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To get the desired result from a business project, you need to know exactly what you want to achieve. It is often helpful to break larger projects into smaller manageable stages to ensure effective project management. A Project Manager must ensure that the sponsor’s aspirations are met while ensuring client satisfaction within the prescribed time limits and budget allocation. The outcome of a project is certainly important, but so is the path to it. Efficient use of available resources and balancing the risks involved contribute to the bottom line. There are important factors for effective project management.

Communication … the project staff don’t know what their tasks are, or how to perform them, so the whole project will come to a standstill. If you don’t know what project staff are (not) doing, you won’t be able to monitor project progress. And if you’re not sure what the customer expects of you, the project won’t even get off the ground. Maintaining open, regular and accurate communication channels with all levels of project staff and stakeholders is vital to ensure a smooth flow of instructions from the customer to the factory and sufficient warning of risks and changes to allow for an assessment and early preparation.

Leadership … The application of leadership and management in project execution often depends on the type of project and the stage of the life cycle the project is in. For projects that are high-impact, large-scale, complex, and global in nature, the standards to be met, objectives, and deliverables are limited by time frame, budgets, and market dynamics. These types of projects involve large, distributed project teams, made up of members from various disciplines. Furthermore, the implementation will be in several phases. In such a situation, project success and business sustenance can only be achieved through effective and smart leadership.

The leadership style must be flexible, shared and innovative to achieve the success of the project. At the same time, the leader must emphasize team building and motivation so that divergent members can work together as a team.

Team Management … Doing Things Right Forming a good team is the most important thing a Project Manager can do to achieve a successful project. With the right attitude, a team will overcome almost any difficulty to be successful in its goals. In most projects, there will be times when only the determination of the team can overcome difficulties and lead the initiative to success. Even when there is no pressure, the spirit and enthusiasm of the team will be reflected in the quality of the solution and the extent to which other people accept it.

Negotiation … Negotiations are usually with suppliers on topics like contract agreement. Informal negotiations include discussions to resolve conflicts or discussions to obtain internal resources. In other words, if you work with people and have a decision-making role, you need to know how to negotiate.

There are four keys to being a great negotiator:

* Be respectful. Getting exalted or dismissing the opinions of coworkers will only affect morale.

* Always be clear and considerate when dealing with your team.

* Ditch the “winner takes all” mentality. In a negotiation, satisfying everyone’s interests is more valuable than winning.

* Establish an atmosphere of openness. It is difficult to negotiate everything without knowing all the variables.

Don’t be afraid to bring in third parties. Whether you’re having trouble with a team member or a customer, there’s nothing wrong with engaging HR, the IT team leader, or another appropriate third party who can help facilitate the discussion.

Personal organization … Personal organization or self-management refers to the ability of an individual to manage himself in relation to the expected results of his role in study or at work. Self-management is related to planning and organizing, but it also describes the ability to reflect on how we learn, who we are, and what we want.

A person with good self-management skills will have clear priorities and can critically review their strengths and weaknesses. As the world of work changes and employees are expected to take responsibility for their own performance, self-management skills are becoming increasingly important.

Risk management … Risk management is an ongoing and forward-looking process that is an important part of business and technical management processes. Risk management must address issues that could jeopardize the achievement of critical objectives. An ongoing risk management approach is applied to effectively anticipate and mitigate risks that have a critical impact on the project.

Effective risk management includes early and aggressive risk identification through collaboration and participation of relevant stakeholders. Strong leadership is needed among all relevant stakeholders to establish an environment for free and open risk disclosure and discussion.

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