HBR Guide to Project Management

1. Project management is a structured approach to achieving specific goals within constraints

Quality = Time + Cost

The project management triangle. Successful projects balance three key constraints: time, cost, and quality/scope. Changing any one variable impacts the others. For example, reducing time often requires increased costs or reduced quality. Project managers must make tradeoffs between these factors based on stakeholder priorities and project goals.

Phases of project management. Most projects follow four main phases:

• Planning: Defining objectives, scope, tasks, and resources
• Build-up: Assembling the team and creating detailed schedules
• Implementation: Executing tasks and monitoring progress
• Closeout: Evaluating results and capturing lessons learned

Effective project management requires adapting approaches based on the level of uncertainty. For predictable projects, traditional planning works well. For innovative projects with many unknowns, adaptive methods using short cycles and frequent re-planning are more suitable.

2. Effective planning sets the foundation for project success

SMART objectives should be: Specific, Measurable, Action-oriented, Realistic, Time-limited

Define clear objectives. Ambiguous goals lead to misunderstandings and disappointment. Work with stakeholders to establish specific, measurable objectives that align with business needs. Break down high-level goals into concrete deliverables and milestones.

Create a detailed project plan. Key planning tools include:

• Work Breakdown Structure (WBS): Hierarchical decomposition of project tasks
• Critical Path Method (CPM): Identifies sequence of critical activities
• Gantt charts: Visual timeline of tasks and dependencies
• PERT charts: Network diagram showing task relationships

Involve the team in planning to gain buy-in and surface potential issues early. Be prepared to revise plans as new information emerges during the project.

3. Building a cohesive team is critical for project execution

Mutual accountability leads to astonishing results.

Assemble the right mix of skills. Look beyond just technical expertise when forming your team. Consider problem-solving abilities, interpersonal skills, and organizational knowledge. Aim for diversity in perspectives and backgrounds.

Foster team cohesion. Strategies for building a high-performing team:

• Hold a kickoff meeting to align on goals and expectations
• Establish clear roles and responsibilities
• Create shared norms and ground rules
• Encourage open communication and constructive debate
• Celebrate milestones and team successes

Effective teams develop mutual accountability, where members feel responsible not just to the leader, but to each other. This drives higher performance than individual accountability alone.

4. Implementation requires constant monitoring and adaptation

Respond quickly to changes in data or information as they come in, and look for early signs of problems so you can initiate corrective action.

Track progress rigorously. Use regular check-ins, progress reports, and project management software to monitor task completion, budget utilization, and overall project health. Pay special attention to critical path activities that could delay the entire project if not completed on time.

Adapt plans as needed. Few projects go exactly as planned. Be prepared to adjust schedules, reallocate resources, or modify deliverables based on new information or changing circumstances. When making changes:

• Assess impact on project objectives and constraints
• Communicate clearly with stakeholders
• Document decisions and rationale
• Update project plans and schedules accordingly

Balance flexibility with maintaining focus on core project goals. Not every suggested change needs to be implemented.

5. Communication is key throughout the project lifecycle

Stakeholders will generally want regular updates and status reports. Consult with them to see how much information they'd like and in what format.

Tailor communication to your audience. Different stakeholders have different information needs:

• Executives: High-level progress, risks, and business impact
• Team members: Detailed task assignments and dependencies
• Clients/end users: Milestones and how changes affect them

Use a mix of communication methods:

• Regular status meetings and reports
• Project dashboards or scorecards
• Email updates for time-sensitive information
• Informal check-ins to surface issues early

Be transparent about both successes and challenges. Building trust through open communication makes it easier to navigate difficult situations when they arise.

6. Manage risks and changes proactively to stay on track

Don't hide or downplay problems as they come up, or you can easily transform them into crises.

Identify and plan for risks. Conduct a thorough risk assessment at the start of the project and regularly reassess throughout. For each significant risk:

• Estimate probability and potential impact
• Develop mitigation strategies
• Assign an owner to monitor and respond

Establish a change control process. As new requirements or opportunities emerge:

• Evaluate impact on project constraints (time, cost, quality)
• Get stakeholder approval for significant changes
• Update project plans and communicate to the team

Stay alert for scope creep - gradual expansion of project boundaries without corresponding adjustments to resources or timelines. Learn to say no to non-essential changes that could jeopardize core objectives.

7. Learn from both successes and failures to improve future projects

Success breeds success.

Conduct a formal lessons learned session. Gather the team to reflect on what went well and what could be improved. Focus on actionable insights rather than assigning blame. Key questions to explore:

• Did we achieve our objectives? Why or why not?
• What unexpected challenges did we face?
• Which processes or tools were most/least effective?
• How well did we collaborate as a team?

Document and share learnings. Capture key takeaways in a format that's easy for future project teams to reference. This might include:

• Updated templates or checklists
• Best practices and pitfalls to avoid
• Recommendations for process improvements

Celebrate team accomplishments, even if the project faced setbacks. Recognizing effort and progress motivates people to apply lessons learned to future work.

Last updated: August 30, 2024