Cash-Flow Management Includes All Of The Following Activities Except Fo 6 Mistakes in Project Management

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6 Mistakes in Project Management

The simple question is, where and why can things go wrong, and how do you prevent them from happening?

There was a joke in the software development industry that a client could only choose two solutions, three features; lower costs, performance and reliability. Unfortunately, the joke has become a completely normal and routine request from customers.

In 1995, the Standish Group published a report called “The Chaos Report” on IT project failures. According to the report, 31% of all software projects are canceled before completion, 53% experience delays and cost overruns, and only about 16% are ever successful. In addition, the average software project is 222% late, 189% over budget and only delivering 61% of the required functionality, which is an alarming statistic, not much has changed to date. Fortunately, it turns out that this scenario can be prevented.

Due to some major issues, mostly attributable to poor project management. The following are the seven most serious mistakes and pitfalls that a project manager should avoid in order to give the project and the team a better chance of success.

Poor communication

Usually, all of us, including myself, have been part of several projects where our client asks for something and we deliver something else. Just because of bad communication. Communication is a very important part that holds everything together. Good communication ensures that all stakeholders (users), customers, developers, sponsors are on the same page. It is essential that the project objectives are clear, shared and well understood; assumptions are kept to a minimum and that project progress is properly communicated. Everything should be in place like risks, consistency delays and changes and all. The importance of communication cannot be overemphasized.

Project managers should spend 90% of their time communicating with the team.

Requirements Analysis/Finding/Definition

It is based on several things such as scope, cost, needs, resource allocation and quality. You must have heard that a weak foundation is always risky in the future. Project managers mostly run away from this and try to implement the project without proper investigation of the requirements. In this kind of process, they lost their effort, time and implementation costs. Studies and senior project managers have proven that spending a week analyzing requirements in the initial stages is better than reworking in the future.

Inadequate planning

Detailed and effective planning is not an easy task, but believe me, it is totally worth it. I’m not saying that people don’t plan their projects, but we think the level of planning is too low. A common oversight, but some managers use the same project plan for all projects that may differ in approach.

Planning every aspect of a project in every detail from start to finish could only work if you had a crystal ball. In the real world, most projects are by definition progressively built, meaning that the project unfolds and becomes clearer over time. A suggested solution in such cases is to use wavelet planning, a technique that recommends performing an approximate high-level project estimate and a detailed project estimate and a detailed estimate only for the requirements and activities being worked on.

People management

A team is always a great asset for project managers. They must be fully motivated, focused and organized, the team can achieve even unrealistic goals. It is necessary to know each team member in terms of skills and their best use; with proper delegation, empowerment and an enabling environment, the whole could actually be greater than the sum of its parts. Today, human resource management has become a very important part of project management.

Consent

Stop it, you cannot accept any user requests and sponsor instructions without a major protest or negotiation. This includes agreeing to unrealistic demands and deadlines at the outset, despite knowing the end result. Effective and efficient negotiation can bring your project to success.

Repeating previous mistakes

The surprising repetition of inefficient practices and mistakes is the main reason why projects around the world continue to fail. To be honest, the general stuff is pretty well documented, but they don’t seem to get much use out of it. Each organization has its own environment, constraints and methodologies, and many do not have processes in place to capture lessons learned from past projects.

Documentation of lessons learned should be carried out throughout the life of the project and should be consolidated at the end. And if a project fails completely or ends up being cancelled, a post-mortem is crucial.

Today, IT projects have become a key part of our infrastructure and life. There is a lot at stake, starting with major investments, organizational strategies, careers and reputations for each of them. A certain degree of failure will always be present and is probably essential to progress. however, most failures that occur are avoidable. These six deadly mistakes are key areas where things can go wrong. Eliminating them may not guarantee success in every project, but it will ensure the removal of the biggest possible obstacles.

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