Austin Hatem ’14, IT442, Bryant University
April 14, 2014
Project management provides an increased focus that systematically accelerates the rate at which projects are completed
Project management has too long been conceived as a practice that stymies project completion. Companies worldwide have long avoided project management due to the widely adopted belief that the reports and forms required are often a waste of time.
Implementing project management does result in an increase of the aforementioned paperwork. However, what these companies are failing to see is that these tasks are providing the organization that keep daily activities aligned with an organization’s big picture goals. The organization that project management provides lays a strong foundation for any endeavor a company wishes to pursue. Without this foundation, companies are prone to lose sight of their project’s main objectives and end up with a useless final product that is entirely dissimilar to what was first conceived.
Project Management Accelerating Startups
Nowhere is the notion of project management slowing growth more commonly accepted than in the world of small businesses. In a widely acclaimed case study that focused on how startup companies utilized project management, all companies involved said they planned on using several project management methodologies to complete their projects yet none actually did. Each company adapted an “on the go” mentality which resulted in little to no progress over the duration of the study.
When projects are structured in the correct manner, they can be more efficiently drove to completion, this in turn provides small companies a competitive advantage. Allowing them to get more refined products to market faster than their competition.
More times than not, small businesses severely lack discipline. These companies who do not fully utilize project management experience countless “pivots” and “tweaks” to their projects as they attempt to complete them. These slight alterations result in countless hours of wasted time. Time is perhaps the most precious commodity to all startups and to waste it is detrimental. Adopting better project management methodologies will save these companies from going down the wrong path thereby ultimately leading them to more free time and a higher success rate.
A study done by Venture Creations, a startup incubator located in New York, revealed that a lack of project management discipline was the greatest barrier faced by startup companies. Additionally, a study done by the UK National Health Service found that using PRINCE 2, a process-based method used for effective project management, more than doubled a projects success rate. These findings imply that ignoring project management may not only slow project progress but also may attribute to project failure.
So Project Management is Important, What now?
So how do smaller companies implement project management into their daily business activities? First off, it would be foolish for a company of 6 employees to attempt to implement the same project management techniques as a Fortune 500 company. These startups must simply adopt a more flexible and iterative strategy than their larger counterparts. This strategy must be characterized by more agile methodologies, such as the SCRUM development framework, which is characterized by a flexible and holistic product development strategy.
Furthermore, as the management techniques change so must the tools being utilized. Smaller companies do not have the need, nor can they afford, high-end enterprise project management software. They must settle with inexpensive alternatives (Many of which are illustrated in the included infographic). Several successful project managers recommend simply starting with a whiteboard.
The final step to successfully implementing project management is to assure that virtually all members of your small organization are familiar with project management’s fundamentals and importance. The founder(s) of the organization must be particularly keen on project management and its applications. This will allow everyone to understand the method to your organizations madness.
The 21st century is riddled with oversaturated markets. Only those companies that can efficiently execute their innovative ideas will survive. Project management provides a methodical solution that allows companies to stay on task and accomplish their larger organizational goals in a more streamlined manner.
So rethink project management and start employing its techniques to switch your company into the fast lane.