It wouldn’t be inaccurate to state that the project management landscape has altered significantly more during the past five years than it has over the past 20. The person in charge of these initiatives, the PROJECT MANAGER, has also experienced changes in their functions and responsibilities.
Today’s project manager successfully manages various tasks, projects, and people on top of all of that. To finish them by the deadlines and within the budget allotted is much more challenging. It would appear that one would need superhuman abilities to complete the enormous task.
However, several people have been employed over time and are still valid. Understanding some of these management tools is crucial to get the most out of them and operating your project properly.
7 essential tools every project manager must need
Resource planning Software is an essential component of project management. These technologies facilitate project planning and team coordination. With hundreds of project management apps on the market, it’s critical to select one that offers a comprehensive range of capabilities at an affordable price.
Here is a list of seven tools that every project manager should be familiar with:
- Budget
Although it may appear clear, most project managers view budgeting as a means to an end. In reality, a budget should be used as an effective instrument to guide your project to completion through a participatory method. The budget for your project must be a quantifiable plan of action, not a one-time process to get the project started.
The plan must detail the project’s income and expenses, as well as variations and deviations. Your budget can be useful as a tool in the following situations:
- Objectives communication
- Authorizing spending
- Operations coordination
- Assessing achievement and honoring it
- Broader planning
The abbreviation PRIME, which stands for Planning, Responsibility accounting, Integration, Motivation, and Evaluation, can be used to condense the budget as a project management tool. The potential of this accounting instrument must therefore be fully utilized by every effective manager in order to achieve project goals.
- Gantt Charts
Because of their versatility, Gantt charts are one of the most effective resource planning software tools. Gantt charts can be used to aid with project planning, scheduling, and tracking throughout the many phases of your project.
eResource Scheduler Gantt Chart allows project managers to view existing schedules by resource, project, and availability.
On ProjectManager, task dependencies can be linked to avoid bottlenecks and downtime. Project managers can automate notifications about forthcoming deadlines to keep the project on track. When a team member updates their status, task management and resource management information is quickly reflected throughout ProjectManager, ensuring everyone is on the same page.
- Work Breakdown Structure
Because there is so much to accomplish, large and small projects can appear overwhelming at first. Dive in and learn how to swim is how initiatives drown in time and money. Every project requires a plan before implementation, as every experienced project manager knows.
A work breakdown structure (WBS) breaks down work into smaller, more manageable chunks.
- Project Management Software
Project management software and Gantt charts work hand in hand; without the latter, it would be tough to develop and maintain a Gantt chart. Evaluating many kinds of software is crucial before choosing a certain project management package.
Project Management Software includes:
- Project Planning
- Collaboration
- Time Management
- Report Management
A weekly report ought to be provided in addition to the Gantt charts that the client sees to track the project’s progress. Many project stakeholders will anticipate the highlight report’s contents, so make sure to stay away from sentimental commentary and concentrate on the facts.
eRS reporting features highlight:
- Reports that make it simpler for management to understand the information and make wise judgments.
- You can view a resource utilization report at several levels, such as resource, project, task, manager, etc. It features a customizable color-coded heat map that shows over and under utilization at all levels in various views (day, week, months, etc.) and units (hours, %, FTE, etc.).
- The real-time capacity is reported by the availability report using resource capacity and demand from active assignments. Managers need to stay informed about the various responsibilities and resources that are available for further project work.
- Rates and schedule information are used in financial reports to precisely anticipate cost, revenue, and profit at many levels, such as resources, projects, clients, etc. The eRS resource scheduling software offers financial data that may be used to improve the bottom line.
- Timesheet entries are used in dedicated timesheet reports to display the work resources for various projects and tasks.
- Our resource planning software now has the unique ability to display planned v/s real data side-by-side for straightforward comparison, thanks to the addition of the timesheet module. For utilization, availability, and financial information, choose this option.
- Communication Protocol
The failure of a project is often caused by a breakdown in communication. The communication method that will be applied in all official communications must be decided upon by the project manager. Although email is still frequently used, social media and mobile apps have made it simpler to organize joint projects. To increase efficiency within your team, a clear-cut communication system must be in place.
- Financial
The project’s finances should be known to every project manager. You must be informed of the most recent costs, completion costs, and budget deviations. Depending on the project, current revenue, projected profit, and margin may also be given.
- Create cost, revenue, and profit reports at any level, including resource, project, client, manager, etc.
- Establish cost and invoicing rates for each position, resource, and project. The timeline view offered by our resource allocation software displays previous variations in the hourly rates of specific resources and projects.
- You can choose from various custom billing and rate alternatives for multiple assignments based on contractual requirements or other special circumstances.
- Financial reports display and highlight important data, such as planned vs. actual cost, revenue, and profit at multiple levels, and are enhanced by resource scheduling tools and a timesheet module.
- To ensure that all numbers are in your desired currency, administrators can select from various currency alternatives.
Final Words
The goal of project management is to complete tasks; therefore, if you find yourself bogged down, there is something you are not doing correctly. To get your project moving, it’s critical to make use of tools that have been utilized effectively time and time again. Utilizing contemporary tools while also seeking tried-and-true methods like Gantt charts is essential.
To manage while on the go, you should also watch for new apps. These are useful when your teams are dispersed all around the world. The success of any project depends on the efficient use of project management tools for brainstorming, communication, risk management, and task tracking.
