Project Management Trends in 2023 | Bunch Consulting
Who wants to drink champagne and celebrate success in 2023 has to act now. Get to know the upcoming trends in software project management with our article.
We would like to share with you the predictions of what to keep an eye on in the next year. Here, we’re taking a closer look at feasibility studies and general trends in project management in the upcoming year.
Feasibility Studies – the What and Why
Do you know the feeling of thrill when you’re about to begin a large-scale, new project? We do! How to evaluate its practicality? Feasibility studies come to help here and this article will help you get started with them if you’ve never done one before.
What is it?
The primary role of feasibility studies is to provide business owners with useful information that will help them make informed decisions. You examine your business venture in terms of its future success. The proposed action plan is evaluated for its viability and practicality. Feasibility studies should be a part of the preliminary analysis of your business idea since it provides an independent assessment of all aspects of a project.
Reasons for conducting a feasibility study
The main role of a feasibility study is to help you make better business decisions. There are many aspects that need to be considered before deciding if it’s worth conducting it.
If:
Then a feasibility study is a reasonable thing to do.
Reasons not to conduct a feasibility study
Feasibility study vs a business plan
With the start of a new IT project comes a business plan, that’s obvious. Those who consider conducting a feasibility study might be confronted with a question from their co-workers at some point – what’s the point of creating another document, let’s get started! Here, we’d like to help you draw the line between a business plan and a feasibility study.
The “When?”
A feasibility study is carried out before any kind of investment is made into a new business venture. Its investigative nature allows you to answer the question if the new idea is worth investing the time, money, and resources. Once it’s established, a business plan can be developed.
The content
Calculations, analysis, and estimated projections of a business opportunity – this is what a feasibility report contains. It might also indicate some alternatives to the project that are estimated to be more beneficial. On the other hand, a business plan has a more executive nature – it is filled with tactics and strategies that have to be implemented in order to succeed.
Different perspectives on money
A feasibility report concentrates on the profit potential of your business idea or the value of the opportunity to the entrepreneur. A business plan can be used to help the entrepreneur raise the needed start-up capital from investors.
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The benefits of a feasibility study
Before you commit to a new project, before you decide to spend your resources, time, or money on something, you try to figure out all the pros and cons, right? Conducting a feasibility study helps you exactly this way. Learn more about the benefits below.
Justification of your decisions
You and other stakeholders will get a clear picture of your project. The data, provided in a feasibility report can be used to support your decisions thanks to the inquisitive nature of the study.
Narrowing down the alternatives
A wide look and evaluation of multiple parameters is going to support you in the decision of which way to take by narrowing down the business alternatives.?
Changing or stopping your project
Feasibility studies might help you uncover new opportunities that change the scope of a project before its start. You can get help to make a “go/ no-go” decision, where reasons not to proceed are as important as the reasons to start.
Other trends in project management 2023
Time flies, especially in the IT business, so the next year is just around the corner. We hope that this paragraph about trends in project management in 2023 is going to be the first one you read!
Digital management processes
The project management software will play first fiddle in the upcoming year. There are still many aspects of project management to be digitized, and the challenge is to assess what tools will suit your team best.
Integrating complex technologies
Several years ago, companies were using Digital Factory Models that are expected to be replaced by Project Management Technology Quotient (PTMQ) in the upcoming years. Since teams rely more and more on technology, this approach includes people’s ability to integrate and implement the technology achievements in the project or organization.
A hybrid approach to project management
The flexibility of specifications, speed, and importance of the product over documentation are the key distinguishing features of the hybrid approach. Project teams now use a mix of waterfall, agile, and other styles in one project.
Remote cooperation
The past two years have proven that remote work is possible and beneficial in many cases. 40% of companies claim to have more than 1000 remote workers according to a Hubstaff report on managing remote projects in 2021. This trend is expected to continue in 2023.
A short summary
Have a look at our video with 7 IT project management tips – are you going to implement some of them? Let us know in the comments.
What to change in 2023?
Developing your product comes with many challenges and we at Bunch Consulting know that. Do you feel like you need a hand in implementing modern solutions in your product? We are ready to share our knowledge and skills with you! Feel free to write us a short e-mail about your project at [email protected], we’ll answer in no time!