Forecasting your 2015 Budget? 10 Reasons IT Project Management is Essential for ROI
October 16, 2014
For many companies, that time between Canadian and US Thanksgiving is budget season. How the fiscal year dollars are going to be spent needs to categorized and justified. Project Management effort should never be slashed or considered as optional.
Here are 10 reasons why IT Project Management is Essential for ROI:
- Project success is determined by the project owner. This means that all activities will be constantly be driven towards achieving that outcome.
- Review of lessons learned at the end and the start of a project means improved measure and more productive execution and monitoring phases.
- A projects’ budgetary status is known within minutes and is reported on a regular cadence.
- When using the Earned Value Project Management approach, you will know weeks ahead of schedule if more funding or schedule modifications will be needed.
- Project related meetings are effective with agenda topics being adhered to, each person being given appropriate discussion time.
- The fact that a communications plan is collated means that timing and preferences are known in advance of the project process. Key project team members will be communicated to in their preferred method which leads to ideal timing for responses.
- Scope changes cannot be applied without acknowledgement of the project “gatekeeper”. The Project Manager will then be held accountable to ensure that all deviations from the original plan are documented and understood.
- Resource constraints are documented at the start of the project which means that holidays/vacations and training absences can be planned accordingly.
- Use of a RAID (Risks, Actions, Issues, and Decisions) log allows for tracking and monitoring of items that require stakeholder assessment and ensures ownership for each critical component.
- Project risks are acknowledged by the entire project team. The project owner can decided to what level of mitigation each item is analyzed and then resolved.
For more information on our Project Management Office (PMO) offerings visit longviewsystems.com/hybrid-it/compliance/project-management-office/.