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How can you improve project profitability?

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Project profitability is a key indicator of how well you manage your resources, costs, and revenues in delivering value to your clients. It reflects your efficiency, effectiveness, and quality of work. But how can you improve it and ensure that your projects are profitable and sustainable? Here are some tips to help you optimize your project profitability and performance.

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Denzel Ajie (IAPM-CIPM, CERM, PMI-RMP, SC-BCM, ESG-MASR)

Head Project Controls (Cost + Planning +Risk Mgt & DCC). at Oilserv Limited
Asha Kanta Sharma

Manager - Finance & Accounts @ Opendoors Fintech | Financial Accounting
Sohail Ahmed

Enhancing business performance with E-Commerce strategies | E-commerce Specialist | Marketing Strategist | Data Analyst…

1 Track and measure

You can't improve what you don't measure. Tracking and measuring your project profitability means collecting and analyzing data on your project costs, revenues, scope, schedule, quality, risks, and issues. You need to have a clear and consistent method of calculating your project profitability, such as using gross margin, net margin, return on investment, or earned value. You also need to have a reliable and timely reporting system that allows you to monitor your project profitability and performance throughout the project lifecycle. This way, you can identify any deviations, problems, or opportunities for improvement and take corrective or preventive actions accordingly.

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Asha Kanta Sharma

Manager - Finance & Accounts @ Opendoors Fintech | Financial Accounting
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To improve project profitability, businesses should conduct thorough planning, develop accurate cost estimates, optimize resource allocation, manage risks, monitor budgets, maintain open communication, manage scope, execute efficiently, negotiate favorable contracts, monitor performance, maintain quality control, conduct knowledge transfer, invoice promptly, implement performance-based incentives, invest in employee training, and conduct a thorough post-project analysis. Regularly reviewing and adapting these practices based on project-specific circumstances and industry trends is crucial for ongoing improvement.

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Sohail Ahmed

Enhancing business performance with E-Commerce strategies | E-commerce Specialist | Marketing Strategist | Data Analyst | Business Optimization | Deputy Manager - E-Commerce at Ideas by Gul Ahmed
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Improving project profitability involves several key strategies. Firstly, ensure thorough project planning, including realistic timelines and cost estimates. Monitor and manage resources efficiently, matching skills with project requirements. Implement effective communication and collaboration tools to streamline workflows and reduce errors. Regularly assess project progress, identify potential risks, and take proactive measures to address them. Additionally, conduct post-project reviews to identify areas for improvement and refine processes for future projects. Lastly, invest in employee training to enhance skills and productivity, leading to better project outcomes.

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Denzel Ajie (IAPM-CIPM, CERM, PMI-RMP, SC-BCM, ESG-MASR)

Head Project Controls (Cost + Planning +Risk Mgt & DCC). at Oilserv Limited
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Improving project profitability involves a combination of strategic planning, efficient execution, and effective management. Here are some strategies to enhance project profitability: Project Monitoring and Control: Implement project management tools and methodologies for effective monitoring. Regularly review project performance against key metrics. Make data-driven decisions based on project progress and performance.

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2 Plan and budget

Planning and budgeting are essential for ensuring that your project is profitable and realistic. You need to define your project scope, objectives, deliverables, assumptions, and constraints clearly and accurately. You also need to estimate your project costs, revenues, and resources based on reliable data and methods. You need to set realistic and achievable goals and milestones for your project and align them with your client's expectations and requirements. You need to create a detailed and flexible project budget that covers all the project activities, resources, and contingencies. You need to review and update your project plan and budget regularly and communicate any changes or issues to your client and stakeholders.

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Denzel Ajie (IAPM-CIPM, CERM, PMI-RMP, SC-BCM, ESG-MASR)

Head Project Controls (Cost + Planning +Risk Mgt & DCC). at Oilserv Limited
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Improving project profitability involves a combination of strategic planning, efficient execution, and effective management. Here are some strategies to enhance project profitability: Thorough Project Planning: 1. In my experience, having clearly define project goals, scope, and deliverables can be quite helpful. 2. The need to develop a detailed project plan with realistic timelines and milestones cannot be over emphasized. It is a very import effort to commit to. 3. Identifying the potential risks to the project early in time and creating a fitting contingency plan can improve the project profitability.

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3 Control and optimize

Controlling and optimizing your project profitability means managing your project costs, revenues, and resources effectively and efficiently. You need to implement and follow best practices and standards for project management, accounting, and quality assurance. You need to track and control your project expenditures, invoices, and payments and ensure that they are accurate, timely, and compliant. You need to optimize your project resources, such as staff, equipment, materials, and subcontractors, and ensure that they are utilized, allocated, and coordinated optimally. You need to manage your project scope, schedule, quality, risks, and issues proactively and prevent or minimize any scope creep, delays, errors, or disputes that could affect your project profitability.

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Denzel Ajie (IAPM-CIPM, CERM, PMI-RMP, SC-BCM, ESG-MASR)

Head Project Controls (Cost + Planning +Risk Mgt & DCC). at Oilserv Limited
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Improving project profitability involves a combination of strategic planning, efficient execution, and effective management. Here are some strategies to enhance project profitability: In my experience, Monitoring and controlling project costs effectively is very important to assure profitability. One thing I have seeing quite helpful, is implementing cost-saving measures without compromising quality, and tracking and managing both direct and indirect costs consistently.

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4 Review and learn

Reviewing and learning from your project profitability means evaluating and improving your project performance and processes. You need to conduct regular and comprehensive project reviews and audits to assess your project profitability and performance against your project plan, budget, goals, and standards. You need to collect and analyze feedback from your client, stakeholders, team, and suppliers on your project delivery, quality, and satisfaction. You need to identify and document your project lessons learned, best practices, challenges, and recommendations. You need to use your project profitability data and insights to benchmark your performance, identify your strengths and weaknesses, and plan your future projects and improvements.

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Denzel Ajie (IAPM-CIPM, CERM, PMI-RMP, SC-BCM, ESG-MASR)

Head Project Controls (Cost + Planning +Risk Mgt & DCC). at Oilserv Limited
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In my experience, Maintaining clear and open communication with clients has been quite helpful in getting and learning from the client feedback. Also, managing client expectations and address concerns promptly can be very helpful in the long last and ensuring that clients understand any changes to scope or additional costs is a worthy effort in project execution. Implementing quality control measures to minimize reworks and ensuring high-quality deliverables can be really helpful to project profitability. Regularly reviewing and improving procurement and construction processes to enhance efficiency and reduce errors cannot be over emphasized.

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5 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?

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Denzel Ajie (IAPM-CIPM, CERM, PMI-RMP, SC-BCM, ESG-MASR)

Head Project Controls (Cost + Planning +Risk Mgt & DCC). at Oilserv Limited
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I recommend you do the following: 1. Leverage project management tools and technology to streamline processes. Automate repetitive tasks to save time and reduce the likelihood of errors. 2. Conduct post-project reviews to identify areas for improvement. Implement lessons learned from past projects to enhance future performance. 3. Negotiate favorable terms with suppliers and vendors to reduce costs. Explore bulk purchasing or long-term contracts for cost savings. 4.Ensure accurate and timely invoicing. Implement a clear billing structure and payment terms. By combining these strategies and tailoring them to your specific project and industry, you can enhance project profitability and contribute to the overall success of your organization.

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How can you improve project profitability?

1

2

3

4

5

1 Track and measure

2 Plan and budget

3 Control and optimize

4 Review and learn

5 Here’s what else to consider

Accounting

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