possible results. For example, you can start by defining 7C’s of project management.
What are 7C's of marketing Project Management?
The 7 C’s of marketing project management represent critical components that ensure the project’s success. Here’s how they apply:
Customers: Understanding customers is the first and most crucial step in any marketing project. Knowing your target audience, their needs, preferences, and behaviors helps in creating effective marketing strategies that resonate with them. Projects should be designed to meet these customer needs and expectations.
Competitors: Awareness of competitors allows marketing teams to differentiate their offerings and identify opportunities for competitive advantage. By understanding competitor strategies, strengths, and weaknesses, marketing projects can be designed to exploit gaps in the market or to better position the company’s products or services.
Capabilities: This refers to the internal capabilities of the organization – the resources, skills, and technology available to deliver the marketing project. Understanding these capabilities helps in setting realistic project goals, choosing the right strategies, and efficiently allocating resources.
Cost: Every project comes with associated costs, and these need to be carefully managed. In marketing projects, this includes costs related to research, creating marketing materials, advertising, promotional activities, and more. Effective cost management ensures that the project delivers a good return on investment.
Channels: Channels refer to the mediums used to communicate with and reach customers. These can be digital (like social media, email, and websites) or traditional (like print, TV, and radio). The chosen channels should align with the customers’ media consumption habits and preferences for optimal impact.
Communication: Effective communication is vital to the success of a marketing project. This includes internal communication among project team members and stakeholders, as well as external communication with customers. Clear, consistent, and engaging messaging is critical in marketing.
Coordination: Marketing projects often involve various teams and external partners. Coordination ensures that all elements of the project are aligned and working together effectively. This includes coordinating project activities, aligning strategies with overall business goals, and managing dependencies between tasks or teams.
How do you apply successful project management to B2B?
To apply successful project management principles to B2B (business-to-business) follow these steps:
Define the Project Scope: Identify the project’s goal and deliverables. Understand the needs and expectations of the client or partner.
Identify Stakeholders: Understand who all the key stakeholders are. This includes not only your team and the client, but also any third-party vendors or partners involved in the project.
Create a Detailed Project Plan: Develop a project plan outlining the tasks, timeline, resources, and budget. The plan should also include key performance indicators (KPIs) for monitoring the progress of the project.
Assemble Your Project Team: Based on the project requirements, put together a team with the necessary skills and experience. Assign roles and responsibilities clearly.
Risk Management: Identify potential risks and create contingency plans. In the B2B environment, this could include issues such as delays in supply chains, changes in market conditions, or changes in the client’s requirements.
Execute the Project: With everything in place, begin executing your project according to the plan. Use project management tool to track progress and make sure everyone stays on task.
Monitor Progress and Make Adjustments: Regularly review the progress of the project against the plan and KPIs. If there are any deviations, take corrective action immediately.
Stakeholder Communication: Maintain regular and open communication with all stakeholders. This includes updating the client on the project’s progress and addressing any issues or concerns promptly.
Project Closure: Once the project is completed, do a thorough review. Document lessons learned and celebrate the team’s success.
Success in B2B Project
Success in B2B project is defined by meeting the project results within the constraints of time, budget, and resources. It also means meeting the needs of stakeholders and making sure the project meets the quality standards.
In B2B projects, it’s important to build a strong relationship with the client or partner. Regular communication, meeting deadlines, and delivering high-quality work can help establish trust and lead to long-term partnerships.
Key Takeaways for Project Management
- Project management is the process of leading a team to achieve specific goals and meet specific success criteria.
- A dedicated manager is essential for effective project management in business development.
- Software and tools aid in managing and tracking project progress, facilitating task management, teamwork coordination, communication, and resource tracking.
- A plan should include clearly defined objectives, roles and responsibilities, resource allocation, budget, schedule, risk management strategies, and communication strategies.
- Popular project management methodologies used in business development include Agile, Scrum, Lean, Waterfall, Prince2, and Six Sigma.
- Project management steps include initiation, planning, execution, monitoring and control, and closure.
- The 3 S’s of project management are budget/cost, time/schedule, and scope, while the 7 C’s are customers, competitors, capabilities, cost, channels, communication, and coordination.
- Applying project management to marketing involves aligning teamwork with business and marketing strategies, using the 7 C’s.
- Success in B2B projects is defined by meeting project results within time, budget, and resource constraints, while also satisfying stakeholder needs and quality standards. Building strong relationships with clients or partners is crucial for long-term success.