How can you align service development with project management principles to minimize challenges and risks?

2 Project life cycle and phases

A project life cycle is the sequence of phases that a project goes through from initiation to closure. A project phase is a collection of logically related activities that produce a specific output or deliverable. Depending on the nature and complexity of your service development project, you may use different project life cycle models, such as waterfall, agile, or hybrid. However, regardless of the model you choose, you should follow some common project phases, such as initiation, planning, execution, monitoring and control, and closure. Each phase has its own objectives, tasks, roles, and deliverables that you should define and document clearly.

3 Project management processes and knowledge areas

Project management processes are the actions and interactions you take to manage your project throughout its life cycle. Project management knowledge areas are the domains of expertise that you need to apply. The Project Management Institute (PMI) identifies 10 knowledge areas and 49 processes that cover the key aspects of project management, such as project integration management, scope management, schedule management, cost management, quality management, resource management, communications management, risk management, procurement management, and stakeholder management. These processes coordinate and integrate the various elements of your project; define, validate, and control the work that will be delivered; establish and maintain a timeline; plan, estimate, budget and control resources and expenses; ensure quality standards are met; identify, acquire, develop and manage human and non-human resources; plan for information and feedback generation; identify uncertainties and opportunities; procure goods and services from external sources; and manage expectations of people and organizations involved in or affected by your project.

4 Project management tools and techniques

Project management tools and techniques are the methods and instruments used to perform the project management processes and apply the project management knowledge areas. These include a project charter that authorizes and defines the scope, objectives, and stakeholders of your project. Additionally, there is a work breakdown structure (WBS) that hierarchically decomposes the project scope. A Gantt chart is a graphical representation of the project schedule that shows start and end dates, dependencies, and progress. Critical path method (CPM) is a technique that identifies the longest sequence of activities that determines the minimum duration of your project. Earned value management (EVM) measures performance and progress by comparing planned and actual scope, time, and cost. A quality management plan describes how you will ensure and control quality of deliverables and processes. Furthermore, a risk register records identified risks, their causes, impacts, probabilities, responses, and status. Stakeholder analysis identifies and assesses power, interest, influence, and expectations of your project stakeholders. Communication plan specifies information needs, channels, frequency, and methods of communication for your project. Lastly, lessons learned captures knowledge, experience, and feedback gained from your project.

5 How to align service development with project management principles

To align your service development with project management principles, you should define the service concept and value proposition, identify and engage key stakeholders, plan your service development project, execute it, monitor and control it, and close it by handing over the deliverables. This will help to minimize the challenges and risks of scope creep, schedule delay, cost overrun, quality issues, resource conflicts, and stakeholder dissatisfaction. By following these steps and using the appropriate tools and techniques, you can ensure that your service is of high quality and value-added to meet your strategic goals and stakeholder expectations.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?