Organizational performance significantly depends on the successful completion of separate projects. The ability to accomplish project goals and meet expectations allows for obtaining both short- and long-term benefits for the overall functioning of the organization. Resources are essential in this regard since they represent the liability, accountability, and overall capacity of a business entity. Since the majority of projects fail to be completed on time and within the planned budget, it is essential to implement effective project management solutions and tools to ensure successful organizational performance (Bjorvatn & Wald, 2018). This paper is designed to explore and discuss the areas in project management knowledge that might mitigate the risks of delays and high costs of projects. It is argued that the understanding and utilization of effective project structuring, role identification, stakeholder engagement, and facilitated teamwork methods will allow for enhancing project capacity and achieving successful results.
One of the most important knowledge areas for project success facilitation is the structure of a project. With an understanding of the complexity of project structure and the role of each phase in the overall completion of the project, the mission is essential in setting relevant goals and developing realistic schedules and costs (Bjorvatn & Wald, 2018). In particular, the initial planning stage of project management should be treated with the highest level of attention due to its role as a basis for the overall initiative. Indeed, with proper planning, risks might be foreseen and mitigating measures planned beforehand, maximizing the opportunities to omit delays and finish the tasks on time within the planned budget.
Furthermore, the clarity of the identification of each team member’s roles and their relevant engagement in the project is essential for minimizing risks and preventing delays and consequential additional costs. According to Bjorvatn and Wald (2018), the capacity of a team to work collaboratively, with mutual trust, exchange of knowledge and experience, and competence use, allow for “minimizing delays and overspending” (p. 878). For example, with an unexpected risk obstructing the scheduled task completion, a collaborative project team with a high level of assimilating and transformative capacity will be able to apply their knowledge and avert a crisis. Thus, it is essential to use effective team-building techniques to ensure that the project is conducted by competent, responsible, and resilient professionals.
In addition, stakeholder engagement is an important knowledge area in project management that helps ensure cost-efficient and timely project completion. In particular, in the cases of complex projects where multiple factors should be considered to foresee the risks, the team should ensure that the information is exchanged instantly and responsibly (Bjorvatn & Wald, 2018). For that matter, the culture of collaboration for a common purpose should be disseminated to facilitate performance excellence and loyalty of all the involved parties. Since project management is a complex process, many approaches and tools should be used, and knowledge from various project management areas should be applied to guarantee the successful achievement of organizational goals.
In summation, many projects are not completed on time or fail to stay within the limits of a planned budget. For that matter, the selection of measures for minimizing risks and maximizing success should be based on project management knowledge. Such areas as stakeholder engagement, teamwork facilitation, and project structuring and planning should be prioritized. Using the presented knowledge in project management in a combination will allow companies to achieve intended goals and pursue their organizational missions more effectively.
Bjorvatn, T., & Wald, A. (2018). Project complexity and team-level absorptive capacity as drivers of project management performance. International Journal of Project Management, 36(6), 876-888.