Do you know that it costs businesses over $1 billion in lost business per year due to poor employee productivity? One way to fix this problem is through an Project Management tools. Which will help projects to be more profitable and employees productive. Nowadays, people are swamped with work. That is why it is necessary to have a system in place to manage projects and tasks so that they are done thoroughly and on time. Project management tools can provide you with the solutions you need to keep on track with your projects.

Functions of Project Management tools

The more companies rely on cloud-based solutions, the more they demand from their project management software. Project teams can now connect with customers, partners, and other stakeholders through social media channels and chat applications.

Project Documentation

Online project management tools provide information about the performance of the team and its members in real time. It offers a complete picture of work progress within the project context and therefore helps to understand where bottlenecks occur and how to resolve them. It is also useful for stakeholders to track progress at a glance and assess potential risks that may arise during the project’s execution phase.

Project reporting

Online project management tools make it possible to collect feedback from all key stakeholders on an ongoing basis. This enables managers to address issues in real time and correct any deviations.

Communication

Online project management tools helps eliminate most of communication barriers between team members working remotely or at different locations. It provides all team members with access to critical documents they need in order to carry out their tasks effectively.

Performance Tracking

Online project management software gives managers the ability to track their team’s performance and productivity without being present at all times. This allows them to reassign tasks if needed, as well as take proactive measures when necessary.

Instant alerts

Online project management software allows employees to view notifications about upcoming deadlines and next milestones.

Simplify project management cycle

It is important to understand the different steps in a project management cycle. To know more about these steps, read the article below:

  1. Project Planning – This includes all activities required to initiate, plan, schedule and deliver a project. It involves analyzing the project, defining its objectives and requirements, creating a detailed plan for the execution of project activities, establishing control measures and building in contingency plans.
  2. Budget Preparation – There are two aspects of budgeting. One involves estimating the costs (labor, material, equipment and facilities) that will be incurred in each phase of the project; the other is forecasting income from various sources that will be used for funding the project.
  3. Project Execution – Activities in this phase include procurement of materials and equipment needed; recruitment of personnel; installation of facilities; development of procedures and training of staff; testing and commissioning of equipment; installation and startup of computer hardware/software; procurement of materials or services from suppliers as per contract terms and conditions; execution/implementation of project objectives; designing and construction; starting up operations; conducting trials etc., as per the original schedule developed during planning phase
  4. Work Reporting – During this phase, reporting is done on all activities being executed by each group or department involved in

Explained Project management cycle

There are five steps in a project management cycle: 1.Planning 2.Execution 3.Control 4.Closing 5.Reporting

The planning stage includes creating a project scope, identifying project objectives and finding out what is needed for the project, creating a schedule for the project, identifying risks for the task, determining a budget for the project, and creating an action plan. The execution stage is when all of the tasks need to be completed and all of the work is being done to meet your schedule. The control stage includes checking on your team’s progress and status reports from team members on their progress to make sure everyone is on track, then communicating any problems to those responsible for that task or step in the task. The closing stage is when you check that everything has been completed according to plan and all reports are submitted by due date and accepted. The reporting stage is when you put together a final report of all tasks that were completed during this project including any issues that were identified during the project.

Main activities in project planning stage

  1. Define Scope: The first step in a project management cycle is to define the scope of the project. This step mainly consists of tasks like:

1.1 Defining the specifications and constraints

1.2 Defining the objectives of the project

1.3 Defining all scope items, including products, work packages, deliverables, services and costs

1.4 Defining the performance criteria

Step 1 is important because it informs the other steps that follow in the project management cycle. It is impossible thus to define the implementation details without having first defined the scope of the project.

  1. Initiate Project: As soon as you have defined all your scope items, you are now ready to initiate your project. The main goal of this step is to ensure that everyone has bought into the project and they are committed to see it through to its successful completion. Some of the key activities that take place during this step include:

2.1 Establishing a formal approved start of project baseline

2.2 Providing official authorization for expenditure

2.3 Creating a team with all relevant skillsets required for successful execution

  1. Plan Project: Planning is one of those steps in a project management cycle where you actually determine what needs to be done.