Project management in your business

Editor’s note: Michelle Stockman is an independent consultant with her company, Fort Smith-based Msaada Group. Stockman earned a bachelor’s degree from Loyola University-Chicago in communications and fine arts, and earned a master’s in entrepreneurship from Western Carolina University. Her thoughts on business success appear each week on The City Wire.

Project Management has been around for several decades primarily in the information technology or construction industries. In the last 15 years, project management has evolved into a thriving career path and discipline that not only encompasses IT and construction, but just about all areas of business.

Project Management can even be utilized in starting a business or a business engaging in any number of, well, projects.

The mission of project management is “to structure, manage and control each project so that it is best positioned for delivery of desired project results, and it is to manage resources and risks to complete the project within budget, timelines and with quality outcomes.”

The Project Management Institute notes that projects go through five typical phases: Initiating, Planning, Executing, Monitoring & Controlling and Closing.
www.pmi.org

For all sized businesses, designating someone to oversee projects within the organization will overcome problems of who’s in charge, who is responsible for specific tasks, who will oversee budgets and deadlines. Project management begins when the company decides to pursue an idea (for entrepreneurs this may be starting the business). This starts the initiation phase where the idea, desired outcome, budget and timeline for completion are also identified. During this phase, analysis is conducted to see if the idea is viable to move forward.

The planning phase is the critical next step. This is where the project manager will take the information from the initiation stage and incorporate that into conceptually planning the whole project (on paper). In this phase, budgets are completed, timelines are created, project team members are identified, contractors are identified with statements of work in place, project risks are identified and risk mitigation plans are put into place.

Once the project has been picked apart then pulled together, the project goes into the execution phase. This phase involves everyone on the team to perform and complete their assigned tasks, test beta products and deliver the hoped for project results.

However, most projects do not run so smoothly. Therefore, the project manager oversees the project during this phase to resolve issues, facilitate conflicts, monitor risks and manage the budget. While the project plan on paper tends to follow a linear path, the end result may show a few twists and turns (just like starting a business).

To end the project, project managers typically take the time to document lessons learned for future risk mitigation and close out the budgets. For the start-up company, the final step should be opening the operation and making sales. Lessons learned will come from customers for future projects to manage.

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Stockman can be reached at [email protected]