10 Basic Principles of Project Management

1. Define the project structure

All individual components of a project need to make sense together. For that, it is important to establish a structure and to maintain it through and through. Although it is not possible to stick to a rigid structure entirely, certain critical elements of the project should be substantial from the start, which can later be tailored to meet the changing requirements of the project.

First, a schedule is set, within which the project is planned, tracked, and executed. Taking into account the schedule, the project manager can measure the amount of time the team has at their disposal to complete tasks and can assign individual tasks accordingly. Study projects from the past for a head start, and apply the learnings derived to your next endeavor.

Set aside a budget that can be used for the overall project for entities like equipment, resources, software, inventory, vendor services, and more. Set an initial baseline, which will act as a measure of your progress.

That being said, a project can have multiple baselines in accordance with its performance, schedule, and cost. Keep tabs on them to ensure your progress is in line with the expectations you set out to create.

2. Define goals

A project without a goal will remain an idea. A group of objectives realizes a goal, and a goal brings a project to life. Set goals, but take a pragmatic approach while you're at it. Ensure your goals are specific, measurable, attainable, realistic, and time-based, or SMART (a concept used to measure goals).

Let's consider a goal that says "To build a software application." While this is a goal all right, it lacks definition. Apply the SMART criteria, and deconstruct your goal.

• Specific: What problem does this application solve? Who is the target audience? How are you positioning it?

  E.g., "Build an app that tracks fitness goals and offers nutritional advice based on progress and fitness parameters."

• Measurable: Quantify the progress by reaching a certain number of downloads and sign-ups, and by the number of people who end up paying for the highest version.

  E.g., "Achieve 10,000 downloads within three months of pushing the app live."

• Attainable: Do you have the means to build this app in time? Think resources, equipment, workforce, and budget.

  E.g., "Build the app within six months, with $50,000, by leveraging the expertise of three developers and a team of two marketers."

• Realistic: Is this venture realistic? Will end users reap the benefits of this application?

• Time-based: Is this project's deadline achievable? Will it spread the team too thin?

Goals are made for a reason—they add value and purpose to your project, so everyone involved knows what they signed up for and how to accomplish tasks handed to them.

3. Establish roles and responsibilities

Communicate expectations for the team via meetings and discussions. Everyone on the team should know why they're a part of the project, what is asked of them, and what they should bring to the table. Understand your team's collective experience in earlier projects as well as every member's individual competence. Additionally, define your deliverables properly so your team can work towards them in a straight line and have a contingency plan to bank on if things go south.

When roles and duties are put in place, accountability takes effect. A marketer should set realistic and achievable parameters; a developer should have a clear idea about feature requirements; and a project manager should be prepared for the long game. In short, every member's role has to contribute to the short-term and long-term goals of the project and bring tangible results.

4. Prepare for scope change

Change is the only constant, and for projects, this is especially true. Variables like the budget, resources, tasks, and timeline are subject to change through the course of the project's trajectory. With a ready-to-use scope management strategy in place, your team will be able to weather scope creep or unprecedented developments and embrace change with more readiness. For example, there might be an unforeseen need for the product to have additional features halfway through the project. If this is not dealt with well, it might derail the project and end up throwing you off course. A RACI chart can be utilized here, which helps in defining roles and responsibilities.

• Responsible for the assigned task
• Accountable for the project
• Consulted for insights
• Informed of project status

5. Manage risks

Threats, if left to fester, can put a project at grave risk, to a point where it cannot be salvaged. A robust risk management strategy can help you weed out, analyze, and mitigate potential risks to make sure they don't spring up again. Be prepared to respond to potential threats before they go on to eat away at your progress. It's a good idea to review the risk plan periodically to ensure it's up to date with the project's direction.

6. Identify a critical path

Use project management tools like Zoho Projects to outline a critical path for your project and tackle every task head on. Give weight to tasks whose closure will contribute towards the effective completion of the project. However, prioritization of tasks can change over time based on stakeholder requirements, so make adjustments and shift priorities as needed. Multitasking is a myth; focus on one task at a time to accomplish more and roll out quality deliverables.

7. Communicate effectively

Keep all lines of communication open. Leverage the capabilities of chat rooms to optimize communication and make it effective. Every little update is crucial, and failure to communicate such developments at the earliest can put a strain on the project—potential issues go unreported, siloes are formed, unmitigated risks surface, and miscommunications take place, putting the project in a state of jeopardy.

For example, let's say a stakeholder has communicated the need for a new feature when the project is underway. The team jumps on the task at hand, but fails to communicate an incoming delay in completing the feature, fearing a backlash. This pushes the project's overall deadline by a few weeks, and the unsuspecting project manager is stuck in the crossfire. Foster an environment of open communication among employees to avoid these types of consequences. This will help teams communicate without fear and help project managers devise a realistic solution.

8. Monitor closely

Keep track of your project at every milestone. Set a performance baseline to measure progress in the later stages of the project with the help of key performance indicators (KPIs). With a built-in tracking and reporting system like Zoho Projects, you can receive notifications for updates, fetch reports, assess your project's health in real time, and communicate delays or inconsistencies with the team for immediate redressal.

9. Finalize: Leave no loose ends

Wrap up your project with grace. Successful completion of the project means:

• All tasks are closed out
• Every task has been given the green light
• Quality standards have been met
• Client requirements have been fulfilled
• Deliverables have met set expectations
• Achievements are rewarded

10. Review

Conduct a review meeting with the team to go over everything from the initiation to the execution of the project. Talk about the positives, the negatives, and how to avoid slip-ups in the future. Applaud key achievers. Identify areas of improvement. Take into account every member's feedback and record these learnings in documents for implementation in forthcoming projects.