Someone looks keen to excel and achieve their goals of reaching the highest position of their organization. And for now, you wish to start that journey by learning the tips to become an influential project manager. If that is the case, you will not be disappointed after reading the article. The art of project management is tricky, yet it revolves around some particular components which can be summed as planning, preparation and execution of the defined tasks distributed among the members of your team. All these duties are meant to achieve the goals and objectives you have set at the outset within the allocated time frame.
5 Key Components of Project Management
Let us dive deeper and analyze the key components that you need to know comprehensively before starting your own career as a project manager.
1. Diverse Team Formation
Your first task as a manager will determine the overall progress of your project and it is related to the selection of the most competitive individuals whose interests, skills and passions directly match with the nature of the project. Take as much time as possible in the recruitment of these persons. But, make sure to form a team of members who specialize in different domains otherwise, you will pave the way for an inner rivalry among the team members. You can even carry out a SWOT Analysis to evaluate and determine the best fit for your team. These simple steps will not let you get disappointed once you proceed with the project.
Read more: What is the future of HR technology?
2. Project Management Planning
At the planning stage of your project management, you need to carry out discussion sessions with your team members to reach a consensus regarding the objectives of your project. Ask yourself and your team why have we volunteered for this project, how will it be beneficial for us, the organization and our clients. These questions will help you identify the pertinent outcomes of completing the current project. These outcomes are your guidelines for setting up the goals and objectives to achieve from the current project.
A quick tip while establishing your goals is the application SMART Model to determine and assess your goals. According to this framework, your goals should be:
- Specific: Instead of being vague for the team members to comprehend and execute simultaneously.
- Measurable: Next, your goals ought to be Measurable. In other words, the results can be quantified and the statistics can be presented in the form of pie charts, graphs, tables and figures making it convenient for technical experts to judge the overall performance of a company.
- Attainable: Moving onwards, set the goals that are attainable. Never set the targets that go beyond the limitations of your company’s vision and resources. Align the objectives to the easily accessible assets and the individuals who would be able to complete the assigned responsibilities.
- Relevant: Furthermore, the goals have to be Relevant. Keep your goals related to your company’s mission statement. No need to digress from the basic agenda of your organization. Otherwise, the project itself will transform into a mammoth task and would become next to impossible to complete within the given time frame.
- Time-Bound: Lastly, you have to set a timeline for your goals so that the work pace can be adapted keeping in view the progress of your team members.
3. Visionary Team Lead
Once you have established all the SMART goals for the project, your next focus should be the selection of a wise lead member of your team. You are either familiar with the strengths and weaknesses of your team members or you can simply have a detailed discussion to evaluate their problem-solving abilities. In addition, you can assign some demonstrative tasks to assess how the team members are moving on with one another. You will get a lucid picture of the person who is playing the role of a lead member, guiding all the other fellows, evenly distributing the responsibilities among the individuals keeping in view their skills and interests. That is your person who can effectively communicate the company’s objectives, delegate tasks and motivate the team at difficult times so that they all work as a unit to achieve project goals.
4. Strategic Allocation of Budget
The allocation of an appropriate budget acts as a backbone and supports the execution of a project itself. Therefore, its allocation and regular assessments have to be managed wisely by your team. Financial experts and analysts can significantly contribute to determining the total expenditure after setting aside the unnecessary expenses that can be avoided after careful consideration of the company’s essentials. The right budget means that you will never be short of funds and would always be ready for some contingency plans in case of some unprecedented scenarios.
5. Set the Specifications of Your Project
You have the right number of people for a project that you have chosen keeping in view the various capabilities that you have identified within them. Next, you have set the goals and the right budget for this project. Your next task is to explicitly specify how the project will be executed.
In other words, it is time to specify all the roles and responsibilities among the members of your team. Set due dates and deadlines for each member so that they can be held accountable for getting late in meeting up with the given time frame. Furthermore, they can explain all those reasons due to which they failed to meet the deadlines. All these factors would help you identify the real-world problems being faced by your team and the steps that can be taken from your side to facilitate your team in meeting up the deadlines.
This cycle of steps is not a mere portrayal of your supremacy over the team. Rather, it is clearly defining the boundary and limitations of your project that we generally called as a Project Scope. When you set a particular scope for a company’s project, there is no way anyone can generalize the outcome of your company’s activities beyond the allocated limitations. Furthermore, your forthcoming projects can be started from where you ended your retrospective projects.
Thus, all these components collectively contribute to the effective management of a project as a manager.