When it comes to managing any project, you need the appropriate resources, supplies and personnel. All this turns into a plan, which turns into tasks and an allocated budget that needs to be monitored and followed up on. Surprisingly, though, most project managers assume that shorter and smaller projects do not need to be monitored or tracked and that only longer and larger projects need project management software.
In fact, in a recent survey done by Accelo it was found that almost 40 percent of respondents said they didn't use project management tools at all and that number rose to almost 75 percent for the most common, briefer projects. Given the financial and management risks involved in failed project management, that is not an ideal scenario. In fact, any project or task that is not part of the regular business activity done for clients should be monitored and tracked because of the potential risks associated with not monitoring and tracking your work.
As per industry reports, a large percentage of projects are not delivered successfully (on time, within budget, of desired quality). PwC found that 97.5% of businesses experienced some project failure. Harvard Business Review found that one in six projects had a cost overrun of 200 percent on average and a scheduled overrun of almost 70 percent. PMAlliance found that more than one-third of projects were not completed on time, and the same one-third indicated that their project costs also exceeded their approved budgets. Considering the potential risk associated with managing projects, why haven't organizations become better at managing them?
Successful project delivery is not rocket science, and taking the necessary action to reduce the probability or impact of risk is often more effective than trying to repair the damage once it has already occurred. It’s time for a change in how projects are managed.
Keeping your tasks on budget, following deadlines, ensuring quality and helping team members remain motivated are surefire ways your projects will remain successful. While unexpected challenges eventually may creep up, having a plan in place and adopting tools that work around your process, not the other way around, are two important things all project managers need to do to ensure the success of their projects.