Project Management: Goodbye, 2014. Hello, 2015!

2015

So, how were your New Year’s resolutions from last year? I bet most of you, like me, started out with good intentions and then ended up forgetting about the goals you set. It’s never too late to make resolutions to make your projects more effective and manageable. Stop setting unrealistic targets, and start jotting down project management resolutions that will make you productive and busy the whole year round.
  1. Do timesheets Start using timesheets this coming 2015. They will help you keep track where your time is usually spent and are a good source of data to improve your time management skills. Use timesheets regularly to see granular details of where and how your project management efforts are expended. You can then assess if tasks are done within a reasonable time or not.
  2. Understand what the Finance Team are up to It is important to know your Finance Team well, since they play a big part in managing your project budget. Trust them, since they are the ones with expertise when it comes to financial processes, budget management and forecasting. Familiarize yourself with the Finance Team members’ roles and responsibilities, including the Account Receivables, General Accountants, Treasury, and Account Payables.
  3. Improve estimating skills It’s time to assess your estimating skills. Set a goal to improve your estimating skills in 2015, so you can help out your team. Be someone that they can rely on when it comes to estimating process management. Dig deeper on certain topics like the estimating lifecycle, team roles in estimation, parametric, analogous, and bottom up estimating.
  4. Include financial updates on your reports The usual project status report does not include finances. This is due to some sponsors that are not that interested or because the report is going to be shared with people who have nothing to do with finances. Proactively ask your sponsors about the sections they want to see on your report. Ideally, give a budget update on a quarterly basis.
  5. Measure risk Make sure that your project risk logs include the financial impact of risks. Select appropriate risks on your logs that can be quantified financially. These might be the mitigation plan cost or cost of the risk occurring – whatever it is, you can summarize the impact and then add this to your budget so you can see the implications of the risk to your financial planning.
  Will you consider making one of the resolutions from the list above? If not, what New Year’s resolutions do you have in mind?

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