Project management, whether in the context of information technology or business, centers on the ability to juggle and coordinate budgets, manpower and time. These three elements represent the cornerstones of any project, and when combined with a proactive style of project management, can be used to accomplish initiatives without cost overruns or delays.
To manage human resources, project managers have to take several things into account. Planning is essential as it is with all other facets, but follow through is even more imperative. When managing multiple departments that require a great deal of coordination, delegating the responsibility seems like the logical thing to do, and often is. But just as departments must be accountable to department heads, department heads must be accountable to the project manager. One of the most common mistakes made by project managers is to assume that potential problems will be reported in a timely manner, when the option for alternatives is still available and viable. Because of the workplace culture that exists at the corporate level in America, the tendency for those in a supervisory capacity to simply “handle it” can lead to major issues down the road. Effective project managers must be proactive in their approach to avoid issues that arise from finding out about potential problems far too late.
For budgeting concerns, the best method for avoiding cost overruns is to focus on adequate and comprehensive planning. Being conservative with budgets in areas that are unsuitably researched is the most common reason for budgetary surprises down the line. If an aspect of a project is relying on insufficient, unknown or unreliable data for projected costs, chances are good that a budget overrun is on the horizon.
Managing time is a double edged sword, as project managers must not only manage the time they allot for their own work, but for dealing with unknown variables related to the work of others as well. The key is to allow time for the unknown, and while no one can predict the future, being liberal with time estimates from the onset can provide valuable breathing room when issues arise. Being well prepared when entering a new project is also of utmost importance for project managers, as starting at a disadvantage tends to create even more problems as time goes on.
