Missed Deadlines and Missed Opportunities: The Cost of Not Using a Project Management System
The crucial aspects of a project include cost, schedule, quality, and resources. These are the key elements that need to be closely monitored throughout the project's life cycle. Failing to keep a close eye on any of these can result in an incomplete project or one that is completed without generating any value.
?Plan First - Don’t be like me
?I used to be really bad with money and didn't manage it well at all. I never kept track of what I was spending and just bought whatever I wanted without planning for it. There were times when I'd suddenly decide to buy something, like a pair of shoes, and then rush out to get it without thinking twice. The only time I started paying attention to my spending was when I realized I was running out of money.
I knew I needed to change this habit, so I started planning and being more disciplined about my spending, and it has made a big difference. I now keep a personal account book to budget and track where my money goes.
As the common adage goes "If you fail to plan, you are planning to fail”
If you do a project without planning, monitoring and controlling the key areas, you are just like the previous me. This approach is never advisable for any project.
Moving On…
I need to emphasize this again.
I know I mentioned that you should monitor your project's cost, schedule, quality, and resources, but can you monitor what you have not carefully planned for? Has it ever happened to you that after spending a certain amount, you walked your way back to calculate what you bought because you can't believe you spent that amount? That's because you never planned it in the first place.
The planning stage should be the guide before launching a project. Even the Bible says, "Who starts building a house before counting the cost?"
Follow your plans
?At the execution stage, your plans need to be closely monitored
I bet it is harder to follow a plan than to create the plan itself because so many obstacles and challenges will come up during the execution but a project manager should keep an eye on the plans. The goal is to remove all obstacles as early as possible; give the right motivation and resources and communicate effectively to all stakeholders. ?
Remember to document and understand the scope of the project. For instance, when I travelled from Lagos to Abuja for a few weeks, I packed light, bringing only a few clothes and one pair of shoes. However, upon arrival, I realized that this decision didn't suit my daily activities as I go out regularly. Consequently, I needed to purchase a pair of palm slippers and another pair of shoes.
This situation represented the scope of my project, complete with a price tag – all I needed was just one shoe and palm slippers. Defining the scope is essential as it ensures clarity regarding what is required to complete the project. In this case, I ended up buying two shoes, two palm slippers, and a sandal, which exceeded my initial budget.
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Now, I find myself hardly having the opportunity to wear all these items, as I primarily wear safety shoes. The purpose of defining the scope is to guide your plans and provide a clear rationale for your decisions.
Feel free to share your own 'scope-shattering experience' with me in the comments or chat box!
To summarise this part,
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“Remember: Stick to your plans, but it's okay to make slight changes if you've carefully thought them through.”
Finally…
Why did I decide to write this article?
?I got involved in a project where the stakeholders were already losing money. The issue was that they didn't have a clear project plan from the start and didn't monitor the progress until they realized they were losing money. When I joined the project, my first task was to track the progress. I had to inspect around 400 rooms to document the work completed and the work remaining. After days of documentation and analysis, we discovered that 40% of the work still needed to be done. When I submitted the report, the stakeholders initially doubted its accuracy but later realized it was correct.
As a result, everyone became highly alert and we had to find a way to complete the project within 1 month instead of the initial 4 months. Finishing earlier was important because administrative fees were increasing the overall project cost.
We needed to implement proper project management practices that should have been in place from the beginning of the project.
Trust me, you don’t want to be in a situation such as this. So in your current or next project, give project management a chance.
?Quick one
At MNO, we are currently working on adding this to the list of services we render and we will be glad to have you as our ideal client. You can contact us (+234 81 2884 2622)
?I am still Micheal Quadri, also known as Mikelomaa.