It is not an easy task to complete a project on time, due to which companies are using project management tools that can change the way team manages projects.
FREMONT, CA: Freshers who started their career in project management or people who have a lot of experience in the field will agree that it's not easy to be a project manager. They must always be on their toes by learning project management fundamentals and ensuring that the project stays within all agreed-upon project constraints such as time, scope, and budget.
Even though there are numerous resources, like project management tools, training materials, and flexible methodologies, businesses continue to waste millions of dollars annually and struggle to tackle project management challenges and problems.
According to a study published in the Harvard Business Review, one out of every six projects' costs more than 200 percent of the budgeted amount, and nearly 70 percent of IT projects are delayed. Project managers are responsible for preventing this, but they face numerous challenges in doing so.
Here are some of the challenges that the project managers must deal with.
Lack of clear goals and success criteria
Clarity is one of the most critical criteria for a project's successful completion, and its absence causes numerous project management problems. According to a study, 39 percent of projects fail because of a lack of project planning and a clearly stated objective.
A project manager must also develop a method of quantifying project progress by establishing milestones and quality tests. A consistent set of goals will not only help the team progress, but it will also help project managers defend their objective in front of upper management and clients.
Lack of communication
Efficient project management communication is critical to the project's success. To ensure that all stakeholders are engaged in the process, they must have timely and transparent communication methods. According to Deloitte, 32 percent of experts believe that communication is the most challenging project management aspect.
Miscommunication is also damaging to project teams because it interferes with their ability to work together. It may lead to disagreements among team members and, as a result, the project may be delayed.
Inadequate risk management
Project management requires foresight to detect potential "what if" situations and contingency plans. Projects rarely go according to plan because several factors can lead to an endless outcome.