FinTech

How software can help project managers apply the PMBOK better

PROJECT management software helps managers turbocharge their capability to plan, monitor, and guide projects to success.

Project Managers Professionals (PMP) who typically earn their designation from the Project Management Institute (PMI) are tested on their understanding of the Project Management Body of Knowledge (PMBOK).

The PMBOK is spread into five process groups, namely, initiating, planning, executing, monitoring and controlling, and closing. The PMBOK also covers knowledge areas such as scope, schedule, cost, quality, and resource management, among other things.

Each of the process groups has a corresponding task/function among the knowledge areas. For example, when initiating a project, managers need to develop a project charter and identify stakeholders. When planning a project, managers need to plan scope management, collect requirements, and define scope, among other things.

For the successful completion of every project, managers need to follow the right sequence and ensure that there is enough thought put into each of the process groups.

Using project management software, managers are able to apply all aspects of the PMBOK through a consistent, manageable framework.

It is especially useful for managers that work on multiple projects or for organizations that use cross-functional teams and have members contribute to different projects simultaneously.

Here are three reasons why organizations and managers must consider using project management software:

# 1 | Fostering collaboration

Resource planning is a big part of the responsibility of project managers and digital tools and software can help them not only ensure that teams and resources are managed effectively but also more proactively.

As a result of better planning, organizations often find that managers, as well as teams, are able to collaborate better.

# 2 | Better communication

Communication is a big part of the PMBOK and is key to any major project.

Using a good project management software not only makes it easy to keep everyone on the same page but also helps provide suggestions to those managing the team about communicating effectively.

# 3 | Data and reporting

When projects are run on a common platform such as project management software, they allow managers and teams to collect a lot of data about timelines, processes, as well as correspondence.

All this data can come in handy when compiling reports and trying to better predict costs based on historical data or manage costs based on the stage of projects.

Source: How software can help project managers apply the PMBOK better
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