#15 - Project Management Fundamentals Part 2: Advanced Tips and Tricks

Welcome back to our series on the nuts and bolts of project management. In Part 1, we explored some basics of a very extensive subject — essential skills and responsibilities.

Now, let’s look at some advanced tips and tricks which will help launch you to success when it comes to managing projects.

If you are a seasoned project manager or just starting out in your first project, these advanced techniques will enrich your toolkit and augment the possibility of your success.

Advanced Techniques and Strategies

Earned Value Management (EVM)

• What it is: A technique of managing a project that integrates scope, schedule, and cost for the measurement of project performance and progress.
• How to Use it: Compare the planned work with what was really done, and the planned cost against actual cost. It can be used to determine the future performance and completion dates of projects.

Critical Path Method

• What It Is: CPM is a graphically-based project management technique for planning out processes. It defines tasks that are critical and non-critical to a project.
• How to Use It: Determine the longest sequence of tasks which must be completed on time in order for your project to be completed on time.

If you manage these critical tasks, you’ll more than likely keep your project running according to schedule.

Agile Project Management

• What It Is: It is an adaptable, iterative methodology for project management, usually used in the development of software.
• How to Use It: A project as a whole is then divided into small parts; those little or small parts can be called sprints. Review the project regularly to modify the plan based on the feedback.

This enhances flexibility and responsiveness to change.

Risk Management

• What It Is: Risk management involves the process of identification, assessment analysis, and replying to project risks.
• How to Use It: Prepare a risk management plan comprising risk identification, risk analysis (qualitative and quantitative), risk response planning, and risk monitoring. The process of tracking and managing project risks throughout the Project Life Cycle is done using risk registers.

Stakeholder Engagement

• What It Is: Engaging stakeholders involves active involvement of all parties having an interest in the project.
• How to Use It: Identify all the stakeholders, understand their needs and expectations, and develop a communication plan. Provide regular updates to stakeholders and engage in decision-making processes for the buy-in and help of stakeholders.

Optimization of Resources

• What It Is: Resource Optimization involves efficient allocation and utilization of resources so that maximum productivity will be achieved.
• How to Use It: Resource leveling and resource smoothing techniques should be used to balance demand and supply of resources. The resources should neither be over-allocated nor underutilized.

Quality Management

• What-It Is: A process that enables the project deliverables to meet the required standards.
• How to Use It: Develop a quality management plan including quality assurance and quality control processes. Reviewing project outputs for quality at regular intervals and following up with continuous improvement practices.

Change Management

• What It Is: Project scope, schedule, and resource changes
• How to Use It: Develop a change control process to review, accept or reject change. Communicate the changes clearly to all parties concerned and then update the project plans.

Closing Thoughts

Project Management is simple and complex at the same time. Learning the fundamentals and the advanced techniques will give you the power to become confident in projects. So always take time to learn and grow as you continue on your PM path.

Part 3 of the series will be on Mastering Project Management. It will give you insights and the techniques to make you become a Project Management god.

Stay tuned!

References

For more advanced project management tips and resources, explore these links:

1. Project Management Institute (PMI): Advanced Project Management Techniques

2. Gather Insights: What is Earned Value Management?

3. Atlassian: What is Agile?

4. Harvard Business Review: Managing Risks a New Framework

BONUS for the AI Enthusiasts

For those that are interested into AI and Project management, there are a few custom GPTs that I have made. They are used to help with planning, initiating, and executing your projects more effectively. Included are a few fun Chat GPT based games for you to enjoy thanks to Shadowthorn Gaming Studios.

• Project Management Mini: https://chatgpt.com/g/g-xxZXVTKfA-project-management-mini
• Rosca's Project Management Mastermind: https://chatgpt.com/g/g-NbeW35IfD-roscas-project-manager-mastermind-gpt
• Echoverse Online - Isekai Game Space Adventure RPG: https://chatgpt.com/g/g-uEUQ2vEJ8-echoverse-online-isekai-game-space-adventure-rpg
• Chat GPT Isekai Game: ShadowThorn RPG: https://chatgpt.com/g/g-gj6tJQUVy-isekai-game-shadowthorn-rpg