Execution of the project
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Project execution is the process of planning, organizing, and controlling resources to achieve the successful completion of a project. It involves the coordination of all stakeholders, the identification of tasks and risks, and the development of a timeline and budget to ensure that the project is delivered on time and within budget. Project execution also includes communication, quality assurance, and change management to ensure that the project meets the customer’s needs. The ultimate goal of project execution is to successfully deliver the project outcomes and deliverables to the customer.
Example of execution of the project
- Project execution begins with planning, which involves developing a clear vision for the project and identifying the objectives, tasks, and resources required to reach these objectives. Next, the team develops a timeline and budget to ensure that the project is delivered on time and within budget. This includes creating a work breakdown structure to break down the tasks into manageable parts and estimating the tasks’ duration. After the plan is created, the project is organized and managed. This includes assigning roles and responsibilities, setting up communication channels, and managing changes throughout the project. Finally, quality assurance is carried out to ensure that the project meets the customer’s needs.
- For example, if a company is building a new website, the project execution would involve planning the project by determining the website’s objectives and identifying the tasks and resources required to build the website. The team would then develop a timeline and budget for the project and create a work breakdown structure to break down the tasks into manageable parts. After the plan is created, the project is organized and managed by assigning roles and responsibilities, setting up communication channels, and managing changes throughout the project. Finally, quality assurance is carried out to ensure that the website meets the customer’s needs.
Best practices of execution of the project
- Establish a clear project plan: Before starting any project, it is important to create a clear project plan. This should include the project goals and objectives, a timeline and budget, a list of stakeholders and their roles, and a detailed plan for execution.
- Coordinate stakeholders: Effective project execution requires strong coordination between all stakeholders. It is important to ensure that everyone is aware of their responsibilities and is kept up to date on the project’s progress.
- Monitor progress and manage risks: Project execution requires effective monitoring of progress to ensure that the project is on track to meet the timeline and budget. It is also important to identify and manage risks and issues that may arise during the project.
- Manage changes: As projects progress, changes may be necessary to ensure that the project meets the customer’s needs. It is important to manage changes effectively to ensure that they do not derail the project.
- Communicate regularly: Regular communication is essential to successful project execution. This includes keeping stakeholders informed of progress, issues, and changes, as well as providing timely feedback.
- Ensure quality: Quality assurance is an important part of project execution. It is important to ensure that the project is delivered to the customer’s satisfaction and that any issues are addressed promptly.
- Track and report on the project: Tracking and reporting on the project is essential to ensure that the project is on track and meeting its objectives. This includes collecting and analyzing data to measure progress.
Steps of execution of the project
Project execution is the process of planning, organizing, and controlling resources to achieve the successful completion of a project. The following are the steps in the project execution process:
- Project Initiation – This is the first step in the project execution process and involves developing a project plan, defining the scope of the project, and setting goals and objectives.
- Resource Allocation – This step involves determining the resources needed to complete the project, such as personnel, equipment, materials, and software.
- Task Assignment – This step involves assigning specific tasks to individual team members and ensuring that all tasks are completed on time and within budget.
- Scheduling – This step involves developing a timeline for the project and determining which tasks need to be completed first and which ones can be done in parallel.
- Risk Management – This step involves identifying and mitigating potential risks that could affect the completion of the project.
- Quality Assurance – This step involves ensuring that the project meets the customer’s requirements and that the final product is of the highest quality.
- Communication – This step involves keeping all stakeholders informed about the progress of the project and ensuring that any changes are communicated in a timely manner.
- Change Management – This step involves managing any changes that occur during the execution phase of the project and ensuring that they do not affect the overall project timeline or budget.
- Project Closure – This final step involves assessing the success of the project and identifying any lessons learned.
Advantages of execution of the project
An effective execution of a project can bring many advantages to the project team, customer and stakeholders. These include:
- Improved Efficiency: By setting specific goals and objectives, project execution allows for better coordination of resources and tasks. This helps to ensure that the project is completed on time and within budget.
- Improved Planning: Project execution allows for better planning, which can help to reduce the risk of delays and other issues. By better understanding the scope and requirements of the project, the team can create a detailed plan with realistic timelines and budgets.
- Increased Communication: Project execution encourages better communication between the project team, customers and stakeholders. This helps to ensure that everyone is on the same page and that any issues or changes are communicated quickly and efficiently.
- Improved Quality: By setting specific goals and objectives, project execution ensures that the project meets the customer’s requirements. This can help to reduce the risk of rework and improve the overall quality of the project.
- Cost Savings: By better planning and improved coordination, project execution can help to reduce costs associated with the project. This can result in significant cost savings for the customer.
Limitations of execution of the project
Project execution is a complex process that requires careful planning and management. While it can be successful in delivering the desired outcomes, there can be some limitations that should be considered when undertaking a project. These limitations include:
- Time: Projects often have tight timelines and limited resources, which can lead to delays if not managed carefully.
- Budget: The budget for a project must be managed carefully to ensure that costs are kept within the planned limits.
- Stakeholder engagement: The involvement of stakeholders is essential for successful project execution, but they must be managed carefully to ensure that their interests are addressed.
- Risk management: Every project carries risks that must be identified, managed, and mitigated.
- Quality: Quality assurance must be part of the execution process to ensure that the project deliverables meet the customer’s needs.
- Change management: As the project progresses, changes may be necessary to ensure that the project is successful. These changes must be managed carefully to ensure that the project goals are met.
Suggested literature
- Fu, N., Lau, H. C., & Varakantham, P. (2015). Robust execution strategies for project scheduling with unreliable resources and stochastic durations. Journal of Scheduling, 18(6), 607-622.
- Lampel, J. (2001). The core competencies of effective project execution: the challenge of diversity. International Journal of Project Management, 19(8), 471-483.
- Amsden, A. H., & Hikino, T. (1994). Project execution capability, organizational know-how and conglomerate corporate growth in late industrialization. Industrial and corporate change, 3(1), 111-147.
