Check How These 4 Companies Implemented Successful Project Management!

Successful project management is an invisible power that can reduce risks and prevent loss. Companies that implement good project management spend significantly less money as more of their projects are successfully completed.

These 3 companies are living proof of how good project management benefits their business

1. American Airlines

American Airlines was aware that spreadsheets were inadequate for handling complex projects and resource management, so they implemented project management methods, specifically portfolio and resource management, for time entry, resource management, and capacity planning. Successfully implementing it, they now have better, more trustworthy data to make important decisions about projects and resources.

2. The Royal Bank of Scotland (RBS)

The RBS wanted to see their entire portfolio more clearly, but they were struggling with data in various forms and hundreds of projects maintained by several systems. To address this problem, they implemented project management methods to promote consistency. Within a year, they could generate a ROI. They are now able to lower expenses and increase transparency in each business area.

3. Cengage Learning

Cengage Learning at first failed to accurately predict capacity because managing projects and resources caused complexity for them. To show to executives all the great work they could accomplish if only they had enough resources, they used portfolio and resource management, investment, and capacity planning. They are now able to prioritize projects, shorten the timetable, and more quickly determine which teams require additional recruits.

4. Flowserve

Flowserve wanted to drive new product growth and get insights to make better decisions, but they had trouble tracking projects, managing costs, and optimizing labor productivity. With project management methodology implemented, Flowserve has improved its agility and speed of product delivery. They are now able to manage work in the pipeline and accelerate time to market, allowing them to better manage costs and measure success.

How can I ensure that my project management will be successful?

5 Tips for A Successful Project Management Implementation

1. Discuss your project expectations

A study from PMI found of that 44% of projects fail because the business goals aren’t in line with the project. Aligning your business goals with project expectations can increase the chances of project success, boost your team’s morale, and prevent burnout.

2. Define your project scope

For an effective project management, start with setting up the requirements and describing the processes involved in product development. Discuss the scope with project stakeholders to be aware of possible limitations.

3. Choose the right methodology

The right methodology ensures the success of project management as it can smoothen your project execution. A study from PWC also found that 97% of companies believe the right project management methodology can significantly improve business performance.

4. Choose a relevant skill set

Having the right people with the right skills can create a collaborative and productive environment. This will help you a lot when doing the tasks together with the project members.

5. Set up milestones

Milestones indicate the completion of one task and the beginning of another. For long-term projects, you can set a monthly milestone, and for quick ones, a weekly one.

Successful project management goes beyond simply ensuring that a project is delivered on time. Creating a shared vision and ensuring that everyone is on the same page regarding what is required to stay on track and deliver a successful project are what matters.