Over the years, the technology landscape has evolved along with cloud-based applications. These technologies deliver a higher return on investment (ROI) than on-premises solutions. Since they are minor integration and configuration tasks, they frequently launch rapidly and have quick ROI periods. The project ROI and oversight of the project tasks are a project manager’s responsibility. Without all the resources working cohesively and effectively together, successfully delivering the project will become impossible. In this Project Times article, Brad Egeland shares five best practices to increase your project’s return on investment.
Managing Project Profitability
Through efficient financial management, scope management, stakeholder management, and other strategies, the project manager helps the project stay on track. This contributes to an increase in project ROI. You can maintain substantial project revenues by consistently following the project’s best practices.
Best Practices to Increase Project ROI
Encourage your team to log project time every day rather than just once a week. Timesheet data that is filled at the end of the week is typically an estimate of the amount of time spent on each task rather than accurate data. At each weekly team meeting, review the project’s finances and resource forecast charges to ensure everyone knows what to expect. This will prevent the project from unintentionally exceeding its budget.Project managers can optimize costs by cutting down on optional expenses like travel to clients’ workplaces. Instead, opt for virtual meetings/ conferences over in-person meetings with various stakeholders.Look for alternatives to limit team travel. Frequent onsite travel by the team can impede project delivery and return on investment by causing regular loss of numerous productive hours.Throughout the project engagement, you must precisely and consistently anticipate resources. Review it weekly for cost control, and remove the resources from the project you no longer require.Scope management may be the best overall way to help ensure project profitability. Being creative with upselling can increase your project ROI instantly. For instance, selling the need for an onsite business analyst to the client can also pump your project profit and benefit the client’s business.
To read the original article, click on https://www.projecttimes.com/articles/best-of-pmtimes-5-secrets-to-5-increased-profit-on-your-next-project/
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