How to Deliver your Project on Time and Budget!

March 21, 2017 - 8 minutes read

Each year, businesses of all sizes undertake thousands of projects to introduce new products and services. Unluckily, most projects are destined to fail downright, just because they do not cater the initial success standards and their resource limitations. Many businesses fail to recognize the catch; the problem occurs when experienced individuals are not overseeing these projects. If you do not have an adept member who can efficiently manage your project then it is advisable to outsource your tasks to people with relevant expertise.

Remember your success story begins with targeting the scope, timeline, financial plan and resources of the project, along with your ability to detect and cope with risk. Most of the times, projects are not delivered on time and budget due to weak planning, resource disruptions, and scope creep which may become the reason to nosedive your crucial business project.

Scope

Organizing your thoughts is fundamental to understand the scope of your project. The scope of your project not merely concerns the ultimate results you get; but also explains the procedure you choose to work out things.

Remember, they are no shortcuts; each step you take to attain your goal is of great importance and depends on the ones before them. Employ mind maps, a proven and adaptable tool for the organizations, to unify and develop ideas, they simplify the processes and allows you to share calculated ideas with your development team.

Remember the following when deeming the scope of your project:

1- Have you hired a skilled project manager?

2- Do all members, parties/stakeholders settle on the scope of the project?

3- Have you finalized the roles of suppliers and contractors?

4- Have you studied previous projects to define the chances of success and failure?

5- What funds, time and money have you allotted for the project?

6- Which deliverables will you include and exclude from the project?

Develop scope baseline

Once you decide upon the deliverables of the project, they need to be classified into the work breakdown structure (WBS), a summary of all project deliverables. This deliverable WBS contains three elements and materializes the scope baseline:

1- Ascertain all the work by classifying all the deliverables produced on the project.

2- Chooses big deliverables and splits them into smaller deliverables. To be exact, each deliverable begins at a bigger level and later grouped into lower levels of detail.

3- The lowermost level, known as a “work package”, calculated to conform to tasks and activities.

Build a Schedule and Cost Baseline

The conception and application of a practical and comprehensive schedule will put up to attain your final goal. It is significant to calculate the time span precisely of each step, and to decide which steps depend on the achievement of other steps. This procedure is not a one-time endeavor. You will most likely be adding or repeating a number of these steps throughout the project.

Planning finances for your project initiates with the formation of a thorough and precise estimate of your entire expected costs. You will want to consider each aspect of your project and analyze your numbers to the last penny. This estimate will work as your budget.

Outsourcing can lower Cost Structure

Project management vendors may offer different price structures subject to their level of facilities, knowledge, business model and operating cost. It may take some piece of work to set out the details and acquire estimates from these sellers before considering a vendor to be cost-effective choice for your business.

Objectivity

Outsourced project managers normally bring an element of objectivity, for various reasons that might not always be present with an in-house team. This objective can be of high value when it identifies the actual project results and deliverables, and confirming all business needs are fulfilled.

 Resources

Team members, equipment and materials are the resources that you need to accomplish your project. Whether you can have an in-house or outsourced team for a particular task or for a specific time needs a significant estimation. Proper estimation is an important component of managing projects so that you have your allocated resources whenever needed. Making and applying complete project schedules, along with informing all members of their responsibilities, will benefit you to keep your resources on the dot and on task.

Involving with Outsourced Team

An effective communication serves as a backbone to manage resources. Suppliers, contractors, managers and outsourced team — should be fully aware of the what, where, when and how, of their particular roles. This signifies that more you interact with your project members; the more clearly they can bring success to the project.

Risks

The risks are usually uninvited guests; they negatively influence your project’s budget, schedule or the outcome. If few adverse events befall, you may unexpectedly find your project considerably over budget.

In any case, you have just assessed the resources you believe you need, or perhaps not entirely realizing the business essentials, so projects are fundamentally hazardous anyway. For certain projects, essentially, using new, untested technology, the whole project may be at risk.

Risk Management    

The risks can be calculated by a qualified project manager who prepares ahead to deal with them. For instance, outsourcing individuals for the project may involve risk, but can produce great results if handled in an appropriate way. The project manager may brainstorm with your project team to classify possible risks, create a plan to cope with many situations before they arise. If you realistically pinpoint and plan for risk, these negative effects can be reduced successfully when they take place.

Conclusion

To sum up, at the completion of your project, you must consider a final review. If you have already recorded each step during the project, then your final review will be an easy task. Observe your successes and failures during the project, this will prove to be a useful guideline for your future projects.