Project Management in Q2 2022 – update from our Bunch

Tech, tech, tech… We all know it’s evolving so fast and it’s extremely difficult to keep up with it. However, it turns out that it’s usually not the state-of-the-art technology that makes a project successful. The devil is in the details. In this case, it’s (the right) project management.

Projects are not about the tech. They’re about people – both the future users (customers!) and the team. According to the Project Management Institute, there’s an enormous talent gap in the field. It accounts for 2.3 million skilled people that are needed every year to cover only the project management jobs.

Since at Bunch we’re project management geeks ourselves, we can only nod in agreement to the above numbers. But there’s even more numbers to it and they’re not less eye-opening.

It’s not only about the tech

Let’s see what can go wrong if organizations don’t treat what we like calling “the art of project management”. As an example, we chose an extremely challenging and relatively new technological niche – Artificial Intelligence. Hint: it’s not only the tech that causes problems.

TechRepublic says that

In 2019, the number of AI projects that ultimately failed was roughly around 85%.

Our Bunch examined what stands behind this horrific rate.

AI can be well compared to a living organism that’s constantly evolving. Machine learning algorithms are constantly updating based on the data being gathered thanks to the code. In other words: unlike traditional IT projects, AI products just don't have an end when it comes to development. There’s no last line of the code after which we can say “it’s done”.

Therefore, it’s not really a tech issue. It’s a matter of project management. Even using the modern Agile techniques, the responsible team needs to be flexible and keep in mind the long-term evolution of the product. What’s the way out then?

Communication! Meticulous risk assessment is crucial here and it has to resonate with all the stakeholders. They need to understand the tech’s nature and be ready for extra costs even months after the product launch. No one can predict if the incoming data will one day spoil the algorithms and the need for code alterations will arise.

Making mistakes is normal and we have to accept that they happen, but it's always good to avoid them. Here's a videographic on how to fail less often in project management:

Now, an important question comes. “Who you gonna call?”

The Magnificent Seven (of Project Management)!

It’s always good to refresh the basic knowledge. Here’s a classic checklist to bear in mind before starting ANY project.

Blueprint for stakeholders

Don’t just assume everyone involved is on the same page. All requirements, needs, benefits, etc. should be clearly stated and not altered on the way (at least after the first phase of the project). Communicate, communicate, communicate!

List of deliverables

Your team members and the client need to know which tasks have to be completed in order to complete the project successfully. They also have to be aware of the deadlines and WHY certain actions are critical. It’s always a good idea to divide the milestones into smaller tasks.

Kick-off meeting

Each task has to be assigned to a specific team member. It’s good to discuss during a one-on-one meeting and put it down in an online project management tool. This way, everyone will have an understanding of who does what and when.

What if…

It doesn’t have to be formalized, but take some time to brainstorm potential project risks with your team. It’s better to be pessimistic for a while, than get caught off-guard when something takes too long or eats too much of your budget.

Name the milestones

Your team has to understand the common big picture of the project. Describe the most important deliverables within timeframes that are acceptable for each member.

Money talks

Don’t estimate the budget based merely on the milestones. Calculate what each step of the project costs and sum it up. Then, be ready for some extra costs, just in case, so you can be flexible here and there. Also, don’t forget to compare the prices with different vendors!

Process is your best friend

Everyone has to be on the same page when it comes to reporting. What is the main communication channel? Will there be a project management tool in place? How often should your team members update you on the progress? With a transparent reporting process, you can establish a safe space for your team members. And if anything goes wrong, you might use it as the common ground for any misunderstandings.

Of course, the above is just the tip of the iceberg. If the Magnificent Seven fails to help, the next A-Team you should call is Bunch Consulting. Should you like to discuss the initial steps of your project, don’t hesitate to reach out to us at [email protected]. No strings attached, no IT jargon, just pure applied project management experience!