Speaking of project management, as per Project Management Institute, not more than 58% of businesses value project management. Besides, according to some key project management statistics, the cost of project management failure is exorbitant. For every 1 billion USD invested by the US ventures, 122 million USD is lost to shortcomings in project performance. However, proficient project managers can save these costs going waste by almost 28 times with credible managerial skills and visionary strategies.
Hence, every time you work as an outstanding project manager, you save hefty amounts of financial resources for your firm. Besides, you prove your excellence and efficacy as a project manager. For that, you need to equip yourself with some extraordinary and exemplary skills. Let us find out more about the managerial traits of successful project managers.
1. Communication management
Effective communication holds the key to success in every profession and field. Unless ideas are communicated in a clear and concise manner, the flow of information remains constricted.
Given that, even for project managers, effective communication management is essential. In fact, as the trend of remote working grows at a rampant pace, the challenges of project managers continue to grow. Being a project manager, managing remote teams and communications among remote team members can be difficult for you at times. You have to foster conducive collaboration between remote workers to achieve the desired outcomes. For that, fruitful exchange of information, ideas and data are critical. It is vital to note here that 88 percent of remote workers face consistent miscommunication (Saaslist)
Also, as per the Pulse of Profession Report by PMI, the inability of project managers to convey clear goals is a major cause of project failure. Around 37 percent of top executives cite the importance of communicating clear goals. Thus, your ability to manage communication between your team members is paramount. How you define and convey goals to each team member is also imperative. Your communication management skills are significant to the success of a project. The higher the efficacy of your communication management skills the higher growth you will achieve. Efficient communication is and will always be the predominant factor for success. It will always be among the top traits employers look for in their employees.
2. Team management
Another key area of management that a project manager needs to be proficient in is team management. It is essential to be able to win the confidence of the team members and bring them on the same page. You have to discharge leadership duties in an inspiring manner so that individuals can align their goals with the organizational objectives. So, team management includes conflict resolution, being empathetic, sharing constructive feedback, and mentoring. It further includes being available to offer help and to deliver appropriate performance reviews.
Moving forward, as a project manager you have to be flexible to manage your team. The nature of challenges threatening team performance can be different on different days. There may be a lack of trust between team members or differences based on cultural diversity. You have to be aware of the latest developments among your team. You have to display enchanting positivity and radiate the same on to your team members. There would be times when you need to be a friend to them and not their manager. So, keep it simple and flexible.
3. Time management
Needless to say, every project has deadlines that you need to meet as a project manager. Hence, your time management skills have to be spot on with maximum efficiency. You also need to coordinate with your team members to push them to complete their work on time. For that, the best way is to create a project timeline and share it with your team. Also, make sure that everyone on board knows what their role is and what is expected of them. Excellent time management skills are always rewarding. They form one of the earliest steps on the ladder of success.
You have to break down the ultimate deadline into smaller deadlines for the project’s life cycle. You can set small milestones and timeframes for the progress of the project. In this way, the coordination between different verticals of the project will be high and you will stay ahead of time. Remember, failing to meet deadlines can lead your organization to incur heavy costs. As per Gallup, not more than 2.5 percent of companies have a hundred percent success rate in projects. You would for sure want your organization to fall within this small illustrious bracket. Your company’s success with projects is crucial to your personal growth.
4. Risk Management
Every project is vulnerable to failure given the inherent risks. When you are at the helm of a project, you need to identify the potential risks. Further, having identified the risk you need to work on mitigation and contingency strategies. Your ability to manage risks and susceptibility will have a huge impact on the success of the project. Besides, it will also motivate your team members to not feel helpless in front of risks and hurdles. Gartner concludes that the failure rate of projects involving investments in excess of 1 million USD is high. In fact, it is 50 percent higher than projects based on lower budgets. So, it is evident that the risk of failure would always be there.
Given these risks, the success will then depend on your ability and agility to manage uncertainty. True leaders shine at their brightest in times of crisis. That is the kind of leader you would want to be in order to become a successful project manager. You can also learn about some professional risk management tools that set the projects for higher success. You will get as much assistance from technology as you want in this age of innovation. So, why not leverage artificial intelligence and technology?
5. Budget Management
Ultimately, everything comes down to budget, profits, revenue, and other costs. The budget is of course always a key determining factor for projects and it needs to be managed well. So, when you manage a project, you also have to manage the budget in a smart way. You have to create a feasible budget and ensure compliance with it throughout the cycle of the project. You have to supervise if there are any cost overruns in any part of the project. Further, based on these insights you have to make the necessary adjustments in the budgetary structure.
You have to keep a close eye on the expenditure on various parts of the project. You have to ensure that cost overruns are kept under check. Thus, to be a successful project manager, you also have to excel in managing costs and budget. To make a project successful, you need to get everything right in terms of costs as well. You can further polish your project management skills with best-in-class project management certification.
To summarize, as seen above, project management is a culmination of various realms of management. A project manager needs to manage the processes, procedures, team efficiency as well as risks. Different sets of project management trends opine that most projects fail because of communication breakdown. Given that, communication management is of key importance in addition to time and team management. As a project manager, you have to be receptive to changing trends and flexible enough to adapt. Doing the little things right is always the most valuable mantra of success. You should never ignore the little aspects of project management hence.
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About the Author: Jessica Robinson loves to write interesting and knowledgeable blogs regarding business management, education and life to satiate the curiosity of her lovely readers. Currently, she is serving as a content manager at the ‘Speaking Polymath’. Every piece of content that she writes demonstrates her immense love and passion for her profession.