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Getting it right.

Although you can never fully attenuate the risks associated with launching a new project, taking certain precautions can dramatically bolster your chances of delivering a successful project that adds value to your organisation.

* Understand scope and requirements: make sure everyone involved has fully committed to your goals and that you communicate these to all relevant individuals. This way, you'll secure buy-in from all concerned parties as early as possible.

* Consider timings carefully: by setting milestones for individual goals during your project, targets will be more manageable, allowing you to demonstrate that the project is on track.

* Get the right people in the right roles: for the greatest chance of success you'll need a mix of people from different backgrounds with a wide spectrum of skills, including finance, process and business knowledge. While leaders can articulate strategic vision, a manager can handle practicalities on a day-to-day basis.

* Select the right partner: many projects involve engaging with implementation partners, such as consultants, and you should feel confident that your partner's goals tally with those of the project.

Considering these factors from the outset is essential, says Mark Davies, principal finance consultant at ais: "If you don't get the vision and requirements right from the beginning, the project is far less likely to add value to the organisation."

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Title Annotation:methods to manage new projects
Publication:Financial Management (UK)
Article Type:Brief article
Geographic Code:4EUUK
Date:Dec 1, 2014
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