Project Manager's Dream

Synopsis

What does a project manager dream of? Opportunities for the simpler organization, improved accuracy of estimations, less need to follow-up, and better accountability and visibility are among the common dreams, according to many project managers. Our Project Manager's Dream presentation can help you report on project metrics, progress and Key Performance Indicators (KPIs) in a convenient way, as it covers all essential phases of a project and even mentions necessary tools for its completion.

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Slide highlights

Budgets are crucial because they drive your projects' funding. With this slide, you can communicate your budget table to your stakeholders. Be sure to mention historic data and data analysis and leverage your experts' insights.

Use this slide to talk about the project's "today vs. tomorrow" vision. List all the goals your team is looking to achieve. As always, ensure that the goals you set are specific, measurable, achievable, realistic and time-sensitive.

Use this slide to discuss your project's Gantt chart. Gantt chart is a reliable way to assign tasks, identify the impact of delays early, improve your team's coordination, monitor milestones and control the workflow and deliverables.

Overview

Project managers struggle the most with the following challenges, according to project management solutions tool, Hydra:

1. Planning and organization – especially when dealing with remote freelancers and outsourced providers, planning and keeping track of tasks can be complicated. "Organizational tools, such as those for effective resource management or capacity planning, help to ensure teams stay on target and stay organized without requiring the constant supervision of a project manager or for someone to have to remember each action item which is delegated to a colleague," the experts say.
2. Estimation accuracy – precise estimates determine the overall profitability of the project and help to achieve ROI. To produce accurate project estimates, rely on your data and the data quality.
3. The constant need to follow-up – keeping up with each member of the team, particularly those working offsite and third-party service providers is tricky. The experts say: "Project managers must ensure that the follow-up process becomes easy to deal with. [...] The use of online project management software can be an asset for this, allowing project managers to save both time and efficiency."
4. Assigning accountability – no-one likes to feel responsible for things that can go wrong on a project. This means that project managers must possess the ability to allocate accountability to their colleagues without any chance of misunderstanding.
5. Evaluation – evaluation needs to be supported by evidence and analyses. Accurate evaluation of an individual's role and work backed up by credible affirmation is one of the project manager's key responsibilities.
6. Providing feedback – providing honest feedback can be difficult for project managers who avoid confrontation. Telling someone they need to improve their performance is not easy, and to be effective, it must be done in the right way.
7. VisibilityEstimation accuracy[/bold] – having visibility of project resources, individual tasks and the project as a whole, will make a project manager's job easier. "Having an individual location where information is stored is a fantastic way to keep track of the progress of tasks and inform the participants of changes at the same time," the experts recommend.

Application

Projectmanager.com offers an overview of the perfect project planning and execution process, which includes three main phases:

• Planning Phase – this phase requires creating a task list, making a budget, developing a risk management plan, building a project schedule and assigning tasks.
• Execution Phase – includes task, time, cost, quality, change, procurement and resource management, collaboration, monitoring, control and reporting.
• Closing Phase – the last phase of the project management deals with deliverables transfer, completion confirmation, documentation review, resources release and post-mortem.

Statistics

Poor communication costs small businesses with under 100 employees $420,000 a year and companies with more than 100,000 employees – over $62 million a year, per business software advisor, Saaslist. The Saaslist team put together statistics that reveal a lot about the state of the project management industry in 2020. Here are the highlights:

• Project management challenges cost businesses $109 million for every $1 billion invested in a project
• 44% of project managers are not currently using project management software
• 76% of executives say agile project management tools will be the new normal
• Monday.com is used by over 100,000 teams across 201 industries
• Google, Yelp, Deloitte and Airbnb are all Asana users
• Basecamp surpassed three million users in 2020
• Over 20,000 companies currently use Wrike, including Hootsuite and L'Oreal
• 66% of companies using project management software completed projects within their original budget, compared to 47% of businesses operating without a project management tool
• One in six IT projects have a cost overrun of 200%
• IT projects with a budget of at least $1 million are 50% more likely to fail to meet business objectives
• 41% of businesses with a high project failure rate blame a lack of involvement from higher-ups in project management
• 41% of organizations reporting poor project performance say they don't get enough support from project management and project sponsors
• Companies that develop project management practices save 28 times more money than those that do not
• 47% of companies using project management software say it's had a positive impact on the accuracy of project cost estimates
• Project management software saves the average employee 498 hours per year
• 61% of companies using project management tools completed projects on time, while only 41% of those not using them did
• 50% of project managers spend at least one full business day manually developing project KPI reports
• 80% of employees spend half of their workweek on "rework" caused by poor communication
• Close to 46% of team leaders say hitting project deadlines is their biggest problem
• Time tracking is the second most-requested project management feature
• 56% of companies use only one project management software
• 88% of remote workers face inconsistent leadership and miscommunications with other team members
• 83% of employees report feeling burnt out by a high volume of emails
• 73% of employees report burnout
• 20% of employees cite an unmanageable workload as the number-one cause of burnout
• Only 21% of companies have standardized project management systems like waterfall and agile in place