Efficient project management is the foundation upon which the majority of operations of an organisation rests upon. Hence, skilled project managers are what various sectors from IT to finance, from education to manufacturing seek. But, apart from skill, there’s yet another area that they must keep in mind while operating.

Managers must have a methodical approach to their tasks. This, in turn, would help them handle projects systematically. While there are no protocols that they must strictly adhere to, they would do well to follow a few best practices that can help them execute their projects successfully.

The best practices that professionals should follow are listed below:

1. Understanding project objectives

The first step in project management involves understanding project objectives. The next step that follows is determining its scope.

Once managers define the scope of a project, they have a clear idea of its gravitas. Plus, they also get to meet the stakeholders of the project. Stakeholders provide an overview of the project which helps managers take it further.

1. Resource and budget planning

People managing a project must decide on three critical areas before proceeding towards project scheduling:

• Assignment of proper tasks to individuals who are best suited for them.
• Estimating the human and non-human resources required in different phases of the project.
• Overall budgeting for the project.

Managers can also employ various techniques for planning the resources and budget for a project. A popular technique used in this respect is the Work Breakdown Structure technique. This technique helps project managers to:

1. Estimate of the time and effort required for each activity.
2. Determine the interdependence of activities.

Apart from this, proper budget planning also includes active stakeholder involvement. This is necessary since stakeholders play a vital role in confirming the planned budget. This, in turn, would allow managers to proceed further with the project.

1. Change management

Efficient project management implies the active involvement of stakeholders in the project. Hence, managers must be flexible to change since stakeholders often change their minds.

Change in the stakeholder mind set also involves a change in the business environment. Meaning, assumptions made at the beginning of a project may become obsolete later on.

Therefore, change management becomes imperative for project managers. It helps them to increase the chances of project success since it allows them to incorporate the elements of change at various levels.

1. Risk management

Risks have an acute impact on a running project. As part of risk management, project managers must:

1. Identify risks.
2. Estimate the cause of their occurrence.
3. Forecast its impact on the project.
4. Carry risk reviews.

Further, managers must also regularly watch out for additional risks that might arise at any moment.

Risk management is the spine on which an entire project stands. Also, this is an area where managers are most prone to mistakes. Therefore, they must be extra cautious while dealing with this aspect of project management.

Project management fundamentals training emphasises these best practices and allows candidates to implement them while undergoing their practical training. Thus, such courses enable students to gain a sound footing on various aspects involved in managing a project.