How to accurately evaluate a project in 6 steps

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It is sometimes extremely difficult to accurately assess a project. This requires not only extensive experience, but also special skills. You need to keep all the steps, tasks, and processes in mind to form a plausible estimate. Correct assessment is also essential for a good relationship with the client, as you must be clear about their requirements and keep them in mind when assessing.

Below you will find a guide to help you form an adequate assessment. Get ready to learn the art of project evaluation.

1. Involve team members in the assessment and be aware of their potential

Project managers sometimes inadvertently isolating other team members from the project management process. This is where one of the main problems lies, which can increase the complexity of project evaluation. To get an accurate assessment of a project, you need to include each member of your team in the overall assessment process. This requires improving relationships with all team members.

It is also equally important to know the potential and contribution of each team member to the project management process. So you can not only better estimate the project budget, but also distribute the costs attributable to each participant.

Moreover, you cannot simply remain a silent observer or stand on the sidelines while the project is being worked on. Your task is to delve deeper into the work that your team members are doing. This will help you identify the three main factors that affect project evaluation: number of participants, scope of work, and budget. You will also gain insight into the skills, experience and contributions of other team members. This information will greatly help you in obtaining an accurate estimate of the project.

2. Get to know the processes of project management in the company

After you understand what each team member does on a project, it is time to move on to understanding how the company works on a project.

To better understand the way your company operates, you need to brush up on books and textbooks. But do not expect that everything will be exactly as it is written in the books. In some cases, only practical experience saves. You can always ask questions and chat with other team members to get more information.

Many companies now use methodologies like agile, waterfall, etc. And if these are unfamiliar concepts to you, then you need to catch up as quickly as possible. This way you can build all dependencies and timelines, and therefore get closer to a correct estimate. The more you know about how what works in the company, the better for you in all senses, whether it be talking about an accurate assessment or about the successful completion of a project.

3. Broaden your horizons

Learning is an endless process, and it is always useful to have actual knowledge. Do not remain in the shadow of ignorance and misunderstanding.

Treat mistakes as opportunities to learn new things.

As a project manager, you must be able to manage people, processes, and customers. You should be familiar with all trends and changes. Staying in the know all the time is hard, but worth it. This can help you succeed in your business.

The fastest and most reliable way to update knowledge is through feature articles, blogs, publications and websites. Attending trainings, seminars, and conferences can also help you learn something new in record time.

4. Check out your team’s project story

If you have the opportunity to review documentation for past projects, make the most of it. You can find the document that will become auxiliary for you in similar products.

While each project is unique, the clients, communications, team members, and technologies you encounter are often similar. Figuring out how much time your team has spent completing tasks in previous projects will give you an idea of ​​the possibility of achieving similar results.

Sometimes we underestimate the budget and timeline in the hope of pleasing the client and the team. And understanding comes only after the deadline was missed and the project went beyond budget. In the final hours of a project, this puts tremendous pressure on the team and its leader. If so, the project history will point you to gaps in your grading skills. So in a short period of time you can see your weaknesses and find out how well you can evaluate the project as a whole.

5. Ask more “right questions”

Sometimes, due to the lack of important information about upcoming projects, an incorrect estimate can be formed. To avoid this mistake, you must thoroughly know every detail of the project proposal. If something is still unclear to you or there is something that misleads you, feel free to ask questions. Be creative and not overly persistent when asking them. Try to understand the client’s business and respect his opinion. Ask questions that customers understand and keep doing this until you get an answer.

Once you understand the purpose of the project, find out if some kind of client participation in the process is possible, and also establish the criteria for the successful implementation of the project. Choose a range of services and technologies that will be useful in the implementation of the project, and understand whether the client is able to pay for them. Finally, to evaluate a project, you need to understand the timing of its implementation. In some cases, a project requires extended maintenance upon completion. When evaluating a project, you need to keep this in mind.

6. Apply the work breakdown structure

A good leader needs to know what a Work Breakdown Structure (WBS) is. It helps you break the project down into phases, tasks and subtasks, or achievable project milestones. If you can calculate the time and cost of each part of the task, you can automatically generate an accurate estimate of the project.

From all of the above, it can be concluded that understanding the timing, scope, cost, quality, resources and risks of a project can be critical to properly assess a project. Also, you need to constantly be aware of trends and the latest changes. The perfect combination of skills, knowledge and experience will help you evaluate projects much better.

I hope you found this article helpful.

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