Effective Project Management for SMEs: Implementation, Monitoring, and Control
Discover how small and medium enterprises (SMEs) efficiently implement, monitor, and control projects. Learn essential strategies and tools for successful project management in SME environments. Ensures seamless project execution, meeting deadlines and exceeding client expectations through meticulous tracking and proactive issue resolution.
Essential Strategies for SMEs to Implement, Monitor, and Control Projects for SEO Success
In the competitive landscape of today's digital market, small and medium-sized enterprises (SMEs) must master the art of project implementation, monitoring, and control to thrive. Understanding the intricacies of these processes is not just beneficial; it's imperative for sustainable growth. By effectively implementing projects, SMEs can streamline operations, enhance productivity, and deliver superior products or services to their customers. However, the journey doesn't end there. Continuous monitoring allows for real-time insights, enabling agile decision-making and course corrections when necessary. Moreover, robust control mechanisms ensure that projects stay on track, within budget, and aligned with strategic objectives.
Effective Project Management for SMEs: Implementation and Control
- Implementing, monitoring, and controlling a project for a client requires a comprehensive approach to ensure success. Firstly, during the implementation phase, businesses must meticulously follow the project plan, allocating resources efficiently and adhering to timelines. Clear communication is crucial to keep all stakeholders informed and aligned. Addressing potential risks proactively and having contingency plans in place is essential to mitigate unexpected challenges. Flexibility is key, allowing for adjustments based on real-time feedback and changing client needs. Additionally, fostering a collaborative and cohesive team environment enhances project execution.
- In the monitoring and control phase, businesses should implement robust tracking mechanisms to measure progress against milestones and key performance indicators. Regular status updates and progress reports keep both the internal team and the client informed about the project's health. Monitoring should also include a focus on resource utilisation, budget adherence, and the quality of deliverables. When issues arise, prompt identification and resolution are vital to prevent them from escalating. Adjustments to the project plan may be necessary, and continuous improvement processes should be in place to incorporate lessons learned for future projects. Effective monitoring and control not only ensure project success but also build trust with the client through transparency and reliability.
How to implement, monitor and control a project

Written by: Malose Makgeta
MBA with 20+ years experience in SME development and funding. LinkedIn Profile
Project Implementation Lessons from Movies The Founder, War Dogs and Moneyball
- The Founder (McDonald's): The implementation, monitoring, and control of the McDonald brothers' project involved a systematic and hands-on approach. Following the meticulous planning of their fast-food store concept, they executed the project by implementing the designed layout in an operational setting. To monitor progress and ensure adherence to the plan, the brothers actively engaged in the day-to-day operations, closely observing the flow of activities. This hands-on involvement allowed them to detect deviations from the plan early on. To exert control, they continuously measured and evaluated key performance indicators, addressing any issues promptly. Their commitment to efficiency and waste reduction was not only evident in the initial planning but also in the ongoing monitoring and control efforts, which contributed to the sustained success of the McDonald's store concept in revolutionising the fast-food industry.
- War Dogs (AEY): AEY encountered significant shortcomings in the implementation, monitoring, and control of their projects, notably exemplified during the AK ammunition contract. First and foremost, their failure began in the implementation phase, where they neglected a thorough analysis of potential suppliers, lacking a systematic approach to assess reliability, cost-effectiveness, and adherence to quality standards. This oversight cascaded into the repackaging of Chinese ammunition to meet U.S. government requirements. The lack of proper controls and monitoring mechanisms allowed this deviation to occur without adequate scrutiny. Additionally, the absence of a robust risk management framework meant that potential issues were not proactively identified and mitigated during the course of the project. This lack of oversight ultimately resulted in legal consequences, highlighting the inadequate control mechanisms in place. AEY's failure to implement, monitor, and control the project demonstrated a critical lapse in their project management processes, leading to severe operational and legal repercussions.
- Moneyball (Oakland A's): AIn implementing the Moneyball project, Billy Beane and the Oakland Athletics initiated a systematic shift in player evaluation and team-building strategies. The implementation involved the integration of sabermetrics, a data-driven approach to decision-making, led by Beane and his collaborator, Peter Brand. Key performance indicators and statistical models were employed to identify undervalued players, fundamentally altering the team's recruitment strategy. Monitoring and control were established through continuous data analysis, regular performance assessments, and ongoing adjustments to the roster based on evolving insights. This dynamic feedback loop allowed the team to adapt swiftly to changing circumstances, ensuring that the project stayed aligned with its objectives. Beane's hands-on involvement, coupled with a commitment to the principles of Moneyball, created a culture of constant improvement and adaptability. This combination of strategic planning, data-driven decision-making, and a commitment to ongoing refinement was pivotal in the successful implementation, monitoring, and control of the groundbreaking Moneyball project.
CONTEXT
Business plan development is the process of creating a business strategy and plan to help a business implement its vision and achieve its goals over time. The primary goal of business plan development is to create a strategy for moving a business from its current state to its desired state through a series of business actions. The skills programme provides entrepreneurs and business managers with a platform and tools for business strategic planning.
Description
How to implement, monitor and control a project is about how to carry out the tasks and activities outlined in your project plan in order to complete the project deliverables.
Purpose
Apply an understanding of the activities involved during the implementation, monitoring and control phase.
Rational
Implementation planning is crucial to project success because without it, your strategic goals are rendered ineffective. As a result, implementation is the necessary step that converts your strategic plans into action in order to achieve your objectives.
Key Lessons
Click here and draft your business plan in minutes
To request tailored accredited training and enterprise development services, contact us at businessplan@superdealmaker.com.
Get List for Funding Opportunities in Minutes, Click Here
To request tailored investment banking services, contact us at businessplan@superdealmaker.com.
What is Project Monitoring: The Basics of Project Monitoring: Definition and Key Concepts
Project monitoring involves tracking and overseeing the progress of a project throughout its lifecycle. It entails systematically gathering data, assessing performance, and comparing it to the project plan and objectives. The primary purpose of project monitoring is to ensure that the project stays on track, identifies deviations or issues early on, and enables timely corrective actions.
During project monitoring, the project team regularly collects and analyses relevant information to evaluate project performance. This includes:
- Tracking the completion of tasks, milestones, and deliverables.
- Monitoring the utilisation of resources, such as time, budget, and materials.
- Assessing the quality of work and adherence to project standards.
- Evaluating risks and identifying potential issues or bottlenecks.
- Measuring key performance indicators (KPIs) to gauge project progress.
Effective project monitoring enables stakeholders to have visibility into the project's status, identify areas of concern, and make informed decisions. It involves regular communication, collaboration, and reporting to keep all relevant parties informed. By monitoring a project closely, the project team can proactively address any deviations or challenges and take necessary actions to ensure successful project execution.
Understanding Project Execution in SMEs: Essential Concepts
Project implementation refers to the process of executing a project plan and carrying out the necessary tasks and activities to achieve the project's objectives. It involves putting the planned activities into action and utilising the allocated resources to deliver the desired outcomes.
During project implementation, the project team members perform their assigned tasks, collaborate with stakeholders, and follow the established project plan. This phase typically includes activities such as:
- Gathering and mobilising the necessary resources, including personnel, equipment, and materials.
- Initiating project activities and setting them in motion.
- Coordinating and communicating with team members, stakeholders, and external parties.
- Monitoring the progress of activities and milestones.
- Managing risks and addressing any issues or challenges that arise.
Successful project implementation requires effective leadership, communication, and coordination among team members. It is crucial to stay organised, maintain a clear understanding of project objectives, and adapt to changes when necessary. By effectively implementing the project plan, a project team can work towards achieving the desired outcomes and delivering the intended benefits.
The project execution phase is typically the longest and most demanding phase of the project life cycle.
There are several steps involved in project implementation, including some planning that must take place before implementation can begin. Here is a list of steps to effectively implementing a project:
- Evaluation of the project plan - It is advantageous to establish a plan that satisfies the requirements of management, clients, and important stakeholders during the initial stage of the project cycle. Verify that everyone on the team is aware of the project deliverables before putting the plan into action. If there are any project milestones that a team works toward during the implementation phase, the project manager may want to hold an initial meeting to outline everyone's assigned roles, the anticipated timeline, and those milestones. This first step can help the project team become more cohesive and establish a norm for teamwork.
- Execute the plan - Now that the project has a plan and guidelines for the team, it's time to get to work. Project managers want to discuss the team's progress on a regular basis during this phase. Compare the project's timeline to the anticipated schedule and keep an eye on the available resources to make sure the team has everything they need to finish the project successfully. In order to keep the team informed of the project's priorities, communication is essential during this phase of the process. Additionally, it's critical to regularly update clients or other key stakeholders on the status of this step's progress in order to maintain transparency.
- Make necessary changes - In any kind of project, it's likely that the project manager will have to make adjustments as the work progresses, for example, to accommodate new client requests or maintain the project's boundaries. Use the project plan to identify adjustments that should be made as needed. Ask questions to the team to find out where they need more assistance as you continue to communicate with them. If a project deviates from the plan, be ready to add more staff or resources. For many projects, change is inevitable, and a project manager's ability to implement those changes well can influence the project's outcome.
- Analyse project data - It is critical to analyze data consistently during the implementation phase of a project to determine how the project is progressing in relation to the initial projections. To compile data on staffing, resources, and budget, you can use project management software or a manual system. Examine the data to see if there are any other areas where additional changes could help a team meet the initial project expectations. If so, return to the previous step and make the necessary changes while gathering additional data to evaluate the project variables.
- Collect feedback - There are some critical steps left in the process after the team has completed the project deliverables. Gather feedback on the project's outcome from the project team, clients, and stakeholders, assessing what parts of the project went as planned and where the team could improve in the future. To get this feedback, you can have direct conversations with those involved in the project, or you can send out a short survey asking for input. This step can assist businesses in making ongoing improvements to ensure the successful completion of future projects.
- Final reports must be submitted - Reports detailing how the project performed in relation to the anticipated budget and timeline should be given to the project team, clients, and stakeholders in the final phase of implementation. Describe any areas where changes were required to keep the project within its scope and budget. These reports include the pertinent information regarding the project's time, money, and resources. Companies can use this step to evaluate the project's accomplishments and pinpoint any areas that need improvement going forward, which can help the project management cycle in the long run.
The execution phase is where everything happens and plans begin to take shape. The scope will change, and the documentation will change as a result.
- Project deliverables - Project deliverables are the tangible results of the project. They must be reviewed, tested, and meet the acceptance criteria specified by the clients.
- Requests for changes - Scope changes occur when client expectations change or when there is a disconnect between the team's understanding of the client's requirements. Change requests are used to document these, which are then reviewed and approved.
- Performance data - The execution stage generates a large number of data points that you can use to optimise your team's performance. With the help of the project dashboard, you can determine where your team spends the majority of their time and how you can save time and money.
- Issue tracker - You document any bugs, issues, or defects in the issue log. This will assist you in returning to the issues and resolving them.
- Updates to documentation - Any modifications to documents created during the planning phase, such as the project scope and schedule, will be documented.
The McProject: McDonald's Project Management Implementation Lesson
In the bustling world of fast-food giants, let's take a playful glance at the vulnerability of Ray Kroc, the man behind the McDonald's global empire. Picture this: the visionary mind navigating the complexities of transforming a local burger joint into a worldwide sensation. Even the most ambitious entrepreneurs have their moments of uncertainty, and Ray was no exception. Through the highs and lows, the golden arches emerged as a symbol not just of fast food, but of the tenacity to turn dreams into reality.
Imagine Ray Kroc juggling the inception of the franchise model for McDonald's. Here's where the rubber met the road. The practical tip we glean from the golden arches saga is the meticulous implementation of standardized processes across franchises. Much like the consistency of a Big Mac, McDonald's mastered the art of ensuring that each outlet adhered to a unified operational playbook, setting the stage for unparalleled success.
Now, let's delve into the heart of entrepreneurship with a side of fries. Ray Kroc's passion wasn't just about selling burgers; it was about creating an experience. The alignment of personal passion and business endeavors is where the magic happens. So, aspiring entrepreneurs, take a leaf out of Ray's book - it's not just about the product; it's about the love you infuse into every step of the process.
In the realm of project management, humor is an unsung hero. Ray Kroc's journey wasn't all business; there were moments of levity amidst the fries and shakes. The practical tip here is to inject a dose of humor into the corporate grind. It not only lightens the mood but fosters a creative and resilient entrepreneurial spirit. Remember, even in the most challenging projects, a dash of humor can be the secret sauce.
SME Project Execution Strategies: Effective Project Execution Techniques and Methods
- Use a project management tool - Using the right project management tool can be a significant differentiator for your team. The best tools on the market provide comprehensive visibility into work status and eliminate the need for manual time tracking during the execution phase. They also offer the ability to generate periodic customs reports in an easily accessible format. At the end of the day, the right project management software, such as Kissflow Project, increases your efficiency without requiring you to overcome a steep learning curve.
- Delegate tasks to ensure that work is completed efficiently - Task delegation does not imply abandoning all aspects of the project and relying solely on the team members. Instead, it means that you empower your team and boost their confidence by delegating a small portion of the project to them. It could be a repetitive task or something you believe a specific member is better at.
- Allow your team to make decisions - An empowering environment is a sufficient motivator for team members, encouraging them to go above and beyond. Give them enough authority to make decisions and take the necessary steps to carry out the plan.
- Keep an open mind to new ideas - It's a good idea to involve the team in decision-making. Even if they suggest a different approach than what you had in mind, appreciate their input and be open to better ideas. This will act as a good motivator, making the team feel valued and their contributions recognised.
- Control team communication - It is the project manager's responsibility to consistently maintain effective project team collaboration with project stakeholders. Throughout this phase, you must keep all stakeholders up to date on the project's progress.
- Regularly assess progress - There's no way to know if you're on track unless you track the project's progress. Setting measurable goals and project KPIs was part of your project planning process (key performance indicators). This is where all of your documentation efforts will pay off. Risks may arise during the execution phase. By continuously assessing the risks, you arm your team with contingencies for developing a project risk management strategy and preventing the project from failing.
- Control the scope - Almost every project is plagued by a dreadful monster known as Scope Creep. It is when the project gradually grows out of your control and beyond the project's original scope. You can't and shouldn't avoid all change requests anymore. Most projects require you to iterate and adapt to change. Market conditions, client needs, and organisational priorities can all change, and you must adapt.
Project Execution Challenges
- There are more issues than what we've listed because things could go wrong or deviate from the project schedule. Because of this, execution monitoring and tracking are crucial. Here are a few typical problems to watch out for.
- When the project's scope expands beyond its initial goals, this is called scope creep. Stakeholder requests for changes, supply chain problems, and other factors could all contribute to this. It is your responsibility to carefully consider each change and decide whether to prioritise or ignore it.
- Being responsible for one's work is a prerequisite for a trusting team. Without accountability, expect expensive delays and long wait times. Managing your team effectively involves holding them responsible.
- A risk management strategy should have been created during the planning stage, and it will be helpful as you carry out the project. This enables you to recognise problems as they appear and quickly address them.
Tips to Improve Project Execution
Strategies to support the execution of projects successfully.
- Always start with the end in mind - It makes sense to think about matching your strategy to the anticipated results. Simply put, a lack of clearly defined goals and objectives is a major obstacle to moving from concept to implementation. Executives who are unable to articulate their goals cannot reasonably expect project managers to comprehend their strategy and contribute in any significant way to their leadership of the projects.
- Gain the support of your core team - Your team and stakeholders are more likely to support you if the project is clearly defined. This core team can better understand how their knowledge and work will contribute to the larger whole by outlining the vision behind strategic decisions. Utilising collaborative project management software is the best way to keep everyone on the same page and focused on the main goals.
- Project managers see their projects through to completion - To ensure that strategies are implemented, ensure that you have the right project leadership skills to manage the project. Emotional intelligence and self-awareness remain critical skillsets for project managers.
- Build a High-Performing Team - Assemble a highly qualified team to assist in defining the best strategies and alignments for your programs and projects. Project leaders who can align their vision and collaborate with their teams will be able to successfully deliver key programs and projects, and the alignment of vision and strategy to implementation will assist you in closing those gaps.
- Accountability is used to track progress and performance - Meetings are held to discuss the various projects and programs that must be implemented. Meetings are essential for bringing the focus together in this phase to do the following: People management, Processes should be followed and Inform all key stakeholders, sponsors, and team members of the information. Meetings are an excellent way to cement agreements, document actionable items, identify risks/issues, and hold your team accountable to produce results. Maintain an open line of communication throughout the project. Make sure to follow up before, during and after meetings regarding outstanding action items, issues and risks. Avoid micromanagement and tailor your leadership style to the situation and team member.
Project Execution Gaps
There are gaps that businesses must fill to ensure project success.
- A lack of common understanding
- Uninvolved sponsors
- Misalignment with strategic project objectives and goals
- Poor change management processes
- Ineffective corporate governance
- Poor leadership
The reality is that closing each gap separately is not the solution. Finding solutions, developing action plans, and implementing strategies to close all six gaps is the real challenge.
Closing the Execution Gap
Closing the gap requires two components:
- Aligning the goals and objectives of the strategic plan with an implementation plan.
- Execution of programmeand project outcomes that meet those objectives.
One of the most difficult challenges that business leaders face today is closing the execution gap, also known as the strategy gap. The execution gap is the perceived difference between a company's strategies and expectations and its ability to meet those goals and put ideas into action.
How the A's Implemented, Monitored, and Controlled Projects, Moneyball Style
In the high-stakes world of baseball, where success is measured in wins and losses, Billy Beane and Peter Brand found themselves at the crossroads of vulnerability and determination. Billy, a seasoned baseball executive, faced the challenge of competing with teams with significantly larger budgets. Peter, armed with his economics background, ventured into the unpredictable realm of sports. Yet, it was their vulnerability, the acknowledgment of their limitations, that became the catalyst for change. The duo's unconventional approach to team building, outlined in Michael Lewis's "Moneyball," not only defied baseball norms but also became a lesson in embracing vulnerability to drive innovation.
As we delve into the specifics of project implementation, Billy and Peter's journey offers invaluable insights. The A's, with limited resources, leveraged data analytics to scout undervalued players. In the business world, this translates to harnessing the power of data to make informed decisions. Their practical tip? Embrace unconventional strategies that align with your unique strengths. Just as the A's strategically drafted players based on data-driven insights, entrepreneurs can optimise their projects by identifying and capitalising on their core competencies.
Billy and Peter's journey wasn't just about numbers and analytics; it was fueled by a passion to challenge the status quo. In the entrepreneurial realm, aligning personal passion with project goals is the secret sauce for success. The A's weren't just assembling a team; they were building a legacy. Likewise, entrepreneurs should align their ventures with their passions, ensuring sustained enthusiasm and commitment throughout the project lifecycle. The Moneyball story reminds us that success is not just about winning games but about leaving a lasting impact fueled by passion and skill alignment.
Moneyball teaches us the importance of strategic adaptability. The A's faced skepticism and resistance to change within the baseball community. Similarly, entrepreneurs may encounter challenges when implementing unconventional strategies. The lesson here is clear: be prepared to pivot, iterate, and adapt. Just as the A's adjusted their tactics based on player performance, entrepreneurs must continuously assess and tweak their project strategies to stay ahead in the game of business.
How to Implement, Monitor, and Control a Project: Mastering Project Execution Strategies for SMEs
Develop Project Execution Plan
- Create Tasks - The first step in project execution is to create tasks based on your project plan. This is how you do it.
- Create the Timeline - If you want to be as productive as possible, set deadlines for each task. Without them, you will never be able to meet your objectives or milestones.
- Assign tasks to the team - Now that you've established all of the tasks, subtasks, and timelines, you can begin assigning them to the team and executing the project.
- Monitor Progress - It is critical to monitor the progress of tasks assigned to your team. It determines whether or not the project will be completed by the deadline.
- Maintain Consistent Communication - Communication is essential during project execution.
- Engage with External Stakeholders - External stakeholders, such as clients, must be kept up to date on the status of the project on a regular basis.
- Effective Schedule Modifications - Every project has scope creep. There is no getting around it. Your stakeholders are bound to make additional requests that will have an impact on your scheduled tasks.
Project execution is divided into steps, just like project management, to make sure you don't miss anything important. Depending on the project and how your organisation operates, the eight project steps may vary slightly, but we've provided the essentials below.
- Implement Project Purpose - The project scope has been planned for, requirements have been gathered, and a work breakdown structure has been used to define it. The time has come to put that scope into practice after it has been verified. As part of the project's monitoring and controlling phases, this also entails scope control.
- Manage Your Team - Simply giving the team tasks to complete is only the first step; you also need to keep an eye on their progress, make sure they're working as efficiently as possible, and monitor their workload.
- Make Adjustments - This results in the adjustments that are required for every project. No matter how well you plan, things will change and have an impact on your budget and schedule. To stay on track, you must monitor the project, make suggested changes, and take corrective action.
- Stakeholders should be kept up to date - Your stakeholders have an emotional investment in the project, and you must manage their expectations. One method is to communicate with them on a regular basis. Manage those communications by determining how frequently they want to be updated and how they prefer to be updated.
- Build a team - Proper execution is only possible when teams collaborate. That collaboration entails many factors, including tools to connect them, but also trust. Team-building exercises can help to boost trust, especially in new teams with little shared experience.
- Milestones should be celebrated - Some may prefer to wait until the final delivery to celebrate, but having milestones, acknowledging them, and rewarding the team throughout the execution phase is how you keep morale high, which influences productivity.
- Meet on a regular basis - You must have a clear picture of the project's performance and progress in order to keep your stakeholders informed. There are tools that monitor and report on performance, but you must also meet with the project team on a regular basis to receive status reports and feedback.
- Document Changes - Change is a part of every project, as we previously mentioned. It's crucial to recognise when something is changing and act quickly in response to it. But if you don't record these modifications to the project plan, you're asking for trouble. These change management documents not only provide historical information for upcoming projects but also provide explanations of current project actions.
The sequence of activities that will occur during the execution phase will be determined by the nature of the project and your organisational preferences.
How to Implement a Project
1. Define project objectives, scope, and deliverables.
2. Create a detailed project plan with tasks, timelines, and resource allocation.
3. Assign responsibilities to team members and communicate the plan to stakeholders.
4. Execute the project plan by completing tasks and milestones according to the schedule.
5. Regularly track progress, identify and address any issues or deviations from the plan.
How to Monitor a Project
1. Establish key performance indicators (KPIs) to measure project performance.
2. Monitor project activities, timelines, and resource utilisation against the plan.
3. Conduct regular team meetings to review progress, discuss challenges, and provide updates.
4. Use project management tools and software to track and analyze data.
5. Keep stakeholders informed through progress reports, status updates, and dashboards.
How to Control a Project: Mastering Project Control Techniques and Best Practices
Project control refers to the processes and activities undertaken to manage and regulate a project throughout its lifecycle. It involves monitoring project performance, analysing deviations from the plan, and implementing corrective actions to keep the project on track and ensure its successful completion.
1. Identify any deviations from the project plan or KPIs.
2. Analyze the root causes of the deviations and assess their impact on the project.
3. Develop corrective actions or strategies to address the issues and bring the project back on track.
4. Implement the approved corrective actions and monitor their effectiveness.
5. Continuously evaluate and adjust the project plan as needed to ensure successful completion.
Once the deliverables are complete, you will schedule a formal phase review with all key stakeholders. The deliverables have all been reviewed, accepted, and approved. If any issues are passable, they are documented along with a resolution plan, and all relevant plans and documents are updated accordingly. Once the stakeholders have given their approval, you can move on to the next phase, project closure.
Project controls are procedures for collecting and analysing project data in order to keep costs and timeliness on track. Project controls functions include initiating, planning, monitoring and controlling, communicating, and finalising project costs and schedules. Project controls, in the end, are repeatable processes for measuring project status, forecasting likely outcomes based on those measurements, and then improving project performance if the projected outcomes are unacceptable.
Despite their best efforts and intentions, many organisations discover that large-scale projects fall short of their goals for a variety of reasons, including optimism bias, manual estimation errors, insufficient historical data, scope creep, and a variety of other factors. When it comes to large-scale capital projects, 98% of them have cost overruns or are delayed. Cost increases are estimated to be 80% of the original value on average, and timelines are frequently delayed by 20 months or more.
The key objectives of project control include:
- Identifying and assessing any variances between actual project progress and the planned objectives, schedule, or budget.
- Investigating the causes of deviations or issues to determine their impact on the project.
- Developing and implementing appropriate corrective actions or strategies to address the identified deviations.
- Evaluating the effectiveness of the implemented corrective actions and adjusting the project plan as needed.
Project control involves ongoing monitoring, analysis, and adjustment of project activities. It requires effective communication, collaboration, and decision-making among project stakeholders. Project managers and the project team play a crucial role in maintaining project control by:
- Regularly reviewing project performance indicators, such as milestones, deliverables, and key metrics.
- Conducting periodic project status meetings and progress reports.
- Implementing change control processes to manage scope changes and mitigate risks.
- Collaborating with team members and stakeholders to address issues and make informed decisions.
- Documenting and communicating any changes to the project plan or objectives.
By effectively controlling a project, the project team can ensure that it stays aligned with the planned objectives, maintains quality standards, and achieves the desired outcomes within the defined constraints.
Activities under the umbrella of project controls may include:
- Aligning projects with portfolio/organisation goals and objectives
- Developing a work-breakdown structure (WBS)
- Collaborating on initial project schedules
- Developing a risk management plan
- Project budgeting and forecasting
- Monitoring project costs
- Feedback and reporting
- Optimising project strategies to enable better outcomes in the future
While a project may have many parameters, such as quality, scope, and so on, the discipline of project controls focuses on the cost and schedule factors, continuously monitoring for any risk to them.
Project controls are nested beneath project management in the hierarchy. A project controller may report to a project manager on a single project or a portfolio of projects. Project controls are critical to successful project management because they alert project stakeholders to potential problems and allow them to correct course if necessary.
Project controls cannot be implemented in spurts or in a vacuum if they are to be successful. Rather, project controls activities must be carried out throughout the entire project life cycle — from start to finish — in order to monitor and control the various factors that affect the project.
Importance of Project Controls
Refer to PWC article,Correcting the course of capital projects, identified the following cost of projects gone awry:
- A PwC analysis of six nuclear plants found an average cost overrun of 157%.
- Of 47 mega-projects analyzed by PwC, the average cost overrun was 88%
- For a refinery project budgeted at $4 billion, the final forecast was $12 billion
- DeIncorrect contracting to build ships and infrastructure led to a $2 million tax loss.
- In litigation, a project owner sought €2.4 billion in damages for a three-year delay on a turnkey, €3 billion power project.
Project professionals understand that there will always be unexpected delays, additional costs, or unforeseen circumstances, whether the project is large-scale construction or the launch of a new website for a small business. However, if project controls are not in place to anticipate and resolve these issues, costs and delays can quickly escalate into huge expenses that affect other areas of the business.
Benefits of Project Controls
Controls have a significant impact on projects of all sises, not just large projects.The following are some of the most important advantages of project management:
- Reduced project costs by utilising KPIs to make timely decisions.
- Project cost and completion date predictability has improved.
- As the project progresses, there will be more visibility into its financial health.
- Capability to keep project scope from expanding.
- Through well-structured projects, meaningful benchmarking data for future projects is obtained.
- When working in a fixed-price environment, margins are increased.
- Better reputation for project management and control.
- Organisations with less mature project management capabilities have a competitive advantage.
- Job satisfaction among project team members has increased.
Project Controls Processes
Project controls excel in their data-focused methodology and meticulousness. The root causes, exact figures, and best course of action should all be known to a project manager rather than just the fact that there is a cost overrun. This is where a completely integrated project controls solution can aid in efficiency in quickly obtaining answers and provide visibility into performance that can lower project costs.
- Project Planning - One of the crucial stages in which controllers and project managers collaborate is planning. Planning provides your team with a foundation to work from throughout the project, whether it be by developing project plans, schedules, work-breakdown structures, or cost estimates.
- Budgeting - The budgeting process must be integrated into project activities in order to accurately calculate costs and comprehend when and why variances occur. Senior managers and team members can both access a transparent model by time-phasing budgets and optimising the numbers. This model is used as a reference throughout the project to comprehend crucial cash flows.
- Risk Management - Risk management is meticulously handled by project controls. It is possible to lessen the impact on budget and schedule by anticipatorily identifying risks, monitoring risks constantly, and developing contingency plans to address and mitigate issues. Additionally, it assists in reducing some future risks.
- Change Management - When a project deviates from its initial estimates, it's frequently not because of a single factor but rather the combination of several factors that frequently go unnoticed. Because of this, change management is essential. Projects can stay on their planned trajectory by monitoring changes and comprehending their effects, as well as by adhering to a clear process for evaluation, approval, and accountability.
- Forecasting - Project controllers and managers can better understand the current causes of cost and schedule overruns by improving estimates-at-complete accuracy. A reliable progress measurement system is an essential forecasting input. Project controllers can extrapolate a forecast using a combination of accepted forecasting techniques and formulas by comparing it to actual and committed costs. When a project starts to veer off course, regular, timely updates help the project controller by enabling quicker response and corrective action.
- Performance Management - To implement corrective measures, it is essential to define and use key performance indicators (KPIs) to track project health and anticipate trends. Projects that are managed by organisations that use performance data, such as the formulas used in earned value management, have a success rate of 68% as opposed to 7% for projects that do not.
- Project Administration - Establishing systems and processes that can facilitate team members' communication and cooperation is a part of this process. To enable teams to concentrate on actual execution rather than routine tasks, the goal is to track status updates, record meeting minutes and lessons learned, and manage workflows seamlessly.
The primary goal of project controls is to minimise cost and schedule variances from what was originally planned. Controls serve as a safety net for project management. Project managers can sometimes become almost entirely focused on delivery, leaving little room to investigate costs, deviations from the project plan, and other variables. Project controls provide project managers with a necessary reality check by providing a more data-driven view of how project resources and objectives are trending over time.
Best Practices in Project Reporting for Small Businesses
In project management, reporting simply refers to providing a high-level overview of the critical data generated by the project in a simple, easy-to-use format. Project reporting is critical to project management success because it provides a window into what's going on and what needs to be done for the entire team.
- Project status report - The project status report is a critical report that provides stakeholders with an overall picture of how well the project is progressing toward its goals. The project status report is a general update designed to keep stakeholders or project progress, emerging issues, and key points to note all at a glance.
- Project health report - Project health reports are intended to keep stakeholders up to date on the overall health of the project, based on whether it is progressing as planned, in danger of stagnating, or completely stalled.
- Reports on team availability - The team availability report works similarly to a team calendar by displaying every team member's schedule so it's simple to see who is booked up and when. In this way, team members can be assigned, as well as those who can safely take on more work and those who are at their capacity and may need assistance, to stakeholders who are planning for a project or requiring input anywhere.
- Risk reports - A risk report identifies the roadblocks to a project's successful completion and presents them for the stakeholders' review. The risk report is intended to not only display existing or potential obstacles, but also to provide a sense of the danger they pose to the project's stakeholders, allowing them to take appropriate steps to eliminate project risks or adapt the project.
- Variance report - It is very common for teams to deviate from the project's key objectives without even realising it. After time and resources have been expended, this results in project failure. A variance report assists the project team and stakeholders in ensuring that this does not occur. You can keep track of the project's target milestones and objectives, as well as the work that is being completed.
- Time tracking report - Project time tracking allows the project team and stakeholders to see how much time team members spend at each stage of the project management process. A time tracking report allows the team to see how much time is spent on specific tasks overall and how much time is spent on tasks by individual team members.
Create Effective Project Reports
The goal of project reporting is to provide all of the information generated by your projects in a simple format that stakeholders can understand and apply. Here are some best practices for creating reports that will allow project stakeholders to make informed decisions.
- Keep data at the forefront - The purpose of project management reports is to provide processed data to those who require it so that they can be informed and make appropriate decisions. It is critical that reports present solid data that stakeholders can use to get a sense of the big picture.
- Make a data visualisation - Use a plethora of images, charts, and graphs wherever possible to fully illustrate the implications of whatever data you present using visual project management tools.
- Allow for constructive communication Reports should not be full-stops that spit out data and move on; instead, reports should attempt to explain the data and its implications while inviting additional questions. It may be difficult, but it ensures that project stakeholders are on the same page and have a clear understanding of what you're trying to convey.
- Create reports that are appropriate for your target audience - Senior management will not have the time to sift through minor details, and team members will struggle to make sense of a report that contains only a few figures, project management charts, and notes. Reports must be tailored to the needs of your target audience in order for them to receive all of the information they require through project communication management without becoming bogged down or left in the dark with incomplete data.
The Intriguing Journey of War Dogs: Implementing, Monitoring, and Controlling a Project
Ever wondered how two young entrepreneurs, Ephraim Diveroli and David Packouz, found themselves navigating the complex world of government contracts in the arms trade? Picture this: Two ambitious guys, armed with little more than youthful exuberance and a knack for seising opportunities, stumbled upon a lucrative yet perilous venture. Their vulnerability lay in the daring choices they made, carving a path in a high-stakes industry that demanded more than just business acumen. As we delve into their journey, we'll explore how they implemented, monitored, and controlled their project—War Dogs style.
In the trenches of government contracting, Ephraim and David faced challenges that tested their mettle. Just like any project manager, they had to meticulously plan, strategize, and adapt to unforeseen circumstances. Their journey underscores the importance of adaptability and resilience in project management. While their methods might raise eyebrows, the War Dogs' unconventional approach offers valuable insights into how to handle ambiguity, make quick decisions, and pivot when necessary.
Now, let's zoom in on the practical tips that Ephraim and David inadvertently provide for implementing, monitoring, and controlling a project. Firstly, their audacity to take risks—albeit controversial—teaches us about calculated risk-taking. In project management, risk assessment and mitigation are crucial elements. The War Dogs' escapades highlight the need for a robust risk management strategy, no matter how unconventional the venture may be. Moreover, their reliance on data and market intelligence emphasises the importance of informed decision-making in project implementation.
The War Dogs' journey is not just a tale of profits and risks; it's a testament to the alignment of passion and skills. Ephraim and David's passion for entrepreneurship and their skillful navigation of the arms trade maze echo the importance of aligning personal strengths with the chosen venture. This alignment serves as the driving force, propelling entrepreneurs through the challenges of project management. As we learn from the War Dogs, successful projects are born when passion meets proficiency.
The War Dogs' story is not just a serious discourse on project management; it's also peppered with moments of entrepreneurial wit and grit. Their ability to find humor in the midst of challenges showcases the power of a positive mindset. In the world of business, where obstacles are inevitable, maintaining a sense of humor can be a valuable asset. Ephraim and David's journey teaches us that sometimes, laughter is the best tool in a project manager's toolkit.
Tips for Effective Communication in Project Reporting for SMEs
Implementation Excellence: During the implementation phase of a project, precision and adherence to the project plan are paramount. It's crucial to deploy resources effectively, monitor progress, and address challenges promptly. Successful implementation hinges on a detailed understanding of the project's scope and objectives, coupled with proactive problem-solving to ensure tasks are completed efficiently and according to schedule.
Continuous Monitoring for Success: The heart of project management lies in ongoing monitoring and control. Regularly tracking key performance indicators (KPIs) and milestones allows for real-time assessment of project health. This phase demands a keen eye on resource allocation, budget compliance, and risk management. By maintaining a vigilant watch over project metrics, teams can swiftly identify deviations, mitigate risks, and make informed decisions to keep the project on course.
Agile Adaptability and Client Satisfaction: The ability to adapt to changing circumstances is crucial in project management. The monitor and control phase provides opportunities to embrace an agile mindset, adjusting strategies based on emerging insights. Client satisfaction is a continuous concern, and this phase enables teams to gather feedback, address concerns promptly, and ensure that the project not only meets but exceeds client expectations. Ultimately, successful implementation, meticulous monitoring, and adaptive control mechanisms are the keystones for project success
Join the Conversation: Share Your Thoughts on This Article
- No comments yet.
Add Your Comment Now!