Big or small, project lifecycle management is integral to every company. It is absolutely about rigorous time management, resource management, team building, team communication, risk assessment, task correlation, and task tracking. As such, it demands extensive data collection and the unfaltering organization of the same. Needless to say, high-level human intervention is of utmost necessity to assess and integrate this data and establish the perfect balance between time, cost, and quality.
However, within complex business ecosystems, project management is easier planned than done. Dynamism of projects is a bitter truth, which calls for quicker and more effective strategies. Under such circumstances, it is an arduous task for a project manager to satiate the service requesters and service providers, strike the right balance and maximize ROI simultaneously. This is exactly where the context of a project comes into play.
Context based approaches and tools are best suited for projects that undergo frequent and massive changes. In fact, project context itself is highly volatile. It is often defined and redefined as the project progresses and evolves. Nevertheless, the context contains all the information needed to up the efficacy of project lifecycle management and ascertain the completion time of the project.
In a way, it is directly proportional to the overall success of the project. And, because in modern times project management requires constant monitoring, this approach is no longer a necessity, but a business imperative.
Have you invested in context based project lifecycle management yet?