Home Blog Top 3 Project Management Techniques to Reduce Business Costs

Top 3 Project Management Techniques to Reduce Business Costs

No matter which industry you belong to; project management is vital to ensure that all tasks are being completed within proper deadlines and that work is going smoothly, which makes efficient project management important for company growth.
Project managers are essential to any organization, as they are responsible for assigning operations to the right departments who have the expertise to provide the best results possible, and to assign deadlines to make sure that the deliverables are submitted on time.

Recent studies show that 70% of all projects fail to deliver what they promised to their clients, and this number reduced to a whopping 20% after implementing project management!

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This just goes to show the need for project manager and the effect it has on operations. However, there is much more to it than simply implementing project management.
Efficient project management is necessary to make sure that every employee is being utilized to the best of their ability to produce the best results in the least amount of time, leading to massive savings in terms of business costs. Let us explore this in greater detail, highlighting the best methods and tools for efficient project management and how it helps businesses save up.

1. The Critical Chain Method

If implemented correctly, the critical chain technique is able to cut down task completion time by half, making it vital for every project manager to improve management and meet deadlines effectively.
Introduced in 1977, the biggest selling point for this methodology is that it significantly reduces the number of days until a task is completed, resulting in an overall reduction in the capital spent by the company.

Rather than focusing on managing tasks, the primary target of this project management technique is to cut down on the costs incurred while ensuring that it does not compromise on the quality of the result.

When implementing this methodology onto your management framework the main aim is to reduce as many delays within the project schedule that may occur due to possible uncertainties within the project, along with certain days within the project timeline that might be overstretched.
Using this method, you end up with the shortest path to complete a project, which is known as the critical path.

2. Waterfall

This is one of the oldest and the most commonly used project management method there is. If you are a project manager, there is a high likelihood that you might have heard of waterfall at least once.

Also known as the Software Development Lifecycle, or SDLC for short, this method is used to create a concrete project schedule to guarantee that everything from testing to execution runs smoothly within the deadline.

The waterfall method is a sequential one and is mainly built upon the basis of predetermined submission dates and results. When applying this approach, you need to isolate teams that are in charge of execution for the product, keeping them out of the picture until it is time for implementing integrations.

3. Work Breakdown Structure

Although projects are fairly simple to handle on small scale, when a company starts to grow, so do the client projects.

Larger projects become incredibly overwhelming, with different features and pathways confusing even the best project managers and execution teams, and this is where WBS comes in.

This technique is a staple for all experienced project managers, and is vital to ensure efficient project management. How it works is that the WBS is used to break down the intricacies of a large-scale project into smaller, manageable tasks.
Organizing work into smaller chunks not only makes it easier for employees to understand, but it also provides more freedom for the manager in terms of assigning tasks to teams best suited for them. Segmenting bigger projects into smaller chunks allows the project manager to cut down on completion time, saving quite a bit in terms of business costs.

Great Tools for Project Management

  • Monday

Project management tools are great for your company, but most software is made for multinationals and large-scale companies, packed with complex features that are often not of any importance to them.
However, Monday solves this by simplifying project management software, which is complicated by their clean user interface. All in all, Monday is a great fit for all small-scale businesses that do not need all the bells and whistles. Not just that, but you can get handy discounts on Monday.com as well. 

  • Asana

Projects in big companies often involve various teams working together, Asana is best for that. The project management software specializes in cross-functional team project planning and does so brilliantly.

  • Notion

Made for entrepreneurs, Notion started off as a simple app that was used to take notes online but progressed to become a project management powerhouse.

  • Evernote

When it comes to versatility, Evernote is the best option for all companies. Offering a host of different features from project management to document storage, Evernote compiles all your management needs in one place, and you can also purchase Evernote at a discount, which is a great plus.

  • TeamGantt

Gantt charts are needed for visualizing the project timeline, but many project management tools do not offer this feature. However, TeamGantt makes up for that by introducing an incredibly user-friendly interface that can help you create complex Gantt charts in no time!

Final Words
Project management has come a long way in the past few years, with the emergence of numerous software tools that can greatly boost workplace performance through incredibly efficient project management.
Recent advancements have integrated concepts like automation into project management, leading to the development of software project management tools which are perfect for managers and a great helping hand for them in more ways than one.

Published on: July 10, 2023

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