How to execute projects efficiently...
After the Initiation and Planning phases, the project will enter the Execution phase of the Project Lifecycle. Within this phase, the physical deliverables will be produced for the customer and a suite of management processes will be undertaken to ensure that the project produces the deliverables on time and within budget. To execute projects efficiently, we suggest that you take the following steps:
Step 1: Build the Deliverables
The first and most important step in the Execution phase is the construction of each of the project deliverables specified within the Terms of Reference. During this activity, a detailed design of each deliverable is created and the deliverables are physically constructed and tested. The deliverables are then reviewed by the Quality Manager and the Customer to determine whether they meet the quality criteria (defined in the Quality Plan) and the acceptance criteria (defined in the Acceptance Plan). If all of the criteria have been met, then the deliverables are signed off on by the customer, ready be handed over to the customer environment.
Step 2: Monitor and Control the Execution
Alongside the 'Build Deliverables' activity, the Project Manager performs a suite of management processes to monitor and control the time, cost and quality of each deliverable being produced. The following processes are undertaken:
Perform Time Management. This is the process of monitoring and controlling the time spent by staff on the project. Timesheets are used to track and record time spent, so that the Project Manager can ascertain the overall progress of the project.
Perform Cost Management. Ensuring the delivery of projects within budget is always a difficult task. To monitor and control costs effectively, a Cost Management Process is put in place to identify project costs (i.e. expenditures) and to record the rate of consumption of the project budget.
Perform Quality Management. To ensure that the project produces deliverables that meet customer requirements, it is necessary to use a formal Quality Management Process. This process involves undertaking the Quality Assurance and Control activities specified in the Quality Plan to manage a project's level of quality.
Perform Change Management. A Change Management Process is implemented to ensure that any change requests are reviewed and approved prior to implementation. This process will also help to control the project scope.
Perform Risk Management. While managing time, cost and quality can be a fulltime job, another key process within Project Management is the mitigation of project risk. To perform Risk Management on a project, you need to monitor and control project risks by taking the steps necessary to prevent risks and also minimize the impact on the project should those risks eventuate.
Perform Issue Management. During the Project Lifecycle, unforeseen issues often arise that impact the ability of the project to meet its stated objectives. The key to success is having a process in place to review and resolve issues before they severely impact on the project.
Perform Procurement Management. Projects often require goods and services from external suppliers to help them meet the objectives set. In these situations, a Procurement Management Process is put in place to monitor and control the performance of project suppliers.
Perform Acceptance Management. You may deliver a suite of top class deliverables, but unless the customer accepts that your deliverables meet their requirements then the success of the project will be compromised. To gain the customer's approval of each deliverable, Acceptance Reviews should be undertaken as part of an Acceptance Management Process.
Perform Communications Management. Everyone in the team needs to be kept regularly informed of the progress of the project. By completing the communications activities listed in the Communications Plan, you will ensure that every stakeholder within the project receives the right information, at the right time.
Step 3: Perform a Phase Review
With all your deliverables signed off on by the customer, you are almost ready to close the project. But first, a Phase Review is undertaken to ensure that all of the required activities in the Execution phase have been completed and the project is ready to proceed to the Closure phase.
And that's it. If you complete the steps above, you will be able to efficiently monitor and control the project schedule, risks and issues and therefore increase you chances of achieving a successful project delivery.
If you would like to use a suite of templates to complete each of these activities quickly and efficiently, then read about the Project Execution Kit. This kit includes all of the templates, forms and processes required to perform these 3 steps faster than ever before. Learn more...
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