A project is an organizational effort that is bounded by the “triple constraints” of Scope, Schedule and Cost. We sometimes refer to these “triple constraints” as the iron triangle.
From a project perspective, if one of the constraints changes then either one or both of the other constraints must change. For example, if the Scope changes, then either the Schedule and/or the Cost must change. The organization must strike a balance between the three to deliver business results. The Project Leader is responsible for integrating the triple constraints.
There are three major types of projects. They are as follows:
- Customer Facing Projects: Typically either an external or internal customer has requested a service or good to be completed on their behalf.
- Process Improvement Project: Typically an internal effort that has been developed due to the need to enhance the capacity or capability of a specific work process.
- Compliance Project: These are organizational efforts taken in response to a legal or government policy or regulation.
The advantages of adopting a formal project management processes include but not limited to the following:
- Better control of financial, physical, and human resources
- Improved customer relations
- Shorter development times
- Lower costs
- Higher quality and increased reliability
- Higher profit margins
- Improved productivity
- Better internal coordination
- Higher worker morale (less stress)
Project Leaders need a wide range of managerial and leadership skills to be successful. An experienced Project Leader should have an in-depth understanding of financial management, quality programs, and scheduling. They should also have the requisite leadership skill sets to recruit, hire, train, resource, deploy and disband a team. The Project Leader has to be able to implement and utilize a variety of project management practices as well as leadership styles. These requirements set a high standard for a Project Leader. Not only is the individual expected to be technically competent but they also must be prepared to take over projects under less than ideal situations and willing to engage stakeholders in a myriad of conditions.
Formal training in Project Management would allow your practitioners to hone their skill sets so that they may deliver a variety of different types of projects within your organization. Please see our Success Stories Post for proof of concepts.
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