6 best practices for effective project management - Project management course - MITSDE

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6 Best Practices for Effective Project Management

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6 Best Practices for Effective Project Management

• Project management is the backbone of every
  project. It is the most important factor that
  lies behind the success and failure of the
  projects. The failures of the project mostly
  arise due to inept planning.
• On the other hand, efficacious project management
  leads to the successful completion of the
  project that is why enterprises look for skilled
  candidates.
• It is important for organizations to get their
  project completed at a cheaper rate and at a
  faster speed. It is possible only through
  efficient project management. Management
  techniques involve using the right mix of
  planning, controlling and monitoring to ensure
  that the project is completed before the deadline
  within the budget and with good quality results.
  This can be ensured by adopting wise practices.

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1.  Effective planning by using project
definition document

• If the planning phase of the project is executed
  efficiently, then the cost of completing the
  project along with the duration can be reduced
  drastically. Hence, the quality of the result is
  also enhanced. The first step in planning phase
  should involve defining the project. The
  definition of the project is then approved by the
  clients and it then becomes the cornerstone of
  the project. Project definition includes
• Overview of the project The motive of the
  project and its benefits
• Goals
• Scope of the project
• Approach to the project
• Risk assessment
• Initial cost estimates, its deadline, and budget

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2. Creation of a proper plan

• It is an immediate procedure undertaken after
  defining the project. Under this, a plan is
  formed with proper steps for the management and
  the execution of the project.
• The same plan can be used multiple times when a
  similar project is to be executed.
• These plans are formed in such a way that it
  leads to the optimization of resources, capital,
  manpower and time.

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3.  Defining the procedures for project management

• This includes planning all the resources that are
  required for the project management.  
• It outlines the procedures how the staff will
  manage, monitor and control factors such as scope
  change, risk, quality, time-constraint and many
  more.
• The project management team should manage the
  task meticulously and proactively. The
  stakeholders and the team must know exactly how
  the project processes will take place.

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4.  Identify the signs of warning

• The project may be in trouble due to various
  factors. It is the task of project managers to
  identify any signs of warning and then corrective
  measures should be taken to keep the project on
  track.
• If a small inconsistency in the project occurs,
  it must be made accurate as soon as possible
  otherwise it may be disregarded
• If you find out that the task you thought is
  complete was pending, then you should finish it
  in the earliest
• If your deadline is near, you have to overwork so
  as to complete the project on time
• If you notice declination of the employees
  morale then you should motivate them

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5.  Identification of the risk

• Risks of different types are likely to occur
  during the life cycle of the project. Therefore,
  the team members should have enough intellectual
  level so as to determine the risk level and they
  should be ready to face it.

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6.  Assessing the risk in the project

• Sometimes, small issues or risk can create huge
  problems. It is important for the team members to
  classify the risk in the project and start
  mending or correcting it in the earliest.

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Summary

• Efficacious project management leads to the
  successful completion of the project that is why
  enterprises look for skilled candidates. Project
  management course makes the candidate ready to
  take up this crucial position. MIT School of
  Distance Education offers PG Diploma Course in
  Project Management which is a value-added course
  that will enhance your chances of getting a job
  and improving your skills. The course not just
  entails knowledge but it also teaches you wise
  practices to get the project management job done
  in the best way.