Value-added project management - Part I

In this blog series, we will examine Value-added project management.

• Part I provides insight into Setting up your project for success.
• Part II will cover Qualities that make project managers more effective leaders.
• Part III will highlight How project managers help customers achieve success in their transformation, growth, and business process re-engineering initiatives.

Project phases – conception to closure

What is project management?

Project management is the practice of leading the defined work of a team, driving results to ensure customer goals and objectives are met, and managing inputs and outputs to meet expected results. It includes:

• Defining key goals & objectives
• Establishing quantifiable and measurable success criteria
• Documenting and communicating stakeholder expectations
• Purchasing suitable products and services
• Validating scope of work
• Assessing risk areas
• Establishing a communication plan
• Identifying required resources
• Developing a timeline
• Determining and measuring budget and costs
• Incorporating quality measurements
• Creating project deliverables
• Project stage gating during execution 

How does value-added project management differ?

Value-added project execution focuses on core business objectives while taking into consideration tactical operations, as well as unforeseen events. Proper planning, with a disciplined approach and a proven method, will ensure project success. To help customers realize the value of their initiatives and avoid critical missteps in planning and executing projects, we follow several leading practices:

Clearly define the project charter. Defining the goals and objectives of the project, risks, and dependencies, along with a defined scope and resource plan are critical to a successful project start. A charter ensures partner and client team members know and understand their roles and responsibilities, and how to meet milestones throughout the life of the project.

Define and manage customer expectations.  When teams miss the mark, it is usually because of unclear requirements, inconsistent communications or messaging, and unrealistic expectations. Take the time to understand stakeholder needs and ensure regular communication takes place with all acting parties.

Ensure stakeholdersare engaged and active participants. All stakeholders serve as champions for the project and support decisions related to scope, cost, quality, and time. Without engaged stakeholders (internal and external) and a clear understanding of their perspectives, the strategic vision and alignment to supporting tactical operations may be overlooked. An Organizational Change Leadership (OCL) function is a natural partner to project management, ensuring business areas affected by the project are engaged in such a way as to enable them to not only adopt but embrace change. OCL works with business users to transition from current state to future state.

Develop a comprehensive project management plan with review and retrospectives to ensure quality. Proper planning will set the team up for success by providing a framework for achieving continued progress. The project management plan should include quality assessments and review checkpoints to ensure deliverable quality. A value-added project plan monitors, tracks, and responds to issues that impact quality, and a “Plan Do Study Act “approach embraces change.

A successful project is one that not only delivers the expected results on time and within the approved budget but reinforces the long-term benefits of the client-partner relationship. Successful projects support transformation and growth for all stakeholders while providing the transparency, visibility, accountability, and flexibility required to manage through the natural ebb and flow that takes place throughout the life of the project.

Mazars ensures excellence by focusing on the customer. Project managers take the time to understand a customer’s unique identity and the effects projects will have on their business. Mazars experts guide clients through every step of the process. With Mazars managing your project, you will benefit from our depth of knowledge, our best-of-breed project managers, and our proven framework, which was founded upon years of experience and multi-industry expertise.

Look for our next blog in the 3-part series on Value-added project management, ‘Qualities that make project managers more effective leaders.’ 

To learn more about our Project Management Plus+ services, or to see how Mazars can support your organization, contact us at bizapps@mazarsusa.com.

The information provided here is for general guidance only, and does not constitute the provision of tax advice, accounting services, investment advice, legal advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal or other competent advisers.