Using Project Management Tools to get Great Business Results – #PMHangout22
“Using project management tools to get great business results” was the topic of the 22nd hangout of the Sensible Project Manager Hangout Community. In this hangout Mark Phillipy was joined by Francis Hooke from Quality Project Delivery located in the United Kingdom. During the hangout Francis shared a case study where his company used project management tools to help a company discover what they needed to do to become more profitable. As a result of the discussion, we learned how project management helps deliver value to the bottom line of a business.
To see the details of the Gangnam Restaurant case study please visit the Quality Project Delivery website. An additional Fresh Start Cleaning Services case study was mentioned, however was not discussed in detail during the hangout.
The steps and tools that were used by Francis to help his clients improve the bottom line are as follows:
- Spider Diagram
- Venn Diagram
- Prioritization Matrix
- Work Breakdown Structure
- Devil is in the details
- Gantt Chart
- Execute Plan
Businesses only work when certain basic rules are adhered to, for example revenue coming in needs to be greater than the costs going out. Project management has some tools that help us look critically at our businesses, and ensure these basic rules are being followed. By using these project management tools we can overcome our challenges and improve our businesses, achieving some great results.”
Key principles to consider:
- The basics of business – costs, revenue and profits; assets and liabilities. These are universal principles that apply anywhere in the world to anyone in business.
- Project management tools can help people to look critically at their businesses, and make decisions about how best to overcome challenges and/or improve.
- There are some difficulties people might encounter trying to do this, for example correctly diagnosing the problem and finding the right solution.
Additionally, it is important to recognize that project management can and does impact the bottom line of a business.