Like most business owners, you're always looking for ways to improve efficiency and streamline your processes. That's where integrated project management comes in.
IPM is a process that helps businesses manage projects more effectively by integrating all aspects of the project into a single cohesive unit. This can be done with the help of Tessaract, the leading project management software on the market.
Bad project management practices can lead to up to 12% of wasted resources. This translates to billions of dollars in lost productivity each year globally. Integrated project management can help you avoid these costly mistakes and get your projects back on track.
This blog post will explain what integrated project management is and how IPM can benefit your clients and the project stakeholders.
What is Integrated Project Management?
Integrated project management (IPM) is a process that integrates all aspects of a project into one cohesive unit. The goal of IPM is to improve efficiency and communication among all stakeholders involved in the project.
Project management tasks, including coordination, resource allocation, conflict management, and risk management, are integrated into a single process. This allows businesses to manage projects more effectively and avoid potential problems from miscommunication or lack of coordination.
IPM is often used in industries where projects are complex and require the involvement of multiple stakeholders. Project managers who use IPM can make better-informed decisions about the project and its progress and identify potential risks and issues that could impact its success.
Vital Steps for Integrated Project Management
There are several vital steps you need to take to implement integrated project management within your business to nurture a high performance culture that prioritises success:
Step 1: Project Charter
The first step is to develop a project charter. This document should include the objectives of the project and the roles and responsibilities of all stakeholders involved. The project charter will guide the project and ensure everyone is on the same page.
Items to include in your project charter include:
- Project objectives
- Finance information
- Structure of the project
- Project manager details
- Project deliverables (such as OKR and KPI goals)
- Potential risks
- Timeframe for project completion
- Roles and responsibilities for project team members
- Project close criteria
Throughout the project's lifecycle, the project charter can be referred to ensure that everyone remains aligned and on track. The project manager can use the charter to make decisions about the project and its progress.
Step 2: Project Scope
The next step is to develop a clear and concise project scope. This document should outline the goals of the project and the deliverables and timeline. Some of this information may be included in the project charter but will need more details as part of the project scope.
The project scope will help you stay focused on the project's objectives and avoid scope creep. Scope creep is the gradual expansion of a project's scope without proper authorisation.
This can occur when stakeholders request changes to the project that are not included in the original scope. Scope creep can result in delays and cost overruns, so it's essential to have a clear project scope from the start.
Step Three: Management Plan
Once you have developed a project charter and scope, you need to create a management plan. The management plan will track progress and keep stakeholders updated on the project's status.
To create a management plan, you will need to include the following information:
- Budget - This should consist of the estimated cost of the project and any available contingency funds.
- Schedule - The schedule should include milestones and deadlines for each project phase.
- Risks - The risks should be identified and categorised to create a risk management plan.
- Resources - The resources required for the project should be listed as well as any potential risks associated with resource scarcity.
- Communications - The communication plan should include sharing information with stakeholders throughout the project.
Step Four: Execution
The fourth step is to execute the project. This involves carrying out all tasks outlined in the project plan and ensuring that everything is on track. Regular communication with stakeholders is essential to avoid surprises or delays during this phase.
The more developed the first three steps are, the smoother the execution phase will be. However, there will always be unforeseen issues that arise during a project. That's why it's essential to have a solid plan in place and be prepared for anything, or even to utilise strategies such as an agile workflow, pareto distribution or resource levelling to work smarter. Other useful tips include having a project kick-off meeting or a weekly workplan template that helps you monitor your progress.
Step Five: Monitoring
The final step is to monitor the project. This includes tracking progress, evaluating results, and making changes as necessary. Tracking the project will help you identify any issues and ensure that the project stays on track.
Monitoring also helps project managers plan new projects with the knowledge of what works and what doesn't work in their previous projects. By evaluating the results of past projects, managers can use the insights acquired to help them allocate resources and manage risks for their new projects.
This allows businesses to be more efficient and streamlined in their project management processes. It's a continuously evolving process that helps your business learn and grow with each new project.
How Does IPM Benefit Clients and Stakeholders?
Integrated project management has many benefits for businesses and their clients or stakeholders. Companies that use IPM can improve communication and coordination among all parties involved in a project. This can lead to a more efficient project that is less likely to experience delays or problems.
In addition, businesses that use IPM can make better-informed decisions about the project. This is because all aspects of the project are integrated into the management process with integrated corporate tools. This allows companies to understand the project and its progress clearly.
Clients and stakeholders also benefit from integrated project management. They can be kept up-to-date on the project's progress and feel confident that their interests are being taken into account. Stakeholders will be assured that the project will be completed on time and within budget.
Project managers can take control of their projects with integrated project management. To run the smoothest project possible through digital workflows (or digitalisation), use Tesseract's business management software that automates your workflows by reducing time spent on repetitive tasks with digital signing and client onboarding features. Power your business with Tessaract's cloud-native, intelligent tools to increase oversight and improve your operation.